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In Maharashtra’s Thane district, police have registered a case of alleged fraud involving two construction company owners accused of deceiving a family of ₹1.2 crore. The incident came to light after a 28-year-old woman from Thane’s Rabodi area lodged a complaint against the two accused, who are brothers. The accused allegedly persuaded the woman, her mother, and her sister to invest the substantial sum in their construction company based in Mumbai’s Bandra area. Promises were made of a significant payout within five years or, alternatively, the option of acquiring two or three apartments in the city’s prime real estate zone. According to the complaint, the woman’s family entered the deal on December 31, 2022, convinced by assurances of either a return of ₹3 crore over five years or property options in Bandra. To meet the required investment amount, the family borrowed funds from various sources, entrusting their money with the accused based on the lucrative promises. The police official handling the case noted that the family, enticed by the seemingly profitable terms, had not foreseen the outcome that would follow. In May 2023, however, when the family attempted to reclaim their funds and the anticipated profit, the accused allegedly declined the request. The complainant stated that the brothers not only refused to pay but also reportedly threatened the family, citing powerful connections that would shield them from legal repercussions. This behaviour alarmed the family, leading them to seek legal recourse. The Rabodi police have filed a case against the accused under various sections of the Indian Penal Code, including Section 420 for cheating, Section 406 for criminal breach of trust, and Section 506 for criminal intimidation. Additionally, charges were filed under Section 34, indicating common intention, along with relevant provisions of the Maharashtra Protection of Interest of Depositors Act. The case highlights the dangers that investors may face when lured by high-return promises in unregulated sectors. Fraudulent schemes in real estate and construction have been known to target individuals and families looking for profitable investments, often leaving them with financial losses and emotional distress. Authorities are continuing investigations, with the Rabodi police closely monitoring the case to gather further evidence. This incident is expected to bring more attention to regulatory practices within the real estate industry and underscore the need for stricter oversight to protect potential investors from falling prey to deceitful operators. (with PTI inputs)

Thane family loses Rs 1.2 crore as they get cheated by construction company, details here

After a steep nosedive in demand for office space rentals during 2020 and 2021, a new <keyword id="19955574" type="General" weightage="20" keywordseo="Colliers-report" source="keywords">Colliers report</keyword> has now noted that office rentals across six major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> have finally rebounded to their <keyword id="20789690" type="General" weightage="20" keywordseo="pre-pandemic-levels" source="keywords">pre-pandemic levels</keyword> and even inched around 2-8% higher. While some cities like <keyword id="19900176" type="General" weightage="20" keywordseo="Hyderabad" source="keywords">Hyderabad</keyword> and Pune had already gone beyond their pre-pandemic rental levels as early as 2022, <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword> and Chennai had followed suit a year later in 2023. The last to join the bandwagon were <keyword id="19906633" type="General" weightage="20" keywordseo="Delhi-NCR" source="keywords">Delhi NCR</keyword> and Mumbai, which finally managed to breach their pre-pandemic levels in 2024. However, both Delhi and Mumbai recorded the highest jump in average rentals at 8% each, followed by Mumbai and Chennai, which saw hikes of about 5-6% during this period. The recovery in demand for office spaces, which kicked off in 2022, has stayed steady since. Arpit Mehrotra, Managing Director, Office Services, India, Colliers notes that going ahead, the annual increase in average quoted rentals at the end of 2024 is likely to be higher for certain cities like Delhi NCR and Pune, as compared to other markets. "Moreover, as demand scale-up in Indian <keyword id="20107243" type="General" weightage="20" keywordseo="commercial-real-estate" source="keywords">commercial real estate</keyword> solidifies, notwithstanding unforeseen events, annual space take up to the tune of 60 million sq ft is likely to be the new norm in the medium-term," he added. <h2>Prime location takes the cake</h2>Even within these cities, the growth of rental demand in certain micro-markets, which are located at prime locations, saw greater than the 2-8% average growth. For instance, in Delhi NCR, Gold Course Extension Road, Noida Expressway, and Cyber City saw up to a 25% rise in rentals. In Bengaluru, which saw around 2% <keyword id="22329786" type="General" weightage="20" keywordseo="rental-growth" source="keywords">rental growth</keyword> overall, Whitefield and ORR (Outer Ring Road) commanded a rental premium, with rents here surging by as much as 5-10% between 2019 and 2024. IOMR Zone 1 in Chennai and Bandra-Kurla Complex, Goregaon, and JVLR in Mumbai saw rents surge by around 10-20% from pre-pandemic levels between 2019 and 2024. In contrast, rental rates in Chennai and Mumbai grew at around 5% and 6%, respectively. In Hyderabad, SBD, or the Secondary Business District, which comprises of Gachibowli, Hitec City, and more, saw rentals surge between 5-10% between 2019 and 2024, as opposed to the 5% cumulative rental growth experienced by Hyderabad. In Pune, CBD and Kharadi saw rentals inch up by 5-10%, whereas the whole of Pune only saw their rentals grow by around 5% during the past 6 years. Mumbai and Delhi have also seen a dip in <keyword id="23656583" type="General" weightage="20" keywordseo="vacancy-levels" source="keywords">vacancy levels</keyword> since 2019. While this has dropped to 20% in Delhi at present, Mumbai ranks the lowest in terms of empty office spaces at 10.7%. In both these cities, demand for office spaces has consistently outpaced supply, which explains the low vacancies. In contrast, in Hyderabad, where supply continues to trump demand, current vacancy levels have gone as high as 25%. Going ahead, the Colliers report also estimates that average office rentals can witness up to 10% annual growth across key Indian cities by the end of this year.

