Developers design luxury as competition mounts in realty market

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Mumbai, Jul 23 : Competition is hotting up in the $12 billion Indian real estate market with developers building skyscrapers and partnering with worldwide spas and engineering companies.

City-based developer, Shree Ram Urban Infrastructure (SRUI), is planning to partner with worldwide spa companies such as Thailand-based Banyan Tree and Madrid of Hong Kong in order to set up 10,000 sq ft luxurious spa in its Palais Royale 50-storeyed skyscraper complex in Worli, on the lines of One Brand Square, a super luxurious residential skyscraper (also called lung of Manhatten).

Vikas Kasliwal, vice-chairman and CEO, SRUI told FE, "Over 70 apartments in Palais Royale will have an area size of 8,000 to 15,000 sq ft." Similarly, DB Realty is currently talking to worldwide engineering companies in order to provide new technological offerings to flat buyers. Lodha Group too is developing various facility management schemes for flat buyers.

SRUI has started developing the foundation base for Palais Royale at Worli in Mumbai, which will be Mumbai's first residential green building. The Indian Green Building Council (IGBC), an industry body promoting green buildings, claims that Palais Royale will have cent per cent on-site sewage treatment and waste management system, bringing in huge savings for residents. Kasliwal said, "The construction cost can be recovered in 3-5 years' time, and the savings could be a 35% cut in power bills. Palais Royale will be ready by 2010-end. We are planning to provide amenities to service providers at Palais Royale which will include medical facilities, among others."

Competitor, Lodha Group's Lodha Bellisimo's (at Mahalaxmi) A and B wing will be ready by 2009-end, and, C wing by 2011 wherein the elevator (with finger print access) opens directly into one's residence. There is also an exclusive private elevator that connects the two levels of one's duplex home. Lodha Group has tied up with Kapadia Associate, Architects, Sitetectonix, Singapore for Landscape and Johnson Controls Inc (JCI),USA for facility management.