Jade jagger to design luxury mumbai development

Jade Jagger, the daughter of Rolling Stones rocker Mick Jagger, is set to design homes for a Mumbai luxury residential project as Indian builders hire international designers to woo customers whose wealth is soaring. J

agger, 39, will create residences for Lodha Developers Ltd. in the northeastern suburb of Goregaon, according to a marketing brochure targeting wealthy buyers obtained by Bloomberg. Jagger has partnered with London-based design firm Yoo Design Studio, its Chairman John Hitchcox said in a phone interview on Feb. 16.

"India is a great opportunity for us,” said Hitchcox. “We are now living in this mass celebrity world. People are looking for more and more identity. There is a tendency for them to want to identify with how others live and their lifestyles.”

Indian developers need to lure buyers in a market where new home sales fell as much as 25 percent after prices reached a record in early 2010. Prices won’t recover in the next six months, London-based property broker Knight Frank LLP said in December, while local broker IIFL Ltd. said Mumbai real estate companies may cut home prices to revive flagging sales after banks curbed credit to developers.

Source: Bloomberg