On the back of a revival in demand, real estate developers are again building super luxury apartments, say experts. About 7,000 such apartments to be delivered within a year in Mumbai alone by consultancy firms Jones Lang Lasalle Meghraj (JLLM) and Knight Frank India.The cost is not below Rs 4.7 crore for a single unit. 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.
LLM country head and chairman Anuj Puri said “After the recession got over, real estate developers are back building high-end super luxury projects because there is good demand for such projects.” Similar high-end projects are coming up in the National Capital Region as well, but 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.
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.