The Luxury Quotient

Luxury homes continue to dazzle in the wake of robust demand and keen investor
interest. check out some of the top offerings in the country
EVEN in the midst of low sentiments haunting the real estate sector, there is one segment that is totally unfazed by it all. Luxury homes continue to dazzle in the face of robust demand and keen investor interest in the segment. Royal offerings doled out one after the other by real estate
developers show that at least one buyer category has remained as loyal as before — the luxe home buyer. SundayET commissioned a survey to global real estate consultancy Cushman and Wakefield (C&W) to find out some top-of-the-line luxury offerings coming up in the five major cities of
Delhi, Mumbai, Bangalore, Hyderabad and Chennai.
And here’s what they found. While the new luxury apartments in Delhi-NCR were valued at over Rs 10 crore, in Mumbai it easily crossed the 20 crore mark for a 4 BHK. It also found that among the new constructions around the National Capital Region (NCR), properties in Gurgaon commanded a premium, while sea-facing locations in the financial hub attracted the richie rich. Lavelle Road in Central Bangalore was much sought after as a luxury buy. And while Spanish villas in Hyderabad made an opulent statement, it were the spacious independent houses in Chennai that were the new luxury abode. In the survey, they included both projects which have been announced recently or the ones which though announced earlier, were only getting ready now.
Delhi NCR, in itself has at least seven extremely high-end projects. Top corporate honchos, expatriates and high networth individuals (HNIs) dominate DLF’s Magnolias located in DLF Phase V, Gurgaon. The apartments, which will be ready in 1-2 years can go up to a whopping Rs 10 crore with the average size of an apartment at roughly 5,500-10,000 sq ft. Attractive rental potential and substantial increase in capital values since 2005, the locational advantage of the golf course and improved connectivity via the operational Delhi–Jaipur 8-lane super expressway are some of the USPs of this project. Says Rajeev Talwar, executive group director, “Luxury apartments are taken up by actual users so demand will always remain…. Anyone who is buying such an apartment does so keeping a variety of factors in mind. Moreover, these are bought by those who have a surplus.”
Another project in Gurgaon, Ambience Group’s upscale Caitriona project, located in Ambi City NH-8 Gurgaon, will be coming up in 2-3 years and is priced at a royal 8 crore plus tag. Boasting of sevenstar living, it is located amidst the 150-acre Ambience Island premium integrated township.
Caitriona offers limited condominiums for a select few. A great golf course view, super premium international designing and complete furnishing for a readyto-live-in condominium, Caitriona flaunts snob value all the way.
Vipin Agrawal, executive director of Omaxe, feels that the current market scenario will have little effect on this segment. “Luxury homes are always in demand. Top CEOs and businessmen are the main occupants here. Hence, whatever be the market dynamics, there will always be an active demand for such projects.” The realtor has a luxury project, The Forest, adjoining the Noida-Greater Noida Expressway, which sold for Rs 6,500/sq ft.
Spectacular views of the sea in the financial capital of Mumbai was seen as the sign of exclusivity and beauty. Lodha group’s Lodha Solitaire project offers just that on Napean Sea Road in South Mumbai, wherein each apartment offers a tranquil view. High-end amenities such as a mini theatre and an infinity-edge swimming pool further add to the glam quotient. Another project by the same developer, the 48-storey Lodha Bellissimo project features private pools, gardens, private staircases at a starting price of 8 crore for a 3BHK apartment!
However, it is the villas in Bangalore and Hyderabad that come through as a plush buy. Lavelle Road in Bangalore was found to be a much sought after address. Villas in Purva Grande located on Lavelle Road, Central Bangalore are commanding a premium owing to their strategic location. With prices starting at Rs 10 crore, the villas are replete with all leisurely comforts, including terrace pools and gardens. Occupants in another project on Lavelle Road — Mantri Altius by Mantri Developers were chosen personally by the realtor based on factors such as similar interests and non-competing businesses. The 17-floor super premium apartment occupies a built-up area of 85,000 sq ft in a prime locality in the city. Each apartment boasts of a 360-degree view of the city and security arrangements include biometric sensors, sirens and proximity cards. No wonder that the 5,000-6,000 sq ft apartments are in the range of Rs 10 crore upwards.
It’s a touch of Spain in Hyderabad that makes for some royal living. Spanish luxury villas Casa Estebana, developed by Koncept Ambience, are located in Kompally which is witnessing significant residential development primarily in the villa category. With prices starting at Rs 6.5 crore and
going up to Rs 17 crore, unique facilities such as a personal grooming centre, specialty restaurant, manicured landscaping with tree-lined streets and amphitheatre make it exclusive enough. An artificial lake with marine life and natural habitat for birds connect you with nature.
Chennai is no different. And as if taking the nature theme forward, Vijayshanthi Builders’ Raintree project in Alwarpet area in Central Chennai priced upwards of Rs 3 crore, features well landscaped surroundings with large water bodies. A skating rink, multi-purpose hall, water bodies and a
covered car park are some of the other elaborate amenities on offer here.
Besides luxury apartments, independent houses in Boat Club, Venus Colony, Poes Garden, Kotturpuram are preferred luxury residential areas.
Capital values range between Rs 15,000 per sq ft and Rs 25,000 per sq ft, with sizes above 4000-6000 sq ft. Tucked away from heavy traffic, these areas offer serene living. Spacious gardens, barbecue corners, entertainment areas in the garden and patios are additional features making these
houses much sought after. Majestic and palatial — these luxury residences are a dream buy. Exquisite facilities and charming decor basics makes them absolutely priceless.
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What Women Want-Luxury !!

