After China and the UAE, India is the third country where the company, founded by the successors of Ferruccio Lamborghini of the iconic car (now made by Volkswagen) wants to start real estate projects.
“We have already started the conversation 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 and vice president — and the namesake of the brand’s founder — told Business Standard.
The company is targeting Mumbai, Pune, Bengaluru, New Delhi, Kolkata, and Hyderabad. The selection of a partner will be a forensic exercise. Lamborghini is too valuable a global brand for anything to go wrong.
“What we do is we give our name and put our face on the project which gives it credibility and the trust of luxury and quality. But if something goes wrong, nobody will remember the name of a local partner but will remember Tonino Lamborghini,” said Lamborghini.
The apartments will be for those who want to buy into everything the famous Lamborghini logo – a Miura bull in a ‘Veronica’ position as he charges against the bullfighter – represents, namely, the style and chic of the Italian way of life.
“Customers nowadays are more careful not just about the quality of the building but also the design of the interiors. We can deliver the brand to the building and also offer the full range of Tonino Lamborghini products,” such as tiles, flooring, faucets, ducts, and lighting etc,” said Lamborghini.
The futuristic apartments will be laid out with lavish fixtures and furnishings, art, the latest flooring and lighting, and embedded with technology for climate and temperature control - all from the company’s designers.
While the pricing of the flats has yet to be worked out, the Tonino Lamborghini Residences in Dubai start from UAE Dirham 1829 (around Rs. 35,307) per square feet. Flats here start from UAE Dirham 1504675(around Rs. 2.90 crore).
This project in the UAE, which is being developed by a Chinese real estate developer, Oriental Pearls, is the first luxury residential community project the company has embarked on. It is expected to be completed by 2024.
Tonino Lamborghini Residences Dubai has been conceived as part of the Chinese government’s bold Belt and Road initiative that aims to promote the economic development of the Asian region with infrastructure projects, along with the industrial and cultural cooperation of countries in the area.
Asked if it is the right time to venture into real estate in India given the stagnation at the macro level, Lamborghini replied: “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 two to three years.”
The company also intends to introduce cafeterias in India modelled on the lines of its cafes in Kuwait, Saudi Arabia. and other countries. It also plans to launch luxury beverages and watches soon.
Lamborghini's India plans
Luxury beverages line in metro cities in the next few months
Luxury watches collection soon
Residential real estate deal to be finalised in six months
Has formed a JV with the Kinetic group to launch electronic golf carts
Looking at opportunities in cafes
Eyes 15% turnover share from India in five years