Office rents across all major Indian cities surpass pre-pandemic levels in 2024, notes a new report

<ul><li><keyword id="386983" type="General" weightage="20" keywordseo="Luxury-homes" source="Orion">Luxury homes</keyword> that cost over ₹10 crore, clocked in sales to the tune of ₹11,400 crore in the first half of 2023. </li><li>The preference for 4,000-8,000 square feet homes tripled in the first half of 2023 as compared to 2018, says a report by Sotheby’s International Realty and CRE Matrix. </li><li>Real estate has made a meaningful comeback to UNHI portfolios, says Sotheby’s. </li></ul>What’s common between DMart promoter Radhakrisha Damani and Alia Bhat? Well, apart from being highly successful in their own spheres – business and show biz – they’ve also recently bought luxury homes in the Maximum City. While billionaire Damani spent a whopping ₹1,238 crore for a property at Oberoi Three Sixty West in Worli, Bhat splurged ₹37.8 crore for an address at Aerial View CHSL in Bandra West. Apart from these two, JP Taparia and family who own Famy Care Group, Dubai businessman Jay Mahtani and fashion designer Sandeep Khosla are a few of the big names that have snapped up luxury homes this year. What's more? This tribe, which spends mega bucks for large, spacious homes with spectacular views, is only growing, says a report by Sotheby’s International Realty and CRE Matrix. Luxury homes are defined as those that cost over ₹10 crore and the first half of 2023 has seen sales of a whopping ₹11,400 crore in this segment. “Mumbai had been witnessing around ₹5,300 crore of luxury sales every half year, since 2018. In H1 2023, this number more than doubled to ₹11,400 crore, surpassing even the annual sales of 2018 – 2020,” says Sotheby’s. Amit Goyal, MD India at Sotheby’s International Realty believes that this indicates that real estate has made a meaningful comeback to ultra high-networth individuals’ portfolios. “With wealth creation in India growing at a fast pace, and the country’s wealthiest city Mumbai set to enter the list of top 20 cities with the most number of millionaires by 2023, we believe there’s an inherent strength in Mumbai’s luxury housing market which should continue in the future,” said Goyal. Size does matter Sales of homes that cost around ₹10-20 crore made up for around 71% of sales in the luxury segment, but there has been good traction in homes that cost ₹40-70 crore too, as per the report. Nine homes that cost over ₹70 crore were sold in the first half of the year, while 10 such sold in all of 2022, the report says. In the world of luxe, the size of homes is also growing, as per the report. Most of the luxury homes sold were in the 1,000-2,000 square feet range while the preference for 4,000-8,000 square feet homes tripled in the first half of 2023 as compared to the same period in 2018. “The Richie Rich is now eyeing larger homes than ever before with a clear preference for ocean views, higher floors and amenities galore,” says Abhishek Kiran Gupta, co-founder &amp; CEO, CRE Matrix &amp; IndexTap.

