Luxury real estate concept is growing at a phenomenal pace and still holds a huge potential. With HNI expected to cross the 3 Lakh mark by 2018-20, what do you expect The Wadhwa Group to offer new?
The new age HNI in India comes with great expectations in all that they aspire to possess; be it their vehicles, vacations, material possessions, or even their homes. This demand and setting of high expectations along with a favorable investment environment, has set the bar really high for all luxury property developers in the country. A slew of high profile projects have created a buzz, and have led to a spurt in the growth of the luxury real estate space. At the Wadhwa Group, we have a unique design philosophy “Ventilit” that runs through all our projects. All our apartments have higher floor to ceiling height, well cross ventilated apartments and are well lit.
Our luxury projects are a class apart, and we incorporate the latest technologies, modern designs and awe-inspiring architecture to make every project a luxurious habitat for all our buyers. Case in point being our latest project which offers bespoke homes by the bay, at Prabhadevi situated on a 5 acre plot of land which has no slums, no public car park, lifelong sea views. It is located adjacent to the famous Siddhivinayak Temple. These are some of the highlighted USP’s of this project. It’s an address that HNI’s would want to be at.
You have secured funding from the Piramal group. What is your comment on the investor confidence in the luxuriation of real estate in Mumbai?
In the recent past, the Piramal Fund Management has given letters of credit valued at Rs 15,000 crore to eight developers in Mumbai, Chennai, Bengaluru, among other cities. Funding/ investments of this type become essential in the development of luxury based constructions-which involve the crème-de-la crème of amenities. When someone as reputed and renowned as the Piramal Group puts their best foot forward, you go ahead with the alliance without any room for doubt. We are extremely happy and have immense faith in their offering to us.
What is bespoke real estate luxury in your opinion?
In the traditional sense, bespoke real estate luxury is all about customized and superior quality residential and commercial spaces. From concierge services to seamless wireless automation, bespoke real estate luxury also denotes elegantly tailored interiors and classic architecture of the entire premises. While this is true, we would like to believe that a certain amount of care in ensuring that the land parcel is free of encumbrances; has no surrounding slum settlements; offers views that are clean clear, and have a certain amount of exclusivities involved; are true signs of bespoke properties.
How does the smart city government concept fit into your corporate strategy?
Smart cities can be best defined as a 360-degree development of a geographical region in terms of infrastructure, technology-based services, pollution free environment, academic institutions, and a consistent supply of water /electricity; above all- there is dedicated governance of and by the people of that city. This concept encompasses a meaningful way of life not only to the residents and the environment but the commercial businesses as well. We are focused on delivering the best of both the worlds to those who would be living in such cities and work in the vicinity.
Have you recently identified new areas in Mumbai for luxury properties, besides your expansion plans for the popular areas like Mahalakshmi and Bandra?
Yes, we have. In fact, we have a 500- acre township in the offering at Panvel which we envision as the future ‘landmark’ of Panvel. The region’s close accessibility to Pune and other cities is well complimented with low levels of pollution, less traffic congestion, 24- hour water supply, educational facilities and many upcoming commercial offices. The development of projects like the Navi Mumbai Metro Rail, Mumbai Trans Harbour Link, Seawood-Uran Commuter Rail Link, and Coastal Road, Mumbai Metro & Mono Rail connectivity will completely change the demographics of these locations and will attract incremental investments from both residential and commercial buyers.
At the Wadhwa Group we have a unique design philosophy “Ventilit” that runs through all our projects. All our apartments have higher floor to ceiling height, well cross ventilated apartments and are well lit
Reputed fashion designers like Versace have entered the Indian market. How do you perceive this development in case of luxury real estate landscape in India?
The Indian luxury market has transcended borders and is pretty much at par with international trends and design sentimentalities. Mumbai’s luxury market has seen an annual price rise of 30-40% this year. Globalization and increased exposure to opulent lifestyles have led to an increase in the demand for customized and selective premises in the upper echelons of India’s rich and famous. This has drawn the likes of Versace amongst others, into the luxury real estate space in India. However, there are many reputed developers in India who have the expertise and capabilities to match the demand for such high end products with their super luxury offerings as well.
Do you think factors like Mumbai’s ranking on the quality of living index in the world affects ground level action? Do you perceive it as an opportunity or a deterrent for global investor confidence?
Mumbai as a cosmopolitan city is constantly evolving and there have been factors that contribute to the rankings that were computed on various parameters. However as a city that encompasses prime real estate accompanying some of the best location factors, Mumbai will continue to be high on investable property options. The government of Maharashtra has undertaken various significant initiatives to enhance the quality and standard of living in Mumbai as also with the civic infrastructure. These include improved infrastructure development, more of quality academic institutions and incremental public health schemes, to further enhance the standard of living. Mumbai continues to be a preferred choice for global investments for a host of reasons which vary from infrastructure and connectivity to availability of numerous resources.
In the end, luxury in India is economic proof. However, what are the other economic/social/perceptional conditions which you think are important for the growth of luxury in real estate?
The Indian economy is experiencing a phase of massive development across industries. Ease of foreign direct investments, international alliances, the phenomenal growth of e-commerce, technology advancement and a surge in entrepreneurship are contributing to a booming Indian economy. This has, in turn, given a further boost to the real estate industry. The standard of living is increasingly changing with a growing demand beyond everyday comfort and convenience. People are keen to reside in premium housing projects and are willing to indulge in luxurious premises.
Developers are liaising with international designers and architects to make their projects on par with global contemporaries both, from an aesthetic perspective and to the satisfaction of the buyers. Centrally located projects offering ease of commuting, accessibility to the workplace, academic institutes, and entertainment hubs are some of the other factors which contribute to the growth of luxury real estate. People are willing to splurge if the habitat is conducive to a lifestyle of their choice.
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