Designers are lending their names to residential projects by adding bespoke features.Like fashion brands,individual designers are endorsing projects that reflect the progressive lifestyle of a discerning few who are willing to shell out a premium for all things superior.
Legendary rock star Mick Jaggers daughter Jade Jagger is adding her design flair to 70 apartments in Equinox Realtys 400-unit residential project in Hebbal in Bangalore.These apartments of 4,000-6,000 sq ft are priced between Rs 5 crore and Rs 10 crore.She is also designing Lodhas Fiorenza project coming up off the Western Express Highway in Goregaon,Mumbai.The 4-tower project offers 2,3 and 4 BHK apartments ranging between Rs 1.71 crore and Rs 4.87 crore,said real estate consultancy Cushman & Wakefield.
Panchshil Realty has tied up with yoo,an international interior design firm founded by Philippe Starck,for its yoopune luxury project in Kharadi.These units admeasuring 5,110-6,900 sq ft are priced at Rs 15,000 per sq ft.
Pune-based Amit Enterprises has roped in Sachin Tendulkar as a brand ambassador for its residential project in Ambegaon.Sachin is,however,not designing the project that houses 846 units comprising 2 and 3 BHKs.Gauri Khan is designing the interiors for Kolte Patils Glitterati project in Wakad in Pune.Actresses,too,are tying up with developers for projects.
Indian premium home buyers have been displaying a distinct predilection for an international flavour in their residential picks.Developers have little choice but to cater to this trend,considering the fact that there is a lot of competition for branded residences, said Anuj Puri,chairman & country head of real estate consultancy Jones Lang LaSalle India.
Higher aspiration and sophisticated lifestyle have spawned a demand for such bespoke residences in NCR,Mumbai and in select micro-markets in Bangalore,Chennai and Pune.Unlike fashion brands that come in at a conceptual stage,individual designers have a lot more riding on their shoulders in terms of product development, said Anand Narayanan,national director (residential),at realty consultancy Knight Frank India.
Many cash-rich NRI and HNIs are lapping up branded residences that are aesthetically superior.The buyer conversion rate in branded residences is quite high, adds Puri.
Some time ago,Parmeshwar Godrej lent her name to design the interiors of a 3,401 sq ft apartment in Planet Godrej in Mahalakshmi,which had a reserve price of Rs 15 crore or Rs 44,000 per sq ft.Mumbai-based lifestyle infrastructure company Samira Habitats has launched signature villas styled by fashion designer Sabyasachi Mukherjee in Alibaug.
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