INRnews - Indian Real Estate News

These apartments are large; typically in the 4,000 to 7,000 sq ft range, though some can go as large as 10,000 sq ft. Most are sold by invitation only to the chosen few to maintain the exclusivity of the community. And while prices vary across cities, they all have a distinguishing feature - a hefty price tag!  With money not a consideration for India's newly rich, presidential apartments are the new symbol of prestige in the country.

INRnews had in September featured one such project in Bangalore, Mantri Altius, located off Cubbon Park in Bangalore, with one apartment of 5,600 sq ft per floor. The price - Rs. 12 crore!

Now a number of other real estate developers are also launching similar projects to cater to the tremendous demand. Here is a sampling of some of these projects.

New Delhi & NCR

DLF Aralias is a choice property located on the Golf Course in Gurgaon. Apartment sizes range from 5,800 sq ft to over 10,000 sq ft for the penthouse. Renowned architect Hafeez Contractor has designed DLF Aralias. The price - between Rs.6 to 10 crores for a bare apartment minus flooring, plastering or woodwork so that the owner can design the interiors as they wish. DLF Magnolias is another project similar to the Aralias in Gurgaon.

Other presidential apartments in Delhi & NCR include The Ivy and Paradise Heights from Ansal API, The Forest in Noida from Omaxe. The price range could be as high as 10 crore for these apartments. The Ivy boasts of foreign architects, completely imported interiors, private lifts, a three-tier security system and valet parking. Every apartment at The Forest has a health club inbuilt in the master bedroom fitted with sauna, steam bath, Jacuzzi, Shower Cubical & Massage Chair.

Bangalore

Nitesh Estates' Buckingham Gate project in Lavelle Road marries European architecture with modern-day technology. Set within landscaped gardens, the complex is hidden away from the main road by lush foliage. Apartments range from 4,000 to 5,000 sq ft in size and are priced at approximately Rs.12,000 per sq ft. At this price the developers can well afford to provide the complimentary plasma TV in each living room that is promised in their brochure.

Sobha Anantha off Richmond Road in Bangalore offers 7 four-bedroom apartments up to 5,600 sq ft. The apartments are priced at Rs.11,500 per sq ft.

Industry sources estimate that there is demand for a few hundred such apartments in Bangalore, between Rs.5 to 10 crore, annually.

Mumbai

Presidential apartments in Mumbai include Chattan on Altamount Road (price tag Rs.15-25 crore), Hiranandani's Evita in Powai and The Oberoi Project on Annie Besant Road in Worli. The Bandra Kurla complex is also to see its first residential development, Signature Island comprising 48 duplexes up to 6,000 sq ft and priced at Rs. 20,000 per sq ft.

Very clearly the market is seeing the emergence of a new, super-premium segment. For example, apartments considered premium in Bangalore a few years ago were in the Rs.1.5 crore price range. Now a new segment has emerged willing to pay between Rs.5-10 crores for an apartment. The same trend is being seen across key cities.

This super-premium segment is now attracting the interest of real estate funds. The India Reit fund is to invest Rs. 63 crore in Mumbai's Signature Island project.