In Mumbai, India’s financial capital, new luxury apartment blocks are being built throughout the city to cater for the fast-growing number of super-rich. India’s millionaire population grew by more than 50% in 2009 and the real estate industry as always senses opportunity.
U.S. property tycoon Donald Trump, never one to shy away from an opportunity, is building a luxury condo in the heart of Mumbai.
His Indian partner, Harresh Mehta of Rohan Lifescapes, said: “In Mumbai, many people have a lot of money. Although the scene looks a little gloomy in terms of the stock market, everyone is doing very well in their business. You’ll be surprised how flats are being lapped up.”
Work has started on World One, the tallest residential building in the world at 117 stories, or 1450 feet, being built in the Upper Worli district of Mumbai by Lodha Developers. Located at Lodha Place, a landmark development on a 17 acre site, the mixed‐use development will include three residential towers, a high‐end shopping avenue and a world‐class office building.
World One will include about 300 exclusive homes, including 3 & 4 Bedroom World Residences, lavish World Villas with their own private pools and a limited number of uber‐luxurious duplex World Mansions. Thanks to the unique curved form of the building, the residents will enjoy spectacular 360° views of the entire city, including the Bandra Worli Sealink, the Race Course and the Arabian Sea.
India’s richest man, Mukesh Ambani, has just built a new home in Mumbai, said to have cost $1 billion, which would make it the world’s most expensive home.
Vinod Rahira, of K Raheja Corp. property developers, has a building in which the average apartment costs $2 million. The building is about 80% sold.
Rahira said: “We saw the economy is in much better shape than it used to be. Propensity to consume is there.” The most important factor, he added, is “consumers were shouting out for lifestyles.”
However, some doubt Mumbai’s infrastructure can cope with the building boom.
Poonam Mahtani of real estate firm Colliers International said: “You look at the peak residential location in Mumbai versus Manhattan or central London, you do get peak infrastructure, which you don’t get over here. Very few projects will offer you wide roads, great infrastructure.”
Anuj Puri from Jones Lang LaSalle questioned whether there is enough demand to fill the buildings.
“You’ve got a huge amount of supply on one side. There is demand, but the demand is not sufficient to go and complete all the supply that is coming up.”
There’s no denying, however, that India will be not be denied its place on the World Stage!