Flat for Rs 100 crore! Buyers by invitation only!!

Have you ever imagined that a house will ever cost you an astounding Rs 100 crore? But this is the case with the concept of sky bungalow gaining a momentum across the metropolis.

For example, an 18,000-sq.ft, sky bungalow at Worli here is yours for just Rs. 100 crore. Advertised 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 premium amenities.

Many luxury flats started coming up with the freeing up of land parcels of the erstwhile textile mills in areas like Lower Parel, Worli and Mahalaxmi in south central Mumbai. These areas have now started competing with tony locations such as Malabar Hill and Cuffe Parade.

But how many can go for such a super-expensive apartment? 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.

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.

Does this uber-luxury segment not get affected by economic slowdown? Such super luxury apartments have got their own clientele.

Jignesh Shah, an agent who showcases these high-end properties to high net worth individuals, seems surprised when asked about the slowdown. “What slowdown? These flats do not sell in a hurry, and clients take their time, but this market has its own dynamics,” he remarks.

Agreeing with this opinion, Venkatesh Gopalakrishnan, executive vice-president, Shapoorji Pallonji Real Estate, told a newspaper that sales were not high, but buying power in Mumbai is higher than in the rest of the country and that sustains this niche housing segment, he says.

These high end apartments are not only situated in the premium spaces but boast high quality features, amenities and interiors. For example, 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.