The Hindu Business Line : Future Group to sell apartments thru retail formats

Having floated a joint venture company (FH Residences) through Pantaloon Retail’s subsidiary company, Home Solutions Retail, and the Kolkata-based developer, Mr Sumit Dabriwala, recently, there are chances of exploiting further synergies in the retailing space.

Speaking to Business Line, Mr Dabriwala, promoter of FH Residences, said, “The Future Group already has several platforms to sell real estate and we are looking at having a sales presence through its stores.” In fact, the Big Bazaar outlet in Kolkata has a branded counter from JLLM (Jones Lang La Salle), real estate consultants, and there are chances of vending the apartments through such avenues. Mr Dabriwala added “We are in the process of evaluating the potential formats and it could be any of them, including its home store or even its Pantaloon outlets. Pantaloon Retail’s Big Bazaar in Kolkata is already selling real estate and we might look at this avenue to sell our apartments.”

Apart from the retail formats, the JV company will also tap into the Future Group’s media division — Future Media — to buy advertising space in malls to spread the message about its apartments. “We are looking at opportunities in malls and Future Media could be used for this purpose,” Mr Dabriwala said.

The apartments is an ‘all-fitted ready-to-live-in apartments’ and a new brand is also being worked upon by the company to mark its foray into this industry. “We are targeting middle income families with our two-three bedroom apartments and would be having a new brand,” said Mr Dabriwala.

Customised apartments

With a pan-India model, the company would be approaching developers across several cities to sell its apartments, which would then get customised to suit the concept of ready-to-live-in apartments.

“The cities being targeted are going to ones with a high level of economic activity with families in the middle income group. There is a gap in this market and we would give a platform for having well crafted and designed apartments,” Mr Dabriwala stated.

Home Solution Retail would provide the designing services as well as the brown and white goods required for furnishing these apartments. With an initial paid up capital of Rs 10 crore, the 51:49 joint venture between Home Solution Retail and Mr Dabriwala expects to tap into a niche segment of apartments currently unavailable in India.

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