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Rediff News  All News  » Business » Penthouses a rage with NRIs in Punjab

Penthouses a rage with NRIs in Punjab

June 01, 2006 15:38 IST
Paying hefty premium to buy a penthouse is a rage, with a growing number of MNC executives and NRIs going for such purchases by shelling out Rs 50-70 lakh.

The major real estate giants have plans to provide residents with the experience of a 360-degree view of the surrounding area, a swimming pool or a rooftop Jacuzzi on the terrace, personal gym, hi-end electrical appliances, and security.

The big agents eyeing the area are the Uppal's housing project ' Marble Arch' at Manimajra, Parsavnath Developers in Derabassi and Rajpura, Omaxe Construction Limited and Ansal Properties Infrastructure.

Omaxe Construction have plans to come up with penthouses in Ludhiana where it would be coming with hi-end apartments.

"In the next 2-3 months we will get a clear picture, but with the current international lifestyle, cosmopolitan incomes, lust to flaunt Ludhiana is the right destination to come up with a penthouse," said Amitabh Bhattacharya, vice president- marketing, Omaxe Construction Limited .

However for those who find seclusion of penthouse living more attractive the Omaxe Constructions Limited project on the Chandigarh -Ambala Highway does not have the option.

In the Uppal Housing Pvt Ltd upcoming luxury apartment project at Manimajra - MarbleArch , 15-18 penthouse in the six towers have been bought by NRIs and residents of Punjab and Haryana according to Rumneek Bawa, director and CEO, Uppal Housing Pvt Ltd.

"The super area of the penthouse will vary from 3,000- 3,500 sq feet , the cost being Rs 6,500 per sq feet," Bawa said.

With 16 penthouses in Zirakpur's Silver City Greens, 12 penthouses in Silver City heights and 2 in Silver City Tower spread over 3,200-3,500 sq ft area and situated on the fifth and sixth floors the developers are offering a price between Rs 50-Rs 60 lakh.

"With the construction of the penthouses we attempt to bring world class facilities to Zirakpur for the NRIs and the senior executives," said Sunil Bandha, General Manager,Silver City .

Though the apartments which are associated with luxury lifestyle meet international standards with floor space of a penthouse varying from 21,000 sq ft to 40,000 sq ft as in Delhi and Mumbai they have become a rage for the fast growing Punjab and Chandigarh region.

Also with the proposed Ansal Township project in Mohali, near to the Golf Club industry analyst are hopeful that penthouses would be available offering an array of facilities, similar to those existing.

Other key land developers from Punjab who are offering penthouses are Orbit Apartment Construction Private Ltd (on 3,341 square feet on the Ambala-Chandigarh highway.) and NK Sharma Enterprises (on 2500-3000 sq feet in Zirakpur and Mohali).

Madhvi Sally in New Delhi/ Chandigarh