Penthouse power draws India's ultra-rich

Penthouses crowning luxury skyscrapers are seeing red-hot demand in top metros, as India's ultra-wealthy pay top dollar for unlimited views of the stars and the seas.

- Madhurima Nandy

When DLF Ltd unveiled its Privana North luxury project in Gurugram this month, all 12 penthouses were sold out within a week. At ₹25 crore each, a penthouse costs almost thrice as much as a regular apartment. Earlier, DLF sold two penthouses in its The Dahlias super-luxury project at ₹150 crore each. In May, Gurugram's Trump Residences sold out all 298 apartments at ₹8-15 crore each. The four penthouses were sold for a total of ₹125 crore.

"Penthouses are in big demand, but the supply is limited. Projects with ultra-luxury penthouses are all about creating like-minded gentry, and offer large, private and exclusive living to the residents," said Fatima Saidi, head-luxury residential real estate (Mumbai) at Anarock Property Consultants.

Penthouses often feature double-height ceilings, expansive floor areas, private gardens, elevators and lobbies, and stunning views of the sea or a race course. Developers often sell them only by invitation, after vetting customer profiles. Good demand and limited supply have prompted developers in Mumbai and Gurugram to add more penthouses to attract high-profile buyers.