Bright Future Ahead In Indian Real Estate - 2013 www.estateavenues.in
ESTATE AVENUES THE LEADER IN REAL ESTATE INFORMATION
CHANGING LANDSCAPE OF INDIAN RETAIL SEVEN CITIES
As 2012 closes, industry experts are formulating predictions for the property market in 2013. So what will happen to cap rates? I N D I Aâ€™ S F I R S T PA N I N D I A R E A L E S TAT E M A G A Z I N E
From the Editor's Desk
ADVISORY BOAD Dr Anil Sharma, CMD Amrapali
Mr Mohit Arora Director Supertech Limited
Mr Chitty Babu CMD, Akshay Homes Ltd Prof P S N Rao Chairman, NAR India Ms Ananta Raghuvanshi Director, DLF Limited Ms Rakhee Nagpal Founder-Chairman, DVS Mr Pradip Jain Chairman, Parsvnath Developers Ltd Mr Himanshu Pant Head Sales and Marketing Silverglades Group
Bright Future Ahead
Col. Prithvi Nath Head North NAREDCO Cyrus Engineer Head Marketing and Sales Tata Realty
As we bring 2012 to a close, there are a few important things we can now behind us such as the worst real estate downturn in real estate history. Here is
Mr Dheeraj Dogra Director, Retail, BNP-Paribas Real Estate
something else we can begin to put behind us are fence-sitting homebuyers. The percentage of Indians who say they are sitting on the sidelines rather than
Amit Handa Executive Director, Shri Group
considering buying a house has dropped sizeable. Make no mistake—we all understand that there are still steep challenges that
Ashwin Puri CEO, Property Zone Ms Smita Chakravarty Director, CII Editor Editorial Team
Business Team National Sales Head
Asstt. General Manager:
in the Parliament. However, the growth of positive market indicators puts us in
S L Talwar Yukti Talwar Bhakti Bapat
PUBLISHER & CEO
In issue four of ESTATE AVENUES—The Leader in Real Estate Information, we M | 099991 76985
present the latest developments in Indian real estate market and predictions features for our valuable readers.
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We are taking that to heart at Estate Avenues—a product of SS Media, and
explore what is new again in the world of real estate. And, as always, we
the perfect position to move full speed ahead into the New Year.
lie ahead— especially as we wait at press time for legislative decisions such as Real Estate Regulation Bill & Land Acquisition Bill that have been still pending
making several innovative steps as we move into 2013. So here’s to ending
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2012 on a positive note and looking brightly to the year ahead. From our SS
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S L Talwar
ESTATE AVENUES T H E L E A D E R I N R E A L E S TAT E I N F O R M AT I O N
44E/9, Kishangarh, Vasant Kunj, New Delhi - 110070 Telephone : 011- 26892745. 011- 26892746
CONTENT 1. News in Real Estates
2. 2013 may brings cheers to Pg. 28 Homebuyers despite sluggish demand in 2012 - By S L Talwar Year 2013 is going to bring cheer to homebuyers. The silver lining for all those missed the boat, both developers and consumers, is that 2013 will start a fresh innings. In a country that has an acute housing shortage there will always be takers provided the offerings are enticing…… 3. Noida-Greater Noida emerges Pg. 40 hot favourite destination despite farmers’ stir Dr Anil Sharma - By S L Talwar Noida - Greater Noida has emerged as the hot favourite destination for many real estate developers due to many reasons. Excellent metro rail connectivity, home to leading MNCs and various prominent Indian companies, presence of many world-class facilities…. 4. A Touch of Technology in Real Estate Sector - Rakhee Nagpal
5. How to combat sluggish business environment in terms of real estate sector - By Kamal Meattle
6. Real Estate Reloaded - Dr. Kunal Banerji
7. Services Residences (Sandal Suits) in light of Sandal Lands
8. Mumbai-Pune Real Estate Sector Pg. 49 Instrumental in driving India’s growth — By S L Talwar Despite strong fundamentals in favour of the residential land estate, the segment is highly influenced by economic cycles. The residential real estate market in India witnessed a steady decline in demand and capital values due to the global economic melt down over the last few years….. 9. Choosing the right mattresses Pg. 52 and pillow — Anand Nichani, Director Polyflex India Buying a good mattress is very important considering the impact of bad Sleep On your day activities, it is therefore necessary to buy a mattress with both optimal cushioning and support…… 10. Indoor Air-Pollution— Pg. 53 A Silent Killer by Mr. Sukhpreet Singh, Vice President of Marketing & Sales (Decorative), Kansai Nerolac Paints A research says that indoor air quality is 2200 times more harmful that the outdoor pollution. The volatile organic compounds in paints have bad effects on human health as it causes a number of respiratory problems…..
