Living in Five Star Private Luxury

ACCORDING TO Knight Frank’s Wealth Report 2015, residential property is the most popular sector for UHNWI’s to invest in. The number of super-rich in India has grown by more than 200% in the past 10 years, and now accounts for 3% of the world’s multi-millionaires. Intertwining luxury segment in residential, hotel and retail, Four Seasons Private Residences are uber-luxury residences by Provenance ready to invest over $100 million and capture the uber-luxury living market by 2020. We speak to Adarsh Jatia, CEO and Managing Director, Provenance Land, the builder of Four Seasons Hotel in Mumbai and the Hyatt Regency in Pune, on the market for uber-luxury real estate in India. Excerpts:

BW Hotelier: Is there a market for uber-luxury real estate in India?

Adarsh Jatia: One of the most interesting trends that have emerged in the last 12 months is the involvement and time investment by luxury home buyers to understand offerings in their entirety, which is very heartening. There is a strong demand from end users of uber luxury homes and in our experience niche projects that truly address the needs of this segment command a premium and a significantly robust demand pipeline.

Bespoke service of the highest standards make luxury come to life. I have always felt that any service that saves my time and increases my bandwidth is of the greatest value to me, and I have seen all my clients reflect a similar opinion. Four Seasons as a brand has stood out for generations on the strength of service. Their consistent delivery of the finest level of personalised and intuitive service is legendary and I believe as consumers continue to experience service in its truest sense this will be the biggest quotient within the luxury segment.

BWH: Why do you think there is a need to launch hotel branded residences in Mumbai?

AJ: Branded residences have historically been extremely successful globally. Four Seasons has a separate vertical for their Private Residences operations largely because there is a strong global demand for a branded lifestyle for homes from ultra HNIs.

Indian HNIs have lived and owned luxury properties such as these across the globe and are used to world-class amenities and quality of life and understand the value of a well-managed asset. Time is a sparse commodity for these individuals and just knowing that their properties are being managed and serviced by a world class brand offers them a peace of mind. 

Branded and serviced hospitality led residential developments are a new concept for Mumbai. In fact, Four Seasons Private Residences Mumbai is a first of its kind, branded and serviced luxury development in Mumbai that is attached to an existing hotel. Our alliance with Four Seasons is not just a branding association, it is an alliance to introduce for the first time in Mumbai a holistic management and service oriented offering in the residential context. Further, the brand promise comes with not just the highest specifications in every aspect of the physical development, but also the upkeep and maintenance of the asset on a lifetime basis.

BWH: What puts Mumbai on the list of global cities to own a home?

AJ: The last decade has seen Mumbai develop into not just a business but an entertainment and cultural hub as well. Historically, Mumbai has been regarded as an aspirational city, a fact further cemented by the considerable population migration both internationally and within the country (as a place to work). This gives rise to an inherent need to own a home here. Being one of the most globally recognised cities in India has resulted in a significant increase in the number of NRI families looking to invest in a home in the city. The commercial capital of India has seen a rise in large international and Indian corporates choosing to develop their headquarters in the city. Large Indian business families with headquarters in other parts of the country, nevertheless have significant business and personal connections in Mumbai that makes owning a home here an asset and a key addition to their lifestyle.

BWH: What’s the investment behind the project?

AJ: Our direct investment in the residential tower is over 100 Million USD. This is in addition to the larger investment in the overall 4.5 acres complex that would comprise the existing Four Seasons Hotel and upcoming grade A commercial development.

BWH: Tell us about the future plans and how do you plan to market this project?

AJ: Provenance Land’s focus is to develop marquee mixed-use assets in the major metros of India. Each of our developments will comprise a landmark hospitality asset alongside grade A commercial, retail and residential components. Our strength lies in developing flagship luxury properties. Besides Mumbai, New Delhi is a natural progression for our future developments. We have been in sales over the past year and have received an overwhelming interest in the project purely through word of mouth and the existing clientele of the Four Seasons Hotel. Keeping in mind the  exclusivity of the development we have consciously refrained from any form of advertising.