Indian real estate is steadily becoming more attractive for several global brands and the latest one to foray into the space is Tonino Lamborghini. The Tonino Lamborghini Company has recently confirmed its future plans of venturing into real estate in the country and is looking for a partner firm that has capabilities of executing full projects. The Tonino Lamborghini Company will be emphasizing more on the design and branding for its luxury apartment units while its partner will take care of construction activities.
The brand is now eyeing 15% of overall revenues from the Indian market over a period of 5 years and is thus planning its foray into the property market over the next 6-7 months. The brand will be emphasizing more on residential real estate initially as per reports.
Key things worth noting
Tonino Lamborghini will make India the third country for its real estate projects after the UAE (United Arab Emirates) and China. The firm was previously founded by the successors to Feruccio Lamborghini. For those not in the loop, Feruccio Lamborghini is credited as the man behind the production of the iconic Lamborghini supercars which are coveted globally. Yet, the present promoters have exited the automobile space sometime earlier.
The CEO & Vice-President at Tonino Lamborghini Company, Feruccio Lamborghini, the grandson of the original founder, has already confirmed that discussions are being held for the real estate business in India although one agreement should at least be confirmed within a period of 6 months. Tonino Lamborghini Company is looking at tapping real estate markets which are more mature such as Mumbai, New Delhi, Bangalore, Hyderabad, Pune and Kolkata for its initial projects and will be selecting its partners very carefully. Feruccio has already stated that whenever the brand lends its own stamp to any project, it will naturally be synonymous with premier quality and luxury and hence if anything goes wrong, the local partner will not be remembered by the masses who will only look at the Tonino Lamborghini brand. As a result, partners will be chosen judiciously with a view towards assessing their capabilities in terms of executing the brand’s vision.
Apartments with Tonino Lamborghini branding which will have the famous Miura bull embossing in the Veronica position, will target affluent home buyers who are fastidious about the quality and designs of their residences. These apartments are aimed at enabling the Italian Way of Living for customers as Tonino Lamborghini declares it. Feruccio has also stated that customers are now more particular about the quality and design of not just the structure but also their home interiors. He added that the brand will be adding its signature style to the structure while the interiors will get the full range of its global products including lighting, tiles, faucets, floors and more. These apartments will be impeccably done up with art glass, drapes and luxury surfaces in tandem with the brand’s own water designs.
Some other aspects that you should know
Prices have not been finalized as of yet for Tonino Lamborghini apartments although the Tonino Lamborghini Residences at Dubai start from around Dh 1,829 per square foot which works out to approximately INR 35,307 per square foot in Indian currency. Apartments start from Dh 1,504,675 at this project or approximately INR 2.90 crore. This project is being designed by a major Chinese realty player in the region, Oriental Pearls and will be the first luxury residential community from the celebrated Italian brand, due for completion by the year 2024.
This project was spawned out of the One Belt, One Road initiative of the Chinese Government which encourages economic development across the entire Asian Region with major projects covering infrastructure, cultural growth and industrial development along with better cooperation with countries across the Silk Road. Feruccio has also talked of how the current real estate scenario presents an advantage for the brand since a major boost will follow the present slowdown. The company is also planning to launch new cafeterias throughout the country which will be designed as per its cafes present in Saudi Arabia, Kuwait and other countries. The Lamborghini family has exited the auto business or Automobili Lamborghini which is now owned by the Volkswagen Group. It is now scaling up its brand in the Indian market, not just with residential real estate but also luxury beverages, premium watches and cafes in tandem with electronic golf carts as a result of its joint venture with the Kinetic Group.
