Project Watch: Oberoi Enigma And Eternia

Oberoi Realty, headquartered in Mumbai, is one of India's leading real estate companies. In its three decades of existence, the developer has constructed 36 projects in prime locations of Mumbai. Recently, Oberoi Realty was in the news for the tremendous response it received from investors and homebuyers for its new project, Enigma and Eternia, in the otherwise stagnant residential real estate market in Mumbai. Nearly 300 units of the Oberoi Enigma and Eternia were booked within the first few weeks of its launch. The project was launched on 14 January 2015 , and the booking revenues soon reached Rs 850 crores. PropTiger.com explores the project in detail.

The Product Spread over 18 acres, the project offers 3 & 4 BHK luxury apartments. Enigma is expected to offer over 600apartment units, and Eternia is expected to offer 1,100 units of luxury and super-luxury apartments. The apartment unit sizes range from 1,450 to 3,070 sq ft and come at a price of Rs 12,250 per sq. ft.

The amenities include:

Double Height Lobby

Squash Court

Skating Rink

Sauna and Steam Room

Yoga/Meditation Centre

Gymnasium

Jogging and Cycling Track

Salon

Multi-purpose hall and Cafeteria

CCTV in common areas

Two squash courts

Café

 Kids Pool

The Builder Established about 30 years ago, Oberoi Realty has developed over 36 projects in prime locations across Mumbai. The developer has also developed around 6.5 million sq ft of space and plans to develop around 13 million sq ft of property in the over the next few months. Their plan to build residential projects inBorivali at Rs 2 crore per apartment was recently granted approval, and is expected to be launched in 2015.

Location Advantage The location of the project is a major reason why its apartments were booked like hot cakes.  Oberoi Enigma and Eternia, Mulund West has the Western Ghat hills on one side, and pristine forests and waterways on the other.Anyone who loves nature would love living in a house in Mulund.

Infrastructure Beautiful as it is, Mulund West is not a deserted area. The social infrastructure and connectivity to roadways and railways is quite good. The project is:

Close to the Eastern Express Highway

 Close to bus stops and local train stations.

Adjacent to the Lal Bahadur Shastri Marg

15 min from the Mulund-Airoli Bridge

 20 km from the Chhatrapati Shivaji International Airport

Near Bhandup West, Hanuman Chowk, Friends Colony and Wagle Industrial Estate.

Pricing The apartment units are priced at Rs 12, 250 per sq. ft. The 3 BHK + 3 T apartments of unit sizes 1,450, 1,670 and 2,075 sq. ft. are priced at Rs 1.85 Cr, 2.13 Cr and 2.65 Cr respectively. The 4 BHK + 4 Tapartments of unit size 3,070 sq ft are priced at Rs 3.91 Cr. In Mulund West, the average price of 3 BHK apartments is Rs 2.17 crore, and that of 4 BHK apartments is Rs 3.93 crore. These apartments seem to be reasonably priced considering its locational advantages and access to the city's social infrastructure.

Overall Ratings

Parameters Rating

Builder	Good
Price	Average
Project	Excellent
Location	Excellent

Our View In the past few months, largely because of oversupply of houses, the residential property market of Mumbai was going through a slow phase. But, the response of homebuyers and investors indicates that they are still keen on buying houses built by reputed builders in a good locality. From April 2013 to January 2015, the average price of apartments in Mulund West have risen from 11, 815 to 12, 914 Rs per sq. ft. The prices are likely to rise further. With lush green landscapes and innovative designs and layout, these apartments are a great pick.

To know more about Oberoi Enigma and Eternia Mumbai, log on to our website PropTiger.com.