In the country’s financial capital, where connectivity and connections are everything, it’s now important for corporate leaders to be at par with their peers when it comes to choosing an address.
Most top and middle-level management executives now prefer to live in posh towers where members of their fraternity reside. Variables such as convenience, network, lifestyle, comfort and even pride are making these residential complexes hotspots.
While Samudra Mahal in Worli and NCPA Apartments at Nariman Point continue to attract a higher premium, newer gated communities are also gaining a toehold, commanding prices ranging from Rs 8 crore to Rs 50 crore.
“Combination of several factors including gentry, right location, layout and a gated community of like-minded people prompted me to finalise my decision of being a part of this residential address,” said India Value Fund partner Pramod Kabra, who has lived at Planet Godrej in South Mumbai’s Mahalaxmi locality for the past eight years. “Over the years, we have grown into a close-knit community owing to the bonding through social events.”
This project has 372 plush apartments across five towers of 48 floors, spread over nine acres, each with a contemporary design and open spaces. It is home to personalities such as Jet Airways CEO Vinay Dube, Gautam Narayan of Apax Partners, Bunge India MD Samir Jain, Paramone India MD KP Nigam and Deloitte CEO N Venkatram.
“Many of these new buildings are signifying a change in expectation of a certain lifestyle that old complexes may not offer,” said Shishir Baijal, CMD of property consultant Knight Frank India. “The new young CXOs are looking for more modern facilities and amenities… These features are turning out to be extremely crucial factors.”
Apart from modern amenities, services offered by globally renowned brands ensure that the well-heeled and travelled homebuyers remain pampered.
Mahalaxmi’s Lodha Bellissimo is home to Avendus Capital’s MD & CEO Ranu Vohra, Jaithirth Rao also known as Jerry Rao, former CEO of MphasiS Corp., Rajiv Dube, executive board member of Aditya Birla Group, and Navin Kshatriya, former MD & CEO of Castrol India. This 648 foot, 48-storied residential tower amid large landscaped terrain in the heart of Mumbai offers one of the finest clubhouses in the city and Spa la Vie by L’Occitane of France.
“For residential developments to be on the corporate honchos’ wish list, the services provided have to be par excellence,” said Ramesh Nair, country head of Jones Lang LaSalle India.
According to him, the experience quotient is expected to be impeccable and prompt. In most cases, the quality of services helps to create and augment the property’s brand value.
A new trend among corporate leaders is their desire to be a part of community living, with gated communities providing a safe and secure environment. This allows them to enjoy a socially connected and active neighbourhood. Open and uncrowded spaces are key factors attracting professionals to these towers in the country’s commercial capital, which otherwise remains congested and cluttered.
Ashok Towers, spread over 18 acres in central Mumbai’s Parel, not only offers garden duplex and penthouses but a full-sized cricket-cum-football ground and a separate tennis court. Not surprising that cricketer Zaheer Khan lives here, apart from Multiples Alternate Asset Management’s Renuka Ramnath, Piramal Finance MD Khushru Jijina and ex-Goldman Sachs banker and co-head ESOPS at Edelweiss Capital Kapil Singhal.
Kalpataru Horizon at Worli counts finance world stalwarts KV Kamath, Anand Rathi and Rashesh Shah among its residents.
“It’s a small society of around 70 families, unlike other complexes that have a huge population,” said Jeenendra Bhandari, partner MGB & Co. “It is near the sea-link, so provides quick access to suburbs, just off the main road but has a very quiet and serene surrounding.”
The premium attached to low density needs to be seen in the backdrop of Mumbai’s mere 2.5% of area demarcated as public open spaces that amounts to 1.95 sq meter per capita, much lower than global standards and lower than even Delhi and Bangalore.