Island homes new status symbol for rich

AN IDYLLIC ASSET

Island homes new status symbol for rich

Bangalore: Indians looking to buy island homes needn’t look as far as the Palm Islands in Dubai. Indian real estate developers have been on an island buying spree to offer buyers bespoke luxury residences despite rising protests from environmental activists and local communities.
    The backwaters and expansive lakes of Kerala and the numerous rivers of Goa that flow into the Arabian Sea are the hot-spot destinations where most of the island shopping seems to be focused right now.
    Bangalore-headquartered Ozone Group has completed the purchase of 156 acres of land on Capao Island located along the Mandovi River in Goa. Ozone, backed by Urban Infrastructure Opportunities Fund, has spent six years in acquiring the land for Rs 200 crore.
    “We are planning an extremely low-density, but ultra-luxury residential-cumhospitality development that would cost approximately Rs 1,000 crore,” said S Vasudevan, MD, Ozone Group. The developer plans to utilize only 5% of the island land to build around 80 to 100 branded villa residences, which could sport a price tag of Rs 20 crore plus.
    Capao Island is spread over 180 acres, of which a small part will continue to be inhabited by locals. “There will be a luxury resort hotel and a marina for residents to dock their yachts,” said Vasudevan.
    Similarly, other Southbased developers, Brigade Enterprises and Nitesh Estates, have been island shopping in Kerala, a state that has been seeing a lot of protests over such trophy land purchases.
    Four years ago, Brigade Enterprises purchased a 16-acre island in Vaikom in the Kottayam district of God’s Own Country. Senior officials in the company said that plans for developing the property are still under works. While the small island would sport of a resort hotel for which the company is in talks for a tie-up with a hospitality chain, the developer has kept its options open.
    Nitesh Estates has been acquiring land in one of Kerala’s tourist hot spots, Bolgatty Island, which is just a boat ride away from Kochi. The developer is planning a resort and branded residences project and is looking to tie up with one of India’s largest hospitality chains to run the properties.
    Earlier, Pathiramanal, one of the most picturesque islands on the Vembanad Lake in Kerala, was given on a long lease by the state government to East India Hotels, owners of the Oberoi brand, for setting up a resort in 2000. However,the deal met with opposition and the matter was heard in the Kerala high court and the Supreme Court. In 2006, the apex court asked the state government to have a relook at the deal after hearing out the opposing parties. Similarly, NRI businessman M A Yusuff Ali’s Lulu Group is also facing hurdles for its land purchase on Bolgatty island.