Luxury perfumes are a must-have in your accessory list. Splurge on these fragrant buys
DISCOVERt he mesmerising fragrance of luxury perfumes. Featuring aromatic accents of rose, jasmine, lavendar,violet and many others, these are a must-have in your accessory list. Brands such as Moschino, Lancome and Fendi have some interesting new ranges in store for women. And they don’t just smell good….they look good too
with their unique packaging features.
Moschino’s ‘Hippy Fizz’ perfume is the new perfume from the Moschino Chic and Cheap line. Notes of raspberry leaves, rose, violet, magnolia and lotus make it a good buy. Even the bottle reflects the feminine element with its bright pink cap vibrant against the yellow and bright flowers on the bottle. ‘I Love Love,’ from the same line is as lovely with the explosion of colours and the amusing graffiti on the bottle.
Eau Vitamanee by luxury cosmetics brand Lancome is a unique cocktail of citrus fruit. The musky floral note,consisting of freesia, white lily and white musk, gives the fragrance an opulent dimension teamed with its long-wearing and residual qualities. For a mood enhancing fragrance, choose Eau d’Energie, a scented body spray which is fruity and soft. With 27% natural essences of sun-ripened fruit, the perfume is a concentrate of natural active ingredients with energizing elements. And if there is something simple and sophisticated that you are looking for, the brand’s Miracle perfume reflects the splendour of magnolias in stunning style.
Fendi’s new perfume, Fendi Palazzo is fancy and feminine. Notes of rose, orange blossom, bergamot, pink pepper and lemon lend charm to the fragrance. Infact Palazzo signifies more than just a name. Situated in the vibrant heart of Rome, Palazzo Fendi or the Fendi Palace lends the bottle its beautiful architecture. Its beauty lies in the contrast of the classic simplicity of a rectangular body and Baroque style with the top of the structure struck with a double ‘F.’ The façade of Palazzo Fendi, the brand’s home in Rome, is illustrated on the back of the bottle. Splurge on these fragrant buys. And enjoy
all the admirable glances that come your way

