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29 March 2024

NRI alert: Indian designer apartments go on sale in Dubai for Dh3.63m

Published
By Parag Deulgaonkar

Advance India Projects Limited (AIPL), an Indian developer, has pre-launched Cattaro, comprising 84 boutique homes designed by country’s top master couturiers, in Dubai, hoping UAE-based non-resident Indians have shown interest in buying these units.

The 25 apartments pre-launched on Thursday are being designed by JJ Valaya, a celebrity Indian designer, and will cost between Rs60 million (Dh3.63 million) to Dh65 million (Dh3.93 million).

“We are first introducing the JJ Valaya designed apartments and then we will launch other units. We interacted with some 20 odd NRI here and they have all shown in interest in buying and that has compelled us to pre-launch these apartments here,” Sanjay Sachdeva, Executive Director, AIPL, said.



Apart from Valaya, Abu Jani & Sandeep Khosla and Shantanu & Nikhil will design and style the residences, while Tarun Tahiliani will work on the common areas in Cattaro, a 24-storied tower, in Gurgaon, National Capital Region. 

“Though all of them became famous from the world of fashion, but they have entered into interiors long back. What they have done so far is that they have done celebrity homes but not a commercial project like this one… this is also the first time they are all doing it together,” Sachdeva said.

He added: “There is a lot of luxury that has come to India… a lot of luxury space has been filled by Western designers but contemporary India is not represented in any luxury space,” Sachdeva said, explaining that “contemporary India” was a blend of Far East, ethnic India and Europe.

The Forbes list, released in September, put five UAE-based billionaires, a combined net worth of Dh15 billion, in the top 100 richest Indians in the world, while China-based Hurun’s India Rich List 2013 had revealed the UAE is home to 17 out of 141 Indian millionaires, who have a net worth of Dh70 billion.

There are 1.75 million Indians in the UAE, according to Embassy of India, Abu Dhabi, UAE.

Calling it “affordable” luxury, AIPL Director said the buyers will have to pay first 30 per cent in 15 month’s time and could get home financing as well.  Cattaro will be completed in 2017.

“We give you a lifestyle that is aspirational along with quality, brand name and facilities,” he said.

But those not looking to use the service of any of the designers could still buy a shell and core apartment for Rs45 million onwards, Sachdeva revealed.