The 6000 sq ft apartments to be priced at around Rs 25,000 per sq ft
Italian luxury brand Versace and Delhi-based commercial realty firm Unity Group have joined hands to develop Delhi's tallest landmark building, located at a stone’s throw away from Connaught Place.
The 46-storey twin towers to be designed by Versace Homes will be the tallest approved building in the national capital with a height of 182 metre. The cost of the project is expected to be around Rs 3,000 crore out of which Rs 500 crore is for Versace twin towers. The 6000 sq ft Versace Homes will be priced around Rs 25,000 per sq ft. There will be a total of 2,700 units in 22 towers. The twin towers will comprise around 150 apartments designed by Versace.
At present, the Civic Centre building in the central Delhi is tallest with a height of around 110 metre.
The construction of the RERA-compliant project is currently on and the first phase of the project will conclude by the end of 2019, Unity group director Harsh Vardhan Bansal told Moneycontrol’s Vandana Ramnani.
"The branded luxury apartments will offer a range of unique amenities that embrace everything Versace stands for - superior quality, contemporary design and innovation through a combination of ultra-modern facilities with unmatched style," said Gabriella Saracino, Worldwide Licensing and Home Division Director, Gianni Versace.
She said this will be the second housing project for Versace brand in India. It signed up with a project 'ABIL Mansion' in South Mumbai in 2015.
Asked why the brand tied up with Unity project, she told Moneycontrol that “in this sector we partner with somebody who shares our vision, the idea of delivering high-quality projects. With unity vision was to create a landmark project in Delhi. They had this unique location which is not easy to find in Central Delhi. We wanted to do a landmark project. That’s what we liked about them,” she told Moneycontrol.
Here’s the text of the full interview with Harsh Vardhan Bansal, Director of Unity Group.
Tell us about the project launched in conjunction with Versace?
The name of the project is Amaryllis. The project is spread across 40 acres in the heart of Delhi. It is located in Karol Bagh, just about 3.5 km from the heart of Connaught Place and Central Delhi’s Lutyens zone. The project will have 2,500 condominiums out of which 150-odd are by Versace branded residents We have one twin tower that will be the highest in Delhi and house Versace branded residences. Besides Versace, we have 22 other towers which will have premium as well as luxury residences.
Are these all RERA compliant?
Yes, all these will be RERA compliant. I would also like to add that our company believes in certain principles, we are in this industry since 1996. We declare everything to our customer, we are transparent, we have been declaring the carpet area, the covered area, the total cost since 1996. It is not only RERA, we started this in 1996. At that time too we were declaring that the total cost will be so and so and the carpet area and covered area will be so much We never sold any product in super area only. RERA is a very good authority which will boost confidence. We welcome RERA a lot and we believe that even though RERA is a late entry, it is welcome and will enhance the real estate industry a lot.
Why did you make the shift from commercial to residential and that too in a market like today?
We are not shifting from commercial to residential. We are already into commercial. We have developed so many commercial buildings. We have four malls in the name of Unity One that are located in Rohini, Janakpuri and other parts. We are coming up with the biggest shopping mall in Delhi’s Dwarka. We are not shifting but we are adding one more vertical in the existing real estate because in Delhi the residential segment was in the hands of the government only so there were very few projects being developed by private players. There is huge demand, it is good opportunity, people are travelling a lot internationally and are expecting that quality products from across the world should also come to India. We are focusing on quality residential product that gives a lifestyle to the people of Delhi.
How much do you hope to generate from this project? How much will this project cost?
The cost of this project by our company will be around Rs 3000 crore that includes the cost of construction. We bought this land from our own sources but we have raised this construction to a certain level. The apartments have already reached to the 20th level. We are now planning to launch this project and we certainly looking for booking the apartments and will be putting money into the construction. As a company policy, besides RERA also, we don’t believe in diverting any money from the project. So, entire accruals from the project will be invested in this project only. We will not divert even the 30 percent. We will invest all the 100 percent for the construction of the project only.
About your agreement with Versace? What kind of royalty would you be paying Versace for it?
We have two types of agreements with Versace. One, they are designing the common areas, entrance lobby, club etc amenities, the swimming pool, everything for the tower. They have charged a fee for that. They have charged the design fee for that. Besides that, they are also giving us a brand. They are charging a royalty from the sales also.
How much do you expect each Versace apartment to sell for? What would be the size of the Versace apartment?
The size of the Versace apartment will be around 6000 sq ft consisting of five big bedrooms and two servant rooms. And lots of other amenities required in luxury homes. The price that we are targeting initially is around Rs 25,000 per sqft which is a price for a non-branded apartment in a location like that.
Whom do you plan selling these apartments to?
For branded residences, we are focusing on HNIs but for other apartments, anybody can easily afford them. They are reasonably priced if you see the price already in North and West Delhi. The target price we are asking is almost at par with the apartments which don’t have any facilities or amenities.Vandana.email@example.com