Mumbai’s rich & famous are buying luxury homes for maximum money

<ul><li>There is no one fixed definition of <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> and it differs from city to city. </li><li>In terms of share in sales of luxury housing, MMR and NCR top the list with more than 50% in all, followed by Bangalore and Pune at 20% and 15% share. </li><li>Overall, the demand for luxury housing in India is likely to continue growing in the coming years. </li></ul>In February, there was an image which went viral that showed a large crowd gathered at the office of realty developer DLF following the launch of a new project. The rush was about buying an apartment in that project that was priced at ₹7 crore. Last week, DLF confirmed that it has sold 1,137 such projects in its Gurgaon unit. This is not a one off incident. According to data by Knight Frank, a property consultant, in February 2023, the average value of properties registered in Mumbai was recorded at ₹1.9 crore which is 65% more than the average value of properties registered in February 2022 at ₹1.18 crore. Recently, the demand for luxury housing in India has been huge. When you think of luxury housing, think heated pools and spas, community gardens where you can grow your own herbs and veggies, a 24x7 clubhouse with pool tables, games, a business center and a coffee bar, a fitness center with high end cardio and strength training equipment, there is nothing money cannot buy. A mad rush: “If we define ₹2 crore and above as a general reference point for luxury housing, there has been an offtake of nearly 6,000 units in the top seven cities in last quarter with gross sales value of nearly ₹22,000 crore. During this period there has been a new supply of about 12,800 units in the top seven cities in the luxury bracket, which is highest in many preceding years,” says Subhankar Mitra, managing director - advisory services, Colliers India, a professional services and investment management company. In terms of share in sales, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) top the list with more than 50% in all. This is followed by Bangalore and Pune at 20% and 15% share. Hyderabad and Ahmedabad had less than 10% share in the luxury segment. “The demand for luxury housing in India has picked up in recent times. One of the primary reasons for this is the growth of the Indian economy, which has created a new class of wealthy individuals with a high purchasing power. They are willing to invest in premium living spaces that offer exclusive amenities, top-notch services, and state-of-the-art facilities,” says Anuj Puri, chairman, Anarock Group, a real estate services company. Another reason for the increased demand for luxury housing in India is the changing lifestyles and aspirations of the urban population. “Many individuals now seek a luxurious and comfortable living experience, which has led to a rise in demand for high-end residential properties that offer a host of amenities, such as swimming pools, fitness centers, and landscaped gardens,” adds Puri. The Covid-19 pandemic has also contributed to the increased demand for luxury housing in India. The pandemic has led to a shift in the way people live and work, with many individuals now looking for larger homes with more space to accommodate work-from-home arrangements and other lifestyle changes. One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 which will come into effect from April 2023. Under this new move, if one sells a house/other assets including equities and his/her gains are more than ₹10 crore, then maximum benefit that he/she can avail is only up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will henceforth be taxed from April 2023. “Thus, to save tax on capital gains, the high networth individuals (HNIs) across top cities including Mumbai are rushing in close luxury housing deals before the financial year ends in March,” says Puri. Definition of luxury housing: “In the context of India, luxury properties typically refer to high-end residential properties that offer several amenities and features. These properties are in prime locations, upscale neighborhoods, or central business districts, and are designed with a focus on providing a luxurious and comfortable living experience to their residents,” says Amit Goyal, CEO, India, Sotheby’s International Realty, a luxury real estate brand. There is no one fixed definition of luxury housing and it differs from city to city, depending on the local real estate market, demographics, and lifestyle preferences. “For example, in Mumbai, luxury housing may refer to high-rise apartments with ocean views, while in Delhi, it may refer to large villas with private gardens and swimming pools. Similarly, in Bangalore, luxury housing may include gated communities with world-class sports facilities and spas,” says Puri. For Sotheby's International Realty, luxury property transactions typically exceed ₹15 crore. “However, considering the purchasing power parity in India, we can consider real estate priced at half a million dollars or around ₹4 crore as luxury and above ₹10 crore and uber luxury in the top 7 cities of the country,” says Goyal. According to the recent Luxury Outlook Survey 2023 conducted by India Sotheby's International Realty (ISIR), properties in the price range of ₹4-10 crore are most preferred by HNIs with almost 65% looking for investment in that range, while 33% of HNIs and UHNIs are willing to spend upwards of ₹10 crore to acquire the right high-end luxury property. In the new normal, modern-day luxury living is driven by various factors of lifestyle and infrastructural amenities. “Homes closer to key business hubs have increased the availability of luxury residences from a few restricted pin codes, allowing them to be location-independent,” says Dhaval Ajmera, director, Ajmera Realty and Infra India, a developer known for its mid-luxury to luxury housing projects across Mumbai, Pune and Bengaluru. In Mumbai, Wadala has emerged as one of the most promising home-buying locations with seamless connectivity to the business hotspots of Bandra Kurla Complex, Lower Parel and other prominent parts of the city. “The overall concept of luxury living is no longer solely connected to the posh localities and has undergone a major transformation. For example, modern-day luxury living is defined as residential properties that provide last-mile comfort and safety along with a plethora of modern experiential amenities that strikes a fine balance between lavishness and ease that overall accentuates the lifestyle of the residents,” says Cyrus Mody, founder &amp; managing partner, Viceroy Properties, a premium real estate developer. In the lap of luxury: Customers today demand extraordinary experiences. They desire a grand lifestyle and the very idea of luxury has evolved. “Customers are expecting larger spaces and well-defined homes with over 11 feet floor to ceiling height. There is a rise in buyers of properties as large or larger than 5,000 square feet. The demand is being driven by a clear shift in the thought process of home buyers who desire to go from independent residences to high end luxury apartments,” says Ram Raheja, managing director, S Raheja Realty. Modern luxury homes have home automation technology that provide the owners total control over maintaining a sustainable work-life balance. “Also in-built spaces like vestibules, expansive decks, and project amenities like heated infinity swimming pools, podium parkings and terrace gardens, are being offered by premium developers,” Raheja adds. Overall, the demand for luxury housing in India is likely to continue growing in the coming years, driven by factors such as rising affluence, changing lifestyles, and evolving work arrangements.

