Playing to the gallery We at Isprava take great pride in our exquisite fixtures and have always referred to them as ‘pieces of art’. In their recent article, HT Luxe has gone ahead and pronounced our work as ‘museum-worthy art’ of luxury real estate. Playing to the gallery Museum-worthy art is finding its way into Mumbai’s luxury complexes, as developers cater to an audience of art collectors and seek to raise the value of their properties Finance professional Siddharth Kanak is an art collector. The 38-year-old CEO of FinQuest, a financial analysis company, bought a home at Rustomjee Urbania in Thane, especially because of the metal sculptures in the community garden and lobby areas. “I lived in New York for 10 years, where most luxury complexes look like museums. The building I lived in had sculptures and art by the biggest names from the American art world.” As an increasing number of professionals are taking keen interest in collecting art, the city’s developers are making sure to adorn their luxury homes with interesting sculptures, paintings and centerpieces, in the interiors and in the building’s public spaces. For instance, Mumbai architect Prachit Shah translates his passion for contemporary art at the 20-storey towers in a luxury enclave in Wadala. The project, still at the concept stage, is set to have a rooftop art gallery, sculptures in the gardens and other interesting pieces around. Much like him, interior designer Burgis Daruwala who has worked on many of Rustomjee’s projects, also gives art centre stage. At Rustomjee Urbania in Thane, Daruwala uses public spaces like the lobby and the gardens as canvasses: there are metal sculptures in the lobby and charcoal paintings on the walls.
“The furniture pieces are rather sculptural too, and look like art works,” he says. “In the show flat, the cupboards have paintings on the Wardrobe shutters.” He also plans on setting up a small gallery in a corner of the Rustomjee Urbania lobby. A trend imported from the West, the existence of art in luxury complexes is increasingly being seen as a necessity. “We have seen a spike in demand for art pieces from developers across the world, and now developers in India have also started approaching us to curate art for their complexes,” says Giles Hannah, senior vice-president of Christie’s International Real Estate. “Often, art collectors are the same people buying these ultra-luxury homes, so this can play a large role in attracting buyer’s interest.” A big draw Sandeep Ahuja, CEO, Richa Realtors, says that art often is the big differentiator in a cluttered luxury property marketplace. “Cutting-edge architecture and art are of utmost importance to attract the right profile of people, who take good quality construction or use of advanced technology for granted,” says Ahuja. “The aspirational class believes that assets like art, houses, cars and watches can be flaunted as a sign of their success. Besides, design and art helps to market your project better. If Lodha ties up with Armani Design Studio to design their homes or we at Richa partner with Callison, an international architectural firm, to design
interior spaces, it is to add cultural clout to the project.” In Park Mist at Shivaji Park, Richa Realtors is infusing several paintings, murals and sculptures at various points. “They will be in sync with the overall theme and aesthetics of the project “ he add. Complexes and villas in cities like Pune and Goa, for instance, offer a larger canvas for makers to create an art and design experience. Villas, bungalows and luxury villas for sale in
goa by Isprava , design elements and art fuse in several interesting ways. The villas are furnished using old seasoned wood and antique furniture sourced from old palaces and mansions. Isprava also has a team of in-house experts who help maintain and nurture the collection. Nibhrant Shah, one of the founder-directors of Isprava says they have several buyers from Mumbai. “We mainly attract people who see value in beauty and uniqueness,” he says. Fountainhead, an under- construction elevated condominium project by Phoenix Mills in Viman Nagar, Pune, will have permanent art installations and mobile art exhibits in the public foyer areas. “Pune is at the epicenter of all Maharashtrian art forms, so we want to showcase both folk and contemporary art within the complex,” says Gayatri Ruia, director, Phoenix Mills. Ritam Banerjee, a 42-year- old entrepreneur running AppNexus, a mobile app company, just brought himself a fancy five-bedroom villa at the edge of Pune. “It is like living in an art gallery, every space is a canvas. There is a plunge pool with a sculpture. There are statues in the garden. My study wall houses a beautiful modern painting of retro cars,” he says. “The developer helped me curate most of the art. Lovers of design and art will tell you that a space devoid of art is like a body without soul.” Paint by numbers Besides ensuring a significant edge in the market, adding art into the complex helps raise the valuation of a project, says Ruia, offering an advantage to developers too. “Art is increasingly seen as a luxury experience. It is synonymous with words like fine living. It captures the imagination, allowing visitors to understand the luxuries and the dynamics of space,” says Ruia. “Obviously the price of a property with art and cutting- edge architecture as its USP is marginally higher.” Anshuman Malhotra, CEO of StockTalk, a stock market investment and analysis company believes that the valuation of a project is closely linked with its amenities, facilities and location. “Art is one asset that rarely sees a drop in value, much like real estate,” he says. “When you have art in your project, you are immediately spiking its value. So, a property with art as its mainstay will naturally see its valuation go up by say 5% to 10%. Moreover, luxury realty is all about perception, and art increases your status quotient.” Malhotra recently invested in Sunteck Realty’s new project in Bandra Kurla complex which has art at its core.