Watchmaker Jacob & Co enters Punjab’s luxury housing market with ₹2,500-crore project; Salman Khan residences planned

New Delhi: Global luxury watch and jewellery brand Jacob & Co has tied up with Punjab-based real estate developer GB Realty for Punjab's first branded residences development and first such project in a tier-2 city in the country.

The company had acquired the 9-acre land for close to ₹550 crore in a local authority auction where it will develop five residential towers.

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Earlier, Realty M3M India had tied up with Jacob & Co to develop a luxury branded residential project in Noida and Gurugram.

"The purchasing power of Chandigarh is better than some of the metro cities. A development of this scale will offer the buyers to select the brand they aspire," said Gurinder Bhatti, founder and managing director, GB Realty.

The group will have Salman Khan residences as well. While the entire project will be designed by Jacob & Co, two towers will be called Salman Khan residences and the remaining three will be called Jacob & Co residences. GB Realty plans to invest approximately ₹2,400-2,500 crore in the development.

The development is part of GB Realty's broader plan to invest over ₹5,000 crore over the next three years as it expands its luxury residential portfolio and enters new real estate segments and markets across North India. Over the next five years, the company aims to scale its cumulative investment to approximately ₹10,000 crore, with around ₹3,500 crore earmarked for luxury and ultra-luxury residential developments.

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North India is turning into a hub for branded residences, with developers in Gurugram, Noida, Faridabad and even Chandigarh tying up with brands.

Experts said that sluggish sales in the past few months have led to these brand tie-ups, as developers feel branded projects will command a premium and help boost sales as well. Recently, Signature Global inked a pact with Italian lifestyle brand Tonino Lamborghini to develop a premium residential project in Sector 71, Gurugram.