Scep­tics scoff at 100 crore flat

Will a 10,000 sq ft pent­house in a yet-to-be es­tab­lished lo­ca­tion in Gur­gaon sell for 100 crore?

HT Estates - - FRONT PAGE - HT Es­tates Cor­re­spon­dent

Adeveloper has put a price tag of ₹ 100 crore (₹ 1 l akh per sq ft) on a pent­house in a 60-storey tower in a yet-to-be habited sec­tor in Gur­gaon. And though i t has been an­nounced that this luxury unit will come fully loaded with fea­tures such as Versace fit­tings, a pri­vate swim­ming pool over­look­ing the Aravallis, real es­tate ex­perts are not im­pressed.

Putting a yet- to- be sold prop­erty on the mar­ket at such a high price is a “stale mar­ket­ing gim­mick” and “overtly am­bi­tious” in a sce­nario where the mar­ket is go­ing through a phase of slow de­mand and low sales ve­loc­ity, they say.

“The orig­i­nal price of units in this project was around ₹ 5,875 per sq ft when it was launched in 2011. Even with all the ex­tra ameni­ties and the mod­ern fix­tures thrown in, the pent­house should not have been priced for more than ₹ 35,000 per sq ft,” a re­alty ex­pert adds.

Even pent­houses by DLF in es­tab­lished lo­ca­tions in Gur­gaon of sim­i­lar size and even more (15,000 sq ft) are go­ing for less than ₹ 30 crore. An­other seven yearold project of about 8,000 sq ft is sell­ing for more than ₹ 13 crore. In Cen­tral Delhi, too, apart­ments on Prithvi Raj Road of 2,100 sq ft start at ₹ 26 crore. Re­cently launched vil­las of size 1200 sq yard by a well-known builder in the heart of the Cap­i­tal are be­ing pitched at ₹ 150 crore. Su­pertech’s Nova (East) and Nova (West) has pent­houses of 19,530 sq ft each which are go­ing for ₹ 25 crore. The Brys Group’s 81-storey (the tallest in Delhi-NCR) project in Noida, Sec­tor 150, also has pent­houses of 5,000 sq ft to 8,250 sq ft priced at ₹ 6.25 crore to ₹ 10.31 crore.

The ques­tion, there­fore, is who will buy a pent­house in Gur­gaon, and that too in a sec­tor where peo­ple are yet to move in? Even in Mumbai’s Ban­dra Kurla Com­plex area, home to di­a­mond mer­chants and busi­ness­men, pent­houses sim­i­lar to the one be­ing pitched for ₹ 100 crore, are sell­ing for ₹ 40 crore.

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