Latest news with #AnandRamachandran
Mint
23-06-2025
- Business
- Mint
Penthouse, a villa in the sky for the super-rich
Penthouses crowning luxury skyscrapers are seeing red-hot demand in top metros, as India's ultra-wealthy pay top dollar for unlimited views of the stars and the seas. When DLF Ltd unveiled its Privana North luxury project in Gurugram this month, all 12 penthouses were sold out within a week. At ₹25 crore each, a penthouse costs almost thrice as much as a regular apartment. Earlier, DLF sold two penthouses in its The Dahlias super-luxury project at ₹150 crore each. In May, Gurugram's Trump Residences sold out all 298 apartments at ₹8-15 crore each. The four penthouses were sold for a total of ₹125 crore. 'Penthouses are in big demand, but the supply is limited. Projects with ultra-luxury penthouses are all about creating like-minded gentry, and offer large, private and exclusive living to the residents," said Fatima Saidi, head- luxury residential real estate (Mumbai) at Anarock Property Consultants. Penthouses often feature double-height ceilings, expansive floor areas, private gardens, elevators and lobbies, and stunning views of the sea or a race course. Developers often sell them only by invitation, after vetting customer profiles. Good demand and limited supply have prompted developers in Mumbai and Gurugram to add more penthouses to attract high-profile buyers. Also read | DLF's second going: Can the real estate giant succeed beyond its comfort zone? Land-starved Mumbai, the country's most valuable real estate market, is the hub for high-priced penthouses, duplexes and triplexes, offering a bungalow-in-the-sky living experience. Gurugram in the National Capital Region (NCR) has swiftly caught up too. Among their customers: Business owners, celebrities, investors, non-resident Indians (NRIs) and wealthy local buyers. In Mumbai alone, around 275 penthouses and duplexes were sold between 2021 and 2024 through primary and secondary (resale) transactions, shows data from CRE Matrix, a real estate data analytics firm. This year, till April, 21 such units were sold in the city. New penthouses in the market In Mumbai, penthouses and duplexes are limited to a few luxury properties in its south and central parts, and posh suburbs such as Bandra. Prestige Group's Prestige Daffodils at Bandra's Pali Hill has a 9,200 sq. ft penthouse with an open-to-sky private terrace. Prestige Ocean Towers in Marine Lines will have two penthouses with views of the Queen's Necklace and the Arabian Sea. Prestige Nautilus in Worli will have penthouses overlooking the Bandra Worli Sea Link. 'Considering the limited number of these lavish and unique configurations, there is high demand from a cohort of crème-de-la-crème buyers in every micro-market for penthouses. Penthouses or duplexes command a much higher premium over the other typical configurations within the same development," said Anand Ramachandran, senior executive vice-president, business expansion, Prestige Group. Read this | Bandra Kurla Complex is packed to the gills; where do Mumbai's top corporates go next? Possibly the largest penthouse deal in India was when Bajaj Auto chairman Niraj Bajaj bought a sea-view luxury triplex penthouse at the Lodha Malabar in South Mumbai for ₹252 crore in 2023. The penthouse triplex called The Emperor's Palace is spread across 18,008 sq. ft. In May, USV Pvt. Ltd chairperson Leela Gandhi Tewari bought two duplexes for ₹639 crore at Naman Xana in Mumbai's Worli, making it India's most expensive residential deal. Sales strategies for penthouses also vary. They are either sold at the start of a project to set a price benchmark, or at the end to command a higher premium. Avighna Group's Avighna Marquee off Worli sea face has a 6,000 sq. ft seven-bedroom penthouse. Its Nishika Elysium in Worli has a 8,100 sq. ft penthouse. Both are available for private viewing by invitation only, and pricing is available on request. 'We intend to sell the penthouses towards the end of the sales cycle, as they are distinctive residences that require the right fit. That said, we're open to early discussions if the right client comes forward at the right value," said Nishant Agarwal, managing director, Avighna Group. Also read | Gen…Next…Go! Meet India's real estate scions Rustomjee Group's newly launched Pali Hill project Crescent will have six duplex penthouses of 3,500 sq ft each for around ₹40 crore and above. The project offers a selection of duplex apartments as well as 'jodi' penthouse options, where two units are joined together. 'There is steady demand for penthouses that offer panoramic views and open spaces such as terraces and private decks. These residences appeal to buyers seeking exclusivity and privacy," said Rakesh Setia, president of sales and marketing, Rustomjee Group. The luxury segment is beginning to pick up in cities such as Pune, where the number of homes costing ₹10 crore and above has risen in recent years. The sale of Lodha Developers' The Emperor's Palace branded penthouse, spanning 12,000 sq ft, in its Lodha One, Bund Garden project for ₹37 crore was Pune's most residential property deal last year. And read | Mint Primer: Why are PE investments in real estate falling in India?
