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MONTHLY NEWSLETTER FOR SPR HIGHLIVING INNER CIRCLE

EDITION - 004 | SEPTEMBER 2018

www.sprhighliving.com

VR TECHNOLOGY IS RESHAPING REAL ESTATE FIND OUT HOW IT’S MAKING AN IMPACT

INSIDE THIS ISSUE: Construction progress across multiple SPR projects Independence Day celebrated with great spirit at SPR Exclusive interview of Mr. Hitesh Kawad with Khaleej Times SPR Highliving participates in 5-day Smart Shopper Expo at Madurai


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From the MD’s Desk

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See it, before you buy it: How is VR technology reshaping real estate?

PROJECT PROGRESS REPORT 06

Tower A

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Tower B

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Tower H

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Non-tower area, Shri Ram Universal School

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Origine: Villa development

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Market of India

HIGHLIVING UPDATES 12

Mini-marathon event held at Osian Chlorophyll on 15th August

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72nd Independence Day celebrated across SPR sites

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SPR takes part in Dinamalar’s Smart Shopper Expo at Madurai

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SPR Highliving celebrates Directors’ Birthdays with great zeal

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SPR’s Quiz Corner

IN THE NEWS 16

Featured in Khaleej Times: Interview with Mr. Hitesh Kawad

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FROM THE MD’S DESK The real estate sector has performed well so far this year when compared to the numbers posted in 2017, going by the recent reports. In a major sign indicating a recovery in the market, residential launches have witnessed a sequential rise in H1 of 2018, restoring the confidence of realty developers in the country. In addition, analysts say that the increased regulations and government-level implementations have helped boost consumer sentiment, improve sales, and facilitate on-time delivery of pending projects in several segments. While non-RERA compliance and other factors have amounted to nearly 78% of delayed projects in major cities like Mumbai and Delhi, in stark contrast, Chennai’s real estate scene has fared phenomenally well. It is indeed a proud moment to note that the construction progress across our projects is right on track. With our construction teams

working day and night, construction of Tower-H managed to recently reach a major milestone by crossing the 30th floor mark. The positive momentum and month-on-month progress are expected to continue at the same, if not a faster, pace in the coming months. Besides the noteworthy achievement of our project and construction teams, we’ve also recorded a sustained increased in our sales numbers and would like to thank the teams involved and the customers for continuing to show their faith in us. With a number of new launches geared up in the coming months, including that of our flagship project ‘Market of India’, I look forward to more positive outcomes in the coming months. Thank you everyone for the support and encouragement.

Hitesh Kawad

Managing Director, SPR Group

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COVER STORY SEE IT, BEFORE YOU BUY IT: HOW IS VR TECHNOLOGY RESHAPING REAL ESTATE?

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ast-paced and constantly changing, real estate is one of the most dynamic industries in existence, shifting with time, trends and preferences. Technological evolution has further catalysed the change, transforming the way the industry operates and thrives. From the way a home is constructed, the way it is marketed to the manner in which a property deal is finalized, change is everywhere – and it is technology that’s the major driving force behind it. One such revolutionary development in the real estate space is Virtual Reality.

EDITION - 004 | SEPTEMBER 2018

ONLY AT SPR HIGHLIVING: AN EXCLUSIVE VR EXPERIENCE ZONE At SPR Highliving, we’ve created an exclusive VR experience zone, wherein you can take a complete walkthrough of our projects. Designed to be a pinnacle of technological innovation, our VR tech utilizes state-of-the-art head gears and controllers with intuitive controls and ultra-realistic haptic feedback to give you an immersive experience. Right from the placement of furniture to the lighting to the view from the balcony to walking down the

steps; there is no limit to the potential our VR setup has to offer, giving you an in-depth insight into our projects, and enabling you to visualize your future home exactly as it will be. Disconnect with reality to connect with the future. Walk-in to experience it today!


