A range of options on high-end apartments in various localities in the city have started to catch the attention of luxury home buyers.
The prices of these luxury apartments, located within the city limits, range from Rs.3.5 crore to Rs.8 crore, according to the project developers.
Location and design are the most important aspects that determine the decision of the buyers of the high-end apartments, said M. Arun Kumar, Managing Director of Casa Grande, which has a luxury apartment project on Dr.Radhakrishnan Salai. The price of a 2,500 sq ft luxury apartment in the project is around Rs.3.5 crore.
“We sold seven units in a very short period of time. As the high-end customers have a tendency to customise a lot of things in the project, we have to give more time for completion of the project,” he said. Mr. Kumar said the luxury projects, which fail in the design component, would find it hard to market the units. “Builders seek the services of very famous architects in the country for such apartments,” he said.
Concurring with him, Nakshatra Roy, Director (Corporate Operations), TVH, said “The high-end residential project to be constructed in Kotturpuram will have around 70 units in a 3.5-acre land. We could have constructed around 250 smaller apartments in the area. But we decided to build luxury apartments finally,” he added.
“In the last two years, there was relatively lesser activity in this luxury segment and that created a vacuum. A market survey by us indicates that this is the right time to take initiative on such projects in the city limits,” said Suresh Jain, Managing Director of Vijay Shanthi Builders.
A high-end apartment project of Vijay Shanthi builders has been named ‘The Art.’ The project is located on Kothari Road, Nungambakkam. Spread across 51,000 sqft, the project features 21 luxury apartments, Mr.Jain said. “To make the design unique, we have opted for Picasso’s cubist style,” he added. Every home of the project is spread across 5,350 sq ft.
Another project on Poonamallee High Road by Akshaya Homes would be launched this month. A total of 36 luxury apartments each with an area of 3,000 sqft will be built, Akshaya Homes Chairman and Managing Director T.Chitty Babu said. The delivery of another luxury project, comprising four 3,600 sqft apartments in Gandhi Nagar, Adyar would begin in March, he said.