Mumbai gets new swanky addresses, but nothing official about it

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Real estate developers have started coining swanky and hip-sounding names for places where their projects are coming up in order to lure buyers. Real estate developers have started coining swanky and hip-sounding names for places where their projects are coming up in order to lure buyers.
SummaryMumbai builders try to beat slowdown with add-on offer for buyers: a 'posh' address to show off.

development. Since real estate is a long term, futuristic product category, a name gives our customers a visual representation of what the development envisions,” said R Karthik, chief marketing officer at the Lodha Group.

Real estate developer Rustomjee has also taken this approach to market a few of its projects. Accordingly, one of its projects, Rustomjee Oriana, which is actually located at MIG Colony in Bandra East has been advertised as being located at BKC Annex, with the plush business district of Bandra Kurla Complex close by. Another project of the developer, Rustomjee Elita is branded as being located at Upper Juhu, when the exact location is Four Bungalows, Andheri, which is about three km from Juhu.

Likewise, Hubtown’s high-rise, Vedant, is sold as being located in Sion while the actual address falls under the GTB Nagar area.

Mudassir Zaidi, national director-residential, at Knight Frank India, said, “This is just a way to associate a part of an area with another area that is perceived to be better. With regards to the Upper Worli branding, Worli has always been a far more luxurious area where as Lower Parel has been traditionally associated with mills. Developers command a premium not because of the rebranding of the area, but because of the kind of amenities they are providing in the project. In fact, the rebranding is done to make it easier for people to digest this premium.”

“People do understand that it is just branding, but the idea is that if sufficient number of people start calling it that, the area could ultimately be known by the newer name, at least colloquially,” he said.

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