In its quest to churn 15 per cent of its total revenues from India in the next five years, Tonino Lamborghini Company is set to enter the country's real estate market in the next six months, with a focus on residential projects.
Tonino Lamborghini is on the lookout for a partner in the real estate development space who can execute entire projects while Tonino Lamborghini would be focused on branding and participating in designing luxury apartments.
India is set to be the third country this Italian company will enter with its real estate projects. So far, it has been focused solely on China and the UAE. The firm has been founded by the successors of Ferruccio Lamborghini, the man behind the iconic Lamborghini cars. However, the current lot of promoters exited the car business quite some time back.
“We have already started talks for the Indian market; I cannot disclose too much but I can guarantee you that the goal is to finalise at least one agreement on real estate in the next six months,” Ferrucio Lamborghini, CEO & vice president of Tonino Lamborghini Company, told Business Standard. He shares the same name as that of his grandfather, who founded the Lamborghini car brand.
The company is targeting mature markets like Mumbai, Pune, Bengaluru, New Delhi, Kolkata and Hyderabad for its initial foray and is careful in selecting partners.
“What we do is we give our name and put our face on the project, which gives it credibility and the stamp of luxury and quality. But if something goes wrong, nobody will remember the name of they local partner, but everyone will remember the Tonino Lamborghini brand,” he said.
Tonino Lamborghini-branded apartments, which emboss the iconic Miura bull in a ‘Veronica’ position, are aimed at the affluent class which is finicky about design and quality. Such apartments are aimed at providing the customer an “Italian Way of living” as Lamborghini calls it.
“Customers nowadays are more concerned about the design and quality of not only the building but also the interiors. We can not only deliver the brand to the building but can also offer the full range of Tonino Lamborghini products like tiles, floors, faucets and ducts, lightning and all,” he said.
These apartments will be furnished with drapes, art glass, luxury surfaces as well as water designs from the Tonino Lamborghini stable.
While the pricing of these flats is yet to be worked out, Tonino Lamborghini Residences in Dubai start from UAE Dirham 1,829 (around Rs 35,307) per square foot. Flats in this project start from UAE Dirham 1,504,675 (around Rs 2.90 crore).
This project, which is being developed by Oriental Pearls, a Chinese real estate player in UAE, is the first luxury residential community project of the Italian brand. It is expected to be completed by 2024.
Tonino Lamborghini Residences Dubai was born as part of the Chinese government’s strategic initiative named One Belt, One Road that promotes the economic development of the Asian region with projects focused on infrastructure, along with the industrial and cultural development and cooperation between countries of the Silk Road.
Asked if it is the right time to venture into real-estate given the macro economic stagnation, Lamborghini said, “I really think it is an advantage. I am not scared of the market situation because usually when there is a slowdown, there is another boost following. So I think this is the right moment because if you want to start a building today, it will be ready in 2-3 years”.
The company also intends to introduce cafeterias in India as well which is modelled on the lines of its cafes in Kuwait, Saudi Arabia and other countries.
The Lamborghini family has quit the automobile business of the fabled Automobili Lamborghini, which is now part of the Volkswagen Group.
Tonino Lamborghini's plans in India
Upcoming journey of Tonino Lamborgini brand in India –
Will launch luxury beverages line first in coming few months in metro cities
Lamborghini-branded luxury watches collection to be introduced soon
Branded residential real estate deal to be finalised in next six months
Formed a JV with the Kinetic Group to launch electronic golf carts
Looking at opportunities in cafes
In 5 years, India would account for 15% of group's total turnover