The Wadhwa Group leases out space for Ferrari's first showroom in Mumbai

MUMBAI: Realty developer The Wadhwa Group, has leased space to Navnit Motors for world's super luxury car brand - Ferrari. The showroom will be spread over 3,000 sq ft carpet area on the ground floor of commercial building Platina in Bandra-Kurla Complex and will also be the first Ferrari showroom in Mumbai.

The Italian marquee sports car brand had opened its first dealership in Delhi in 2011 to cash in on young and super rich Indians' increasing passion for super luxury cars.

"We are extremely delighted by this development. BKC is certainly the most apt location for a luxury brand like Ferrari and within that would could be better than our boutique offering, PLATINA. We look forward for this long endeavor and are extremely happy to have housed the first ever Ferrari showroom in Mumbai," said Navin Makhija, Managing Director, The Wadhwa Group.

The launch of the showroom is expected by the end of October. The lease agreement is for total five years with monthly lease rentals will be Rs 450 per sq ft. Ongoing lease rentals at Platina that houses offices of several banks, multinational companies, corporate houses and software companies, are around Rs 300-325 per sq ft a month. However, lease rental for this deal is higher given the frontage on the ground floor, suitable location for a showroom.

"This new partnership will surely extend our horizon thus catering to the excitement and unique taste of affluent customers. We hope to make the most of this association as Ferrari is in its nascent stage in India and hence brings in a striking opportunity for the country," said Sharad Kachalia, Director, Navnit Motors.