Gone are the days when one yearned to go abroad to taste fine living. The world-class properties are now available for sale in India. Palatial houses that have Italian marble and designer furniture; it’s all being built in India. In an attempt to woo the High-Net worth Individuals (HNIs) to buy properties in India, property developers are introducing these global building trends in the Indian residential property market.
Delhi-based Niho Construction Ltd, a private real estate builder, was perhaps the first player in this segment. All the villas, penthouses and shopping malls built by Niho have Scottish themes. The property developer claims that all their constructions follow the basic rules of Scottish architecture.
The houses have flat tops (instead of domes or slanted roofs that are typical of Indian buildings). The interiors and upholstery have light colours (preferably beige and suede). The promoters claim that their interiors are “elegant and have designer marble with mirror finish”.
Niho has its projects scattered all over north India. A penthouse of 1500 sq ft specification costs more than Rupees one crore. The capital value for Niho’s apartment ranges between Rs 495-550 per sq ft. This does not include the Extra Development Charges (EDC) and other regular maintenance charges.
Another prominent property builder, Gaursons India, has launched a residential project on the lines of Spanish architecture. Manoj Gaur, the Managing Director for Gaursons India, says that he was very impressed with the Spanish way of building houses and he wanted to try it in the Indian scenario.
Gaursons have launched this ambitious project in NOIDA. It is called Gaur Greenway. Manoj Gaur specifies that he has retained the domes and high walls of Spanish architecture in Guar Greenways. This project has just been launched and will be completed by 2009.The promoters claims that all houses (about 250 housing units) have been sold out.
However, one still anticipates the users’ response to all such premium houses offering global lifestyle.
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