Realty major DLF Ltd recently launched 5,000 square foot apartments in Greater Kailash II in New Delhi -- not one of the city's tony addresses -- priced at an astonishing Rs 8 crore (Rs 80 million) and more, which comes to over Rs 15,000 a sq ft. Of these 60 still-to-be-constructed flats, DLF has sold around 12 to buyers through its "strictly by invitation" policy for luxury homes.
Then, in DLF's The Magnolias, a 410-apartment complex on an 18-hole golf course, is causing quite a stir. A 5,900 sq ft flat in New Delhi costs Rs 4.5 crore (Rs 45 million) -- a little over Rs 7,500 a sq ft. But the price has already shot up to Rs 9,000 a sq ft, and DLF has sold nearly 20 apartments at this price -- around Rs 5.25 crore (Rs 52.5 million). The 10,000 sq ft penthouses, 32 in the complex, are also a hit and DLF is selling them for Rs 10 crore (Rs 100 million). The company has only five to six of these left.
In Noida, Unitech has launched Grande, a project featuring highrise apartments and penthouses on a signature Greg Norman nine-hole golf course. Prices here start at Rs 1.5 crore (Rs 15 million) and go up to Rs 4.5 crore (Rs 45 million). The project was launched only a month ago, and industry experts expect prices to head north.
Last year, the number of millionaires in India grew by 20.5 per cent -- the second fastest in the world after Singapore. Realizing the market for super-luxury homes, more and more developers are coming up with million dollar homes (costing over Rs 4.1 crore or Rs 41 million), in formats ranging from condominiums and suburban town houses to golf villas.
According to Sandalwood High Street Residential, a division of Jones Lang LaSalle Meghraj, some of the best residences on the market in Mumbai today are more expensive than those in Dubai. Going by prices per sq ft, London is the most expensive at $7,000, followed by New York at $3,000, Hong Kong at $2,000, Mumbai at $1,000 and Dubai, just a little less than that.
In Mumbai, Shapoorji Palonji is collaborating with a local builder to shortly launch two 60-floor towers at Tardeo, where each apartment, sized 2,550-10,105 sq ft, will be designed specifically for the buyer. Apartments will begin only on the twelfth floor, with the first 11 reserved for parking and common utilities like a fitness centre. Brokers say the smallest flat here will cost Rs 6 crore (Rs 60 million).
Buyers are also eagerly awaiting Ispat Industries' launch of 14 duplex apartments at Peddar Road, each of which is expected to cost at least Rs 4 crore (Rs 40 million). On Napean Sea Road in Mumbai, Lodha Builders is selling a 7,200 sq ft apartment for Rs 4.32 crore (Rs 43.2 million), which comes to Rs 60,000 a sq ft.
Prices in Mumbai's suburbs have also hit the million dollar mark. The Hiranandani Group is selling a premium 72-apartment building in Hiranandani Gardens at Powai, with flats ranging between 4,880 sq ft and 4,925 sq ft, at prices starting at about Rs 5 crore (Rs 50 million).
Such prices are not limited to Mumbai and Delhi -- the two most expensive real estate markets in the country. In Hyderabad, Emaar Properties is developing villas and apartments along an 18-hole golf course in Boulder Hills.
Brokers say the project is so exclusive that just a visit to see a sample villa is nearly impossible to get. Each villa is expected to be sold for Rs 7-8 crore (Rs 70-80 million). Nitesh Estates is selling 4,500 sq ft duplex penthouses for around Rs 4 crore (Rs 40 million) at Bangalore's Langford Town.
At Chennai's Poes Garden, Vishranthi Homes is selling 4,000-4,386 sq ft apartments for Rs 5 crore (Rs 50 million) and above. In Pune's upmarket Kalyani Nagar, Kumar Builders is selling its last 5,322 sq ft bungalow for Rs 4.25 crore (Rs 42.5 million). It had sold the others a few years ago for less than Rs 3 crore (Rs 30 million).