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With a price tag of Rs 130 crore to Rs 170 crore for a villa, Tata Housing is preparing to set a new benchmark for luxury gated living in Delhi. The most expensive offering from Tata Housing, occupying 1.3 acres for four to five villas on 2, Hailey Road, is coming 25 years after it had launched apartments for Rs 70 lakh on Prithviraj Road in the capital. That was the group’s first Delhi project spread across three acres, defined as luxury and at that point the most expensive in that class.
“We are still in the conceptualisation stage for this ultra-luxury project. It would be difficult to share the timeline. We are working with international architects for this exclusive development,” said a Tata Housing spokesperson on the new project.
Lodha group’s Rs 100-crore apartments in The World Tower, Mumbai, in a tie-up with international designer Giorgio Armani, are closest to the Tata project in terms of being pricey, according to consultants tracking the segment. Luxury homes in gated projects have mostly been capped at anything between Rs 10 crore and Rs 35 crore. DLF’s super luxury homes in Delhi’s Greater Kailash II — Queen’s Court and King’s Court — are priced around Rs 20-35 crore. Emaar MGF’s upcoming project —Marbella — in Gurgaon will have villas priced at Rs 9-12 crore. Supertech has launched a high-end project, again with the Armanis, in Noida for around Rs 10-25 crore.
The Tata villas are some time away as construction has not begun. An old mansion, yet to be razed to make way for the villas, still stands strong just a walk away from downtown Connaught Place. With the Iranian and Nepalese embassies and West Bengal’s state office ‘Banga Bhavan’ as neighbours, the Tata villas will be all about the address. The features that will come along will be value-additions. The company had bought the 1.3-acre land in 2012 for around Rs 250 crore.
Tata Housing Managing Director Brotin Banerjee said, “There is huge demand for ultra-luxury projects in the prime locations in and around Lutyens road due to limited or no supply in these areas. The demand in these areas outstrips the supply by a large margin and this makes it one of the most important markets for us.” Tata Housing is constantly on the lookout for exciting deals to create landmark projects across the length and breadth of India, according to Banerjee. Apart from the Hailey Road property, the company has three under-construction luxury projects — Raisina, Gateway and Primati — all in Gurgaon. The company is also looking for land opportunities across metros for building premium luxury projects.
Delhi, meanwhile, is expected to witness a spree of development by private developers once the new Master Plan 2021 by the Delhi Development Authority is implemented, which will unlock a huge amount of vacant land for realty development.
Among the other luxury realty projects coming up in Delhi are those from Godrej Properties in Okhla and a retail-cum-office complex on Kasturba Gandhi Marg by Parsvnath Developers. Another developer M2K is coming up with a residential project near Model Town and DLF is constructing King’s Court at Greater Kailash II in the city.
Referring to the five-acre luxury project in Okhla, Pirojsha Godrej, managing director & chief executive officer, Godrej Properties, had earlier said, “The National Capital Region is a key part of our growth strategy and we believe this project’s strategic location will help increase our presence in the region.”
Under Delhi’s Master Plan 2021, land is set to be unlocked in North Delhi, around the Yamuna river front, Narela, Dwarka and some other parts of the city. Also, the new farmhouse policy, whereby the government will allow farmhouses of one acre, is expected to add to the action in the capital city’s real estate space.
