The rising demand for luxury homes post the pandemic has led to most real estate developers shifting their focus on this segment besides redevelopment in Mumbai city and the Mumbai Metropolitan Region (MMR) which has emerged as a viable business proposition to maximise profit and enhance brand equity.
“We are gearing up to open bookings for our luxury housing project in Dadar west in the price range of ₹2.5 crore and ₹4 crore per flat. The whole of Mumbai will be reconstructed in the next 25 years and we find vast opportunity for growth in this segment, “ said Priyanka Jindal Gupta, Strategic Advisor, Luv Homes, a real estate developer focusing on luxury and aspirational housing.
The company which is close to completing a 350 units housing project in Taloja, Navi Mumbai, has acquired a redevelopment project near Shivaji Park, Dadar where a ground plus 21 storied building with 85 flats would come up with an estimated investment of ₹125 crore.
“There is a lot of opportunity in redevelopment and a huge amount of old supply is coming into the market which is now heading towards luxury housing. Today everyone wants to upgrade and aspiration is fueling demand for luxury housing,” Ms Gupta said.
Navi Mumbai based real estate developer Arihant Superstructures Ltd, having 20 projects in MMR is setting up a Villa project, a 225-room hotel and a 11-acre sports and leisure facilities in in Panvel over 80 acre of land.
The average price of a Villa unit targeted at the affluent sections & CXOs of Mumbai & Navi Mumbai is ₹2.5 crore. The company has also undertaken a redevelopment project in Vashi, Navi Mumbai where per sq ft space is sold at ₹30,000.
“This redevelopment project has generated lot of demand in the locality. The average price of a flat in this 25 storied project is ₹2.5 crore to ₹3 crore and we have 325 flats in the sale portion,” said Ashok Chhajer, CMD, Arihant Superstructures Ltd.
“There is large opportunity in redevelopment because the Navi Mumbai city was built 30 years back, several developers will take up such projects which are asset light but in prime locations,” he added.
According to Pavan Kumar, CEO and Founder, White Lotus Group the luxury residential market in India is experiencing significant growth due to urbanisation, rising incomes, and evolving lifestyle aspirations.
“In the first half of this year sales of luxury housing units increased by 27%, highlighting the robust demand for high-end homes. Bengaluru’s northern regions are witnessing remarkable price appreciation,” he said.
This trend is expected to continue, with emerging micro-markets, especially in the North of Bangalore, becoming hotspots for future developments, he added.
“The ultra-luxury segment in Hyderabad accounted for 52% of the new supply,” he further said.
Published - September 09, 2024 11:00 pm IST
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