Brand Value In Luxury Market

Emporio, home to 90 top-of-the-line brands, comes as a delight for the uber rich craving for luxury products .
LUXURY has a new address. DLF’s luxury mall, Emporio, in the capital has created a 3.38 lakh square-feet home for luxury brands in the country. For years, luxury brands in India have been limited to small confines within the five-star hotels. Less traffic in hotels and a limited scale of operation has always posed a problem for these brands. But Emporio, set to be open soon to public, comes as a delight for the uber rich who craved luxury watches, handbags, shoes and other lifestyle products,
but had a limited choice in the past.
What attracts you even before stepping inside the mall is the building itself. The huge display of brand names such as Louis Vuitton, Dior and Burberry on the glass panels add to the pull factor.
Inside, it is 90 top-of-the-line brands, four levels and plenty of visual delights that Emporio brings for the luxury-starved consumer. As you enter the mall on a dry August day, the Mughal fountain teamed with an artistic display of plants gives a soothing and cool effect. The champagne coloured Italian marble and mosaic floor sparkle, lends an opulent yet elegant look to the mall. Nothing is over the top. Designed by architect Mohit Gujral, the mall has four floors that include spa, wine bar,atrium lounge and restaurants along with the shops. The interiors have been done in burnished wood with brass detailing.
Even the washrooms reflect the rich ‘n’ royal look and are spacious in themselves. Undoubtedly, every detail has been treated with careful attention in the mall.
Rentals, not surprisingly, are steep here. Retail rentals here can be between Rs 1,200-Rs 2,000/ sq ft, say sources. And while not all of these are open yet, some of the stores on the upper ground and first floor are ready for business.
Emporio has brought almost all the world’s luxury brands together under one roof. There are brands such as Cartier,Tod’s, Dolce & Gabbana, Louis Vuitton, Dior, Tiffany’s, Zegna, Paul Smith, Versace, Jimmy Choo, Burberry, La Perla, Hugo Boss and Escada apart from the famous Indian fashion designers such as Rohit Bal, Rina Dhaka, Tarun Tahliani, Abu and Sandeep Khosla, Ranna Gill et al. Several product categories jostle for a dekko, including apparel and fashion, accessories,watches, perfume, jewellery and lifestyle.
And it’s not just fashion or luxury that Emporio limits itself to. The dining arrangements, too, are classy. Terrace cafes,restaurants or confectionaries — the options are aplenty here. It’s like stepping into another realm — magnificent and majestic. The luxury customer need look no further. She can experience luxury’s one-stop-destination on her home turf

Luxury Market in India

A. V. Vedpuriswar

“Luxury brands are brands whose ratio of functional utility to price is low while that of intangible utility to price is high.”

luxury-market-in-india

With consumers for luxury goods more in numbers than adult population of several countries, luxury brands are setting up shops in India to tap the growing market.

: With its burgeoning High Net worth Individuals (HNI), Indian market for luxury goods is estimated to touch US$ 452 million in coming years making it the land of promise for global brands, says a survey on luxury goods and Indian consumers.

The survey, conducted by industry chambers FICCI and designed in consultation with leading advertising agency Ogilvy and Mather, was carried out among 80 HNIs across five cities of Chennai, Delhi, Jaipur, Kolkata and Mumbai.

On perception about luxury, 25 per cent of those surveyed rated exclusivity–something a few people can afford– as their definition of Luxury while an equal number felt it was indulgence in passion, hobbies and interests.

As much as 19 per cent of the surveyed felt, time to do what they want as their perception about luxury, the survey, released at the, revealed.

For the first-timers, purchasing automobile was considered their entry into the luxurious world and was endorsed by 27 per cent.

While “lifestyle luxury” of consumer durables was endorsed by 24 per cent as the first ever luxury product acquired.

Fashion labels and branded accessories as the first luxurious acquisition was stated by 17 per cent of those surveyed.

In accessories, the survey reveals that watches remain to be the most popular with 45 per cent votes followed by leather accessories 18 per cent and pens 17 per cent.

Luxury Market Statistics

The dazzling array of luxury goods available today is clearly catering to the growing number of Indians who are enjoying unprecedented level of affluence. Statistics show that in 2001-2002 there were 20,000 families in India with annual income of more than Rs 1 crore .By 2005 ,that number has increased to 53,000 families and by 2010 ,India will have an astounding 1,40,000 millionaires.

