New Modern Buildwell, a Lucknow-based builder, has tied up with FTV to develop an ultra-luxury residential project in Lucknow.

“The tie-up aims to build a plush and premier real estate project on the lines of themed residential realty. New Modern Buildwell will be investing around Rs 1000 crore in developing the project,” the company said.

“India’s luxury real estate segment is the fastest growing in the sector with an investment portfolio totalling up to 40 per cent in the realty market across nation,” the company said.

According to a recent report by KPMG, luxury is the fastest growing segment in residential housing. Many were absorbed, fuelled by strong growth in the number of high net worth individuals.

New Modern Buildwell is the company behind NavYug Smart Mini City Allahabad, an eco-friendly residential realty project known for smart automated homes.