EDITION - 004 | SEPTEMBER 2018


PROJECT PROGRESS REPORT

TOWER A

Work in Tower-A has been proceeding steadily, making considerable progress every day. This month, construction work in the tower reached a new breakthrough, with the 29th floor fully constructed and work now underway in the 30th floor. The mock-up flat witnessed a large number of footfalls, with about 175+ customers walking in to select their dream home specifications. Flat finishing works in selected properties have already commenced in earnest.

Kitchen

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PROJECT PROGRESS REPORT

TOWER B

Tower-B is reaching new heights every month with work progressing at a rapid pace. At present, work in the 18th floor has been completed and construction work is in progress in the 19th floor.

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PROJECT PROGRESS REPORT

TOWER H

Chennai’s Tallest Tower of 45 floors has recorded considerable progress since the construction work commenced. Work has been completed in the 4th floor and it is nearing completion in the 5th floor.

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PROJECT PROGRESS REPORT

NON TOWER

Construction work across the basement parking and podium is proceeding at a swift pace. Underground tank column work is currently in progress.

SHRI RAM UNIVERSAL SCHOOL

Construction work at the School site is in full swing and has been making significant progress since last month. Civil works, raft work in the basement area, and column reinforcement work have been completed. Roof is under construction in Block-A.

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PROJECT PROGRESS REPORT

ORIGINE

At the villa site, construction activity has been taking place swiftly. Basement roof is now fully completed. The entrance road work is nearing completion. 1st floor column reinforcement work is in progress.

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PROJECT PROGRESS REPORT

MARKET OF INDIA

Construction work at the Market of India site has been progressing in full steam. Civil work, excavation, and piling work are proceeding at a steady pace and are nearing completion.

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HIGHLIVING UPDATES

READY-STEADY-GO: OVER 200 PARTICIPANTS TAKE PART IN THE OSIAN FREEDOM RUN ON INDEPENDENCE DAY

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n the dawn of the Independence Day, countless residents at Osian Chlorophyll gathered around in high anticipation of a minimarathon event. Open for all age groups, the event was organized by the Osian Fitos group, an internal fitness community that promotes fitness and encourages the residents to live healthy. Aptly titled as the ‘Osian Freedom Run’ the marathon was held with an aim to unify the Osian Chlorophyll community for a common goal, giving them freedom from monotonous routines and empowering them to participate in physical activity.

EDITION - 004 | SEPTEMBER 2018

The event was welcomed by residents and staff alike, witnessing a whopping 200+ registrations within just a few days of announcement. When the day finally came, the event venue drew in droves of crowds donning colours of white and saffron, all set to race to the finishing line. The enthusiastic participation from the Chlorophyll community made the Osian Freedom Run a roaring success. The event is bound to make a comeback the next year. The Osian Fitos group is also planning on coming up with more such events in the next months in a bid to foster healthy living and prompt people to adopt active lifestyles.

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HIGHLIVING UPDATES

72ND INDEPENDENCE DAY CELEBRATED WITH GREAT FERVOUR AT SPR CITY AND OSIAN CHLOROPHYLL On 15th August 1947, India acquired its freedom and thus began a new chapter in its history, one that spoke of unity, freedom, victory, and diversity. Today, 72 years since that iconic moment, India has undergone tides of change, transforming into nothing less than superpower. At SPR, as a reminiscent of the sacrifice and valour of our great leaders, we celebrated this historic occasion with aplomb at both SPR City and Osian Chlorophyll. At SPR City, the staff gathered around at the Binny site in the early hours of the morning for the celebration. Shri. Prithviraj Kawad, Founder of SPR Group, presided over as the Chief Guest. The proceedings started off with the flag-hoisting ceremony. It was indeed a proud moment for the staff to stand in salute to our tricolor in the spirit of patriotism. Following the event, sweets were distributed to all those present at the event. At Osian Chlorophyll, the celebrations were still more vibrant with the residents coming together for a delightful, fun-filled evening. Shri. Gopinath, Chairman, graced the occasion as the Chief guest. Singer Naresh Iyer, a resident of Osian Chlorophyll, entertained the audience with a few of his favourite renditions. Dance performances, fancy dress competitions and other variety shows were held, and everyone; right from the young to the old took active part in the celebrations. The event ended on a positive note, leaving the residents’ spirits lifted and their minds refreshed. EDITION - 004 | SEPTEMBER 2018

