Yoo Bets On India
By : | July 9, 2013

American maverick property developer John Hitchcox has brought his peculiar blend of branded luxury apartments and community enclaves to India.

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John Hitchcox is betting big on India. “The country is so vibrant – it is like a country in an overdrive,” he says. Having firmly established his association with Panchshil Developers to build a Yoo by Phillipe Starck property in Pune, he have moved on to other uber-luxe apartments – among them two projects with Lodha – the Jade Jagger branded apartments and a 63-storey tower at the New Cuffe Parade development, streets away from the world’s most expensive homes, which is his biggest gamble in the country.

For those not in the know, New Cuffe Parade sprawls over 23-acres of land in Wadala, central Mumbai, which is controlled by the Mumbai Metropolitan Region Development Authority (MMRDA). The MMRDA plans to develop the region into Mumbai’s newest city centre. Yoo will develop the project in association with the Lodha group. Estimated to cost over USD 2.03 billion, it will take another four to six years to build. Then there is the other project in Gurgaon for which work is to commence shortly.

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India, he says, has always been on his radar. “We are in 33 countries; it made sense, given India’s economic progress, to bring Yoo to the country. I have been studying India, I know the figures, and I know the number of people who believe in good living, in beautiful apartments. And that’s what we give them. With hundreds of millions of people across India and China moving into cities over the next decade, demand for branded housing will continue to grow, and we are excited by the prospects of taking Yoo’s premium brand to even more developments.”

Expanding into India has been “extremely exciting” he says. For their India foray, Yoo has tied up with some of the biggest real estate names in the country – from Panchshil to Lodha. “The decision is deliberate. I do not know the market. Working with industry leaders like Lodha has taught me many things. Like how Indians thinks, how the market works,” says Hitchcox.

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At different Indian destinations to which Yoo is bringing their design-infused, world-inspired apartments, they have chosen to give a completely different identity to the projects. “We ensure that we go right down to the community to understand the local culture and idiosyncrasies to make the design unique and relevant. Our democratic, design-centred philosophy is what sets us apart and we work with incredibly talented people,” says Hitchcox. “Ultimately that is what makes a home stand out. Luxury buyers are not the same world over. An Indian will not think like an American, who will not think like a European. Even in the luxury space, the needs of different buyers are completely different.”

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So, while the Yoopune project stands for “community living”, the Jade Jagger apartments in Goregaon and the New Cuffe Parade building, both in Mumbai, are all about design and uber luxury. “India is known for its family ties and its community living. So, the Yoopune project will try and recreate a village community, but at an urban level. There will several seating areas, shaded avenues, restaurants, spaces of entertainment, where people can meet, talk and hang out,” he says. “We’re building a sense of community. Philippe calls it a tribe. We create a sense of a village in an urban environment. He and I talked about the world of real estate development. You had big levels of urbanisation, massive urban migration and fundamental social shifts… and we thought we needed to bring back a sense of community. What better place then India to do so?”

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Yoopune, which will be complete by 2014, will offer 228 idiosyncratic apartments. Spread over six towers overlooking the plush dense rainforest and humongous trees, the property will offer buyers the option of choosing from two design palettes – classic and nature. “Think of what you want in a luxury apartment complex and you have it all – the Six Senses Spa built underground, swimming pools, basketball and tennis courts, a whiskey and cigar lounge, and recreational areas for children,” says Hitchcox, who is already scouting for other locations, though he isn’t revealing much about his plans. “Nothing is final right now, but we will be doing a lot more in India, for sure. I believe the country’s luxury market is set to grow exponentially, and we are here at the right moment – to take advantage of the opening market. It has been our philosophy – to set up distinct apartments, which respond to the environment.”

They have put in enough research, he says, to figure what the luxury buyer in India is like. “So, what have you discovered,” I ask. “Our research says that clients tend to be a mix of aspirational types, who like the trappings, the brands, and those who really want a home to come home to. They’re ambitious, enterprising, entrepreneurial and creative.”

Deepali Nandwani, former Editor in chief, Mediascope - NewBase Content, has spent 25 years in the world of journalism, and keenly tracks the global luxury industry.
 

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