The Mahindra group, which ventured into the affordable housing segment through its subsidiary Mahindra Lifespace Developers (MLDL) last year, has now announced plans to address a new segment at the other end of the spectrum — luxury weekend homes.
MLDL has plans to set up villas in its first project under the brand ‘The Serenes’ in Alibaug, a popular beach destination close to Mumbai. Spread over 12 acres, the gated project will offer two formats — Courtyard and Patio — with three and four bedroom villas.
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Mahindra Lifespace Developers Managing Director and CEO Anita Arjundas said, “increasingly there is a trend for a buyer who wants to own a property and needs to take a break away from cities. Weekend getaways are born out a vision to create a luxurious living experience for the discerning.’’
Speaking to this correspondent, Om Ahuja, CEO, Residential Services, JLL India, a leading property consultancy, said there had been “a surprising revival in the luxury segment post elections even as the mid-segment is still struggling.’’
Ms. Arjundas said in the first phase, 49 villas would come up and were to be delivered by end-2016. The 3 BHK units would cover 3,000-3,100 sq. ft. while the 4 BHK properties would cover 3,400-3,500 sq. ft. They will be priced in the range of Rs.2.50-3.50 crore.
A second phase covering five acres for a further 25 units was planned, “but there would be more clarity in the next six months. MLDL’s investment in the project would total around Rs.100 crore,’’ Ms. Arjundas said adding that more projects were planned but “the reference point would be that the location be around four hours drive from a city and present a scenic environment.’’
The first organised entrant into the luxury weekend homes segment was the Kalpataru group with its Amoda Reserve with units starting at Rs.3.50 crore, and, according to Mr. Ahuja, the units in Lonavala, a hill station near Mumbai, received a favourable response at launch.
“The weekend or holiday home segment is new and unique and buyers are not looking for price appreciation. Alibaug is a favoured destination with no reputed organised developer to date. It is a smart move by the Mahindras, and should elicit a favourable response,’’ Mr. Ahuja said.
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