A Mumbai-based real estate firm, The Wadhwa Group has leased space to Navnit Motors for setting up second Ferrari dealership in India. The showroom will be spread over 3,000 sq ft of area on the ground floor of commercial building, Platina in Bandra-Kurla Complex.
Signing a 5-year contract, Managing Director, The Wadhwa Group, Navin Makhija said, “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.”
The first Ferrari showroom is located at Connaught Place, New Delhi. It was inaugurated on May 26, 2011. By launching the New Delhi showroom, the Italian sports car maker entered the 58th market of the Prancing Horse. Moreover, the firm has its own service center, situated at Plot No. 34, Sector 18, Gurgaon.
“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.
He further added that they are expecting to launch the showroom by the end of October. The 5-year lease agreement covers monthly lease rentals at a rate of Rs. 441 per sq ft., while ongoing lease rentals at the commercial building will be around Rs. 300-325 per sq ft. a month, which will cost around Rs. 13.25 lakh per year.
Lease rentals for the agreement is higher because of its location, frontage on the ground floor, suitable for a showroom.
Navnit Motors Pvt Ltd (NMPL) was established in 1986 as a customer focused, value-based business capable of responding to new challenges. The firm has managed franchises for several leading brands. which include TVS, Eicher, Greaves as well as Maruti in the past, and JCB, BMW, Land Rover and Rolls-Royce Motor Cars among others today.