NRI Real Estate and Property Investment in India
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NRIs investing in Mumbai Luxury Real Estate

Wednesday, August 27, 2008

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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