Realizing the market for super-luxury homes, more and more real
estate developers are coming up with million dollar homes in formats
ranging from condominiums and suburban town houses to golf villas. The
buyers include NRIs from the US and the UK. The super rich are upgrading
from old buildings (which no amenities to speak of) to new buildings
which have a pool, a gym, liftmen and a concierge, not to mention enough
parking for family's many cars.
Presidential apartments are super-premium apartments in exclusive neighbourhoods,
with a huge space, luxurious of interiors, private lifts, landscaped
gardens, and every facility that could be required such as a gym, swimming
pool, security and CCTV, children's play areas.
These apartments are large; typically in the 4,000 to 7,000 sq ft range,
though some can go as large as 10,000 sq ft. Some of the presidential
apartments have as many as 8-10 bedrooms. The prices for these average
Rs 30,000-35,000 per sq feet and above. On average, 20,000 sq ft of
space can cost as much as Rs 60 crore (Rs 600 million). The characteristic
feature of a presidential apartment is its privacy and exclusivity,
rather than the amenities offered. The super luxury addresses in Mumbai
are Nariman Point, Cuffe Parade, Napeansea Road, Colaba, Carmichael
Road, Altamount Road and Worli. The NRI
investment in Mumbai is steadily increasing.
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