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Friday, November 28, 2008

The height of luxury

Now, see the view from India’s most expensive condominium from a hot air balloon.

To help sell what is billed as India's tallest and Noida's most premium residential property, real-estate company Assotech is offering hot air balloon rides to a height of 120 metres. Undeterred by the global credit crunch, Assotech is spending on free balloon rides to market its most unique selling proposition, the view from the 35-level towers, touted as among the priciest in India.

“We offer a 360-degree panoramic view from the buildings. Your condominium will have views of both the Noida golf course and the bio-diversity garden to one side,” said Rajeev Rai, vice president (corporate), Assotech. Called Celeste Towers, among its other firsts will be helipads on the roof of the twin towers, besides an infinity swimming pool and “the best of luxury in each condominium”.

In all, there will be 60 condominiums, each occupying an entire floor. The remaining five levels in each tower are reserved for a spa, gymnasium and the pool. The most expensive value is reserved for the 30th floor, which is a penthouse and is said to cost upwards of Rs 7 crore. The other floors, with an area of 4,750 sq ft, are priced between Rs 4.35 crore and Rs 4.43 crore based on a Preferential Location Charge (PLC) formula.

Rai waved off concerns that the global financial crisis might affect his bookings. He claimed the project had a “soft-launch” in February 2008 and as of today “30 per cent of the capacity has been booked”. The project is penciled for delivery by March 2011. “We are only looking at a select 60 buyers. The address, Noida Sector 44, is coveted. Anyway, the luxury segment is not affected by a slowdown,” he insisted.

Each condo is designed to suit the lives of “a couple and two children”. The views are emphasised with large scale use of plate glass windows and large balconies with wooden decks. The landscaping for the project is being done by Belt Collins of Singapore, who are said to specialise only in “seven-star properties”. There is guaranteed parking for three “large luxury sedans” and, of course, you can use your personal chopper. Also thrown in with ownership here is a tie-up with private jet leasing firm Club One Air, who will offer a free privilege card worth Rs 35 lakh.

There is a 13 per cent discount on offer for those willing to fork up a massive downpayment at booking. But Rai denied it had anything to with a credit crunch. If Assotech delivers on its promise, the only hot air coming will be from the balloon.

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