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Versace, Unity Group to build Delhi's 'tallest' tower at Rs 500-cr cost

Press Trust of India  |  New Delhi 

Italian brand and realty firm today announced tie-up for developing the Delhi's tallest building, comprising 160 branded apartments, with an investment of about Rs 500 crore.

The 46-storey twin towers, with interior design by Homes, will be the tallest approved building in the national capital with 182 metres in height, told reporters here.

These branded homes will be sold on invitation and price is likely to be about Rs 15 crore for a 5,800 sq ft apartment.

Unity Group, which has built over 100 commercial buildings here, has forayed into housing segment to develop this 40 acre complex at Karol Bagh, comprising a total of nearly 2,700 units in 22 towers. The twin towers will be part of this project.

The twin towers were launched in presence of Italian to

"The branded apartments will offer a range of unique amenities that embrace everything stands for superior quality, contemporary design and innovation through a combination of ultra-modern facilities with unmatched style," said Gabriella Saracino, Worldwide Licensing and Home Division Director,

She said this will be the second housing project for Versace brand in India, which is an important market for the Italian house. It is doing a project 'ABIL Mansion' in South

In recent years, Saracino said the company has started to focus on luxury residential projects around the world, such as the Aykon Lonon One in London, the DAMAC Residences in and in

Asked about the investment, Bansal said the total project cost is Rs 3,000 crore and out of that Rs 500 crore would be for Versace twin towers. The construction work has started and the project will be completed in next 4-5 years.

At present, the building in the central is tallest with a height of around 110 metre.

is currently selling homes in this project in a price range of Rs 1.5-5.5 crore at a rate of Rs 14,000-15,000 per sq ft. The price of Versace branded flats has not been decided but it is expected around Rs 25,000 per sq ft.

Unity is developing this project in joint venture with group. This land parcel was earlier used by the group for housing accommodation of Cloth Mills workers.

In Delhi, there are very few housing projects being developed by private players. India's largest realty firm is developing a housing project at Moti Nagar in central Parsvnath has housing projects at Civil Lines in north Delhi and in west Delhi.

Founded in 1978 in Milan, SpA is one of the leading international design houses. It designs, manufactures, distributes and retails and lifestyle products, including haute couture, accessories, jewellery, watches, eyewear, fragrances and home furnishings.

Unity Group is a diversified group with interests in real estate, hotels, educational institutions, automobile dealerships, marble and

It has recently delivered two with in collaboration with DMRC (Delhi Metro Rail Corporation) namely Unity One, Janakpuri and Unity One, Rohini.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 26 2018. 17:00 IST