ESTATE AVENUES T H E L E A D E R I N R E A L E S TAT E I N F O R M AT I O N
44E/9, Kishangarh, Vasant Kunj, New Delhi - 110070 Telephone : 011- 26892745. 011- 26892746
CONTENT 11. Connaught Place among top 10 most expensive markets of the world
12. Changing Landscape Of Indian Retail Seven Cities - Seven Horizons
13. Over 55% malls are vacant in Delhi-NCR: ASSOCHAM Survey
14. Your Grievances — Expert’s answers —Ms Ananta Raghuvanshi
15. Professional Profiles
16. Laminate flooring lends richness Pg. 78 to flooring yet economical - By Yukti Talwar The room furniture too feature current generation pre-laminated particle board which is easy to finish the furniture made of particles boards with the modern hardware consisting with auto-closing, soft closing and wider opening hinges. Such furniture adds to décor but most importantly the functionality 17. Luxury Homes — A Growing preference for new age buyers —By Jones Lang, LaSalle India
18. Directory of upcoming projects
19. Vaastu — Directions play key role in Vaastu — Naresh Singal
Advertisement Index Alpha Bop Cosmic Group Tata Reality Property Zone Assotech Supertech India property.com 99 Acer Naukri.com Imperial DLF
Inside Cover Pg. 2 Pg. 3 Pg. 5 Pg. 7 Pg. 9 Pg. 27 Pg. 47 Pg. 94-95 Pg. 96-97 Back Inside Cover Back Cover
CORRIGENDUM In December issue of Estate Avenues, page 78, the name of the project was wrongly printed as Mainland MeerutOne. The correct name of the project is Mainland Meerut. The mistake is regretted. Name of the Project : Mainland Meerut Developer: Alpha G : Corp Development Pvt Ltd Location of Project : Mainland Meerut, NH-58, Connecting Delhi-Haridwar. Total area of Project : Approx. 19 acres Mainland Meerut is a premium mixeduse development Carpet area of Units : 1388 sq. ft. (2BHK+Study), 1661(3BHK) Total No. of Towers/floors : The contemporary group housing within Mainland Meerut, christened MeerutOne, would comprise 30 low rise, G+4 Floors with four apartments to each core. No. of Units : 538 Apartments + 13 Villas. Date of start of Project : November 5th, 2012 Expected date of Completion : months from commencement of construction Rate per sq ft : INR 3000 per sq ft for MeerutOne in Mainland Meerut Category of Project : Affordable/middle class/Luxury:Mainland Meerut is a Mixed-Use Development Project comprising of state-ofthe-art residential, multiplex, retail and hospitality development. Type of Units : 2 BHK + Study /3 BHK Apartments & Villas
FROM PUBLISHER DESK
Game Changer Year of RE Policies The year 2013 is going to be a game changer in terms of policies and regulations, as most of the bills; particularly Real Estate Regulation Bill and Land Acquisition Bill that have been pending for the last few years are expected to be passed in Parliament in the coming months and will boost the sentiment of all stakeholders. The approval of FDI in multi-brand retail will attract foreign investment, which will not only benefit the retail industry but also boost the demand for commercial real estate and the RBI can be expected to lower interest rates in the coming months, which will benefit developers as well as consumers. The change in sentiment on account of the above measures will have a positive impact on all the segments of real estate, whether it is retail, office or residential and will certainly make 2013 a much better year in comparison to last year. The year 2012 has been disappointing for real estate as falling sales and rising construction costs have dampened the market sentiment. This is reflected in the financial performance of real estate companies which have taken a hit in their revenues and profit during the year. On the other side however, the year can be considered positive for property buyers as prices have remained stagnant unlike the previous two years where most of the cities witnessed a steep price rise. This offers a window of opportunity for those buyers who were sitting on the fence till now to start considering their purchase decision. Indian property markets have in fact fared better than several global counterparts and are expected to remain relatively stable in the immediate future, even as rates across several global realty markets may tumble by as much as 10-20%. Thus, despite the economic and political sluggishness in India, it continues to remain a promising market. That said there have definitely been some visible effects of the global slowdown on Indiaâ€™s realty markets as well. Most noticeably in the commercial property segment, given it has a strong correlation with global economic factors and performance. However, it became evident in 2012 that homes are not selling at the current price points, and developers do need to re-calibrate their bottom lines while still remaining viable as businesses. It is extremely doubtful that the previously offered freebies and other such incentives will prove to be much of a booster in the current environment. Since the only way to catalyse healthier sales at this point is offering buyers tangible financial relief, we are likely to see drastic trimming of frills in projects to make them more marketable from a pricing point of view, and innovative payment schemes.
