Luxury Redefined

Business Line and New Indian Express have some coverage of the ultra-luxury apartments being promoted by Mantri Developers in Bangalore. This should probably go down as one of the most expensive apartment complex atleast in South India.

Mantri Altius is a 17-floor super premium apartment which occupies a built-up area of 85,000 sq ft in a prime locality in the city. The owners include three or four people from garment exports, three to four from the IT industry and two NRIs.

What is unique about this project is that its occupants were personally chosen by Mr Sushil Mantri, Chairman and Managing Director, Mantri Developers, based on factors such as similar interests and non-competing businesses. The 15 families to occupy the flats were picked from a list of 40 prospective buyers.

Each floor accommodates a house over a built-up area of 5,515 sq ft; the Mantris themselves will occupy the flat on the top floor. The building also consists of a clubhouse and a main lobby, replete with a reception area and a bar. The 11,300 sq ft clubhouse across two levels has facilities such as a gym, squash court, TT table, billiards and a carom room. There is also a party hall, a library and a bar lounge.

The Rs 40-crore project took two years to be completed. While the first flat was sold for Rs 3 crore, the last apartment went for Rs 9 crore.

The owners are bound by the condition that while selling his or her apartment, 67 per cent of the other residents must approve the sale. This has been done to ensure a similar profile of residents, said Mr Mantri.

Why would somebody fork out Rs. 9 crores for an apartment when he/she can probably(?) get an independent house meeting similar specs?