Luxury housing is all set to get a new address in the National Capital Region with the Tatas set to construct ultra opulent villas near Delhi’s Connaught Place, bookings for which will begin from March-end onwards. Of course, buyers will be strictly by invitation
With the real estate sector passing through tough times, the luxurious and ultra luxurious housing segments are assuming importance
in the market. The latest to announce such plans, promising much in terms of magnificence and grandeur, besides of course, as prime an address as can be, is Tata Housing, the real estate armof the TataGroup.
The super luxury premium residential project will be located at Hailey Road near Connaught Place which is the centre of attraction for the corporate world in the national capital. The project will comprise 4-5 luxurious villas in a price range of `130-170 crore each. The
company said the bookings would open in March-end and would be by invitation only.
The plan for the new project is in line with Tata Housing’s aim of expanding its presence in this fast growing region where a good segment of high value-net worth individuals are concentrated who come from all walks of life including industrialists, politicians, highly paid professionals etc .
When contacted about the development, Brotin Banerjee, managing director and chief executive officer, Tata Housing Development Company Ltd, acknowledged the development but denied details on the pricing and size of the project. Banerjee told Realty & More: “As far as the Hailey Road premium luxury project is concerned, it is in the planning stage. We have not yet decided about the
price and size of the project.”
Asked about the bookings of the prime project, Banerjee said: “The bookings are expected to start by March-end, which will be by invitation. The size and price will be cleared by that time only.”
According to sources, the company has decided to develop the villa project on a one acre plot of land on Hailey Road that the company had bought in 2012 for about `250 crore.
The plan for the new project is in line with Tata Housing’s aim of expanding its presence in this fast growing region where a good segment of high value-net worth individuals are concentrated who come from all walks of life including industrialists, politicians, highly paid professionals etc.
“Tata Housing is going to set up a new benchmark in the Delhi realty market with their ultra-luxury villas. Unlike Mumbai, where you will find many ultra-luxury properties in south Mumbai, Delhi has not seen such developments in the past. With the `130-crore price tag, these villas will only be affordable for rich industrialists of Delhi who are looking for niche properties in the heart of Delhi,” said Ankur Dhawan, vice-president, PropTiger.com Data Labs.
Sources also indicated that Tata Housing is in an advanced stage of talks for the premium project with designers from France and Italy so as to craft signature villas.
Tata Housing is present in the Delhi-NCR region in three projects in Gurgaon. This would be its first project in the national capital.
“This time, the company is betting on the excellent location — the heart of the capital. If we look at the past, the company has already sold nearly 10-12 units of its recently launched premium project, Myst, and we are pretty hopeful for this project as well,” Banerjee added.
The company has also devised a strategy to buy marquee land to develop ultra-luxury projects rather than entering into a joint venture with the land owners. Tata Housing recently entered into an agreement with Alstom T&D India to buy its manufacturing unit spread across 20 acres in Bengaluru for `120 crore to launch an ultra luxury project.