Up close and personal with the CEOs’ living choices

High Net-Worth individuals (HNIs) in India are quite fastidious when it comes to their financial choices and investments. So, it makes all the more sense when you find that old places of power and influence are losing their sheen to more practical locations in and around major metropolitan cities.

In India, the chief executives and the uber-rich are looking to change the way they move and work by essentially changing the place that they live in. Locations like South Mumbai, and the posh enclaves of south and central Delhi, make a favorable choice for the elites, where builders and developers like DLF, K Raheja Corp and Sunteck Realty among several other are jostling for modern clusters of luxury real estate

In Delhi, the premium high-rise modules include Unity Premium Residences in Karol Bagh, DLF Kings Court Villa in Greater Kailash, and Home Gulmohar Park in Haus Khas. Besides, Mumbai’s Samudra Mahal in Worli, Sterling Apartments on Pedder Road and NCPA Apartments in Nariman Point are the preferred abodes.

Apart from the existing housing societies, newer dwelling spaces are being set up for the upper crust in the metropolitan cities, like Delhi and Mumbai. In these metropolitan cities, Gurgaon, Mahalaxmi and the Bandra Kurla Complex are preferred localities for their proximity to office hubs. These are creating a challenge for the already established premium apartments – the likes of which are also quite desired by the local populace.

“Apart from the location, gentry, privacy and living in a community of likeminded people make an address perfect for a home and not just a PIN code,” said Keki Mistry, vice-chairman and CEO of Housing Development Finance Corp. (HDFC), who currently lives at K Raheja Corp’s Vivarea in south Mumbai’s Mahalaxmi area. The group’s project along with its foray in Mumbai has traditionally not been seen as an elite address. “For me, apart from this combination, what worked were the amenities and high recommendations from friends.” added Mistry

Most often, the CEOs prefer to shift their addresses to locations that are in close proximity to their workplace. Evident to this movement, several CEOs have been shifting to the National Capital Region (NCR) from established locations like Central Delhi or South Mumbai.

The Magnolias by DLF in Sector 42 of Gurgaon is among the most coveted residential complexes, with 580 super-luxury apartments occupied by the highest number of CEOs, Indians and expats, according to real estate analysts. The complex is home to bosses such as Aditya Ghosh, president and whole-time director, InterGlobe Aviation, which operates IndiGo, and Sanjiv Kapoor, chief strategy and commercial officer at Tata-Singapore Airlines joint venture Vistara.

Similar to Gurgaon’s Magnolia, Vivarea’s premium real estate offerings include a range of luxury apartments and duplex homes. The project headed by K Raheja Corp’s Chairman, Chandru Raheja has shown plenty of promise in Mumbai’s real estate sector, as have the group’s other residential and commercial projects

Spread over 14 acres of manicured lawns, the complex has 200 homes with exclusive amenities, including  a fully-equipped spa, cutting-edge fitness and recreation facilities, a luxury mini-theatre, and outdoor sports activities among others.

Like Chandru Raheja, developers and industry magnates would look to capitalize on these new real estate trends while making sure that luxury gets to be the prime offering for the initial momentum.

Several CEOs are increasingly willing to move beyond their established comfort zone of South Mumbai. This includes regions that stretch from Cuffe Parade to Mahim. Many newer luxury complexes — Lodha Bellissimo in Mahalaxmi and BeauMonde Towers in Prabhadevi — are also emerging as preferable options.

This trend although unprecedented, doesn’t indicate that South Mumbai and Lutyens’ Delhi will lose their cachet or their real estate legacy. However, the prospects are much broader than before, where practicality as well as luxury takes the wheel. Very soon, the PIN code value might be a thing of the past as cities, suburbs and satellite cities carve out their own segments of property investments and purchases.