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HIGHLIVING UPDATES SPR HIGHLIVING SHOWCASES ITS PROJECT RANGE IN DINAMALAR’S SMART SHOPPER EXPO AT MADURAI Smart Shopper Expo, a 5-day mega show, was conducted by Dinamalar between 2nd August and 6th August 2018 at Madurai. The event was aimed at bringing together varied home needs under one roof and housed stalls from leading furniture stores, home appliance companies, real estate developers, amongst others. SPR Highliving participated in the Expo, showcasing its range of residential and commercial projects.

The event attracted an impressive number of footfalls over the span of five days, giving us heightened visibility and a chance to showcase our projects to potential customers. More than 200 visitors dropped by our stall and expressed a keen interest in our offerings. Overall, the huge turnout and positive response received ensured a successful presence for SPR Highliving at the Smart Shoppert Expo.

DUAL BIRTHDAY CELEBRATION: SPR HIGHLIVING STAFF ENTHUSIASTICALLY CELEBRATES DIRECTOR BIRTHDAYS

On August 24, the staff at SPR Highliving came together in our HO to celebrate the birthdays of our Directors - Mr. Navin Ranka and Mr. Chetan Bohra. The dual birthdays called for double the celebration and the staff left no stone unturned to make the occasion a memorable one. The birthday bash kicked off to a colourful start with songs, cake and wholesome fun. Snacks and sweets were also organized for the entire staff thereafter.

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IN THE NEWS

URBAN TOUCH IN INNOVATIVE SPACES INTERVIEW OF MR. HITESH KAWAD, MANAGING DIRECTOR, SPR GROUP 1. What are your views on the current real estate scenario in Chennai? Chennai has always been considered one of the hotspots for real estate investments. Besides, the introduction of various regulatory reforms, escalation in capital values, increased urbanization, relative affordability and developers’ emphasis on organized development under the new RERA regime has further expanded the avenues for growth. While the city is definitely a better investment destination in contrast to other cities at present, I foresee still greater growth in the coming times. What Chennai really was missing was innovation in real estate. We, at SPR Highliving, have successfully fulfilled that gap by introducing green living concepts, coming up with the tallest residential towers, India’s largest wholesale market called ‘Market of India’, amongst other ventures. I believe that with healthy competition in the innovation space, the city’s real estate can reach far greater heights 2. Are prices expected to climb over the rest of 2018 and in 2019? If so, what are the reasons? Looking back on what we’ve

EDITION - 004 | SEPTEMBER 2018

observed, 2017 was a pretty good year for us. Consistent month-on-month growth was witnessed across our properties, Osian Chlorophyll, Highliving District and Market of India. However, it’s not fair to comment on prices on a shortterm outlook. Reflecting on the prices over a 7-year period, most of our property prices have shown an appreciation of 2 to 4 times. I attribute this mainly to the product innovation we’ve brought in that has attracted a lot of buyers within short span of development as well as the location. Based on my observations, I believe that the same trend will continue and that the highest boom will be seen in properties which offer holistic living covering aspects like WorkLive-Play-Learn-Commune. 3. What is the demand-supply situation in the metropolitan city? Having witnessed sustained growth over the years, the real estate industry continues to grow at a steady pace. Over the last decade, the city has witnessed increased development activity owing to the increased urbanization, growing prospects in the IT sector, influx of migration into the city and other factors. Conventionally, Chennai’s real estate is an end-user market

in comparison to other cities, which are largely driven by investors. As a result of this, there will be very less inventory available for resale in a couple of years, when compared to other markets. In fact, recent reports indicate a steady decline in unsold inventory from 21% in 2014 to 4% at present, indicating the positive momentum towards which the industry is headed. The demand is huge, especially in growth hungry areas such as North and Central Chennai, as a majority of the population in these areas are on the lookout for world-class developments. 4. Are local authorities investing large sums in developing new infrastructure in the city? Could you give your estimate about the investments being made? While Chennai’s infrastructure scores well over that in several major cities, the state government is keen on

