Even in an economic downturn the luxury residential estate market is booming. In a series of three pieces, we look at the destinations in which you can invest in, in India and abroad. We continue with the Indian cities scenario.

Unitech Golf and Country Club Apartments, Gurgaon

Gurgaon: A Golden Dream

An agglomeration of luxury hotels, a trend that was spearheaded by Trident Gurgaon and The Oberoi, Gurgaon, an abundance of malls, a myriad of high-end residential complexes… Gurgaon is where all the excitement is. Integrated luxury developments complete with golf courses, five star hotels, penthouses, villas and apartments dot the steel-and-glass dominated skyline.

In Gurgaon, prices of luxury residential properties have steadily climbed a steep slope over the past two years – an appreciation of almost 25 to 35%, the highest in India. “Many MNCs have offices here, so professionals here include high-paid senior management executives,” says Ravi Kant, CEO, Kant Realtors, a property consulting firm. Residences at DLF Gardencity, with its vast acres of open spaces or UNITECH’s Golf and Country Club apartments, suited up with sprawling golf courses besides the other luxury amenities, cost upward of Rs 12,000 per sqft upwards.

A recent affiliation between Armani Casa, a marquee luxury residences brand by the Italian fashion powerhouse Georgio Armani, and Supertech Limited has set the new benchmark in a growing luxury market like Delhi and Gurgaon. Their Supernova project will spawn 100 luxury residences and will be priced 75% higher than other residential projects in the market. “Gurgaon has emerged as a leading business and residential destination, because of the professionals working in high profile corporate jobs,” adds Kant. “In the last 10 years, the real estate sector has seen a growth of close to eight times in terms of real value.”

Kochi: Coastal Wonder

This ancient port city on the Malabar coast has grown exponentially. “New roads, a world-class airport, its lofty status on India’s tourism map, beautiful homes and scenic surroundings make it perfect as an investment destination,” says real estate developer PKM Nair, who is setting up a project with 15 high-end villas, each costing Rs 6 crore upwards, a rather steep rate for this tropical city.

DLF Riverside, Kochi

Riverfronts are the preferred addresses for luxury villa developments. Two of Kochi’s biggest luxury residential projects, for instance, are sited on riverfronts: DLF’s Riverside Kochi almost floats on the backwaters of the Chilavannoor River, is located to the National Highway and connected with other critical infrastructure in the city – the modern Info Park, Cochin Export Zone and the fast developing Smart city at Kakkanad, while Asten Realtors Cocoon is a sprawling terraced villa project on River Periyar.

Goa:

The surprise entrant on this list is Goa, Mumbai’s laidback sun-kissed neighbour, known more for its love of susegaad. Over the past three years, Goa has opened its doors to luxury developments via discreet villas.

Mathias Ocean Park in Dona Paula, Goa

In Goa, a luxury residential complex is necessarily river-facing or sea-fronted. Michael Lobo, director at Homes & estates Consultancy Services says, “The most sought-after villages are the ones close to the coast, through the length of Goa’s coastline. Here developers offer apartments in the range of Rs 30,000 to Rs 60,000 per sqmetre and villas from Rs 50,000 to Rs 100,000 per sqmetre. Depending on the view from the apartment or villa, the prices could go higher.

The Models Status project on the picturesque Taleigao plateau, for instance, is a vibrant complex with extensive lawns and penthouses. Among other star properties that have raised the mercury levels are Milroc’s projects at Ribandar and on the Kadamba plateau, EmgeeAnantam in Dona Paula, DB Realty’s Aldeia de Goa in Bambolim, Ashok Beleza in Porvorim, Solitaire by Anand Bose in Vasco, Regalo in Goa Velha, Edcon’s Rio Grande in Panjim, Gera’s Astoria at Caranzalem and the Mathias Ocean Park in Dona Paula. An apartment can cost upwards of Rs 8 crore to Rs. 10 crore. According to Rohit Gera, MD, Gera Developments, says, “We believe that while the Goan market is small, the customers are discerning and are ready to pay for luxury.” While the returns on investment may not be as high as in a metro, expect at least an eight to 12% appreciation.