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Now, developers turn to luxury projects

The Hindu Business Line, Bindu D Menon, New Delhi

October 25, 2012

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An 81-storey building in the midst of a golf course, a luxury tower named after F1 racer Michael Schumacher, or Disney inspired interiors. Whatever is your pick this festival season, developers are ready to cater to it at a price.

Despite the weak sentiments in realty markets, developers are launching either luxury or premium projects. Companies say investor-driven pockets like NCR, Bangalore and New Mumbai, are keen on "lifestyle projects" rather than the "roof-above-your head" concept.

Margins are higher

Priced anywhere between Rs 1 crore and Rs 10 crore, such projects are the flavour of the season for developers as margins are higher.

"We are offering lifestyle experience to our consumers. With vertical development catching up in India, HNIs and investors are looking to park their funds in such project," Brys Group MD, Rahul Gaur, said.

Gaur, who was the former Managing Director of family-owned Gaurson Group, is promoting Brys Buzz, an 81-storey, 300-metre tall building in Noida, priced at Rs 3-9 crore per apartment.

eady-to-occupy

ATS, another Delhi-based builder, is launching ATS Triumph on Dwarka Expressway. Backed by investment from HDFC PMS, the residential project's USP is that it is ready-to-occupy.

ATS Chairman and Managing Director, Getamber Anand, said, the selling price has been fixed at Rs 7,500/ sq. ft. Realtech India Group also launched its luxury project Luxurium.

"Increasingly, younger demographic consumers are looking for lifestyle living. For developers, even though the initial costs may be higher, the return on investment in such projects is higher," said Hitesh Yadav, Vice-Chairman, Realtech India Group.

Kamal Khetan, Chairman and Managing Director, Sunteck Realty, said, "…this residential project will also offer Disney inspired interiors and exteriors."

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