They are made for the city’s growing number of rich. But, money alone cannot buy them. The buyer’s profile is equally important.
Spread over 3,500 sq. ft. and priced at crores of rupees, the ultra high-end apartments are the new destination for the city’s glitterati.
“You do see good demand for these properties in the city now. They are recession-proof because the buyer is hardly impacted by a slump. Moreover, it’s a niche market,” Rahul Saraf of Forum Projects, told
Forum Projects’ previous successful forays were into the commercial complex space in IT, retail and hospitality.
In Kolkata, premium apartments come with a price tag of over Rs 10,000/ sq.ft., nearly three times the prevailing average prices in the city. And the average property price stands at around Rs 4 crore.
At least, three city-based developers are coming up with ultra-high-end projects.
These include three projects by Harsh Patodia-controlled Unimar and Heritage (two along the Eastern Metropolitan Bypass and one in Ballygunge); Rahul Saraf’s Atmosphere (off Eastern Metropolitan Bypass); and the Pasari Group’s Empire (at Gurusuday Road in southern Kolkata).
“This is a category that is end-user driven. People will not buy such lavish apartments for investment sake,” Akshay Pasari, MD, Pasari Group, said.
The company’s latest project, ‘Empire,’ with 100-plus apartments at an average rate of Rs 12,000 sq.ft., has been sold out.
Selling a premium home
But selling these properties is no cakewalk. Personal attention apart, word of mouth publicity plays an important role.
Pasari and Patodia both give personal attention to the marketing aspects of their ultra-high end apartments. Saraf maintains that there is a gallery for Atmosphere, where all project updates are displayed.
“People can visit the gallery only after making an appointment. In some cases I am also apprised of the people who visit the gallery,” he adds.
Although none of the developers in Kolkata sell by invitationa thorough background check of the buyer is carried out.
“It’s a small social circle in Kolkata and we do try to get details of prospective buyers in high-end apartments,” a developer said on conditions of anonymity. Typically, an ultra-premium apartment comes with value additions such as clubs, open spaces and swimming pool. But these are not the ordinary ones.
Market sources maintain that in case of premium offerings, the maintenance charge per square foot may be vary as high as Rs 10-20/ sq.ft. depending on the premium amenities. A monthly maintenance charge of Rs 50,000 is not uncommon .
Atmosphere, Saraf’s premium offering, for example, promises a home automation system where all elements such as climate and light can be controlled. It will also have centralised water heating system and customised roof top gardens. Further, it will have outdoor kitchens and its own golf course or squash courts, all bundled into a premium club offering.
Other premium apartments have facilities such as temperature-controlled or Jacuzzi-enabled pools. A premium membership club with multi-gym facilities is not uncommon too.
abhishek.l@thehindu.co.in