Alipore: A steady supply of luxury condominiums in Calcutta is no longer one of the big mysteries of the universe. Sales are steady because buyers are taking cash out of a peaking stock market to "diversify their asset class", or so goes the buzz.
A dozen developers are trying to woo these customers with homes priced Rs 4 crore-plus. The locations are as prime as they come: Ballygunge, Alipore and the Bypass.
The latest to jump into the fray is Tata Housing and partner Keventer, whose "88 East" is being billed as the tallest tower in Alipore. Both companies are confident that the time is opportune to launch a 1.2 lakh sq ft project.
"I am seeing traction in the luxury end of residential real estate across India over the last six-seven months, and Calcutta should be no different. We have designed the project to attract a wider section of HNIs (high networth individuals). It should do well," said Brotin Banerjee, managing director of Tata Housing.
Most developers are shunning the old fixation with large apartments to keep their units compact. Apart from a few duplexes and penthouses, the regular size is down to around 2,300sq ft from the 5,000-7,000sq ft range. 88 East will have a 1,900sq ft apartment, which was unheard of in Alipore.
Mayank Jalan, chairman of Keventer, said luxury projects needed to do more than just rightsize the ticket price of an apartment. "The design, exterior and façade - all add up. This structure (88 East) will have landscaping at a different elevation, something nobody has done in Calcutta. There will also be a lighthouse on top."
Rahul Saraf, owner of Forum Projects, said he had sold "the majority" of the 15 flats in his Ballygunge Park Road project. "Historically, whenever the stock market reaches record highs, real estate tends to do well. This is what seems to be happening now."
Forum Projects' Bypass landmark, Atmosphere, has been four years in the making. But as it nears completion, sales have picked up there too. "Time to completion, the price tag dictates the choice of a buyer, apart from the address obviously," Saraf said.
While Atmosphere has started giving possession to its buyers, Trump Tower Kolkata has only just dug in. But the developers said they had sold half of the 135-unit project already. "We brought the concept of branded luxury real estate to Calcutta. The ticket size (Rs 4.5-5 crore) is meant to appeal to a wider audience," said Harsh Patodia, owner of co-developer Unimark.
The pedigree of the builder is the key factor when a buyer sets out to choose a luxury property, said Jitendra Khaitan, chairman of Pioneer Properties.