It is not just the big Indian cities like Delhi, Mumbai and Bangalore where the rich are located. A small town like Nagpur had nine millionaires in 1995-1996. By 2001, that figure increased to 425, with a growth rate of 91 percent. A high end luxury brand like Ermenegildo Zegna, whose customers include Bill Clinton, Pierce Brosnan, Shah Rukh Khan and Al Pacino, recently made a presentation in Ludhiana and Jalandhar.

In terms of population percentage, it may seen minuscule. The seriously rich and affluent represent just 1 per cent of the entire population, but with a base of one billion people, it still adds upto 10 million high end customers, a substantial number in any market.

They are what is being termed Global Indians, the ones who are traveling abroad at the drop of a barbour hat. They are acquisitive, brand conscious and, above all they want the best and they want it now. If they can buy in their city so much better. These brands include some of the world’s most celebrated: Fendi and Louis Vuitton, Canali and Bvulgari, Cartier and Hugo Boss, Dolce & Gabanna and every Swiss luxury watchmaker. Last year, Jaeger Le Coultre launched its grand Reverso watch priced at Rs 20.8 lakh.

Unlike a few years ago, when Indian consumers had to do their shopping in London, Paris and New York, the world’s most luxury merchants are realizing that they cannot ignore the Indian market. But if you compare to the western market India is still a niche market for luxury products, but it is one that is growing fast and producing aspiration life styles where, unlike the earlier decades of socialist populism, display of wealth and luxury are no longer a dirty word.

In today’s deluxe India, the children of your domestic staff are wearing Levi’s and lee. For the brand conscious and trendy, it has to be Swarovski encrusted Seven of all mankind jeans, specially made for the Indian market. In fact, if you have got the cash, there is no limit to the splash.

What has facilitated the entry of these brands is the lowering of duties in some cases and easier regulation for automobiles, inspiring luxury automakers to launch their vehicle in India or expand their existing range.

As for infrastructure, India’s congested urban centers and rent control has produced few shopping malls – so brands opened their first stores in five-star hotels. Carcelle scored a major coup when he convinced Biki Oberoi of the Oberoi Hotel in New Delhi to turn his office into the first Louis Vuitton shop.

While mall openings are proceeding rapidly – it is estimated that the country will have 300 new malls by 2010 – few of the original ones have had what it takes to attract luxury brands.

Emporio, from India’s construction giant DLF, set to open in March 2008 outside New Delhi and is the first to include a separate building devoted to luxury brands and a special space for watches. Emporio has attracted 130 brands, including 70 international names: Vuitton, Dior, Fendi, Armani, Dolce & Gabbana, Cartier, Versace, Hugo Boss, Escada, Tod’s, Paul Smith and the watch brands Piguet, Chopard and IWC.

Now, DLF has announced plans to develop Emporio malls in Southern Mumbai, Hyderabad and Chennai.

On the other side of the country in Bangalore, the UB City Mall, also is set to open next year. The project is on 10 acres, with five medium- and five high-rise towers and is the project of Vijay Malia, chairman of the United Breweries group and Kingfisher airlines.

But not everyone is jumping into India’s new malls. Hermès will open its first store in India next year at the Oberoi Hotel. “We see India as a completely atypical country because we consider their textiles and the way they produce as a model for us. India has its own artisans,” says Patrick Thomas, chief executive of Hermès.

Timelessness takes years, even decades to develop. Such a brand must have come to stand for something in the eyes of the world. A star brand has to remain current and fashionable. It needs sex appeal and has to be modern. It has to be so new that people would want to buy it. A star brand has to keep growing. Growth is a clear signal that the brand has consumer appeal. Last but not the least, a star brand has to be profitable. Profitability depends on both the price and the costs incurred. So even in case of star brands, operational excellence is important. That means sourcing of raw materials, manufacturing and distribution must be efficient.