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?
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.