Suraj Sharma Publisher & CEO
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ESTATE AVENUES THE LEADER IN REAL ESTATE INFORMATION
Handygo And PODG- SBPRA Tie-up For E-book Catalogue Distribution Throughout India
Anil Ambani's Reliance Group, China's Wanda To Form Township JV
New Delhi: Anil Ambani-led Reliance Group signed an agreement with China's retail player Wanda Group to set up a joint venture for building integrated township projects in India. The two will initially develop 135 acres owned by Reliance Communications Ltd (RCom) in Navi Mumbai and 80 acreas with Reliance Infrastructure (RInfra) in Hyderabad. Rcom and RInfra are part of Reliance Group. The two firms signed a MoU to "set up a joint venture for strategic long term partnership between the two groups, covering several areas of mutual interest," it is said in a press statement here. The first priority of the joint venture will "develop integrated township projects in India, including not limited to commercial buildings and residential condos / apartments, hotels and retail space," it said. Wanda group is the leading real estate developer in the world, and has built over 130 million square feet property in 66 integrated projects across 50 cities in China. Reliance Group said Wanda's expertise will be utilized initially for the Dhirubhai Ambani Knowledge City complex in Navi Mumbai owned by Reliance Communications Ltd, covering Policy
Also, a new business district project in Hyderabad, covering an area of 80 acres owned by Reliance Infrastructure Ltd, having "unlimited" FSI for development for commercial and residential purposes and hotels with plans to develop up to 10 million sq ft area in a phased manner will be taken up. Wanda Group, which is also a leading multiplex player in the world with over 6,000 screens, and Reliance MediaWorks Ltd will explore possible cooperation in the multiplexes business in the India and the US. Reliance Group Chairman, Anil D Ambani said, "Over the past few years, Reliance Group has become the single largest trading partner between India and China. We have built strong relationships with a large number of leading corporates, and major financial institutions and banks in China.” Wanda Group Chairman Wang Jianlin said: "Wanda and Reliance are two of the largest private conglomerates in their respective countries. By joining our strengths together, we hope our cooperation will bring mutual benefits and great results."
West Bengal Cabinet Approves Land Allotment Policy
Kolkata: The state Cabinet on Thursday approved a land allotment policy saying that it would “introduce transparency”. According to Commerce and Industry Minister Partha Chatterjee, industrialists can apply for land along with their Detailed Project Report (DPR). According to him, the standing committee of the Assembly on industries will examine the proposal and decide on them. “While in some cases bids will be invited, in some cases land will be allotted on merit,” he told media persons. “There was no transparency for land allotment and pricing for industry or commercial purpose. This government
an area of 135 acres, and having the potential for development of over 10 million sq ft.
intends to introduce the same,” he said. However, the policy has not changed the government’s stand on Special Economic Zone. Chatterjee said along with ITC, 14 projects received approval for land. He said ITC would be allotted 15 acre, but pricing was yet to be decided. With the panchayat elections ahead, the Cabinet approved sops for farmers like one time assistance of Rs 8,000 for powering pump-sets. Beside this, the state will offer between Rs 10,000 and Rs 45,000 for buying mechanized agriinputs through kisan credit cards. The state government approved an Indian Institute of Information Technology at Kalyani on 100 acre.
