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It's luxury condos galore in NCR now.

YOU must have seen a newspaper ad or heard of an SMS doing the rounds offering ' Super luxury apartments in the heart of Delhi'. Ever wondered why apartments on offer have been attached with a ' super luxury' tag.

Built for the deep- pocketed, these condos come with amenities of global standards.

One example is the under- construction Commonwealth Games Village project by Emaar MGF. At a rate of more than Rs 11,000 per sq ft, the developer has promised to offer a clubhouse and convenience- retail bouquet within the vicinity.

Besides these, the whole complex will be on a podium and there'll be two levels below the podium earmarked for car parking and services.

The entire complex is proposed to be kept free from traffic except for a road on the periphery and ramp access to the levels under stilts. The units will be centrally air- conditioned and the complex would be developed as a certified green building. Excellent connectivity by way of an elevated road network and metro services and world class sports facilities would be other positives.

By price comparison, amenities of this level are available at very few places in Delhi- NCR such as Vasant Kunj, Golf Links, and Noida's Sector 15A, Gurgaon's Sushant Lok or Golf Course Road.

These offer apartments/ floors/ independent kothis in the same price range.

But premium property buyers in the north usually look for ready to- move- in properties and independent kothis instead of small- sized apartments.

These come at a price of a crore or more. Upmarket locations have one thing in common -- welllaid roads, good infrastructure and convenient shopping centres within range of a kilometre.

" Often, high pricing in real estate is a combination of market dynamics, location, product specifications and scope of price appreciation," said a Delhi- based realtor.

But basically you can blame it on the high land cost at which the developer had procured the land for the construction of a housing society. For instance, the first phase of DLF's residential project Capital Greens in New

Delhi's Shivaji Nagar was launched at a rate of Rs 6,000- 7,000 per sq ft with an inaugural discount of Rs 1,000 per sq ft.

Its much- awaited second phase would be launched on September 22, according to market sources.

The company plans to launch these apartments in the price range of Rs 6,500- 7,000 per sq ft, added sources.

Some other premium properties are being developed at prime locations in Delhi- NCR by Parsvnath, M2K Developers and Indiabulls.

Parsvnath is developing its luxury projects -- Paramount and La Tropicana -- at Subhash Nagar and Civil Lines, respectively.

Redfort Capital, the real estate investment firm, has bought 18 per cent stake in La Tropicana for Rs 90 crore. The apartments at Paramount and La Tropicana are available at Rs 8,000 per sq ft and Rs 10,000 per sq ft, respectively.

The M2K Group is developing its residential project, Victoria Gardens at Model Town. The fourth project is yet to be announced by Indiabulls. A subsidiary firm of the company, Kenneth Builders and Developers Pvt Ltd, will develop the residential project.

Importantly, all these properties would be delivered by 2012.

But delivery within the specified timeframe remains a challenge.

Facing severe cash crunch, Parsvnath had earlier announced that it planned to raise up to Rs 2,500 crore by way of qualified institutional placements ( QIPs).

However, construction work on these projects is nowhere near completion. The long delivery periods of these projects have helped developers increase the rates since the time of launch.

For instance, M2K Developers announced the project in 2006 at Rs 5,590 per sq ft. But since then the metro became operational.

This saw the rates move up to Rs 8,690 per sq ft.

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Publication:Mail Today (New Delhi, India)
Date:Sep 21, 2009
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