Real estate developers
Omaxe Construction Ltd, which is setting up an NRI City at Noida near
Omaxe woos NRIs with ultra-luxury
apartments in Noida
New Delhi, June 02, 2004
Real estate developers Omaxe Construction Ltd, which is setting up
an NRI City at Noida near Delhi, has launched a Rs.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)
"We are setting up 105 ultra luxury apartments costing between
Rs.15 million to Rs.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
While the overseas promotion campaign is still being finalised, the
official said already four of the eight 6,000 square feet penthouses
costing Rs.24 million have been sold to members of leading business
"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
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
Apart from the recreational facilities inside the apartments, Omaxe
is planning a business-cum-recreational club as part of the commonplace
"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 Rs.5.5
million to Rs.8.0 million," he said.