Lonavala is now hot property, say developers

Lonavala is now hot property, say developers

Lonavala, a favourite weekend destination for Mumbaikars, is out of bounds for the middle class now, at least when it comes to owning a weekend home there. While you could get a decent apartment or even a row house for as less as Rs25 lakh until five years ago, today, you would need ten times that amount to get a good house in Lonavala. Mid-budget projects are passé, and the higher reaches of Lonavala, with the best views, are now the reserve of Mumbai’s top developers, for their premium bungalow and villa projects. Budget is not a constraint for Mumbai’s nouveau riche, and these premium homes — priced between Rs3 crore and Rs30 crore — are being snapped up even before their construction is completed. “What began as a picturesque weekend destination is a now a destination for luxury homes. The greenery, the view of the UNESCO-ratified Western Ghats, the waterfalls, and the eco-friendly surroundings have attracted national and international players to invest in Lonavala as a vacation home option,” says Brotin Banerjee, managing director and CEO, Tata Housing. He adds that the proximity to Mumbai and Pune has caused investments to pour in. Tata Housing’s Prive project has 73 open-architecture themed villas, priced in the range of Rs8 crore to Rs14 crore.A few minutes away is the Lodha Gold Crest project which has 35 four-bedroom villas, each with a living area of 7,000sqft that includes a home theatre, a private pool and a private garden besides every other conceivable luxury amenity on the complex, including a spa and a discotheque. The Lodha homes are priced upwards of Rs5 crore. “We are totally sold out in Lonavala,” says a Lodha executive. Lonavala transformed from a middle-class getaway to a high-end destination over the past few years. “Ever since big developers came to Lonavala five years ago, they floated the concept of gated communities with all its luxuries, and before we knew it, Lonavala had become the playground of the rich,” says Dilip Shelke, a contractor-cum-realty consultant from Lonavala. The most exclusive address in Lonavala remains Aamby Valley city, where high-end villas are priced at Rs30 crore. “Being independent India’s first planned hill city, Aamby Valley City has always been the preferred destination for luxury homes,” says Avinash Sahay, head sales and marketing, Aamby Valley City.