Global brands vouching on India’s growing luxury real estate market (Good Investment)
The Indian real estate market is slowly penetrating into the luxury segment. This is one of the best times as the real estate experts are writing the growth story of India.
Versace, a luxury apparel brand has entered the Indian property market. He has allied with the ABIL group for a project that will be coming up in the southern part of Mumbai. Versace Home will be taking care of the interior designing of the 32-floor building housing ten apartments.
Currently, the Indian businesses are showing positive signs compared to what it was two years ago. India is slowly becoming the super power of the world. Versace Home is planning to expand its base in India. The company plans to partner with the niche group of Indian realtors. They are concerned about their reputation and so want to join hands with a credible builder in India. The brand has been designing homes around the world since the 1990’s. Versace home will be getting a royalty (a part of the revenue) from the ABIL Mansion project developed by the ABIL Group.
The first project taken up by Versace Home in India will be spread across 11,421sqft of land on the Hughes Road in South Mumbai. There are 10 luxurious apartments in the project, out of which nine will be built in duplexes with a carpet area of 9,000sqft each. The price of these homes starts from Rs 50crore onwards.
ABIL Group is investing approximately Rs 300 crore in this luxurious project, which included the land cost of Rs 150 crore, developments, sales and marketing and miscellaneous expenses. The project is expected to be complete by 2019.
Versace Home has designed interiors for various luxury residential projects in the world. These include the Al Jawaharah Residences in Jeddah, Saudi Arabia and Milano Residences in Manila. Presently, Versace Home is hired to work on projects like Aykon Nine Elms in London and Damac Tower in Beirut.