Selling Like Hot Idlis
MDs and CEOs fuel burgeoning demand in luxury flats and villas, say realtors
When JK Foundation announced completion of Phase- I of their project at Navalur, Old Mahabalipuram Road, by December 2012, 150 villas of 2,500 sq ft, at Rs 1 crore each, were sold out in three days. “Even though the Nifty slid, there hasn’t been a fall in the sale of premium homes,” says J. Jayakrishnan, MD, JK Foundation. “MDS and CEOS who are our clientele still have funds to spare for luxury homes,” he says.
But the stagnation in the IT industry means luxury homes aren’t selling fast enough. Unlike in the past, the entry of big real- estate players has led to super- size complexes hosting thousands of flats, the biggest growth area.