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IN THE NEWS further enhancing it through several development initiatives. A comprehensive flood management plan for North and South Chennai has been proposed close to the tune of Rs. 3,500 crores. A Rs. 200-crore Chennai Peripheral Ring Road plan has also been recently approved, and will be commenced shortly. Urban infrastructure such as roads, drinking water supply and sewage facilities are also undergoing an upgrade. Work on the Chennai MRTS has also been progressing at a rapid rate. Since infrastructure growth is one of the key drivers of property values, the initiatives adopted by the local authorities can create a significant impact on the city’s real estate. 5. What are the projects being undertaken by SPR Highliving in Chennai / Tamil Nadu? Which is your flagship Project? Being an elite real estate group, we have a host of flagship projects to our name and have a number of ambitious ventures lined up. Currently, we are coming up with the largest mixed-use development in Chennai named SPR City. The 63-acre project will include Chennai’s Tallest Towers, a first-of-its-kind organized wholesale centre named Market of India, a 10 lakh sq. ft. mall, a renowned school, among other developments. The project combines professional work spaces and luxury living into

one massive gated arena, and is the first-of-its-kind integrated township located in the heart of the city. 6. Please share salient features of your flagship project with your USP. Considering the high independent property prices in the city’s core localities, residents are forced to opt for properties beyond the city limits in search of better amenities and infrastructure. Our flagship project, SPR City, at Binny Mills, Perambur however, is designed to solve core urban problems by promoting healthy lifestyles and better standards of living. The residential phase of the project, Highliving District, is spread over 18-acres. Offering residents access to over 65+ amenities and 5 lakh sq. ft. of greenery, it’s one of the most promising residential ventures to be set up in the heart of the city. On the commercial front, it’s no different! Market of India is the first-of-its-kind wholesale complex that will organize all kinds of trade under one roof. Comprising over 11 markets, it has been built to accommodate the varied needs of traders and is equipped with worldclass facilities, such as built-in warehousing, spacious trade corridors, LCV parking, advanced security and more. MOI is expected to become a prominent business hub and is a major step

in the right direction towards making the ‘Trade in India’ concept a reality. 7. Is there NRI interest in the property market in Chennai? If so, what are the reasons? With the current real estate scene showing positive trends, NRI interest in the property market in Chennai has only been intensifying. Expat Indians are not only keen on purchasing a property in their homeland, but are also exploring real estate as an investment option. Besides the appreciating property prices, the city’s economic growth has created an increased demand for better facilities and accommodation, which in turn can generate additional rental income for NRI investors. All these factors have made Chennai a hub for real estate amongst the NRI community. 8. Are you targeting the Gulf NRI market for these projects? Yes. All our projects are designed to global benchmarks and offer a range of world-class facilities meant to promote holistic living. The global appeal has certainly attracted attention from several NRIs. We want to take it further and will soon be setting up a Sales Office in Dubai. We are also looking to strengthen our Channel Sales by increasing the number of Channel Partners to 100 in the Middle East.

AS FEATURED ON

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SPR 360˚ | SEPTEMBER 2018 | Edition - 004  

SPR 360˚ is a monthly newsletter produced by SPR Highliving that provides an insight into its various projects and an insider's look into li...

SPR 360˚ | SEPTEMBER 2018 | Edition - 004  

SPR 360˚ is a monthly newsletter produced by SPR Highliving that provides an insight into its various projects and an insider's look into li...