Raheja Prices Villas At Rs 6 Crore

Real estate entrepreneur Vijay Raheja has lined up a raft of projects in Mumbai and Bangalore for the next six months to a year—braving a slump in the property market after splitting the family business with his brother in July—and started with a development targeted at the rich.
His company, V Raheja Design Construction launched its first project post the split on Dussehra—the Verena luxury villas spread over five acres in east Bangalore’s Whitefield neighborhood where each unit has been priced at Rs 6 crore.
“There are 40 villas, and all will be sold by invitation. Other residential and commercial projects will be launched gradually,” said a senior official at the company who manages the Bangalore operations, but did not want to be identified.
Raheja is working on projects including an IT park, Gigaplex, a residential project, Buena Vista, and a commercial property, Raheja Chambers, in the city.
In Mumbai, an information technology park is under construction.
Raheja and his younger brother, Deepak, split the 56-year-old B Raheja Builders between themselves and founded their own companies, ‘Mint’ reported on 7 July. The properties and projects of B Raheja Builders were divided between the brothers, with V Raheja Design taking over the construction of the new JW Marriott hotel at UB City in Bangalore.
“A Rs6 crore villa is overpriced where builders are unable to sell Rs3 crore houses in the same area,” Naresh Dandapat, regional director (south) at property consultancy Knight Frank India, said of the Verena villa project. But the official defended the pricing, saying, “They are exclusive and contemporary, and have been priced accordingly.”

2 Comments

  1. Posted October 20, 2008 at 4:37 am | Permalink

    As per a recent survey, there has been a slowdown in realty demand by 6% to 7% in Bangalore. Bangalore South is a preferred area for investment followed by Bangalore North and East. Together, these three account for 77 per cent of the demand from Bangalore. When taken as a percentage of total demand, there has been absolutely no variance in the demand within sub-cities, indicating that the property hotspots and the demand equation within different sub-cities had stabilized in the last few months. Another finding on the demand for properties on rent indicates the demand for rental properties is maximum in Bangalore South (33 per cent of total), followed by Bangalore East (29 per cent) and Bangalore North (17 per cent). The demand for residential properties on rent in Bangalore South is thrice the demand in Bangalore Central and twice the demand in Bangalore North. There has been a drop in the demand for rent in most of Bangalore sub-cities during the review period, ranging between 1-10 per cent.For more view- realtydigest.blogspot.com

  2. shailendra singh
    Posted December 30, 2008 at 3:22 am | Permalink

    Hi

    Raheja Srishti is going to be a community with all the regular features that are being talked about by all the new developments in the making, there are ofcourse the club house, outdoor sports, indoor sports, spa, steam sauna etc. There will be some differentiating factors like a Business Centers, Wi-Fi connectivity and other community facilities.

    Bye

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