The Rs100-crore club

Heard about the 'Sky Bungalows' at 1973? These are the super premium 'vertical bungalows' in Omkar Group's newest project at Worli, some of them sprawling over 18,000-square feet. The price, at the going rate of Rs 60,000 per square foot, is a whopping Rs110 crore. Barely a kilometre away in the heart of Worli's premium homes district, is the Lodha Group's World One where duplex homes on the 117-storey tower come with a 360-degree view of the city, a Rolls Royce on standby to ferry the residents, and a price tag of Rs100 crore.

There are at least a dozen other ongoing projects underway in South and Central Mumbai ranging between Rs50,000 to Rs1 lakh a square foot, adding up to the 10-figure price. Welcome to Mumbai's Rs100-crore club, which has its unique demand-supply dynamics.

In good company

While factors such as location, luxury amenities and current market rates have their place, when it comes to the Rs100-crore homes, the prime consideration is exclusivity of the project, and the people living in it. "Over and above every other consideration, the occupant profile of a luxury project is the most definitive and decisive factor for buyers in this category," says Om Ahuja, CEO-Residential Services, JLL India. "It is, in fact, the desire to be part of a select peer group." The marketing strategy of Omkar 1973 is consistent with Ahuja's view, announcing the who's who of the city as the existing buyers in a bid to attract new buyers.

"Owning a super luxury home is more about making a lifestyle statement than fulfilling any basic necessities," says Anshuman Magazine, CMD, CBRE South Asia, adding that luxury living involves creating an overall experience that not just meets the expectation of customers, but attempts to exceed it. "A Rs100-crore home entails a prime location with great access and a spectacular view. In addition to cutting-edge architecture and interior design, such homes include an array of aspirational amenities and exclusive services," says Magazine. Par for the course are outdoor jacuzzis, private plunge pools, discreet sundecks and even a boxing ring to punch away the blues.

Prime address

When the super-rich like the Ambanis and Singhanias splurge thousands of crores to build entire buildings for themselves, for the next rung of Mumbai's rich and influential, a Rs100-crore is a small price to pay for the right home with the right address. From the 8-BHK palatial homes in Palais Royale and the 8,000 square feet apartment in Raheja's Vivarea in Mahalaxmi, to the 10,200 square feet, 8-BHK luxury duplex apartment in Orbit Arya at Napean Sea Road and the 8,500 square feet, 6BHK home in Lodha Costiera at Malabar Hill, the limited number of super-premium homes have their takers in good numbers.

Last word in luxury

When the clamour is for exclusivity, no effort is spared in putting together unheard of services. The sky bungalows at 1973, designed by architecture firm Fosters+Partners and interior design firm Hirsch Bedner Associates, have direct elevators to each home, an in-house spa, landscaped gardens, an aqua gym, restaurants, sky lounge and bar, elevated jogging tracks and a pet spa too. Within the home, the feeling of luxury is brought about with the use of materials and textures like textured silk, leather, woolen carpets, Italian marble, gold leafing and handcrafted crystal chandeliers. The lighting fixtures, furniture and fittings are exclusively sourced from London, New York, Italy, Spain, Switzerland and Germany.

At Lodha's World One, the luxury begins outdoors, with landscaped woods, organic gardens and flower walls spread across 1 lakh square feet lending a sense of peace and calm. Fountains and water jets lead to the lobby designed by Armani, and a six-level spa-cum-club managed by Six Senses is on hand to relax and rejuvenate. While the concierge offers every service from fetching finest produce for the kitchen to driving the luxury car, the interiors by Armani/Casa are blend of the finest Indian and European elements. Everything from the door to the linen and cutlery are exclusively monogrammed for each resident.

Element of hype

While some of the projects have genuine demand, others are hyped by the developers with no real demand from genuine buyers. Given that just a handful of apartments in these projects are the Rs100-crore ones and the rest are priced much lower, the image of exclusivity pushes the sales of the lesser priced apartments in the project. "Let's just say that the Rs100-crore club is more a fancy of the developer than the buyer," says Pankaj Kapoor, Managing Director, Liases Foras, adding that a small percentage of the so-called Rs100-crore apartments deserve the price, while many of them are sold for much lesser after hard negotiations. "There is only so much that luxury amenities can cost and at that price point, one would prefer having his own independent house than just an apartment in a building," says Kapoor.