On Republic Day Jan 26 2016, the names of the first list of India’s Smart Cities will be announced. As Prime Minister Narendra Modi’s Smart City Mission begins to take baby steps, it has already given the realty sector the much needed impetus to grow.
One trend that seems to be happening is a surge in Indians’ interest in acquiring ultra-premium residences. A major reason for this shift in focus is the continuous healthy growth of India’s economy. More people are moving from the ranks of the merely affluent to the rich.
A recent report said that if the current trends continue, India may have 43.7 million millionaires by 2018. Most of them will want their homes to reflect their new-found status. Therefore, the ultra-luxury segment will grow.
Today, more Indians are travelling abroad who are exposed to modern urban living experiences. As these are to be integrated into Smart Cities, real estate promoters are increasingly eyeing emerging investment opportunities in such urban landscape. The neo-rich want to see their residences located in such places where Internet of Things technologies will ensure uninterrupted water and power supplies, easy mobility and parking etc.
These factors are giving a boost to ultra-luxury or ultra-premium residencies in the Indian real estate sector. There is an overall increase in demand in the ultra-luxury segment, statistics shows.
India is witnessing growth in ultra High Net worth Individuals. According to analysts the number of UHNI, which was 1,170 million in 2013-14, is projected to nearly triple to 3,430 by 2018-19. It means the demand for houses for this class of people will further grow.
The current trend shows that more developers are now venturing into the premium segment, which has resulted in a massive spurt of ultra-luxury projects. One such project is Del Sol by Dheeraj Realty (www.dheerajrealty.com/delsol). The project is located at D’Monte Road, Bandra West in Mumbai.
Believing in maintaining the privacy of its residents, each of the twelve units in the spacious tower apartment is designed in a unique way. These individual living spaces are available in 3 bedroom (single unit), 4 bedroom (10 units) and duplex penthouse (single unit) configurations. The USP of this project is there is only one apartment per floor, thereby, enabling ultimate private living.
These units which start from Rs 250 million onwards are offered on shell and core basis, so that the owners can design it as per their own taste. Further, the premium location of this project is also worth a mention. It is a minute walk from the Joggers Park, Otters Club and Carter Road. This project will be completed by October 2016. At present, construction work is in full swing and 7 floors are already completed.