To provide super luxury experiences and differentiated proposition to home buyers, Indian real estate companies are increasingly tying up with global brands and service providers. Latest in the line is 3C – an NCR-based real estate company that has tied up with luxury hospitality company Four Seasons Hotels and Resorts for management of its 300-key hotel and 180 branded residential apartments.
The concept of branded luxury homes is catching up in the country with a number of companies such as Supertech, Nitesh Group and Ireo having tied up with JW Marriott, Ritz Carlton and Grand Hyatt. Private equity firm Ireo, which is developing a number of residential projects in NCR, has already signed management agreements with Hyatt Hotels Corporation for branded ‘Grand Hyatt’ residences and a ‘Grand Hyatt’ hotel in its large township project in Gurgaon.
Similarly, in March, Supertech tied up with Italian fashion brand Armani group for interior designing of 100 super luxury residences in one of its projects at Noida. It has also tied up with JW Marriott, Le Meridien and Swarovski.
Recently, Mumbai-based Lodha Developers also tied up with US-based Donald Trump to bring Trump-branded residences to the financial capital. On the other hand, realty firm Homestead has two luxury branded residences projects in Gurgaon – Michael Schumacher World Tower and Ballet by Sharapova. Reacting to the trend, Chris Hart, president (hotel operations – Asia-Pacific) at Four Seasons, said that India represented huge growth potential for Four Seasons as the group expands their portfolio in the region. So far, the group has one operational property in Mumbai. It has a project in Bangalore also, which is likely to be completed in 2015. The group is also planning a project in Goa.
Describing his Noida project, Vidur Bhardwaj, director, 3C, said the residences would be sold by invitation at a cost of around Rs 18 crore per flat. The size of the flats is about 7,500 sq ft.