Posh neighborhoods, fabulous views, and heated infinity swimming pools: luxury real estate in India is booming

<keyword id="45432" type="COMPANY" weightage="20" keywordseo="Godrej-Properties">Godrej Properties</keyword>, a Mumbai-based property <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> company, made the largest ever office space transactions in terms of value. The company has sold 4.35 lakh sq ft commercial space at its Bandra-Kurla Complex for Rs 1,480 crore. 
 <keyword id="6369697" type="COMPANY" weightage="20" keywordseo="Godrej">Godrej</keyword> has not revealed the name of the buyer yet but a top official, requesting anonymity, confirmed that pharmaceutical major, Abbott India, has bought the piece of land. Godrej BKC said that its 1.3 million sq ft <a href="http://www.businessinsider.in/searchresult.cms?query=commercial+project">commercial project</a> will be ready for occupancy in mid 2016. 
 Godrej Properties had partnered with <keyword id="6358200" type="CITY" weightage="20" keywordseo="Jet-Airways">Jet Airways</keyword> to develop the <keyword id="3081335" type="UNKNOWN" weightage="20" keywordseo="commercial-area">commercial area</keyword> in 2011. Jet Airways had acquired the land parcel in a public auction by <keyword id="48470" type="ORGANIZATION" weightage="20" keywordseo="MMRDA">MMRDA</keyword> for worth Rs 399 crore back in 2006. 
 
Both Jet Airways and Godrej Properties, as part of the agreement, will be sharing profits in 50:50 ratio. Jet will also get 2.5 lakh sq ft of area at development cost, while total 1 million sq ft is saleable area. 
 
Pirojsha Godrej, MD &amp; CEO, Godrej Properties, while announcing the deal, said, "We are very happy to have successfully concluded this large and strategically important deal at our project Godrej BKC. This deal will be an important driver of our plans to unlock capital invested in our commercial portfolio and will hasten the pace of our growth going forward." 
 
As per the officials, the company is in talks to sell more space at this commercial project and the funds received through the deal will be utilized to repay debt and will also support future growth opportunities. 
 
According to Cushman &amp; Wakefield, net office space absorption for top eight cities is expected to touch 36.5 million sq ft by the end of 2015; up 18% and 65%, respectively, from absorption in 2014 and 2013. 
Image: thinkstock

Godrej Properties sells 4.35 lakh sq ft BKC office space

Delhi’s <keyword id="90899" type="UNKNOWN" weightage="100" keywordseo="Connaught-Place">Connaught Place</keyword> has slipped one place to become the world’s eighth costliest office location, according to property consultant Coldwell Banker Real Estate (CBRE). Mumbai’s <keyword id="102951" type="UNKNOWN" weightage="100" keywordseo="Bandra-Kurla-Complex">Bandra Kurla Complex</keyword> (BKC) was ranked 16th and <keyword id="6391251" type="COMPANY" weightage="100" keywordseo="Nariman-Point">Nariman Point</keyword> 32nd in the list of Top 50 Costliest Global Office Markets. 
 
