Real Estate Developers in India Luring Rich Buyers

by Avni Shergill Marketing Manager

Real estate companies have all types of properties that can fulfill buyers requirements. Many real estate companies in Mumbai are coming up with luxury projects to woo the rich buyers. For instance, palatial 15,000 square feet duplexes are being constructed at Napean Sea Road, priced at 100-120 Crore each. In last few years, several super-luxury projects have been launched in the city with a price tag of 20 Crore and above. Even though a lot of units remain unsold, real estate developers don’t intend to reduce the prices anytime soon.

Luxury Homes with Best Facilities

According to a real estate research firm Liases Foras, across 27 premium residential projects, the total marketable supply of odd apartments in Mumbai is 1000. These apartments are priced in the range of 20-100 Crore each.

Rich buyers are being lured with flats or penthouses with sundecks, pool, gym, spa, walk-in closet, private elevator, private terrace and concierge services. Some properties are offering stunning sea views coupled with world-class amenities for luxury living.

Foreign Investment in Realty

Foreign investors were looking for political stability before investing in India. As Narendra Modi’s government came into power in May 2014, global sentiments changed for good. With a progressive and stable government, Foreign Institutional Investors (FIIs) have started investing in India’s realty sector to get attractive returns. According to the CEO of Jones Lang Laselle, foreign investors seem to be confident of Modi government’s growth goals.

A large number of NRIs are investing heavily in India’s property market as the rupee has fallen in value. By purchasing a house in the current market conditions, they are now able to save approximately 20% on the value of the property.

Foreign real estate companies are also entering the Indian market in partnership with Indian developers. They are launching super-luxury projects priced between 90-180 million, including features like high-tech security and 24-hour resident manager. Majority of units in these plush residential projects are being bought by NRIs and wealthy industrialists of Mumbai and other cities.

More Plush Projects to Be Launched

In Mumbai, several apartments priced between 6-20 Crore were announced by real estate developers. Considering the growing demand for ultra-modern homes, developers are planning to come up with new residential projects in Mumbai for the wealthy buyers. Wealthy buyers are always on the lookout for luxury lifestyle and therefore, it has been possible to lure them with plush sky villas and penthouses.

Some lavish projects are coming up in Lower Parel, Carmichael Road and Worli area. Flats in these locations are priced at 7 Crore and above. Few years back, lack of demand and funds had discouraged developers to start construction work. But now with a stable government, many companies have started constructing and selling ultra-stylish apartments.

Hiring Famous Architects

Mumbai tops the list of luxury housing markets in India. In an attempt to offer world class amenities and luxury living experience, developers are hiring world-renowned architects to style and design the apartments. Developers are even offering lifestyle-oriented freebies for buyers of high-end premium homes in the city.