Luxury properties coming up in large parcels
There has been a growing trend over the last decade or so that has seen large land parcels being unlocked by developers for luxury properties in less matured markets like Pune, Chennai and Hyderabad. What one may term as trophy locations in these cities—instances would include Mumbai’s mill lands—have become available, making it possible for larger number of units to be constructed.
Where the erstwhile trend for luxury property used to be for 10-15 luxury units at best in the heart of a city, in cramped locations, today a slew of larger luxury projects are possible because of the availability of such large land parcels in prime locations.
This trend may be attributed to the fact there’s an oversupply of properties in peripheral locations and a lack of good opportunities in the CBD areas of cities like Chennai, Pune and other similar cities. Some of the properties that developers pick up are trophy Properties that are positioned with all the amenities and luxury one can think of—catering to the aspirations of home-buyers. Luxury projects within the CBD also enhance the brand value and equity of housing development firms.
Source: Financial Chronicle
