Vijay Shanthi inks pact with Italy firm

Close on the heels of its tie-up with Parryware Roca Ltd, to provide international bathroom products, residential property developer Vijay Shanthi Builders Ltd (VSBL) has signed a memorandum of understanding (MoU) with Italy-based Bisazza to offer luxury glass mosaic tile solutions in all its projects.

The company is also reported to have finalised a tie-up with an Australian company for taps. It is expected to announce the deal soon. VSBL's tie-ups to offer international brands in its projects are a part of its strategy to create brand value for the company.

VSBL has projects, including a few luxury apartment projects, worth Rs 1,360 crore, translating into 56 lakh sft of space in and around Chennai.

The company sees about Rs 1,500 crore worth of demand for premium and luxury apartments, mainly from non-resident Indians and high net worth individuals in Chennai over the next three years.

VSBL is currently executing a couple of apartment projects in the luxury and premium segments in the Rs 4-crore (per apartment)-plus bracket in Chennai.

Under the three-year tie-up with Bisazza, Vijay Shanthi expects to source Rs 25 crore worth of glass mosaic tiles from the company. The glass tiles will have a price range from Rs 1,000 per sft to Rs 15,000 per sft. VSBL will offer these products in middle income and high income segments.

"These tiles come with life-long warranty and aesthetic content," said Naresh Jain, executive director, VSBL.