Eldeco MansionZ: The Back Story

The goalpost had shifted after the game had begun. We had borrowed money from the bank in 2002 to buy 150 plots from another developer on Sohna Road in Gurgaon to develop affordable independent floors – 3 units on each plot of average 300 sq yards each. Before the project could be approved or launched, the Haryana Government banned the concept of independent floors (3 separate units on one plot).

Sohna Road was an undeveloped outpost of Gurgaon those days with no office buildings or social amenities. Our feasibility study had shown that the only product marketable in that location were compact affordable apartments priced below Rs 25 lacs each, hence the independent floor concept. And now the ban threatened to derail the entire project and saddle us with a bank loan we couldn’t pay off. Our marketing team and the selling agents were all despondent, but frankly there was no choice. We had to launch the only product which was legally allowed – independent villas on each plot. The challenge was how to make such an expensive product marketable at such a location. That’s when I decided to change the project concept 180 degrees. Rather than sell affordable housing at a remote location, we would develop Gurgaon’s first boutique gated villa community. This is when Eldeco MansionZ concept was born.

Eldeco MansionZ Finished Product
Eldeco MansionZ Finished Product

The brief to the architect was clear and short – “the best of both worlds”. The MansionZ had to give the home owner the freedom and pride of owning in his own Independent villa, while at the same time the best things from a high end gated condominium complex had to be available to him. The project would have access control, power back up (hitherto unheard of in villas), a full fledged club, in-house sewage treatment and most critical, a controlled elevation. The last was the most important part of the brief. We were clear that we did not want future residents altering the visual uniformity of the villas even if they were legally free to add more rooms to their unit.

MansionZ was a runaway marketing success from the day it was launched. The full page launch ad simply said “The Best of Both Worlds”.  As it was the first project on Sohna Road, we had no market price to benchmark the villas against. The launch price of Rs 30 lacs per villa turned out to be a case of huge under-pricing. By evening on the day of the launch, I was receiving calls from long forgotten relatives desperate to book one villa at inaugural prices. 100 out of the nearly 140 villas were booked on the first day. We stopped the bookings for a month thereafter and reopened at double the price. Though we sold our last villa in 2007 at Rs 1.5 crores, I am told that today there are no sellers at anything less than Rs 4 crores.

Eldeco MansionZ Actual Photograph
Eldeco MansionZ Actual Photograph

Eldeco MansionZ is one project the mere mention of which brings a smile to any Eldeco team member’s face even today. The design, the execution, the overall concept – almost everything was perfect. The customers became personal friends and we all felt lucky to have been part of this project. But if there is one thing I can never forget about this project is its tumultuous beginning. Sometimes it takes a seemingly insurmountable challenge to bring out the best in people.

Managing Director, Eldeco

More About Eldeco MansionZ, The Project

Though 2004 was a weak market in residential sector, Gurgaon showed a promise and was fast developing as a sought after residential destination for young professionals with rising income and zest for life. Most of them were working in multinational companies with their offices in Gurgaon. The location also played a key role as Domestic and International airports were nearby and connectivity with key areas of Delhi was good.

Realizing the future potential Eldeco decided to launch Eldeco MansionZ in 2004. The project has 141 independent expandable villas in a gated complex of 16.5 acres on Gurgaon Sohna road. The concept is unique as it gives the privacy & space of a bungalow with the security & convenience of an apartment complex. All the villas has a uniform façade in a basic module with a 2 to 6 bedroom expandable concept and offers flexibility to add rooms as the family and budget grows. The uniform concept brought in the sense of pride among owners and created a sense of ownership.

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Eldeco MansionZ has well spread green areas with 4 parks and planned infrastructure with electricity, water supply and well-designed sewerage system. It also has a full-fledged recreational club with swimming pool. The complex is well secured with 24×7 guard vigilance and security cameras. This is one of the few residential complexes where Internet enabled pre-paid electricity-metering systemwas introduced for the convenience of residents.

Eldeco MansionZ success story inspired many other developers and kick started development on Sohna road with schools, shopping malls and multiplexes coming up in the surrounding area. As of today it is still one of its kind gated complexes where property has appreciated considerably and the rentals are equally good.

3 Replies to “Eldeco MansionZ: The Back Story”

  1. connectivity is a short term issue and if you think of a little long term, this area is going to come up very well. While for some time residents would be able to use Eldeco Mansionz road and then 60 mtr road is bound to come.

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