Salarpuria Sattya Launches Rs 500-crore Real Estate Project
Bangalore: The project envisages construction of 424 two and three bedroom apartments across five towers. Amenities include 20,000 sq ft clubhouse that features a terrace swimming pool, gym and an indoor badminton court. ESTATE AVENUES / JANUARY-2013
Bangalore-based real estate and infrastructure developer Salarpuria Sattva has launched its mixed-use development project ‘Necklace Pride’ located on Necklace Road in the heart of the city.
New Delhi: Handygo Technologies Pvt. Ltd, India’s leading Value Added Services (VAS) provider, announced a tie-up with Publish on Demand Global (PODG) and Strategic Book Publishing & Rights Agency (SBPRA) for the distribution of its e-Book catalogue throughout India. Speaking on the tie up Mr Praveen Rajpal, CEO, Handygo Technologies said “We are happy to announce the tie-up with SBPRA and PODG as this will allow us to provide the book lovers with a wide range of books of their favorite authors on the go. This tie up will allow e-Books to be downloaded directly to smartphones, a cutting-edge approach to product delivery. This tie up will also add to PODG’s growing global distribution network for its authors and clients. Not only this RockASAP.com’s search engine will empower users to find for their favorite books from its database, including SBPRA’s catalogue of 700+ titles. All SBPRA titles will be available for download and sale for all platforms beginning in midDecember.” Ms. Kait Neese, VP of PODG and SBPRA’s global distribution network said “Handygo is India’s leading provider of software and system enabling mobile value added services for video, messaging and interactive voice response. With the strong technological expertise of Handygo, PODG/SBPRA will expand its reach across India. This tie up will also help more authors successfully publish and market their books throughout Handygo’s distribution.” Spread over 8.5 acres, the Rs 500-crore project will have residential, commercial and retail spaces comprising 1.6 million sq ft built-up area. The project is expected to be ready by 2015. According to managing director Bijay Agarwal, the project envisages construction of 424 two and three bedroom apartments across five towers, each consisting of 14 floors. He said the company had an upcoming 700,000 sft commercial project ‘Cyber Garden’ in the city that was nearing completion. It was also planning to construct a 7.5 million sft hi-tech city that was estimated to cost Rs 1,000 crore. “Though construction activities had slowed down in Hyderabad in the recent past, we see immense potential in the city due to its excellent infrastructure support,” Agarwal stated.
Mapsko Launches Luxurious Residential Space In NCR
"Cities like Noida and Gurgaon have transformed and expanded almost unimaginably, brimming with luxury apartment complexes, commercial malls, IT-parks, offices of domestic and multinational companies, etc. Some of the best construction companies in India are playing a pivotal role in bringing about this development. Mapsko Group is one such company which has built a portfolio of developing intensely luxurious residential spaces in the Delhi NCR. Mapsko Mount Ville, which is coming up in Sector 78 and 79 in Gurgaon, is the latest offering of the company. Mount Ville has a panoramic view of the Aravali hills. Mapsko Mount Ville comes in a complete package of luxury and exclusivity. This project boasts of Hill Homes, designed by Hafeez Contractor, and has more than 800 units in the 3- and 4BHK format. Each apartment comes furnished with ACs, a modular kitchen and wardrobes in the bedrooms. Residents can avail the facilities of an ultramodern clubhouse, a well-provided kids’ play area, exotic landscaping by international experts, air-conditioned entrance lobbies, liberal space distribution for open air, light and greenery, among several other amenities, which make Mapsko Mount Ville a very attractive choice for homebuyers and investors. The company is also developing two luxurious residential projects in Sonipat, which is developing into a good realty destination. Mapsko City Homes presents independent residential floors in a low-rise building, with an entire floor to oneself, amid well-developed parks roads and green landscape. Mapsko Garden Estate is the second residential project in Sectors 26 and 27 in Sonipat. This integrated township over 150 acres is full of trees and boulevards, a company spokesman said. Location is not a limiting factor for Mapsko as it has residential grouphousing projects in Delhi and a 5-star resort in Udaipur. The company is presently promoting two top-of-theline commercial projects: Mapsko Royale Plaza in Sector 82, Gurgaon, and Mapsko Business Arcade in Sector 27, Sonipat. Both are centers of good business opportunities.
