The Hindu Business Line : Boutique homes, beyond luxury

A maximum of 25 homes in a single high rise, with ultra luxurious amenities thrown in as per buyer specifications appears to be the latest trend in the super luxury segment. Such homes are defined by very high quality rather than volume.

Orbit Corporation has downsized the number of units to three at its proposed ‘Orbit Sky Chateau' on Napeansea Road in Mumbai.

Mr Ramashrya Yadav, Head-Finance and Strategies, Orbit Corporation, said each of the three villas in the 18-storeyed Chateau will be of 15,000 sq.ft spanning three floors, with terrace gardens and the price would be between Rs 55,000 and 60,000 a sq.ft.

He said there was a market for such unit but few players cater to it at present.Mr Yadav, however, cautioned that the boutique home demand was completely sentiment driven and could wilt in case of reversals.

Faster returns

Such projects also offer developers the choice of building small and reaping high returns. More importantly, the time for project completion is shorter than conventional projects. Location alone that drives this segment. However, with prime locations near saturation, only small land parcels are available for such luxury offerings which invariably turn as redevelopment. Given the low volume and the high net worth individual interest it attracts, the segment does not attract the investor community.

Kumar Urban Development, which soft launched its 24-villa project last week, saw 12 villas booked in advance and is confident that little effort will be needed to sell the rest. Mr Lalit Kumar Jain, Chairman and Managing Director, Kumar Urban Development, said the 270-metre tall residential project is a ‘plot in the air' facing the Bandra-Worli sealink.

The cost of the project minus land cost would be Rs 130 crore. As land cost accounts for over 80 per cent of project cost in Mumbai, indications are that the project will be priced upwards of Rs 40,000 a sq.ft.

The villas will have a carpet area of 8,000 sq.ft each with the height between each villa equivalent to four floors of normal structures and it would be possible to grow trees on the terrace.

The first villa starts on the 10th floor. Other features include six floors of parking for visitors, two floors for common amenities, apart from servant quarters for each villa. Residents can park their cars at the villas.

Mr Raminder Grover, CEO-Homebay Residential, Jones Lang LaSalle Meghraj, said luxury boutique homes are selling a lot better now than volume luxury properties, as there is a shortage of them. Such properties are constructed in limited numbers in posh locations that are in huge high demand among the super-rich.

It is possible to construct boutique homes in 6-8 months, while volume luxury projects take much longer. Developers of boutique homes provide every possible high-end amenity . Unlike volume luxury projects, boutique homes are extremely unique residential propositions focussed on end-users alone.

Mr Grover said that in Mumbai, Orbit was a prominent player. And in the North, Uppals are coming up with projects in South Delhi at Vasant Kunj and Shanti Niketan where the rates could be Rs 30,000-40,000 a sq.ft.

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