Time of India
30-05-2025
- Sport
- Time of India
Bengaluru residents fume as civic body ignores court stay on stadium work at Victory Grounds
Bengaluru: "A ground where I once played basketball every evening has now turned into a construction zone," says Anand Ramachandran, a long-time resident of Indiranagar, voicing the growing anger in the neighbourhood as BBMP presses ahead with the construction of an indoor stadium at Victory Grounds despite a court-ordered stay issued on May 29. Anand, 38, who grew up next to the ground, recalls how it was once a thriving hub of community sports. "I've lived here since I was eight. The basketball and cricket games we played here brought together people from across the area. Many of us even went on to represent the state and national teams. The court was open to everyone. What it needed was changing rooms and toilets — not a complete overhaul," he says. "With building an indoor stadium, there is going to be a lot of discrimination in who will come and play here. The basketball stadium takes up most of the place, and there is little space for cricket and football. Making it an indoor stadium will change the dynamics of the court, and it will lose its value," he adds. Another resident, Shany Sunny, says, "We don't want to lose this ground. I was born and raised here. I played here, and now I take my kids here for cycling. This is the only open space for children and families. It's a public space, not a parking lot." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dermatologista recomenda: simples truque elimina o fungo facilmente Acabe com o Fungo Undo Recalling her memories, Shany says, "There were times we would all sit and watch inter-college basketball matches here. We came here to learn cycling, play hopscotch, and other games. Imagining it being gone is unacceptable." The civic body plans to convert the open playground in Indiranagar I Stage into an indoor stadium with a tensile roof, at an estimated cost of Rs 6.5 crore. The stadium is also expected to include a car parking facility — a move residents say will not only eat into the playground but also permanently alter its character. "This is the only free and open ground in I Stage and II Stage. Why can't BBMP spend the same money on its upkeep instead of turning it into something exclusive and inaccessible?" asks Sneha Nandihal, a resident. "Though there is a stay from the court, BBMP continues to do construction work, which is appalling." Residents also complain that earthmovers have arrived, approach roads are dug up, and construction material has been dumped at the site. "This place has a history. It was never just about basketball or cricket — it was about community. Turning it into an indoor stadium will destroy that spirit," says Nandihal.
Irish Independent
06-05-2025
- Business
- Irish Independent
Legal bill at Airborne Capital hits €4.2m after it is sued in UK
The scale of the firm's mounting legal bill is revealed in the latest set of publicly-available accounts for Airborne Capital, which is a specialised aircraft leasing and asset management firm. The fees compared to just $443,000 incurred by the company in 2023. They were $2.3m in 2022. Airborne Capital is embroiled in a legal battle with former shareholder, UK-based InterGlobe Aircraft Management Services (IGAM), a unit of InterGlobe Enterprises that owns India's largest airline, IndiGo. IGAM has sued Airborne CEO and co-founder Ramki Sundaram and the Irish firm's chief financial officer, Anand Ramachandran. InterGlobe has also sued a UK-based entity called Airwayy Partnership, which controls 90pc of Airborne Capital's ordinary shares. All the defendants are being represented by London-based global law firm Slaughter & May. IGAM has claimed they and Airborne conspired to deliberately mislead it and induce it to sell an interest in the business 'at a far lower price than it otherwise would have done'. Airborne Capital has insisted IGAM has no basis for the $28m (€25m) claim. The firm has said the claims made against it and its directors 'have no basis in fact or law'. InterGlobe first invested in Airborne Capital in early 2019, acquiring a 42.5pc stake from Kerry-based financial services firm Fexco and taking a total 65pc shareholding in Airborne. That involved InterGlobe investing $73m in Airborne. Fexco retains a working relationship with Airborne Capital. In 2022, InterGlobe exited Airborne via an agreement whereby it received an upfront cash consideration of $43.2m and profit participating notes valued at $30.3m. But InterGlobe claims the defendants misrepresented revenues by more than $15m in order to adversely impact Airborne Capital's valuation, resulting in InterGlobe selling its interest in the leasing firm 'at a discount to the full value'. The case remains open, according to official court records. The latest set of accounts for Airborne Capital show that it made a $4.3m pre-tax loss last year, compared to a $1.5m profit in 2023. Revenue last year rose to $19m from $15.1m the year before. Had the firm's legal bill not jumped, it would have been closer to a break-even position. In 2024, the trend of increased travel continued with airlines returning to profitability, the directors note in the newly-filed accounts. 'Capital markets and investor demand for new aviation issuances/exposures is rebounding, offering aircraft trading and other opportunities,' they added. Earlier this year, Airborne Capital and Daiwa Securities confirmed a joint venture to create Daiwa Airborne. Airborne Capital said it continues to pursue emerging opportunities, supported by its business alliance with Daiwa Securities, that will offer 'comprehensive support' to high-net-worth individuals and corporations through Japanese Operating Lease products and the management of leasing services. Last year, activist investment giant Elliott increased its stake in Airborne Capital by way of about $3m in payment-in-kind equity notes.