Atul Talwar Joins Collage Group As Sr. Vice President-leasing
New Delhi: Collage group is proud to announce the appointment of Mr. Atul Talwar as the company’s Sr. Vice President - Leasing. With more than 25 years of extensive experience in Sales and marketing, Atul’s previous engagements include roles in Retail Business Development, Marketing and Operations. He is considered to be an industry veteran in Asset Management of Retail projects. Having worked with some of the most reputed names within the country; his knowledge in international best practices and their application to the Indian market scenario make him an invaluable asset. Over the years, through his various roles and associations, Atul is a well-known name in the Retail and Real Estate industries. He brings to the team the highest level of commitment and professionalism. Atul started his career in Advertising taking up freelance projects. After a series of interesting projects in the fields of communication and marketing with RETAIL LAUNCHES
various organizations, he moved to a corporate role in the organized retail sector. A quick learner and hard worker he soon was promoted to the role of Head-Business Development in Home Stores (India) Ltd. He was pivotal in establishing stores across the country and lead business development and new projects for retail business of the group. Post his successful stint with Home Stores, he moved on to Spencer’s Retail Ltd. as Head-Properties where he managed the real estate strategy plans for the company. As Vice President - Mall Management & Leasing, Advance India Projects Ltd., he directed all business development efforts for the retail projects. He was responsible for complete asset management of the groups Retail Developments. Atul, finds his inspiration in Henry Ford’s famous words, “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”
Promart Opens Store At Dwarka With Bollywood Actress Neha Dhupia
New Delhi: Promart Retail- a discounted retail chain and value format concept, announced the opening of its store at Dwarka with Bollywood actress Neha Dhupia. The store is spread across 2380 sq. ft near Rajapuri Chawk and this is Promart’s first store in New Delhi. Former Miss India, Neha Dhupia, officially raised the curtains with great pomp and show amidst a large audience. The Bollywood actress graced the occasion by posing with the winners of the ‘Meet and Greet’ contest organized by Promart’. The store houses an extensive range of kids wear, ethnic wear; casual and formal wear for men and women. Brands like Pepe, Arrow, Lee, Mufti, Puma, Spykar, Wrangler are available at upto 60 percent discounts throughout the year. Due to the winter season around the corner, Promart has stocked up brands like Lee, John Player and Agamic with sweatshirts, jackets and sweaters that will be available in the store. Promart offers amazing deals and discounts for a seamless shopping experience to all its buyers in the price range of Rs 49 upto Rs 1899. On this occasion, Ashish Garg, Managing
Director, Promart said, “Though our focus lies in the Tier II-Tier VI cities, we got an opportunity to open a store in Dwarka, and hence we opted to take this up as a challenge. We will only look at opening stores in the metros at the right time and right place, having said that, Promart is currently working on opening 100 stores by the FY2012-13. Overwhelmed with the response, Neha Dhupia said,” It feels great to be a part of the Promart family. I have earlier visited one of their stores and was pleasantly surprised at the amazing collection that the store has under one roof. I am hopeful that people will also get to catch the trendy and affordable mix of brands at the most affordable price points.” 13
ESTATE AVENUES / JANUARY-2013
Bhartiya City Launches Its International Sales At Indian Property Show, Dubai
Dubai/New Delhi : Bhartiya City an integrated city spanning 125-acres, near Hebbal in Bangalore and envisioned as the largest development of its kind within metro limits in India, makes an impressive debut at the 11th edition of the Indian Property Show at World Trade Centre Dubai, from 13 -15, December. With a planned investment of close to $2 billion, the total built up area of Bhartiya City is envisaged at 17 million square feet. Bhartiya City launched Nikoo Homes, the residential district of the project on November 1, with homes priced between Rs 29 lakhs and Rs 1.5 crores. Response has been overwhelming with all the homes available for sale in India in the first release having been already booked. The Indian Property Show will be the first time bookings are being offered outside India.
