AHMEDABAD: In the city known for being one of the most affordable housing markets in India, sale of ultra-luxurious flats at a hefty price tag of Rs 25 crore has set the market on fire.
In fact, this cracker of a sale of a lavish penthouse in the city has become the talk of the realty town and is being pegged as one of the costliest apartment deals in the history of the city.
The sprawling penthouse, with 18,000 square feet super built-up area, is part of an upscale residential apartment project located behind Rajpath Club and Ashok Vatika in Bodakdev.
Going by the estimated value of the deal, the property price works out to be Rs 14,000 per sq ft. A duplex apartment in this project was sold for Rs 18 crore a couple of years ago.
What’s more, just one-anda-half kilometre from this project, one more luxury penthouse was recently sold for Rs 11 crore. The 11,600-sq ft (super built-up) property is part of an ongoing project on the Iscon-Ambli road.
‘Luxury home market got pandemic push’
Another penthouse of 9,000 sq ft (super built-up)in thesame project has been bought for about Rs 9 crore.
If sources are to be believed, as many as seven other luxury flats with a super built-up area of 7,000 sq ft in the project have also been booked.
Realtors say the Covid pandemic has given an unprecedented traction to the ultra-luxurious residential marketwith more peoplewilling toinvest in sprawling homes for greater work and home comfort.
Such projects offer a single flat on one floor, separate lifts, multiple parking spaces,biometricsystem for entry and exit, and swimming pools among others, to the owners.
“Multiple ultra-luxurious apartments with a ticket-size of more than Rs 5 crore are coming up on the Ambli-Bopal road and the area behind Rajpath Club,” said Ashish Patel, president,CREDAI-Gujarat,whichis a body of real estate developers in Gujarat.
“Safety, height and lavish amenities are the major driving forces for the growing demandof such apartments,” he added. Realtors say businessmen, entrepreneurs, corporate firms and high networth individuals are largely going for such costly apartments.
“The trend of luxurious residential real estate is gaining traction in Ahmedabad. Flats costing above Rs 5 crore are constructed and sold in the city,” said Balbirsingh Khalsa, Branch Director, Ahmedabad, Knight Frank India, a real estate consultancy firm.
Apartfrom ultra-luxuriousduplexes,thereis also a gooddemandfor highend apartments having super built-up areas of 4,500 to 6,000 sq ft, say industry players.
“The demand for high-end apartments in Ahmedabad has surged by 35-40% after Unlock 1 in July,” said Ajay Patel, president, GIHED-CREDAI.