“At more than $150 per sq. ft. per annum, Delhi’s traditional central business district (CBD) of Connaught Place was ranked as the eighth most expensive office market in the world,” CBRE said. 
 
Last year, Connaught Place was ranked seventh while BKC and Nariman Point were at 15th and 32nd positions, respectively. 
“London’s West End remained the world’s highest priced office market, followed by Hong Kong (Central) and Beijing (Finance Street),” CBRE said. 
 
CBRE South Asia chairman &amp; MD Anshuman Magazine said, “This downward change in rankings in the CBD is due to a recovery in the global market. Locally, however, the demand levels remain stable and due to a lack of new supply, values remain high.” 
 
CBRE tracks occupancy costs for prime office space in 126 markets across the world. The survey provided data on the basis of office rents and occupancy costs as on 31 March, 2014. CBRE noted that Connaught Place remains highly sought after by corporate office occupiers because of its central location.

Connaught Place Slips One Notch, Becomes
World’s 8th Most Expensive Office Location

New Delhi, Dec 12 () Piramal Realty on Thursday said it has formed a joint venture with Omkar Realtors to develop a project in Mumbai and will invest Rs 3,000 crore over the next few years.
 Piramal Realty, the real estate development arm of diversified conglomerate Piramal group, announced its second joint development agreement (JDA) with Omkar for a residential project in Mahim this week.
 The company intends to develop 2.2 million sq ft over 4 acres and plans to invest Rs 3,000 crore over the next few years.
 The development benefits from being in close proximity to Mumbai's premiere business district of Bandra Kurla Complex (BKC). This would be the largest residential development in the Mahim/BKC area.
 "At Piramal Realty, we are excited to develop this prime parcel which is not only a few minutes from the sea link but also enjoys beautiful views of the sea, mangroves and other open spaces. With the opening of several world class malls, restaurants, hotels, schools and theatres, BKC will this year become the social and cultural nerve centre of the city," said Anand Piramal, founder, Piramal Realty.
 The company achieved a total sales booking worth Rs 3,400 crore last fiscal.
 Founded in 2012, Piramal Realty is one of the country's leading developers with 17 million sq ft of residential and commercial under development in and around Mumbai.
 In 2015, Warburg Pincus and Goldman Sachs invested USD 235 dollars for a minority stake in the company. MJH HRS

Piramal Realty forms JV with Omkar Realtors for project in Mumbai, to invest Rs 3,000 cr

Mumbai, Dec 24 () Even as the Indian real estate sector continues to witness a slowdown, cities like Bengaluru and Mumbai are expected to attract healthy office rentals in 2020, mainly backed by rapid expansion of IT industry, a report has said.
 According to a study titled 'Asia-Pacific Prime Office Rental Index Q3 2019' by property consultant Knight Frank, the National Capital Region (NCR) would see stable growth in rentals.
 "India's main office markets continue to enjoy healthy rental growth, despite the weaker economic print in 2019, mainly due to the rapid expansion witnessed in its IT industry," Knight Frank India Chairman and Managing Director Shishir Baijal said. 
 The IT industry accounted for 35 per cent of total transaction volume in first half of 2019 across the top eight cities, which was most apparent within Bengaluru, which recorded an 14 per cent rental rise in January-June (H1) 2019. 
 "Multinationals continued to expand robustly because of availability of right talent pool and new office assets at comparatively low rents. In 2020, while more supply is expected over the horizon, demand is expected to remain steady as the IT sector continues to expand," he added.
 According to the report, Grade-A office rents across the Asia-Pacific region are expected to fall up to 3 per cent in 2020, as compared with a 0.6 per cent rise in the first nine months of 2019, as occupier demand continues to soften.
 The central business district (CBD) of Bengaluru was the best performing market in Asia Pacific in July-September (Q3) 2019 with a rental growth of 17.6 per cent, the report said.
 The CBDs of Connaught Place in NCR and Bandra Kurla Complex in Mumbai were the 7th and 11th fastest-growing prime office markets in the Asia-Pacific region, respectively, with a comparatively modest 4.4 per cent and 2 per cent year-on-year rental growth, respectively, in Q3 2019, it said. PSK
 RVK

Bengaluru, Mumbai to see healthy office rental growth in 2020 on IT industry demand: Report

Did you know Kolkata has the highest number of millionaires? If this surprises you, let's tell you that Kolkata even houses the most posh localities in India- Alipore and Ballygunge. 
 
