The market for super-luxury housing in India is not more than 5 per cent of the total. While, branded residences are geared towards that segment of the super-rich, a building in Napean Sea Road, in South Mumbai has no takers for palatial Rs. 100 crore flats.
The palatial 15,000 sq ft duplexes in the under-construction 55-storey Sasen building on tony Napean Sea Road offers the country’s costliest residences at -120 crore each. But for six years now, the project, earlier known as Lotus Villa, has not sold a single unit. The city, where the country’s most expensive flat sold last year, does not have takers for these palatial homes. Each square foot of the apartments costs Rs 1 lakh — nearly thrice as much as the per-square foot price of an apartment on the hundredth floor of Dubai’s Burj Khalifa, the world’s tallest tower. Each apartment will have a super-built up area of 12,750 sq ft including a private terrace garden. The building is coming up on an over-one acre plot on which the Morarka Bungalow stood until three years ago with the first 10 floors will be reserved for parking.
These castles in the air will be India’s costliest apartments, and among the largest on offer in India’s financial capital. However, will it be able to find buyers for this ultra-luxurious bid?
[Via – Financial-Express]