Privacy, view are important for HNIs, says MD of Provenance Lands

Q- The recent Rs 202 crore sea-facing penthouse deal in Mumbai is the largest of its kind in the country. What commands such prices? Location?

A- To the ultra HNI, the location and the actual product are both equally important. When you are talking about luxury, you should not have to compromise on either.

Q- So what is the product that the ultra HNI wants?

A- A swimming pool, the apartment size must be large, the view should be great and privacy is paramount. We found that our customers care about privacy the most, but views were also very important. We actually designed our project keeping these two in mind. So we have only 26 apartments across 55 storeys. Windows in living rooms are 11.5 feet high.

Q- Any unusual requests from the home buyers?

A- Plenty. A generous custom built, humidity controlled, shoe and handbag section within her very own walk-in wardrobe was one such request by a client. Built-in hair washing stations in dressing rooms was another.

Q- Reports suggest the ultra HNI is moving away from investments in real estate to other assets.

A- I don't agree. For Indian HNI the favourite asset class is real estate. It is tangible, passed on from generation to generation and has always given good returns. Other asset classes come up as flavour of the season.

Q- Is luxury at a discount now in your sector?

A- Discounting happens only in one-off projects where the developer is under pressure.