MUMBAI: India’s luxury real estate market is witnessing exciting times and global brands are betting on the country’s growth story, said Gian Giacomo Ferraris, chief executive of Italian fashion major Versace.
The luxury brand is entering India’s property market, in alliance with the ABIL Group, for a South Mumbai project. Versace Home will be designing the interiors of the 32-storey skyscraper housing 10 apartments.
“The energy in Indian businesses environment is increasingly positive now as compared to what it was two years ago when I had visited last. Everybody is looking at India now,” Ferraris told ET.
“We are here to do business; a lot of them (developers) are interested, but we will be careful in our partner selection, as credibility is the most important thing for us.” The brand has been designing homes across the world since the 1990s. It will get certain part of the revenue that the project ABIL Mansion generates as royalty.
“We receive certain revenue through royalties from real estate alliances, but it (real estate alliances) is important as it fits well with our strategy involving fashion, luxury, lifestyle and designs in broad aspect,” Ferraris said.
Versace Home’s first project in India will be spread over 11,421 sq ft of land on Hughes Road in South Mumbai. Out of the 10 ultra-luxury apartments in the project, nine will be duplexes spread over 9,000 sq ft each. These apartments will be priced in the range of Rs 50-70 crore.
ABIL will be investing around Rs 300 crore in the project, including land cost of Rs 150 crore, development, sales & marketing and other expenses, said Amit Bhosale, managing director of the ABIL Group. It is expected to be completed by 2019.
The first habitable floor in the project, offering views of the Queen’s Necklace and Arabian Sea, will begin at 100 ft above ground. Versace’s artistic director, Donatella Versace, will add creative touch to interior design of residences here. Buyers at the project can hire Versace Home for additional designing requirements for their apartments at an extra cost.
Versace Home has completed interior designing work of several luxury residential projects across the world, including Milano Residences in Manila and the Al Jawaharah Residences in Jeddah, Saudi Arabia. Currently, Versace Home is working on projects including Damac Tower in Beirut and the Aykon Nine Elms in London.
Credits ET Realty