"Presidential Apartment" - is fast entering the lexicon of real estate developers and the newly rich in India. Presidential Apartments are super-premium apartments in exclusive neighbourhoods, with oodles of space, the most luxurious of interiors, named architects, private lifts, landscaped gardens, and every facility that could be required such as a gym, swimming pool, security and CCTV, children's play areas.
These apartments are large; typically in the 4,000 to 7,000 sq ft range, though some can go as large as 10,000 sq ft. Most are sold by invitation only to the chosen few to maintain the exclusivity of the community. And while prices vary across cities, they all have a distinguishing feature - a hefty price tag! With money not a consideration for India's newly rich, presidential apartments are the new symbol of prestige in the country.
INRnews had in September featured one such project in Bangalore, Mantri Altius, located off Cubbon Park in Bangalore, with one apartment of 5,600 sq ft per floor. The price - Rs. 12 crore!
Now a number of other real estate developers are also launching similar projects to cater to the tremendous demand.
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