Date: Wed, 6 Jan 2010 11:08:17 +0530
Subject: It's cheaper to own a pad in Burj Khalifa than in Central Delhi
-Article in Times of India
From: [email protected]
An apartment on the 100th floor of 'Burj Khalifa', the world's tallest building
and one of the most sought after addresses in the world today, comes at a price
of Rs 38,000 per sq ft.
But if you think that's a soaring price, consider this: desi realty rates beat
that by a mile. The rates of apartments on Prithviraj Road and Aurangzeb Road
in central Delhi are much higher. The per sq ft rate of apartments in Marble
Arch and Tata Apartments on Prithviraj Road is around Rs 65,000 per sq ft.
Similarly, Ansal apartments on Aurangzeb Road have a price of Rs 55,000 per sq
ft, said senior broker Hemendra Sharma.
In Vasant Vihar and Chanakya Puri in South Delhi, apartments built on smaller
plots of 400-800 sq metres are commanding prices of around Rs 45,000 per sq ft.
In fact, there are not many luxury condominiums available in central and south
Delhi. However, there are several bungalows on independent plots of around
three acres with a permitted area of construction of 3500 sq ft to 10,000 sq
ft. These plots are commanding a price of Rs 200 crore to Rs 500 crore. So the
per sq ft cost of these bunglow comes to a whopping Rs 5 lakh per sq ft.
Condominiums in Mumbai are even costlier. The per sq ft rate in Mumbai's NCPA
Apartments at Nariman Point is between Rs 90,000 and Rs 1 lakh! Till date, the
highest per sq ft rate paid in Mumbai stands at Rs 97,842 for a four-bedroom
apartment at NCPA Apartments in 2007. This is the highest rate paid for a
residential unit in the history of Indian real estate. In July-August last
year, an apartment in Maker Tower B, in Cuffe Parade, sold for around Rs 93,000
per sqft.
According to Gulam Zia, national director, research and advisory services of
global property consultants Knight Frank, "In the posh upmarket localities of
Delhi and Mumbai, where there is a scarcity of land, property prices have shot
through the roof." Adds Zia, "Property prices in Mumbai's western and central
suburbs of Worli, Lower Parel and Prabhadevi are upwards of Rs 40,000 per sq
ft."
Real estate prices in India are inverse to the country's image of a developing
nation. "Mumbai and Delhi command one of the highest per sq ft rates in the
world," says Anshuman Magazine, CMD, CB Richard Ellis, South Asia, a leading
global property consultancy firm.
In India while the land cost itself is high, the cost of quality is even
higher. If one is paying Rs 38,000 per sq ft for an apartment in the Burj
Khalifa in Dubai, which has amenities such as the Armani Hotel, discotheques,
designer retail shops, for the same price or more in Mumbai or Delhi one will
only be paying for the location and not for the construction or amenities. In
terms of amenities and quality there is just no comparison, says Magazine. He
adds, in the US when a buyer looks to buy a home, he or she first looks for the
amenities on offer that would suit his or her lifestyle, whereas in India it's
all about land and location for the buyer.
While Mumbai and New Delhi are in a zone by themselves as far as realty pricing
is considered, other big cities like Chennai and Bangalore are yet to see such
pricing, though the rates have dramatically shot up in the recent past.
The posh areas of Chennai -- Boat Club and Poes Gardens -- and Lavelle Road,
Vittal Mallya Road and the by-lanes off MG Road in Bangalore, command per sq ft
rates of around Rs 21,000.
Article Taken from Times of India - by Anshul Dhamija, TNN 6 January 2010,
12:17am IST
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