The Hindu Business Line : Property co Yoo to build branded houses

Pune, July 19 Philippe Starck, the man who designed the interiors of the former French President, Francois Mitterand’s apartment in the Elysee Palace, and a host of high profile properties in the world since, might soon be designing residential spaces in Pune. Local realtor Panchshil has signed an agreement with Yoo Ltd, a design-focused, property company owned by designer Starck and developer John Hitchcock, to build branded homes in the country.

The first of the signature Yoo condominiums in India is coming up at Hadapsar, and the construction of around a million-and-a-half sq ft of premium residential space will commence later this year, sources say. Panchshil Realty, reportedly also has the First Right of Refusal for development of other Yoo properties in the country. The company has, however, declined to comment on the issue.

While the city, and the country, is no stranger to high-end housing, the Yoo connection is bound to raise the bar substantially for real estate development. The foreign company’s sales pitch is that it “sees potential in less than obvious places, and has the ability to transform buildings that are undervalued, ignored or renegade into icons of modern living”.

By that reckoning, the new project fits the bill perfectly. Till a little over five years ago, Hadapsar was a sleepy outskirt of Pune, known for a smallish industrial estate, and rolling farmlands that supplied turgid, fresh green groceries to the city’s discerning. The primarily low-end housing in the area got a heave ho thanks to the construction of the Magarpatta city in the region, but a Yoo condominium will catapult it to the posh league.

On its part, Pune will join a minority of two-dozen odd cities across the globe on the Yoo map: New York, Boston, London, Madrid, Buenos Aires, Dubai and Melbourne to name a few.

More Stories on : Real Estate & Construction | Strategy | Maharashtra

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page