Armani eying Indian luxury real estate
After the huge success of the development of luxury apartments in Burj Khalifa in Dubai, Italian fashion designer Giorgio Armani is eying Indian luxury real estate.
Earlier, Armani had tied up with Lodha group, the Mumbai based real estate developer and now he is planning to collaborate with Noida based Supertech to build Armani Tower.
The Armani Tower in Supertech’s luxury project Supernova which is spread across 4,00,000 sq ft will have 100 luxury residential apartments. The interiors will be done by Armani. Supertech would pay Armani a one-time fee for the interior designing so that he cannot tie up with any other real estate developers for the same.
The size of the apartments will be 3,000 and 5,000 sq ft and the rate per square feet will be Rs 20,000. The basic selling price of an apartment will range from Rs 7.5 crore to Rs 10 crore which will make the apartments the most expensive in Greater Noida.
The project will be launched shortly but they have not revealed the date. There was a slowdown in demand in the real estate market due to the economic gloom. Sachin Sandhir, managing director and country head of Royal Institute of Chartered Surveyors, said that projects like Armani are recession-proof as there are always takers for such units.
Lodha Group had signed the designer for their 117 storey residential tower and he will be designing the apartments and villas for Supertech.
Salarpuria Senorita, luxurious project in Sarjapur Road
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