Chennai
Not everybody can own a super-luxury project. You probably figure it is because not everybody can afford to buy one? If developers in the city are to be believed, sometimes, even the power of money may not be enough to land yourself a super luxury project. “Everybody dreams of owning one,” begins Wilson Mathews, Director – Sales and Marketing, True Value Homes, which is constructing Quadrant, a super luxury project in the heart of Adyar.
“Purchasing a unit in such projects is a matter of great pride. It is the ultimate aspiration of every person, as the amenities and the quality of the construction of such units are of the highest class.”
So, what makes for a super luxury project? “Being able to buy privacy in the centre of the city,” says Suresh Jain, Managing Director, Vijay Shanthi Builders, which is constructing Rain Forest, a group of 16 super-luxury units spread lavishly across 10 grounds of land in Kilpauk. “Top-notch facilities, high-end finishing, and the highest quality of design are a given.” Interestingly, with the exception of two units, all of them have already been sold at a price of Rs 6.5 crores each. “We take particular care to understand potential customers before allowing them to buy these units,” he says. It is only in the area of super luxury apartments that builders get the liberty of choosing their clientele. “We do so to ensure that the sheen of our project remains long after customers move in,” he adds. “Customers, apart from merely possessing the financial means to acquire such units, must have a certain taste to appreciate their life here, and to make the most of the available amenities.” From their status to their jobs, every aspect of a potential buyer is taken into consideration before accepting their bid to buy a unit.
The marketing strategy of such projects also differ considerably from the usual methods employed. “The idea is to let people become aware of the existence of such a project,” says Wilson of True Value Homes, whose Quadrant comprises of almost 100 units spread across 2.2 acres of prime land on LB Road. “Once that is accomplished, we merely await the calls. There is absolutely no cold calling or aggressive selling of these projects.” Most of the potential buyers, according to Wilson, are references. “That also enables us to find people with similar backgrounds, and often, behavioural patterns, which, in turn, helps make for harmonious living at the property,” he says.
Despite fears of an impending global economic meltdown, and concerns over the falling rupee value, business, as far as super luxury projects are concerned, continues unabated. While Wilson feels that developers could face difficulties trying to sell units that cater to a larger customer base, where people depend on their monthly income for survival, Suresh Jain points out that it may well work out to the advantage of developers in the business of creating super-luxury projects. “NRIs from America and the Europe will be more tempted to invest here under such situations,” he says. Clearly, everything is fine with the super-luxury segment, what with other developers like Lancor Holdings and ASV Constructions jumping on the bandwagon too. As Wilson concludes, “Our target customers are those who have immovable assets. Most of them are usually migrating from one residence to the other, and so, market conditions hardly have a say in our business. There is no challenge in selling super luxury units really.”
Sudhir Srinivasan, Times Property, Chennai
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