Pick from plots, penthouses and retirement homes

Pick from plots, penthouses and retirement homes
Cyrus Engineer, Senior Vice-President Shapoorji Pallonji real estate, during the opening of Indian Property show at DWTC on Tuesday.

Adani Group is showcasing luxury senior citizen residences at its 600-acre, integrated township Shantigram in Ahmedabad.

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By Deepthi Nair

Published: Tue 1 Dec 2015, 11:00 PM

Last updated: Wed 2 Dec 2015, 11:25 AM

Developers are looking to tap into new segments of demand amid talk of a slowdown in the Indian real estate market.
For instance, the Adani Group is showcasing luxury senior citizen residences at its 600-acre, integrated township Shantigram in Ahmedabad (state of Gujarat). The developer has tied up with Age Ventures India, a private trust that works with builders to design and manage senior homes, to create 200 apartments with a doctor on call 24/7, gym, spa, swimming pool, nursing and physiotherapy centre and iPad-controlled fully furnished rooms.
The homes, titled Evergreen, are targeted at well-to-do seniors who want to live independently after retirement. A one-bedroom apartment spanning 720 sq ft will cost around Rs3.5 million while a two-bedroom unit is worth Rs5.8 million. Other facilities in the community will include a 25,000 sq ft clubhouse with a theatre, golf course, cricket stadium and dancing fountain. It will be complete in three and a half years.
"This project is for NRIs whose parents are living in India. Their needs will be taken care of holistically - in terms of security, healthcare and luxury," said Dharmesh Shah, vice-president (VP) of sales and marketing, Adani Realty.
The developer has also released top floor apartments in Western Heights, a three-tower project in Andheri West, Mumbai. It has exclusive offers in store for clients who book during the Indian Property Show in Dubai until Thursday.
Top-end luxury
Meanwhile, if you have several millions to spare, Shapoorji Pallonji's Imperial Edge project in Tardeo, south Mumbai, will fit the bill. Ticket prices at the under-construction property start from Rs240 million upwards. There are 20+ apartments on sale at the show in Dubai.
"There is a lot of interest from Middle East buyers, both from an investment and end-user perspective. We have between 12 and 20 per cent of NRI buyers in our projects," said Cyrus Engineer, senior VP, sales and marketing, Shapoorji Pallonji.
The developer has conceptualised special offers for its pre-launch projects in Kolkata and Bengaluru.
If it's plots you are interested in, head to the pavilion of Madhusudan Group at the Indian Property Show. The company is offering fully serviced plots in the Mumbai suburbs of Murbad and Karjat.
Plots are available for Rs975,000 onwards and could go upto Rs5 million, with sizes starting from 1,744 sq ft. The down payment is 25 per cent, which translates into Rs51,000. As an incentive, the company has waived stamp duty and registration fees for bookings made during the exhibition.
"These are upcoming second home locations. All infrastructure is provided in the compound," informed Aditya C. Jajodia, director, Seven Indian Heads Infrabuild Private Ltd.
Mahindra Lifespaces is waiving the clubhouse charges for a certain period for bookings made at the Indian Property Show. The developer is showcasing three residential projects at Mahindra World City, a special economic zone in Chengelpet, Chennai. Amenities include a school, hospital, hotel, office tower and a railway station within the township.
Sweet spot
"The sweet spot is around Rs6 million to Rs8 milliom for a two-bedroom apartment. A lot of NRIs prefer to buy a two-bedroom apartment since it is earlier to sell later," said Devendra Singh, head of international sales (GCC), Mahindra Lifespaces.
The developer's premium project is Luminare in Gurgaon where prices start from Rs36 million and go upto Rs50 million.
NRI investors can also choose to buy serviced residences at Bhartiya City, a 124-acre township coming up within the municipal limits of Bengaluru.
The Leela Residences will be attached to a 276-room Leela Hotel which will be attached to a convention centre spanning 80,000 sq ft. It will be the second Leela property in Bengaluru.
"This is a luxury lifestyle product. The hotel will service all the common areas and provide in-room dining, spa and laundry upon request. The clubhouse will also be managed by the Leela," said Jaideep Singh, senior VP and head of hospitality.
Serviced apartments
A three-bedroom apartment at the Leela Residences will cost Rs37 million and go upto Rs45 million. A four-bedroom apartment will be priced in the range of Rs45 million to Rs54 million.
There are options for investors with a smaller budget too. The Nikko Homes 2 will offer the full range of units from studios to penthouses. Price for Nikko Homes start at Rs3.3 million and go upto Rs14 million for a penthouse. A two-bedroom unit will cost between Rs6.5 million to Rs7.5 million. All services at these homes will be automated.
"Young NRIs are looking to invest back home. They have certain expectations in terms of lifestyle. Bhartiya City will be very cosmopolitan and the closest to the lifestyle you get in Dubai," said Emmanuel Balayer, VP of marketing, Bhartiya City Developers.
Other amenities will include a seven-acre central park, an SEZ, four hotels, a multiplex, a large mall with high-street retail, a hospital and school.
- deepthi@khaleejtimes.com

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