News & Views on Indian Real Estate

Wednesday, July 30, 2008

Competition Motivates Developers to come up with more Luxury Projects

Competition is growing in the Indian real estate market and to grow up in the ladder, developers are building skyscrapers and partnering with worldwide spas and engineering companies. Shree Ram Urban Infrastructure (SRUI) is planning to partner with worldwide spa companies like Thailand-based Banyan Tree and Madrid of Hong Kong in order to set up a 10, 000 sq ft luxurious spa in its Palais Royale 50-storeyed skyscraper complex in Worli (Mumbai), on the lines of One Brand Square, a super luxurious residential skyscraper. Competitor, Lodha Group's new project, Lodha Bellisimo's (at Mahalaxmi) A and B wing will be ready by 2009-end, and C wing by 2011, where-in the elevator (with finger print access) opens directly into one’s residence. Along with that, there is an exclusive private elevator that connects the two levels of one's duplex home. The company has partnered with Kapadia Associate, Architects, Sitetectonix, Singapore for Landscape and Johnson Controls Inc (JCI), USA for facility management.

rehaan Kapoor said...

With sale in the housing sector remaining low, developers continue to look up to the luxury residential segment to cater to the high end buyers. Developers set up these luxury dwellings to target non-resident Indians (NRIs) and high net worth individuals who are keen on buying these exclusive villas. The market for luxury home segment in India is estimated at around Rs.2,000 crore with around 30 million potential buyers.

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