In what can be called as a true example of luxury meets realty, Italian fashion brand Versace is is all set to enter the homes segment in Delhi.
Versace has collaborated with Delhi-based real estate developer Unity Group to develop luxury apartments in the central area of the Capital.
The project will comprise of 160 branded luxury apartments with all the residential units at 5 BHKs, with an investment of about Rs 500 crore (Twin Towers). The total project cost is Rs 3,000 crore.
Unity Group, which has built over 100 commercial buildings, has forayed into housing segment to develop this 40-acre complex at Karol Bagh, comprising a total of nearly 2,700 units in 23 towers. The twin towers will be part of this project.
The twin towers were launched in presence of Italian Ambassador to India Lorenzo Angeloni.
The 46-storey twin towers, with interior design by Versace Homes, will be the tallest approved building in the national capital with 182 metres in height, Unity group Director Harsh Vardhan Bansal told reporters after the launch.
The first-of-its-kind collaboration in Delhi will take luxury to new heights.
The luxury homes will be sold on invitation and the price is likely to be about Rs 15 crore for a 5,800 sq ft apartment. However, no exact prices have been disclosed yet.
“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.
These branded apartments will be fitted with all the amenities such as lobby, sky garden, lounge bar and swimming pool, that will be designed by the fashion house.
However, for the interiors of the house, buyers will have the option to choose from among fully branded furnishing, partially furnished by Versace or no option.
The construction work has started and the residential project is expected to be completed in 2022.
Till now, the Civic Centre building in the central Delhi is tallest with a height of around 110 metres.
Talking about the business aspect of the collaboration, Harsh Vardhan Bansal, Director, Unity Group was autoed from the Hindu Business Line, “Versace will be charging a certain percentage from the sales as well as a design fee. So, there are two types of agreement: one is for designing and the other for branding (that the tower can be sold as Versace residency). A fixed percentage will be paid to them for designing, but for the sales, the charges may vary.”
However, this is not the first collaboration of the Italian Design brand in India. Earlier in 2015, realty player ABIL Group had joined hands with Versace to develop a residential project in a plush locality in South Mumbai.
Founded in 1978 in Milan, Gianni Versace is one of the leading international fashion design houses. It designs, manufactures, distributes and retails fashion and lifestyle products, including haute couture, accessories, jewellery, watches, eyewear, fragrances and home furnishings.
Unity Group is a diversified group with interests in real estate, hotels, educational institutions, automobile dealerships, marble and healthcare. It has recently delivered two multi-level car parking with retail projects in collaboration with DMRC (Delhi Metro Rail Corporation) namely Unity One, Janakpuri and Unity One, Rohini.