The city, which witnessed a surfeit of vertical growth in
the past couple of years seems to have changed track blurring the difference
between luxury apartments and villas.
Crore is the new lakh for
the deep-pocketed Lucknowites who are willing to shell out an eight-figure sum
to live life King size. Less than a decade ago, suggestion of a flat in a
high-rise building in the city invited a smirk-unless it was a job perquisite.
Higher disposable income,
smaller family size, double income couples and unheard of pay packages have
contributed to the profusion of housing schemes, mostly by private players,
promising paradise within 3,000 square feet.
And the cityscape today
reflects the change in the mindset. Penthouses atop vertical wonders are still
in vogue but those looking for high-end living seem more inclined towards
idyllic villa lifestyle. Terrace garden where you can relax and savour canapés,
a private pool and a Jacuzzi to splash around in and barbecue decks to
entertain friends are some of the add-ons of the upcoming projects of SAS
developers on Joppling and Way Road.
“For the first time, we
will be providing a VRV system in these buildings that enables desired
simultaneous heating and cooling, the year round,” says Khalid Masood, the
managing director of the realty group. So what do these custom-made dreams cast
in Italian marble cost? Spread over 3,000-3,500 square feet, while the base
price of a villa starts at Rs 2 crore, a penthouse also costs the same, the
deciding factor is what you prefer: privacy or community living.
Golf Villas at Ansal APIs Sultanpur
Road hi-tech township are even steeper. They cost between Rs 5-7 crore. “Located
around 18-hole golf course at Sushant City, these villas come with central air-conditioning,
elevators, swimming pool with Jacuzzi, sky-lights with adjustable louver covers
as well as balconies also with adjustable slated sunshades,” says a
representative of the real estate developer.
The localities that once
boasted of having the best bungalows in town are making way for skyscrapers
with hundreds of apartments. Even the Old City is allowing some relics to
crumble and make way for specimens of modern architecture.
“Safety is the deciding
factor,” says Khalid on what makes people living in bungalows or independent
houses to shift into a flat. Besides walled enclosure and intercom link with
the security at the gate (some projects offer close circuit cameras), we are
offering facilities like swimming pool, health club, recreation hubs, power
back up something those living in bungalows could not even think of, he points
out.
At a time when experts are
predicting a down turn in economy, Lucknow has been billed as the most favoured
destination for property buyers by a latest Crisil report. Taking the real
estate scenario in 10 cities namely, Bhopal, Bhubaneshwar, Coimbatore, Indore,
Jaipur, Nagpur, Surat, Vadodara and Vishakhapatnam, the study predicts a boom
in housing sector for Lucknow.
Agrees, SK Garg, chairman
of Eldeco housing group, the man who is said to have single-handedly elevated
the living standards of the city to a finer realm. “Lucknow because of its
robust infrastructure is attracting people from all over the State. The only
other city West of UP that comes close to it is Noida,” he says adding that
this was true only for the residential and not the commercial sector. There is
a slump in the commercial sector. The Foreign Direct Investment (FDI) could
have come as a good rescue but unfortunately the move was shelved, he
maintains.
Villas may be in vogue
today but this home-grown developer known for his philanthropic approach and
activities claims to have championed the concept way back when he built his
Udyan township on Rae Bareli Road. “Post assembly polls 2012, the dip in
commercial properties too would fade away,” predicts, the man, who made his
foray into the real estate in 1987 by building the city’s perhaps first most
well known group housing residential address Basera in New Hyderabad locality.
“I started off by building dwelling units priced between Rs 3 to 4 lakh. Today,
I have sold a duplex in my IIM Road township for Rs 1.4 crore,” he informs.
Great value for money, yes.
But Garg, however, wishes to cater to the less affluent sector for whom owning
a house requires a lifetime effort. “The acute deficit between demand and
availability of houses is below Rs 20 lakh,” he says adding that the luxury
segment only accounts for just 10-15 per cent of this. The veteran developer
says he would soon build flats priced between Rs 14 to 15 lakh on all
eight-city roads that may not have the trappings but would still be a
comfortable option for those with a modest budget.