The well acclaimed success in Dubai prompts Giorgio Armani to launch superior luxury apartments in India too. The Italian fashion designer will join hands with Noida-based real estate group Supertech with this purpose.
Giorgio Armani is all set to give a new dimension to the luxury real estate of India. Collaborating with Supertech, Italian fashion designer Giorgio Armani will develop some superior and ultra-luxury apartments in Noida.
Previous year witnessed Armani tying up with Lodha, a Mumbai-based real estate developer Group. This year the Italian fashion designer is joining his hands together with the Noida-based Supertech for designing Armani Tower.
Lodha developers had signed on Armani for designing their 117-storey residential project. The project comprises apartments and villas. The prices range from Rs.7.5 Cr to Rs.50 Cr.
Armani Tower, comprising 100 luxury housing units, will be designed in Supernova one of the most notable luxury projects of Supertech. The project will spread over 4,00,000 sq. ft. Armani will design the interiors and furniture of the project.
The project will have apartments of two sizes — 3,000 sq. ft. and 5,000 sq. ft. The estimated rate of each unit will be near to Rs.20,000 per sq. ft. These housing units which cost nearly Rs.10 Cr will be the most expensive in Greater Noida.
Real estate analysts opine that the brand Armani is slow-market- resistant. They pointed to the success of Armani Residences in Burj Khalifa despite the market decline in Dubai. Even when the real estate market saw a steep decline of prices the Armani Residences stood unaffected, the real estate experts reveal.
Luxury projects are always selective. Though there was a slowdown in the real estate market in the beginning of the year, the luxury residential units were not so affected. There was enough demand for luxury projects. This demand was in fact, higher for those designed by Armani.
Supertech group’s chairman and MD R K Arora revealed that the group is in final talks with the Italian fashion designer. He expressed that the group will be able to launch the project shortly.