Ritz Carlton Residences, the benchmark in luxury homes for the rich and famous in busy metros and exotic retreats, may be ready to redefine the ultimate in apartment living in India.
It is believed to have chosen the stunning backdrop of the Kochi coastline and the posh Boat Club area in Chennai as addresses for the million-dollar residences it will offer in partnership with Nitesh Estates.
Domestic realty major Nitesh is scheduled to bring India’s first Ritz Carlton hotel to Bangalore. Nitesh would extend its association with Ritz Carlton Hotel to a few more markets and unveil Ritz Carlton Residences too. Apartment of 2500 to 4000 square feet are expected to be ensconced within the premises of Ritz Carlton hotels in Kochi and Chennai.
Carrying a price tag in excess of $1 million, they will come with dedicated concierge and house-keeping services, gourmet dining and valet parking. An outright buy could cost Rs 3 to 6 crore and they may also be available on long lease. What has fuelled the speculation is Nitesh’s recent acquisition of land in chennai and kochi.
The domestic real estate company bid seven hundred crore rupees to lease nine acres near the Boat Club for 66 years. It is also believed to have bought four acres next to Bolghatty Palace in Kochi for an undisclosed amount. The land in Kochi is surrounded by water on three sides, with the heritage palace on the fourth.
Nitesh Estates CEO RS Mani said, “We can only confirm that the company is looking at mixed-use developments in both cities. We are looking at iconic developments that will leave a lasting impression” . He declined to comment on speculation about whether the Ritz association would be extended to these markets.
Nitesh has already roped in New York-based architectural consultancy KPF to develop these properties. The mixed-use development in Kochi is estimated to be about five lakh square feet while in Chennai it could be a million square feet. KPF is credited with some of the most acclaimed mixed-use developments in the world, including Tokyo’s four billion dollar Rappongi Hills, built by realty tycoon Minoru Mori.
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what is the approximately area which is to be going on developed?