You have been wanting to shift into a three or four bedroom apartment for long. But being breaded and buttered in the so-called ‘happening’ Bandra or probably the chilled out, quiet Versova or Khar, you don’t want to leave the suburbs and settle for south Mumbai. However, developers are now giving you an interesting option— the best of both worlds.
Several prominent city developers are coming out with interesting projects in the western suburbs, to provide the buyers with the luxury of three or four BHK apartments. So, in a way, they have brought “sobo” (South Bombay) to “suburbs”.
But is there enough demand for such luxury homes in the suburbs?
“The demand–supply gap for housing is inherent even in the luxury segment, and it becomes only prudent to begin venturing to newer horizons. With the development of the western suburbs, luxury living spaces has helped sustain the increased demand for homes in this region for spacious 3 & 4 bedroom homes,” said Ashok Mohanani of EKTA world.
“We maintain a balance between luxury living and affordability for the suburban buyer and astute investor,” he added. According to him, imported marble floorings and gymnasiums et al are the common amenities in today’s product parity market.
Since SoBo has limited land parcels left within the prime locations, and resultant high cost of land acquisition, this new trend of sprawling luxury homes is emerging in the suburbs, with a lifestyle to match.
“The suburbs have a huge appetite for luxury housing. The incomes earned by some HNIs are staggering and this naturally gives rise to very high aspirations when it comes to housing the super-rich, who are willing to pay for the privilege of a penthouse or designer luxury apartment in areas like Goregaon, Kandivali and Andheri,” said Santosh Kumar, CEO-Operations, Jones Lang LaSalle India.
Surjit Singh, president, marketing of RNA corp, too, agrees that there has been an aggressive demand for such flats in the suburbs, more among investors, especially the NRIs.
“There are various reasons why customers opt for a 3BHK, most common being – moving to a bigger house because of increase in the size of family, or simply because you need more space, upgrading to a larger house,” said Singh.
“Internally we try and take care of the customer needs pertaining to the layout of the apartment to ensure maximum area efficiency, providing automated security, attached bathrooms in all bedrooms, quality and type of fixtures & fittings, finishing of the apartments. In the complex the features vary from project to project, but our emphasis has been to provide amenities which have utility value, such as pool, gym, spa, kids area, jogging track, convenience store and salon,” said Singh.
It is heartening to watch this trend and the following projects are sure to up the Luxe factor in the suburbs:
1. Seasons: Bandra (E) - Rustomjee
2. RNA Address: Santacruz (E) - RNA Corp
3. The Nest: Andheri (W) - Wadhwa Group
4. RNA Exotica: Oshiwara (W) - RNA Corp
5. Ekta Tripolis: Goregaon (W) - Ekta World
6. Oberoi Exquisite: Goregaon (E) - Oberoi Realty
7. Lodha Fiorenza: Goregaon (E) - Lodha Group
8. Imperial Heights: Goregaon (W) - Wadhwa Group