Coming home to luxury
Real estate developers are offering luxurious high-end properties to ultra-rich buyers willing to splurge on their acquisitions.
Have you always wished for a luxury branded kitchen or furniture in your house? Even better. How about a luxury label on the whole building - or at least the super luxury apartment that you plan to buy? There is good news for you if you want the best names in luxury to design your home. The newest trend in luxury is designer collaborations on high-end properties, which are spread around the world.
In New York, Fendi Casa has a luxury penthouse in the works. In Beverly Hills, Los Angeles, there are individual residences named after Armani Casa and Ralph Lauren, who designed the residences. Bulgari is developing residential properties, adjacent to hotels it owns, in Bali and London. There are Versace homes in Jeddah, Saudi Arabia.
India is not far behind in designer branded homes. Mumbai’s leading developer, Lodha Group has partnered with Italian designer Giorgio Armani’s interior design studio, Armani Casa, for the World One residential project in Upper Worli, Central Mumbai. Armani will conceptualize and design the residences and common spaces.
“Integrated into its culture and ethos of India, the interiors of the World Towers will reflect the different facets of aesthetic sensibility of Giorgio Armani in the sign of a deep sense of comfort and functionality.
The goal is to create a special atmosphere by virtue of combining shapes, textures and colours perfectly distributed in every room and wrapped in a soft light,” said a statement by Armani. The building will have 300 apartments, including 3 and 4 bedroom ‘World Residences’, ‘World Villas’ with their own private pools and a limited number of duplex ‘World Mansions’.
From the 7th to the 40th level, the tower has ‘World Residences,’ which are 3- and 4-bedroom apartments, with the lowest floor starting at 75 feet above ground level. And then there are ‘World Villas’, from the 42nd to the 83rd floors, which will have a home theatre lounge, private pool, 4 and 5 fixture bathrooms and an outdoor jacuzzi.
And finally there is ‘World Mansions’, which will have one residence every two floors, a 360 degree view of the city and air cooled by 5 degrees thanks to its height. Lodha claims the 1,450 feet, World One, once completed will be the tallest residential tower in the world with 117 floors. The apartments in the project are priced between `7.5 crore and `50 crore or `25,000 per sq ft.
Lodha Developers also has a tie up with ‘Jade Jagger for Yoo’, (a collaboration between designer Jade Jagger, and Yoo, a globally reputed interior design firm), to design the houses in its project, Lodha Fiorenza in Goregaon, Mumbai.
Nearby in Pune, Panchshil Realty, is bringing the Trump brand of luxury into the Indian real estate market. The developer is building Trump Towers Pune, in Kalyani Nagar, a posh neighbourhood, under a license agreement with Donald Trump group company DT Marks LLC Pune.
“Luxury lifestyle is fast catching up in India and with the growing number of high net-worth individuals in the country, we have realized that our brand adds significant value to ultra luxury real estate developments,” said
Donald Trump Jr in a statement at the time of announcing the deal. The Trump Towers Pune, spread on a 2.5 acre site, will be one of the tallest residential buildings in the city, with 44 luxury condominiums across two towers of 22 storeys each. Each floor houses a spacious apartment of around 6,000 square feet with five bedrooms and an exclusive home theatre room.
The amenities here will include a fitness and recreational area, concierge service, pick-up and drop laundry service, an exclusive art gallery that will feature Varsha Chordia’s private art collection, John Abraham fitness centre, kids’ play area, swimming pools, library, business centre and game rooms.
The residences will have home automation, German kitchens, European fittings, and Italian marble flooring. Renowned Italian interior designer, Matteo Nunziati, will design all the common areas. Apartments in this luxurious building are priced at `20,000 per sq ft or around `12 crore.
The luxury housing market in India is expected to grow at a Compound Annual Growth Rate (CAGR) of around 28 percent during 2011-2013, led by demand from executives, non-resident Indians and high net-worth individuals. Estimates also suggest that India has the fastest growing number of high net-worth individuals in the world, and real estate comprises around 40 percent of their investment portfolio.
This is reason enough for developers to outdo each other in offering the best in luxury homes. Developers have started using themes such as lifestyle, sports, nature to differentiate their luxury home projects. For instance, Sunteck Realty, a leading Mumbai builder has tied up with Disney Consumer Products to launch Disney Inspired Homes at its Sunteck City project in Goregaon, in the northern suburbs of Mumbai.
The homes in this project will have Disney-branded furnishing, home décor products, colour palettes, bedding and bath fittings. It will also have Disney inspired kids’ recreational spaces like a swimming pool, play zone, party as well as activity areas.
“Our association with Disney helps us differentiate our offering from others and breaks the clutter to offer dream homes. We are excited to bring Disney inspired homes,” Sunteck Realty chairman and managing director Kamal Khetan had said in a statement about this project. Another Mumbai-based developer, Nirmal Lifestyle is developing a Sports City in Kalyan, Mumbai, for which it has tied up with United States Tennis Association for using their US Open brand.
The developer will leverage on this association to build sports facilities
such as clubs, fitness centers, tennis academy, etc. The company plans to
develop 20 such ‘Lifestyle cities’ across India.
It is not just about designer branded homes. Builders are also roping in celebrities and sportspersons either to design their homes or act as their project brand ambassadors. London-based real estate company, Homestead has announced a new luxury residential project in Gurgaon, in association with tennis sport icon, Maria Sharapova.
Manoj Shrivastava, Chief Operating Officer, Homestead Infrastructure Development said, “This project would be located in one of the prime sectors of Gurgaon and the current product personifies the character of elegance, style, class, perfection and hence who better could we think of other than Maria Sharapova herself, to become the brand ambassador.”
Homestead Infrastructure, which focuses on branded houses, had recently launched its first project - Michael Schumacher World Tower - in Gurgaon.
Sachin Tendulkar is the brand ambassador of Pune-based developer, Amit Enterprises Housing Ltd.
“Sachin Tendulkar embodies the spirit of a true sportsman and has over the years exemplified commitment, performance and consistency with continuous improvement which perfectly match the brand values of Amit Enterprises Housing Ltd,” said Kishor Govind Pate, Chairman and Managing Director, Amit Enterprises Housing Ltd at the time of announcing the deal.
Pune-based Kolte Patil Developers Ltd, has roped in Gauri Khan, the wife of Bollywood superstar Shahrukh Khan for designing couture penthouses at its project, ‘Glitterati’ in Pune.
The project by Kolte Patil Developers in Pimple Nilakh in suburban Pune
comprises of five towers with high-end signature homes ranging from 2,000 sq ft to 6,000 sq ft. Priced between `7 crore and `8 crore, the project will have couture penthouses, which are five-bedroom duplexes with private pools, jacuzzi, elevator, sun deck and landscaped gardens. It will also have four bedroom apartments complete with modern amenities including staff homes and concierge services.
According to a Knight Frank Wealth Report 2013, India has been ranked fifth in the world in terms of number of high net-worth individuals (HNIs). High net-worth individuals are the ones with net assets of `150 crore to `160 crore. According to the report, as of 2012, the number of billionaires in India was 122 and by 2022, the number is expected to increase to 225 billionaires.
The Knight Frank Wealth Report 2013 says that despite economic concerns, by 2022, there would be an increase of billionaires by 137 percent in Mumbai and 120 percent in New Delhi.
With this kind of growth in the number of billionaires in India, it is safe to assume that in the coming years we should not be surprised if we see more and more innovations in luxury home offerings.
Source: Nirmal Bang's Beyond Market
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