Delhi-based BI Group has partnered Oberoi Hotels and Resorts to launch 19 ultra-luxury residences in central Delhi priced at Rs 20-48 crore, signalling that demand for uber luxury real estate is limping back.
Trident Residences will be the first of its kind in the capital.
The apartment size will range from 4000 square feet to 8000 sq ft, BI Group chairman Shashank Bhagat told Moneycontrol.
The company’s investment in land is close to about Rs 150 crore and the construction cost will be around Rs 100 crore, he said.
The apartments spread across three blocks are near Delhi’s Golf Club and Lodi Gardens.
“The smallest apartments are of around 4000, 4300 and 4700 sq ft (super area) and penthouses are around 8000 sq ft. The smallest apartments start at about Rs 20 crore and the penthouses cost Rs 48 crore. Those were the first ones to sell,” he said.
The luxury units will be ready by the third quarter of 2023, Bhagat added.
Besides the location, another differentiator is a hotel chain running the residences.
“We wanted to create a housing product for those who could buy flat in Jorbagh, Golf Links. To compete we had to offer lifestyle and services that only a hotel brand could offer,” he said.
The facilities on offer include concierge services, rooftop lounge with screen, private meeting room, residents’ lounges, a gym and terraced gardens. The residents can also enjoy facilities such as priority reservations at award-winning restaurants and bars, business centre reservations, and salon services at the The Oberoi, New Delhi.
The Trident Residences will be designed by Architecture Discipline.
Bhagat points out that the project was not launched until the structures were ready. “We decided not to launch the project until the time we were ready. We received our RERA (Real Estate Regulatory Authority) registration a year ago. Two of three structures are ready and the interiors work has started.”
BI Group is also planning to launch similar properties in Goa and Bengaluru. The company has acquired the land in Goa but is not sure of the product mix it intends to launch in Nerul. In Bengaluru, land is still under acquisition. The company plans to construct a villa project in Nandi Hills, he said.
“The launch of these branded residences in the heart of the capital is a statement that demand for uber luxury is back. Those planning to buy property in Golf Course, Jor Bagh and Malcha Marg areas are clearly looking for a product that offers them something more, especially in terms of unmatched amenities,” said Rohit Chopra of Southdelhiprime.com, adding it will also put to rest worries most high net worth individuals have regarding their neighbour and who would manage common areas, among others.