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Omaxe woos NRIs with ultra-luxury apartments in Noida
Wednesday, 02 June 2004, 19:30 IST
NEW DELHI: Real estate developers Omaxe Construction Ltd, which is setting up an NRI City at Noida near Delhi, has launched a 
1.1 billion ($24.22 million) project for high net worth Indians, both resident and non-resident.
Named 'The Forest' adjoining a 325-acre green belt, the project is already under development, according to Omaxe executive director (Marketing) Ganesh Mahalingam.
"We are setting up 105 ultra luxury apartments costing between 15 million to 24 million, inclusive of a covered car park.
"We are looking only at select high net worth customers through our promotion campaign focusing on the Middle East, Canada, the US and Britain," Mahalingam told IANS.
The project, located on a six-acre plot next to the Taj Expressway, is targeted for completion in 30 months.
"Our effort is to ensure the kind of construction, functions and ambience non-resident Indians expect in terms of lifestyle abroad but do not find in enough quantity here," said Mahalingam, emphasising that the project is very different from other similar ones targeting NRI investors.
While the overseas promotion campaign is still being finalised, the official said already four of the eight 6,000 square feet penthouses costing 24 million have been sold to members of leading business houses here.
"In fact, 15 percent of the apartments have already been sold to actual users who live in India and are part of the page three crowd," the official disclosed.
The attraction drawing the rich and upwardly mobile crowd representatives to the project are many. Not the least is the location and the designing of the property that promises three sides open with a lagoon in front of the building.
Designed by architects C.P.Kukreja Associates, the glass and aluminium façade apartment blocks would have only eight air-conditioned apartments each.
Omaxe is promising the ultimate in luxuries like a 320-square-foot master bathroom, which would be like a personal health club, while the kitchen would have in-built cupboards of pre-laminated board.
While the smaller apartments would be spread over 4,000 sq ft complete with a servant room, the penthouse would include a private swimming pool.
Apart from the recreational facilities inside the apartments, Omaxe is planning a business-cum-recreational club as part of the commonplace facilities.
"Our objective is to recreate a posh Singapore complex ambience in the project, which is just seven minutes drive from Apollo Indraprastha Hospital in the capital," said Mahalingam.
On the response to its integrated NRI City project in Greater Noida, Mahalingam said the first phase of the project including housing plots have been sold out.
"Plans are being unrolled for the group housing while the soft launch of 100 villas has been done. Each villas would cost between 5.5 million to 8.0 million," he said.
Source: IANS
1.1 billion ($24.22 million) project for high net worth Indians, both resident and non-resident.
Named 'The Forest' adjoining a 325-acre green belt, the project is already under development, according to Omaxe executive director (Marketing) Ganesh Mahalingam.
"We are setting up 105 ultra luxury apartments costing between 15 million to 24 million, inclusive of a covered car park.
"We are looking only at select high net worth customers through our promotion campaign focusing on the Middle East, Canada, the US and Britain," Mahalingam told IANS.
The project, located on a six-acre plot next to the Taj Expressway, is targeted for completion in 30 months.
"Our effort is to ensure the kind of construction, functions and ambience non-resident Indians expect in terms of lifestyle abroad but do not find in enough quantity here," said Mahalingam, emphasising that the project is very different from other similar ones targeting NRI investors.
While the overseas promotion campaign is still being finalised, the official said already four of the eight 6,000 square feet penthouses costing 24 million have been sold to members of leading business houses here.
"In fact, 15 percent of the apartments have already been sold to actual users who live in India and are part of the page three crowd," the official disclosed.
The attraction drawing the rich and upwardly mobile crowd representatives to the project are many. Not the least is the location and the designing of the property that promises three sides open with a lagoon in front of the building.
Designed by architects C.P.Kukreja Associates, the glass and aluminium façade apartment blocks would have only eight air-conditioned apartments each.
Omaxe is promising the ultimate in luxuries like a 320-square-foot master bathroom, which would be like a personal health club, while the kitchen would have in-built cupboards of pre-laminated board.
While the smaller apartments would be spread over 4,000 sq ft complete with a servant room, the penthouse would include a private swimming pool.
Apart from the recreational facilities inside the apartments, Omaxe is planning a business-cum-recreational club as part of the commonplace facilities.
"Our objective is to recreate a posh Singapore complex ambience in the project, which is just seven minutes drive from Apollo Indraprastha Hospital in the capital," said Mahalingam.
On the response to its integrated NRI City project in Greater Noida, Mahalingam said the first phase of the project including housing plots have been sold out.
"Plans are being unrolled for the group housing while the soft launch of 100 villas has been done. Each villas would cost between 5.5 million to 8.0 million," he said.
Source: IANS