Uber-luxe homes are coming, from Prestige, DLF and Raheja

These homes, aimed at the ultra-rich, offer larger and more exclusive residences, with five to six bedrooms or more, balconies with each room, top-of-the-line clubhouses, etc. Most importantly, these projects are coming up at prime locations, in high-end real estate addresses in Gurugram and Mumbai, as well as in cities such as Goa and Hyderabad. And they are backed by strong developer brands such as DLF Ltd, Prestige Group, K Raheja Corp Homes, Godrej Properties and M3M Group.

The resurgence in India’s luxury residential real estate, with homes priced at ₹2-4 crore and above, has been evident in recent years, as home buyers upgraded their homes and sales gained pace. The sales of luxury homes in India, priced ₹4 crore and above, jumped sharply to 12,935 homes in 2023, from 7,395 in 2022, according to property advisory CBRE.

The more niche, ultra-luxury segment has seen big demand too, leading to both primary and secondary sales. This has also prompted developers to go out and launch higher-priced homes.

Who’s launching what

Bengaluru-based Prestige Group will soon launch a project in south Mumbai’s posh Worli area, with four- and five-bedroom apartments sized 3,500-7,000 sq. ft. The still unnamed project will start to sell at about ₹1,00,000-1,10,000 per sq. ft.

It had recently launched the first residential tower at its ‘Prestige Ocean Towers’ project in the financial capital’s Marine Lines, where it sold 64 out of 75 four-bedroom homes overlooking the Arabian Sea for ₹20-25 crore each. It plans to launch the second tower soon, at a higher price.

“There are three categories of luxury home buyers today—business families, C-suite executives and first-generation startup entrepreneurs," said Anand Ramachandran, senior vice-president, business expansion, west, Prestige Group. “Luxury consumers want larger homes, a prime location and, in Mumbai, balconies with a view."

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Gurugram-based M3M Group’s recently launched ‘M3M Altitude’ project on Golf Course Extension Road will have a 2 million sq. ft sky club, featuring all possible amenities for residents, and will be connected with the residential units through a glass air bridge. M3M says the sky club will be the tallest in Gurugram.

The project has 350 apartments sized from 3,780 sq. ft priced upwards of ₹10 crore. Six penthouses, of 8,000 sq. ft each, are priced at around ₹30 crore each.

Mumbai’s K Raheja Corp Homes has been acquiring land for ultra-luxury projects. The developer will launch two such projects in Haji Ali and Worli, both in south Mumbai, with homes priced at ₹30-35 crore.

“We are in advanced stages of signing redevelopment deals in prime locations like Mount Mary and Pali Hill in Bandra, and Nepean Sea Road, for luxury residential projects," said CEO Ramesh Ranganathan.

After selling out premium projects like ‘Arbour’ and ‘Privana’, priced at sub- ₹10 crore, Gurugram-based developer DLF has lined up ultra-luxury projects. Its project ‘The Camellias’ set the benchmark for luxury real estate in Gurugram, with an apartment selling at ₹100 crore last year. DLF now plans to launch Camellias-2 in DLF Phase-5, Gurugram.

It’s a more superior, evolved product, said Aakash Ohri, joint managing director and chief business officer of DLF Home Developers Ltd. The 9,500 sq. ft, five-bedroom + study apartments will be sold as bare-shell homes, which means the interiors are decided by the buyer. Each apartment would cost upwards of ₹50 crore. The project has 420 apartments in all.

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“Super luxury is bespoke. ‘Camellias’ had 7,400 sq. ft and 9,500 sq. ft homes, but we realized that the demand was more for the latter," Ohri said. “So, we have larger homes in this project and there are balconies with each bedroom. It doesn’t matter whether people use the extra bedrooms, but they want them."

In Goa, DLF will launch 62 luxury villas on a 38-acre hill, making it super exclusive and private for the residents. Priced at ₹40-50 crore, the villas will overlook the Mandovi river, and will have six or nine bedrooms across two different configurations. Ohri says the project will be the Goa version of Lutyens’ Delhi, a prime piece of real estate.

Both the Gurugram and Goa projects will be sold ‘by invitation’ only.

The Sotheby’s Insight

As per the annual Luxury Outlook Survey 2024 in January, by India Sotheby’s International Realty, around 71% wealthy Indians expressed the desire to invest in luxury real estate in the coming 12-24 months. The top end of the property market is expected to benefit the most, the survey found, indicating a renewed and heightened interest among investors who now view real estate as a compelling avenue for long-term wealth creation.

Ashwin Chadha, CEO, India Sotheby’s International Realty says the rise in the number of high-networth individuals and the intent to invest have paved the path for the demand for luxury projects. The number of such projects has grown manifold.

“…In the next 18 months, a whole lot of supply is expected to hit the market. Will the market be able to absorb so much supply?" he asked.