Kolkata gears up to host its first premium serviced residences

Kolkata will soon have its first premium serviced residential tower – Vivara -  at EM Bypass. The project is being developed by the city-based developer Mani group, while it will be managed by the JW Marriott which is also coming up at the same premises.

 The project, a ground plus 28-storey edifice will feature 48 serviced apartments in addition to two spacious penthouses. Interestingly, it will be the first project in the city which will be made available for both short term rent and long lease upto a period of 99 years.

Scheduled for launch around the last quarter of 2015-16, the Mani group is expected to invest approx INR 1,500 crore in the development of the hotel and the Vivara tower project.

According to informed sources, the apartments at the tower are likely to range from approx 7,752-8,715 sq.ft, attracting a long-term lease of about INR 9 crore. Tower residents will also enjoy the benefits of several exclusive services to be provided by the Marriott hotel including a dedicated concierge, laundry and personalised housekeeping among others.
  
Each apartment is open on three sides and has own private lift lobby. The facility also has an exclusive club. The entire basement is reserved for residents to park their cars, with four slots being allotted to each apartment.

Debunking the theory  that the city had no takers for such premium services,  Sanjaya Jhunjhunwala, CEO, Mani Group opined that the project would find takers among the well-heeled and jet-setters.

He said the project would provide a cost-effective option to stays in a five-star hotel wherein room could cost at an average INR 5 lakhs per month. "With us a traveler can use a fully-serviced 4BHK with his family by spending only approx INR 8-10 lakhs as rent."

Quizzed about their marketing strategy for the project, Jhunjunwala revealed that the developer will market the apartments for leasing purposes, while Marriott would be in-charge of doing the same for the short-term rentals. However, the Mani group plans to retain atleast 30-40 percent of the 48 apartments for short term service apartments, he stressed.

Posh serviced residences, a concept relatively new to Kolkata, is already proving a big hit with Novotel, which has 48 apartments at its New Town property, recording a near sellout. Three more star residences are on the anvil which is expected to take the total inventory to over 330 apartments. While some can only be rented, at least two properties are offering to sell or lease out the condos for up to INR 10 crore.

Shristi group's V project In New Town, is expected to be completed by year-end or early next year. The 34-storey tower boasts of 100 apartments. These include 24 one-bedroom units of 1,250 sq ft, 12 three-bedroom apartments of 2,050 sq ft, 72 full-size homes of 4,300 sq ft and four super duplex penthouses of 10,000 sq ft. Priced in the range of INR 1.35-10 crore, the project is already said to have sold approx 60 percent of the flats.

Though V has star hotel Westin right alongside, it is expected to be serviced by an asset management company. According to company sources, the infrastructure of the hotel and the residence will be common and will feature a massive parking lot capable of accommodating 1,250 cars, in addition to luxury retail options.

The long-stay packages, starting at INR 8,999 per night at Novotel, are also attracting a fair share of clients. The 24 studio apartments and 24 one-bedroom apartments, spread across three exclusive floors, come fully equipped with modern kitchenettes, cooking appliances, and separate dining and leisure areas. Guests also have the option of dining at any of the hotel's restaurants.

According to industry experts, with another major hospitality player the ITC Sonar expected to include an estimated 137 of the 500-odd rooms in their new under-construction tower as serviced apartments, Kolkata is likely to witness the addition of another 200-300 units to its five-star service apartment inventory.