Mumbai’s ‘castles in the air’ beat slowdown

Uber-luxury real estate in the city has its own market dynamics

Many areas in Mumbai are witnessing prices of over Rs 1 lakh a sq.ft. Photo: Paul Noronha

An 18,000-sq.ft, bespoke “sky bungalow” at Worli here is yours for just Rs. 100 crore. Touted by the builders as “castles in the air,” 10 such bungalows in an ultra high-end apartment complex come complete with a dog park and crèche, an elevated jogging track and more such ‘thoughtful’ amenities.

That only a small clientele is available is no deterrent to sales of uber-luxury apartments in south central Mumbai. Duplex apartments, with swimming pools, sundecks, multi-level automated car parking and five-star clubs, come at prices of over Rs. 1 lakh a sq.ft.

Rajiv K.T., an agent showcasing these properties to high net worth individuals, seems surprised when asked about the dreaded ‘S’ word. “Slowdown, what slowdown? These flats do not sell in a hurry, and clients take their time, but this market has its own dynamics,” he says.

High buying power

Concurring with this view, Venkatesh Gopalakrishnan, executive vice-president, Shapoorji Pallonji Real Estate, told

The Hindu that sales were not high, but “buying power in Mumbai is higher than in the rest of the country.”

Many luxury flats started coming up with the freeing up of land parcels in south central Mumbai — at Worli and Mahalaxmi, the erstwhile textile-mill lands. These areas were soon competing with tony locations such as Malabar Hill and Cuffe Parade.

“The reason there is no price drop is that prime properties do not have the margin of large supply,” says Bharat Dhuppar, chief marketing officer of Omkar Realtors, which is building the “sky bungalows” in Worli.

The under-construction World One Tower, touted as the world’s tallest residential tower at 442 metres in Worli, boasts interiors by Armani and Casa and a club and a spa by Six Senses among other high-end labels.

Sales of flats are by invitation only.