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Pune-based real estate developer Panchshil Realty, has signed brand licensing agreement with another real estate Pune based developer Elite Landmarks to develop mid size apartments in Pune. According to Panchshil, this is a first-of-its-kind brand licensing in India.
Panchshil under its brand licensing division will be lending its brand, its architectural and marketing expertise to Elite Landmarks for its upcoming project which would be referred as ‘Elite Residences – Inspired by Panchshil’ and is priced at Rs 12,000 per sq feet.
With this, Panchshil is entering into premium and mid segment residential projects. It has formed a separate company under the brand name Eon Homes which will develop homes with multiple developers. For Elite, Panchshil is charging 5 to 6 per cent licensing fee and for Eon projects it is 3 per cent.
“Considering the current market conditions, Panchshil has decided to enter into premium and mid size residential projects. The segment is growing faster. Our commercial-residential development ratio is 80:20. But in future, we will focus more on residential projects as well. So far, we have developed one million square feet area for residential projects. We have partnered with some of the world’s most illustrious brands to create not landmarks, but life styles,” said Atul Chordia, chairman, Panchshil Realty. Eon Homes will also develop residential projects in Ahmadabad and Chennai.
Elite shall be entitled to use the word and mark ‘Panchshil’ for the limited purpose of marketing, promotion, advertising and sales offering. Apart from this, Panchshil will also be lending its expertise for the best use recommendation for the project site, master planning of the project, recommendation of consultants and involvement in finalization of designs and also in mechanical electrical and plumbing work, material specifications and in the development of overall quality standards.
Chordia added, “Brand partnership and licensing is the natural way ahead for us. With this model we will associate with developers to create premium, luxury residential projects by providing design and architectural support. We will work with multiple developers using this model.”
