On the back of a revival indemand, real estate developers are again building super luxury apartments, say experts.
Consultancy firms Jones Lang Lasalle Meghraj and Knight Frank India [ Images ] said there are about 7,000 such apartments to be delivered within a year in Mumbai [ Images ] alone, where the cost is not below Rs 4.7 crore (Rs 47 million) for a single unit.
"After the recession got over, real estate developers are back building high-end super luxury projects because there is good demand for such projects.
"At the same time, margins are also higher in these projects," JLLM country head and chairman Anuj Puri told PTI.
Anand Narayanan, Knight Frank India's national director (residential agency) said in the central business district of Bangalore, 400 high-end luxury apartments are going to hit the market in the current year itself.
Cost here ranges between Rs 3.5 crore (Rs 35 million) and Rs 20 crore (Rs 200 million) per unit.
Similar high-end projects are coming up in the national capital region as well, but nowhere in other parts of the country as demand for such projects depend on many things,including the location of the property and its novelty.
The higher cost of such products is justified because not a single one has a common design and lay-outs are also never identical, the consultants said.
They have great locations as well -- the unique selling proposition for a property of such nature, they added.
"Developers engage renowned architects for such products and each product is different from the other not only in the entire lay-out, but also in design," Narayanan said.
Stating that there is 'enough demand' for such projects, both consultancy firms said that consumers are treating such projects as a consumer product for which they are ready to pay a premium.
"The demand for such projects will stay as buyers are entitled to do a lot of customisation in such projects," Narayanan said.