With the real estate market gradually recovering from the economic downturn, the economic downturn, builders have once again started constructing luxury houses in Mumbai, saying demand has been rising steadily.

Pune-based developer Kumar Urban Development KUDL has embarked on two new residential projects in Mumbai, including a unique concept of sky villas.

The 270-metre high tower, Kumar Coteur, with sky villas is coming up at Prabhadevi-Worli area. The project is so exclusive that each floor will have one villa and the distance between the villas will be 40 feet. It will have triplexes and duplexes, a plot in the air, Lalit Kumar Jain, managing director of KUDL told FC Estate.

Built on a one-and-a-half acre land with an investment of Rs 130 crore, it will consist of 24 luxury units and will be sold by invitation only. The infrastructure work has begun, Jain said, adding that it would be completed for possession in less than four years. It is targeted at the creme de la crème of the city to whom the sky villas will be sold through invitation, he added.

Targeted at the premium luxury segment, the high-rise building will have a car parking for every floor to accommodate five vehicles.

Each luxurious villa will comprise 14,000 sq ft area, including a terrace of 4,000 sq ft attached to living and dining area. The height between two terraces is designed to be equivalent to four floors. Every flat will have two extra family rooms. Prices have not been worked out yet. Pawan Swamy, managing director, west India, Jones Lang LaSalle Meghraj, said, Mumbai is seeing the emergence of a revitalised demand profile for suitably priced residential projects.

According to him, the key phrase, however, was suitably priced and this does not apply only to low-tomid income housing. There is certainly a renewed demand for highend homes, but buyers are extremely price-conscious, he added. In Prabhadevi, the prevailing rates for luxury housing range between Rs 20,000 and Rs 25,000 per sq ft.

KUDL has also entered into redevelopment projects. The firm would construct a 62-storyed highrise Kumar Echelon at Tardeo. Kumar Echelon will have the first home starting at the 12th floor. The other 11 floors would be for parking and common amenities.

Kumar Echelon is being developed with an investment of Rs 320 crore, Jain said. The project, to be completed in four years, will comprise 200 units of 3-4 BHK with an area of 3,300 sq ft and 3,800 sq ft. It is yet to be priced, he added.

Mumbai-based Orbit Corporation is developing two ultra luxurious housing projects at Napean Sea Road in south Mumbai. The 8 unit Villaorb project with an investment of Rs 115 crore has already been sold out.

These units will be ready for possession within threesix months, Ram Yadav, head, finance and strategy, Orbit Corporation said. The average size of these houses is 7,500 sq ft area and they carry a price tag between Rs 35 crore and Rs 40 crore.

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