Vijay Shanthi inks pact with Parryware

Residential property developer Vijay Shanthi Builders Ltd (VSBL) has signed a memorandum of understanding with Parryware Roca Ltd, to provide 'Roca' and 'Parryware' bathroom products in all its upcoming projects across the country.

VSBL has projects worth Rs 1,300 crore on hand, translating into 56 lakh sft of space in and around Chennai. It is looking at offering the 'Roca' brand to address the changing lifestyle requirements of people, Naresh Jain, director, Vijay Shanthi Builders, said at a press conference.

The company has been using Parryware products in its projects and with this tie-up, it is aiming for a deeper association with Parryware Roca. VSBL is expected to source Rs 50 crore worth of bathroom products from Parryware Roca Ltd over the next two-and-a-half years.

Parryware Roca Pvt Ltd is a 50:50 joint venture between EID Parry of the Murugappa Group and Spain's Roca Sanitario, the world's leading bathroom ceramics company.

"With the Roca brand of products we can address the requirements in the middle-income segment as well as the premium and luxury segments. The prices of Roca products will range from Rs 8,000 to Rs 80,000. However, we will also offer products from other brands depending upon customer demands," Jain added.

Vijay Shanthi Builders estimates Rs 1,200-1,500 crore worth of demand for premium and luxury apartments in Chennai over the next three years. While the demand is coming in mainly from non-resident Indians (NRIs) and high net worth individuals, there is also another segment of people looking for upgradation and planning to buy premium apartments due to the rise in income levels.

VSBL is exploring more such tie-ups for other products such as glass and is likely to finalise a couple of deals shortly, Jain said.

KE Ranganathan, managing director, Parryware Roca, said the MoU with VSBL was the first tie-up for the Roca brand. So far, Parryware Roca has tied up with companies for Parryware brand of products.

Roca products are available in 15 showrooms across the country. The company plans to set up 40 more showrooms during this year.

Institutional sales currently account for 30 per cent of Parryware Roca's turnover, which is about Rs 300 crore. It was 10 per cent a few years ago.