The real estate sector in India seems to have recovered from the initial shock posed by demonetisation and is adapting to the new taxation regime in form of the Goods and Services Tax (GST). It is true that this turnaround is mostly propelled by the renewed demand in the affordable segment but the demand for luxury housing is slowly growing. According to market sources, the demand for the luxury segment will improve in the current fiscal as the economy shows strong signs of growth and recovery. According to a Morgan Stanley report, India’s property market sales are expected to grow at the rate of 14% from 2016-20 and at a rate of 18% from 2020-25. The real estate and construction sectors jointly are expected to generate 75 million jobs and emerge as the largest employer in the country by 2022.
The luxury segment is looking good in the current fiscal as it is being fuelled by the strong growth in number of individuals with high net worth. Prominent real estate players are keen on this segment as it assures large profit margins.
The Urbana Experience
The luxury segment is presently exploring new locations. It is experimenting with sprawling locations that may not be in the city centre. The focus is on providing superior quality of
living and on providing world class amenities. The Urbana residential project, towering over Eastern Metropolitan By-pass, is developed jointly by six prominent real estate companies, namely, Emami, JB, MKJ (Keventer), Nahata, Shrachi, and Sureka group in association with Government of West Bengal. Urbana currently boasts of seven 40-45 storied towers, offering a sky-high view of the city on one side and sprawling farmlands on the other. A total of 1170 spacious, luxury apartments ranging from 1833 square feet to 9000 square feet are generating significant demand in Kolkata. The project was conceived to capture the growing demand of luxury living spaces on the eastern part of Kolkata. Its success has prompted the developers to plan for an expansion. According to Urbana sources, the second phase is scheduled to be launched next year.
Urbana provides a wide range of entertainment and recreational amenities. Spread across approximately 65 acres, the project has an exclusive one lakh square feet of eastern India’s largest residential club. It is covering three levels and is packed with an infinity edge swimming pool, a covered lap-pool, a state-of-the-art gym, sports facilities like squash courts, a yoga room, a multi-activity sports room, an indoor play room, a toddler room, banquet, an exquisitely designed and soon to be launched restaurant and bar and two adjoining tennis courts.
Such amenities are in line with the latest trends in the luxury segment. According to market insiders, apart from quality living spaces, the consumers in the luxury segment are increasingly looking for premier recreational facilities and community areas. Urbana provides a visual treat to its residents with acres of wide open spaces and organised landscaped areas that creates exclusivity and eliminates the multitude of neighbourhood noises.
According to a well-placed source in Urbana, “We are witnessing a positive impact on our sales figures with the completion of the Urbana club. The various marketing, advertising, and sales promotions have been effective in getting the word out to the world, about Urbana and its facilities. We have successfully let the world know of the fact that Urbana stands to be more than just a residential project and that it is an institution of certain beliefs that shape the best possible lifestyle for all its residents as they are also the brand ambassadors of the Urbana project.”
We spoke to some celebrity residents regarding their Urbana experience. Excerpts below:
Arindam Sil, Actor and Film Maker
It has been a fantastic experience to be able to have a club of such stature inside the Urbana residence. The massive area that it covers is very impressive indeed, not to mention the multiple amenities for fitness and entertainment or simply for spending some quality time with friends and family.
Raj Chakraborty, Film Maker
The club allows me to follow my fitness routine. I genuinely love the various sporting activities that the club provides. I am looking forward to spending more time at Club Urbana.
Rachna Banerjee, Actress
There’s a certain ambience in the club that makes me feel alive! It has such a lively vibe and allows residents to follow daily fitness regimes and also provides multiple entertainment options. The greenery surrounding the Urbana makes it a complete condominium.
Subhasree Ganguly Chakraborty, Actress
I love the fact that I no longer have to go out of my complex to work out and maintain my health. It’s all here at Club Urbana. The instruments that are available here are really top-notch and it feels good to have such luxury!
Srabanti Chatterjee, Actress
Urbana is indeed a splendid condominium. The sprawling greens and the host of amenities that Club Urbana offers will leave little reason for a resident to step out. It is indeed a complete complex in itself.