Luxury That Lasts

Luxury real estate is about homes that will serve generations, and the mantra is, 'do not market'

- By SAMAR SRIVASTAVA

When Prasant Bindal pitched Lodha Malabar to a top industrialist, he was asked, “Why would I want to move out of the house where I have lived for 67 years?” However, after he was shown the project and met the promoters, the industrialist came back and said he wanted to have the best apartment in the luxury residential project.

He was promised the top floor.

One issue came in the way, though. At 10,000 sq feet, the apartment was too small for his needs. Undaunted, he bought an additional floor. Word of mouth spread, and sales started to take off.

“There was a connect from one client to the other,” says Bindal, chief sales officer of the Lodha Group. One dinner party with attendance from the who’s who of Mumbai apparently resulted in five sales.

Such projects are known to be marketed almost exclusively through word of mouth. At private parties, patrons talk about new ventures even before they are launched. Friends introduce one another to builders. And Mumbai is rumoured to have no more than four or five brokers, or ‘channel partners’, with access to these clients.

Lodha is hardly alone in this approach. Ride uptown to Worli and you will see Oberoi’s 360 West using the same strategy. Proprietor Vikas Oberoi is said to meet every prospective owner. Buyers include Max Healthcare’s Abhay Son, Westbridge Capital’s Sumir Chadha, as well as actors Abhishek Bachchan and Shahid Kapur.

NOT JUST PHYSICAL

On the upper reaches of Mumbai’s tony Walkeshwar neighbourhood, Lodha Malabar consists of 36 apartments ranging from 3,800 to 11,600 square feet with sweeping sea-facing views. Once inside, concierge services take care of every imagined need of residents. A private members-only club is de rigueur even if there are only 14 families that own the entire building.