Marvel Realtors, promoted by five partners with experience in engineering, construction, electronics and automation, last October successfully marketed its Rs 900-crore high-tech commercial project, Marvel Edge, and the Rs 600-crore super luxury apartments Marvel Zephyr, with one apartment on each floor in the city.

"The Marvel Diva project would have 110 luxury apartments, spread across five buildings with 11 storeys each," said Vishwajeet Jhavar, chief executive officer, Marvel Realtors.

Jhavar said the super luxury housing market in India accounted for 8 per cent of the total market and merely 0.1-0.2 per cent was available to potential buyers. "There is a huge scope for super luxury apartments," Jhavar added.

Spread across 11 acres, the project would comprise of 2, 3 and 4bedroom apartments. Only 30 per cent of the land would be used for construction and the rest would be used for landscaping and other amenities. The size of 2-bedroom apartments would be 1,600 sq ft, 3bedroom apartments (without a servant room) 1,880 sq ft and 3bedroom apartments with servant room 2,200 sq ft and 4-bedroom apartments 6,500 sq ft. The prices range between Rs 80 lakh (for 2bedroom apartment) and Rs 4.5 crore (for 4-bedroom penthouse).

Jhavar said since the construction cost has come down by Rs 300 per sq ft due to fall in the prices of steel, aluminium and copper, the company has slashed the rates of the luxury apartment rate by 20 per cent to pass on the benefits to buyers. "The five buildings offer just two apartments on each floor providing enough space to lounge around in the privacy of your space with auto mated apartment management systems, touch screen panels and remote controls," Jhavar said. The first phase of the project covering 300,000 sq ft would be ready for possession by May/June 2009.

The project is centrally located in the city, making it attractive for potential buyers -- five kilometres from the airport and six kilometres from the railway station.