Island Homes, The New Paradise Of The Rich

Bangalore: Long gone are the days when rich Indian home buyers used to invest money only to buy luxury apartments in the city centre to get a posh residential address. In today’s date, emerging high net worth individuals (HNIs) are more interested to buy property that offers blissful view of the environs coupled with ultra-luxury amenities. Considering the fact, real estate developers are now shopping for islands to attract buyers who seek luxury residences near water bodies.  

Despite objections from local communities and environmental activists, the maximum island shopping seems to be focused in places like Kerala and Goa. Developers are eyeing on the backwaters and expansive lakes of Kerala and several other rivers of Goa that are connected to the Arabian Sea, Anshul Dhamija of TNN.

For instance, Bangalore based developer, Ozone Group, recently bought around 156 acres of land parcel on Goa’s Capao Island situated along the Mandovi River.  Of the total land parcel, the group is planning to utilize only 5 percent to construct 80-100 villas under super-luxury category with a price quote of 20 crore and above. "We are planning an extremely low-density, but ultra-luxury residential-cum-hospitality development that would cost approximately Rs 1,000 crore," said S Vasudevan, MD, Ozone Group.

"There will be a luxury resort hotel and a marina for residents to dock their yachts," added Vasudevan.

Likewise, there are other prominent developers like Brigade Group and Nitesh Estates who are buying island lands in Kerala, a lush green state that has been witnessing the maximum protests over such purchases.

Maximum island shopping activity has been seen in Kerala’s picturesque tourist hotspots like Bolgatty Island; island in Vaikom in Kottayam district; islands on the Vembanad Lake and so on.

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