Premium for 'experience' widens in realty projects

“LIKE WATCHES, REAL estate brands and addresses are now commanding higher prices and getting them from buyers,” Mohnot said.

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When Leena Gandhi Tewari, chairperson of pharmaceutical giant USV bought two luxury duplex flats in Naman Xana in Mumbai’s posh Worli area for %639 crore orat €2.83 lakh per sq ft, it made headlines as one of the country’s most expensive residential property deals. Interestingly, apartments sell between 70,000 to 100,000 a sq ft in the locality. The Naman Xana property has just 22 exclusive residences of 6,500 sq ft each and boasts of column-free layout.

Sandeep Reddy, co-founder, Zapkey said that smaller developers can’t match the amenities offered by big brands. “Buyers are effectively front-loading the cost of a better post-possession experience, he said, adding the products of top brands offer super liquidity too.