India's richest are shelling out upwards of Rs 1 lakh per sq foot for ultra luxury homes that they will hopefully retain for generations. Here's how the developers play the game to keep them exclusive
Raheja Artesia has established itself as among Mumbai’s premier luxury developments
At the northern end of Worli, the outline of a vast new project is taking place. Christened 360 West, this mixed-use development in central Mumbai comprises a Ritz-Carlton hotel as well as residences managed by them. Apartments which start at ₹40 crore come with access to a pool, tennis courts, a gymnasium and spa, bowling alley and world-class restaurants.
India’s luxury market has seen a revival over the last 18 months and Oberoi Realty’s 360 West is a good indicator. Since April 2023, apartments have been sold at a sales value of ₹1,300 crore, according to CRE Matrix, a real estate consultancy. Buyers comprise businessmen DMart’s Radhakishan Damani and Max Healthcare’s Abhay Soi, Bollywood actors Abhishek Bachchan and Shahid Kapoor as well as professionals such as 360 One’s Karan Bhagat and Sumir Chadha of Westbridge Capital.
Marketing for these projects is usually low key. No banner ads on websites or full-page jacket ads in newspapers. Those pesky telemarketing calls are a strict no-no as well. You also won’t find brochures with wealth managers managing money for ultra HNIs. Instead, it is the quiet word of mouth that works. Weekend gatherings with friends and family are where these projects are discussed, and introductions made. It is said Vikas Oberoi, who runs Oberoi Realty, personally meets and vets each new buyer. After all he wants these apartments to be sought after for many generations and is doing everything to make sure they maintain their exclusive tag. He’s been selling the project for over a decade now with no price cuts. It is also a case study on how selling the concept of a luxury development is different from selling other homes.
Samudra Mahal in Mumbai has members like Nandan Nilekani, Narayana Murthy of Infosys and Raamdeo Agrawal of Motilal Oswal
(This story appears in the 26 July, 2024 issue of Forbes India. To visit our Archives, click here.)