The American platform Lure Holdings is targeting the execution of annual real estate projects worth approximately $2.5 billion in India. The company is entering the market through a partnership with the Hyderabad-based real estate consulting firm Ciril. Salvador Felus, CEO and head of Lure Holdings, told Business Standard that the business plan involves developing approximately $2.5 billion annually for the Indian market, which is a significant step for the company.
Over the next twelve months, this partnership is expected to deliver a project value of $2.5 billion in India by curating branded real estate. Lure and Ciril will identify and curate projects, collaborating with Indian developers who will finance and execute them. Lure provides its expertise in global branded real estate and access to a network of over 300 luxury, lifestyle, and fashion brands.
The company will work with Indian developers to integrate global brands across luxury, lifestyle, hospitality, wellness, fashion, and retail sectors into real estate projects, thereby creating branded complexes. Felus clarified that the operating model involves developers taking on the investment in the buildings, while Ciril handles the curation, and Lure's investment is directed towards supporting Ciril with all necessary tools for success.
Initially, Lure plans to launch operations in eight regions of India, including four metropolitan cities, as well as Ahmedabad, Pune, Hyderabad, and Bengaluru. According to company statements, Ciril, which has over 45 offices in more than 30 cities across India, will provide local market expertise and developer connections. The Lure platform covers seven categories, including branded residential real estate, hospitality, retail, ground-up to brand projects, thematic luxury, active longevity communities for people over 55, and future of work directions. The company also works with both new construction and existing properties requiring repositioning.
Lure reported that its current global project portfolio exceeds $2 billion. These projects include the floating luxury vessel S.S. United States valued at $1.2 billion and the Armani Village Tulum branded residential and hotel project in Mexico valued at $500 million. The company has collaborated with luxury brands such as Armani, Versace, Gucci, Fendi, Dolce & Gabbana, Calvin Klein, DKNY, Michael Kors, Cartier, and Ralph Lauren, and has strategic alliances with institutions like Blackstone, Highgate, and JLL.
Felus noted that the product assortment will vary depending on the market, as different markets may require different categories of branded real estate according to local demand. Vijay Sarathi, co-founder and chairman, emphasized that the company curates and discusses various types of products within the Lure categories offered, taking into account market differences.
Felus stated that the partnership with Ciril aims to combine Lure's international branding expertise with local market ties and knowledge. He added that Ciril acts as Lure India and is key to developing this market for Lure, allowing it to shape offerings with deep roots and significant relationships. Furthermore, Felus stressed that Lure's approach to luxury goes beyond the materials used, focusing on what he termed 'emotional value' created by the spaces. Regarding broader real estate opportunities, Felus noted that economic growth and wealth creation in India will stimulate demand for new products. Lure's long-term goal is to create world-renowned destinations that blend global standards with Indian culture.