Uber-rich buying luxury apartments in Bandra-Kurla Complex

Written By Unknown on Sabtu, 04 April 2015 | 22.23

MUMBAI: Bandra-Kurla Complex (BKC), one of Mumbai's leading commercial business districts, is now also an enclave where industrialists, high-net worth individuals and some of the biggest names in the corporate world have booked luxury apartments.

Property market sources said they have paid between Rs 30 crore to Rs 55 crore for uber-luxury apartments in the BKC. Some of the high-end residential projects here command as much as Rs 55,000 a sq ft.

Among those who have booked duplexes here are industrialist Gautam Adani, former Citigroup head Vikram Pandit, Deutsche Bank co-chief executive officer of Asia/Pacific, Gunit Chadha, chairman of JM Financial Nimesh Kampani, Harsh Mariwala of Marico, Jalaj Dani of Asian Paints, Kishore Lulla of Eros International and Ashok Wadhwa of Ambit Holdings.

It is also learned that the family of Hitesh Patel, the Surat-based diamond merchant who was the highest bidder for PM Narendra Modi's suit for Rs 4.31 crore, booked an apartment in BKC. Pramit Jhaveri, CEO of Citi India, and Mickey Doshi, MD and country head at Credit Suisse, are among those who have duplexes here.

"Most of these ultra high-net worth individuals have bought these luxury pads, not as an investment, but to stay here because of the BKC's strategic location,'' said sources.

These are all duplexes in Signature Island, among the three residential projects built by developer Sunteck Realty in the BKC's G Block. These apartments come in two sizes, the bigger ones are 11,000 sq ft while the smaller ones are about 7,000 sq ft.

BKC currently has just three residential projects adding up to 220 units.

A Cushman & Wakefield report said BKC presently does not have enough residential developments despite its marquee clientele. "The corporate clientele of BKC can be typified as high-income earning (sometimes extending to top clients for luxury products) mid-to-top end management; this is a class of people who have purchasing power and is aspirational,'' it said.

"Most people who work in BKC commute from far-flung suburban areas or central and south Mumbai. In terms of time taken to travel, it can easily mean one to two hours of commute during rush hour. The need to develop high-end homes in BKC and also develop it as a residential destination is imperative. Developers have currently not tapped the full residential demand of the area,'' it said.

The report said BKC, once developed as a formidable residential address, can also serve as an alternative to sub-markets such as Worli and Bandra. ``Its central location and proximity to both north and south of Mumbai can draw in crowds and hence help ease urbanization pressure on the mentioned sub-markets.''

There is a gaping difference between number of unit launches in BKC and non-BKC locations. Nearly 4,300 residential units have been launched in the catchment area (including BKC and non-BKC), of which only 220 units are in BKC. (Cushman & Wakefield)

http://timesofindia.indiatimes.com/followceleb.cms?alias=uber-rich,Bandra-Kurla Complex,Gautam Adani,luxury apartments,Eros International

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