The impact of COVID-19 on the second largest employer in India, the Real Estate sector, has been unprecedented. As the nation was recovering from the first wave, India’s economy was hit hard by the second wave causing construction activities to come to a sudden halt once again. According to industry reports, 90% developers have seen a drop in new bookings and over 70% developers are struggling with pricing and collection strategy due to the second wave: especially so in the luxury segment.
In these challenging times when stamp-duty waivers and other financial schemes have gained popularity, we have seen some unconventional movement in the niche Pali Hill market. Navroze, an affluent residential tower at the crest of Pali Hill, has clocked one of Mumbai’s highest value transactions at Rs. 1.35 Lacs per square feet. The 5000 Sq. Ft sea-view mansion apartment was sold at Rs. 66 Crores as per registry data.
This bespoke tower is a Joint Venture between Ashar Group and Badasaab and stands tall and encapsulating as you drive past the Nargis Dutt Road.
Further, these two renowned business houses have closed yet 2 more deals in the second wave of the pandemic at an average price of Rs.1.30 Lacs per Sq. Ft. The pricing can be attributed to limited inventory in the niche Pali Hill address and ready to move in (and OC received) status of the building. Furthermore, with its bespoke column-less floor plate, luxury sea views and dry-cladded stone façade – Navroze sets itself a class apart.
The developers have curated world-class amenities and three types of luxury residences. The Mansion – spreads across a 5000 Sq. Ft single floorplate and offers column-less spacious custom-built homes with panoramic sea views. It even has a private elevator and private lobby. The second type of residences are called Sky Villas – which include ultra-luxurious 4 BHK sea view apartments with sundecks spread across a 2500 Sq. Ft floorplate. The final type is The Suites, or custom 3BHK spaces with a 1100 Sq. Ft floor plate and a small private lobby. Apart from its palatial interiors, Navroze boasts of indulgences like jacuzzi therapy, a relaxing pool, manicured landscapes, 24/7 concierge and much more
Post the sell-out of their mansion and sky villas in May 2021, the Navroze team is gearing to launch an exclusive, one and only avant-garde penthouse on the top floor of the project. The Penthouse is spread across 6500 square feet on a single floor plate with 360-degree sea view and fabulous floor to ceiling height that adds exquisite opulence to this bungalow in the sky. According to inside sources, many industrialists and celebrities are eyeing this penthouse, and few have been invited for a private preview before the main launch.
While the industry goes through its ups and downs, Navroze personifies the idea that a house is much beyond four walls. It reflects the personality, stature, and charisma of those who choose to make it home. And when you truly find something that matches it, price just becomes a number.