India's financial capital Mumbai, which is home to 46,000 millionaires and 28 billionaires, is the richest Indian city with a total wealth of $ 820 billion, says a report. 
 
According to New World Wealth, Mumbai is the richest city in the country followed by Delhi and Bengaluru in the second and third place, respectively, as per a news report by PTI. 
 
Delhi is home to 23,000 millionaires and 18 billionaires with a total wealth of $ 450 billion, while Bengaluru with a total wealth of $ 320 billion houses 7,700 millionaires and 8 billionaires. 
 
The list also includes Hyderabad with a total wealth of $ 310 billion. Hyderabad is home to 9,000 millionaires and 6 billionaires. 
 
Kolkata home to 9,600 millionaires and 4 billionaires has a total wealth of $ 290 billion, Pune (total wealth of $ 180 billion, has 4,500 millionaires and 5 billionaires), Chennai ($ 150 billion, 6,600 millionaires, 4 billionaires) and Gurgaon ($ 110 billion with 4,000 millionaires and 2 billionaires). 
 
Some of the other emerging cities in terms of total wealth include, Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara. 
 
The total wealth held in the country amounts to $ 6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total. 
 
"Over the next decade, India is expected to benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors. In particular, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to lead the pack in terms of wealth growth," the report said. 
 
Millionaires or High NWorth Individuals (HNWIs) refer to individuals with net assets of $ 1 million or more. 
 
The report also jotted down some of the affluent suburbs in the country. In Mumbai localities like Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road were named as the richest, in Delhi it was (Westend Greens, Dera Mandi, Greater Kailash, Lutyens), in Kolkata (Ballygunge, Alipore) and in Chennai (Boat Club Road, Poes Garden).

Guess which is the richest city in India

The Bandra Ohm, a residential high-rise in Mumbai, is offering the latest extravagance in luxury condos: a private balcony swimming pool in every unit.&#xa0;
The 30-story tower will have about 100 units that will all have their very own crescent-shaped balcony pools enclosed in acrylic (the material used in large aquariums), <a href="http://www.wsj.com/articles/luxury-condos-with-private-pools-1420044973">the Wall Street Journal reports</a>.&#xa0;
<a href="http://www.jameslawcybertecture.com/">James Law Cybertecture</a>, the Hong Kong based firm building the Bandra Ohm, is designing the building with private swimming pools in order to offer&#xa0;a whole new approach to the living environment of high-rise buildings.&#xa0;
In fact, the entire building takes its inspiration from water.&#xa0;"The design concept of the tower is inspired by the ripple effect generated by water droplets, which is also known as the capillary wave," according James Law Cybertecture.
The ripple pattern creates an empty space in the center of the building, where the developers have built a specially designed clubhouse.&#xa0;
This is not the first development that is planning to have a private swimming pool in every balcony. A 35 story building in Kuala Lumpur has a tagline that says: "94 Apartments, 95 Swimming Pools," according to the WSJ. In the Bahamas, a 34 unit <a href="http://curbed.com/archives/2014/01/27/bjarke-ingels-reveals-honeycomb-resort-condo.php">Honeycomb building</a> will have a private pool in every apartment.&#xa0;
But many are questioning if the private pools are worth it since they are usually quite small, and have a high possibility of spilling over. Plus, there's always the potential disaster of a leak.
The hassles of adding private pools to buildings also significantly increases the price - the Honeycomb's condos that are 5,800 square feet and priced at $15 million.
"If you're trying for a differentiator, that's a reason to do it," Dolly Lenz, a luxury real-estate agent in New York,&#xa0;<a href="http://www.wsj.com/articles/luxury-condos-with-private-pools-1420044973">told the WSJ</a>. "But personally I wouldn't recommend the idea to a developer."&#xa0;

You Searched For "Bandra real estate" and got 10 results

Thane family loses Rs 1.2 crore as they get cheated by construction company, details here

BI India Bureau

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Posh neighborhoods, fabulous views, and heated infinity swimming pools: luxury real estate in India is booming

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BI India Bureau

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Bengaluru, Mumbai to see healthy office rental growth in 2020 on IT industry demand: Report

PTI

Guess which is the richest city in India

BI India Bureau

A Luxury Condo In India Will Have A Private Swimming Pool On Every Balcony

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