275-metre ritzy tower to come up in Prabhadevi

15 Mar 2010, 1422 hrs IST, Alka Shukla, MUMBAI MIRROR
Have you ever wondered what it would feel like living at the height of Eiffel Tower’s highest observation deck, which stands at 276 metres? If 
you have Rs 50 crore in your kitty, you may be a proud owner of just one such celestial home in Mumbai.

For, Prabhadevi is all set to witness the rise of a 275-metre tower on a one-and-a-half acre plot. Touted to be one of the most expensive upcoming apartments in Mumbai, the tower will have villa-like apartments sprawling across 12,500 sq ft and 7,500 sq ft.

With an average height of three metres per floor for residential complexes, 275 metres would come to 90-odd floors. But the skyscraper in Prabhadevi will have only 24 apartments.

According to Lalit Kumar Jain of Kumar Urban Development, which is building this property, this is to give each floor a feel of exclusivity. “This is an extremely high-end project with the sea link in view. We decided to maintain a distance of 50 feet between two floors to create an air of exclusivity,” he said.

Each 12,500 sq ft apartment will be a triplex with a 4,000 sq ft terrace on the first level that will have a mini putting range leading to a living room and a guest bedroom. The other two levels will have a living room, space for a gymnasium, more master bedrooms and family rooms. Each apartment will also have an individual parking space with a capacity of around five cars on the apartment’s first level with two special lifts for cars.

The 7,500 sq ft apartments will be duplexes. “The 7,500 sq ft apartments at the lower levels would cost around Rs 20 crore. But the price obviously increases as you go higher, with the most expensive apartments falling in the price range of around Rs 50 crore,” said an industry source. The lowest apartment will be at the height of 18 meters.

Though the city probably does not have any other luxury triplexes launched yet, high-end duplexes are certainly on the rise. Orbit Corp, for instance, is selling 4,500 sq ft bungalows at Napean Sea Road for around Rs 25-30 crore.

“We had earlier planned villas of 12,000 sq ft, but later changed it to independent bungalows as we think there is more demand,” says Pujit Aggarwal, Managing Director of Orbit Corp. Other high-end duplexes on Napean Sea Road include Lotus Villas, the cost of which is under wraps.

In Lower Parel, 5,000-6,000 sq ft duplexes at Lodha Bellissimo are going for Rs 20-25 crore. On the other hand, two 60-storey Indiabulls towers – Sky and Sky Suites — that come with a combination of smaller apartments, duplexes and penthouses are commanding anywhere between Rs 7.5 to 25 crore, depending on the size.

“Sky is sold out while Sky Suites is 45 per cent booked. It’s the value being created that is important. I strongly believe the real estate market has bounced back,” said Gagan Banga, CEO, Indiabulls.