Frills at­tached

Lux­ury de­vel­op­ers are rais­ing the stakes with com­mis­sioned or high art, spas and pala­tial ar­chi­tec­tural el­e­ments in res­i­den­tial projects

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Kru­tika Behrawala kru­tika.behrawala@htlive.com

To­day’s cus­tomers are seek­ing a life­style rather than a branded home. The idea of mod­ern liv­ing is go­ing be­yond just well­fur­nished spa­ces. It is as much about money as it is about ex­pe­ri­ences.

COR­MAC LYNCH, in­te­rior de­signer and ar­chi­tect with the Pi­ra­mal Group

Atea room with a Pi­casso on the wall, palace-themed lob­bies and Ja­panese Zen gar­dens are tak­ing the­p­lace of swim­ming pools and sports fa­cil­i­ties when it comes to lux­ury value-ad­di­tions in real-es­tate.

“The def­i­ni­tion of a lux­ury project has evolved over the past five years,” says Shveta Jain, man­ag­ing di­rec­tor for real-es­tate pri­vate wealth ser­vices at realty con­sul­tancy Cush­man & Wake­field. “A pool, gym and sports fa­cil­i­ties are now con­sid­ered ba­sics. If a builder wants to dif­fer­en­ti­ate his project from there st, niche USPs like art, ar­chi­tec­ture, even clubs and high-end spa are es­sen­tial.”

Lod ha Alt amount is cur­rently at the top of this game, hav­ing in­stalled the 1937 Pi­casso, La Plage, Juan-les-Pins (The Beach at Juan-les-Pins) in the el­e­gant tea room where res­i­dents can catch up, read or meet friends. The work was pur­chased in Septem­ber through Bri­tish auc­tion house Christie’ s, for an undis­closed sum, and took 18 months to make its way to In­dia.

“The in­ter­sec­tion of lux­ury real-es­tate and fine art is clear and es­sen­tial, as the buy­ers of one tend to be the buy­ers of the other,” says Arvind Subra­ma­nian, re­gional CEO with the Lodha Group. “A cel­e­brated art­work not only adds to the sense of op­u­lence of the prop­erty but also acts as a sta­tus sym­bol that ap­peals to this de­mo­graphic. The mean­ing of lux­ury has evolved from a price tag to en­tail­ing el­e­ments that are ex­ten­sion of a per­son­al­ity .”

Else­where, lux­ury projects are com­mis­sion­ing art for their lob­bies and shared spa­ces, for the same rea­sons. “To­day’s lux­ury buyer is well-trav­elled and ex­posed to the global art scene,” says Cor­mac Lynch, in­te­rior de­signer and ar­chi­tect with the Pi­ra­mal Group.

Last year, Pi­ra­mal Realty and the Pi ram al Mu­seum of Art com­mis­sioned artist duo J it en Thu kral and Su­mir Ta­gra to paint an art­work that now adorns a stair­way wall at Pi­ra­mal Aranya in By cu ll a .“We con­cep­tual is ed and in­stalled the work at the con­struc­tion stage be­cause we wanted to cre­ate apiece that was in­nately based around By cu ll a ,” Lynch says.

UPINTHEAIR

Gur­gaon’s Wind chants by Ex pe­rion, mean­while, is made up of sky vil­las, pent­houses and flats spread out across seven high-rise tow­ers con­nected by a 1.4-km­long sky­walk on the sev­en­th­floor level that of­fers panoramic views of the city and fea­tures green spa­ces ,‘ relaxation cor­ners’ and a jog­ging track .“It’ s the long­est res­i­den­tial sky­walk in In­dia ,” says Vi nay Na rang, group se­nior gen­eral man­ager for cor­po­rate com­mu­ni­ca­tions and PR. “The idea of mod­ern liv­ing is go­ing be­yond just well-fur­nished spa­ces. Lux­ury liv­ing is as much about money as it is about ex­pe­ri­ences .”

To­day’ s cus­tomers are seek­ing a life­style rather than a branded home, adds Maulik Sheth, di­rec­tor of Ash win Sheth Group.

Ac­cord­ingly, the up­com­ing Sheth Avalon Phase 2 in Thane has roped in Sus­sanne Khan to de­sign lobby ar­eas and lux­ury ameni­ties like a mini theatre, a li­brary and a lounge. The build­ing will fea­ture 3, 4 and 5 BHK flats with prices start­ing at Rs 3 crore.

PALA­TIAL HOMES

Pu­ranik Builders’ un­der- con­struc­tion projects Tokyo Bay and Rumah Bali on Ghod­bun­der Road in Thane are in­spired by el­e­ments from those coun­tries. While the for­mer fea­tures an en­trance arch­way mod­elled on the tra­di­tional Ja­panese Torii gates and has a Zen gar­den, the lat­ter fea­tures ca­banas and aro­mather­apy flower beds de­signed by Sin­ga­pore’s Taib Stu­dio.

“In emerg­ing lo­ca­tions, such value ad­di­tions help a de­vel­oper set a bench­mark in the mi­cro­mar­ket. A pre­mium prod­uct gives a fil­lip to the lo­ca­tion too,” adds Jain of Cush­man & Wake­field.

The up­com­ing Pres­tige Leela Res­i­dences at Indi­rana­gar, Bengaluru, will mir­ror the ar­chi­tec­ture of the ad­ja­cent five-star Ho­tel Leela Palace, which was in turn in­spired by the Mysore Palace. The res­i­den­tial tower will have elab­o­rate cor­nices, pas­tel mar­ble floors, flo­ral in­lays, vaulted roofs and im­pos­ing domes. It’s worth not­ing, how­ever, main­tain­ing th­ese lux­ury value-ad­di­tions is no cake­walk. “Clean­ing a sin­gle dome can take an en­tire day,” says Ankit Shukla, clus­ter head for lux­ury projects at the Pres­tige Group. “On es­ti­mate, the main­te­nance cost of such a lux­ury prop­erty would be sig­nif­i­cantly higher than that of a reg­u­lar build­ing.”

More­over, the re­sale price may not re­flect th­ese value ad­di­tions, says Pankaj Kapoor, founder and man­ag­ing di­rec­tor of the realty re­search com­pany Li as es For as .“A buyer’ s de­ci­sion is likely to be more in­flu­enced by the pro­file of the neighbourhood and the views,” he adds.

Gur­gaon’s Wind­chants by Ex­pe­rion is made up of sky vil­las, pent­houses and flats across seven tow­ers s, all con­nected by a 1.4­km­long sky­walk on the sev­enth­floor level.

Lodha Al­ta­mount has in­stalled the 1937 Pi­casso, La Plage, Juan­les­Pins in the el­e­gant tea room.

Artists Jiten Thukral and Su­mir Ta­gra were com­mi­sioned to crete the art­work that now sits along the stair­case of Pi­ra­mal Group's Aranya in By­cuña

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