Money is where luxury is. A real estate group eyes the moneyed footfalls as it sets out to put big brands under one roof in Bangalore. | |
| Despite the explosion in their numbers in recent times, one could be excused for dreading most excursions to neighbourhood malls in India. |
| |
| The more discerning certainly seem to prefer the more sedate, more exalted confines of five-star hotels, at least when it comes to picking up serious labels. And it is usually left to teenyboppers, kiddies and families looking for cheaper evening entertainment out to make up the footfalls. |
| |
| In a socialist democracy, that may be fine. But now some realty players are looking to give us an experience comparable to say, a Hong Kong or a Dubai, where all the luxury brands can nestle comfortably in a common space, and beckon buyers with a higher profile and deeper pockets. |
| |
| The MBD group, a relatively recent entrant into real estate, has announced a luxury project in Whitefield, Bangalore, which incorporates a mall, a top-end hotel and entertainment into a common luxury destination. |
| |
| The mixed-use development, also among the first in the country, is obviously targeted not at a casual walk-in customer but at a dedicated one "" a business/leisure traveller or perhaps someone from the metro seeking a weekend with a difference. |
| |
| Spread over eight acres, the space will be managed by the group itself, says Monica Malhotra Kandhari, director, MBD. Retail areas will be preferably leased out to control the brand profile. |
| |
| "Many big brands without an India presence such as Saks Fifth Avenue are looking at Bangalore instead of other metros and others like Christian Dior, Louis Vuitton, Chanel too have shown interest." |
| |
| The latter, already present in Mumbai and Delhi, are apparently keen to mark their presence with larger formats. For the hotel, says Kandhari, the group is looking at a tie-up with international chains such as Four Seasons and Ritz Carlton, while for the premium entertainment segment, exhibitors such as Adlabs and PVR may also be exploring special formats. |
| |
| "We will also be focusing on common areas which are normally neglected and run art galleries or special zones for children or the elderly here," adds Kandhari. |
| |
| While the Bangalore project, expected to come up by 2009, is a luxury space, similar mixed land usage projects have already been initiated in Ludhiana and Jalandhar "" though in the "premium" segment. |
| |
| The malls, which will be functional by 2007, will have not just international mid-rung brands like Mango and Zara but also many top-notch Indian fashion designers, who are apparently keen to exploit the cash-rich Punjab market. |
| |
| And the malls, Neopolis, will have a food court, Gigabites, with a difference "" run by the group (with an experience in hospitality) and which Kandhari promises will be like "five times a hotel's coffee shop but at one-fifth the price." We'll wait. |
| |
|
| |