Commenting on their participation at the Indian Property Show Mr. Snehdeep Aggarwal, Founder-Chairman Bhartiya Group said, “At Bhartiya City, masterplanned to the last square foot, we have incorporated all elements of design to create a township that brings the concept of Live, Work, Play and Dream. The city with its distinctive features like cycle friendly streets, world class amenities and public realm, makes it India’s first design-driven real estate destination.” Mr. Sasi Madathil, CEO Bhartiya Group added, “Dubai is an important business hub and that is why we are commencing our international sales here. Integrated townships are a growing trend in India and we are sure the design excellence and international standards of quality will meet the needs of the discerning buyers here.”
Mantri Realty To Invest Rs. 750 Crore For 3 Housing Projects
Mumbai: Real estate developer Mantri Realty today said it will invest up to Rs 750 crore to develop three housing projects in Maharashtra and Karnataka over the next 2-3 years. “We will launch 3 new projects next year. The total investments on construction of these projects will be Rs 700-750 crore,” company chairman Sunil Mantri informed at NAREDCO summit. He added that one project each will be launched in Pune, Solapur and Bangalore during the period. Of these, the Pune project will be launched by March next year and will be a luxury housing project. The flats would be offered for Rs 1 crore each in the project. “We will have about 8 lakh square feet area in the Pune project which will house around 350 flats. We will invest Rs 400 crore in the project,” he added. ESTATE AVENUES / JANUARY-2013
The company will also launch another luxury housing project in Solapur next year, which will also have some commercial spaces. “The Solapur project will have 100 units and we are going to invest around Rs 100 crore on its construction,” he said. Talking about the Bangalore project, Mantri said it will be a group housing project and would be launched by the middle of next year. “We will build 1,000 units in the Bangaluru project. The construction cost will be around Rs 250 crore,” he said. When asked how the company is going to fund these investments, Mantri said it will be done through internal accruals, debt and selling stakes in the projects to private equity firms. The real estate developer is currently developing 10 projects at various locations, mainly in Western India.
Puravankara Spreading Wings Across India
Mumbai: Provident Housing Limited, a wholly owned subsidiary of Puravankara Projects Limited, is set to launch India’s largest residential township project. This gargantuan project, ‘Provident Sunworth’, is a 6 million square feet project spread over 60 acres , strategically located off Mysore Road near the NICE Ring Road junction in Bengaluru, within driving distance from Electronics city, Industrial hubs and the IT corridor. The company is embarking on similar initiatives in other cities across the country, including Mumbai and Delhi. Puravankara established the Provident brand in 2008, in response to burgeoning demand for midincome housing. The prices are 20-2530 % lower than offerings in the specific micro market. The new project, Provident Sunworth, encompasses 2 BHK units priced at Rs. 29.75 lakhs and 3 BHK priced at Rs. 35.96 lakhs, all inclusive. Provident projects are equipped with all modern attendant facilities: multiple club houses, swimming pools, gymnasium, walking tracks, landscaped gardens, play areas, super markets et al., encapsulating community living at its best. Mr Ashish Puravankara, Jt. Managing Director, Puravankara said, “Provident was conceived from the vision to deliver premium homes at affordable prices. While the premium housing segment was the driver of real-estate sector growth in the past decade, I am convinced that the premium affordable housing segment will be the catalyst of growth in the coming years. As such, I foresee significant opportunity to take the Provident proposition beyond metros, to Tier 1 and 2 cities as well.” Madhu V, Managing Director, Provident Housing added “The group’s immediate expansion plans include launches in Mangalore, Coimbatore, Hyderabad, Mysore and Chennai besides the addition of two more projects in Bangalore. Future markets of interest are New Delhi, Mumbai, Pune, Ahmadabad, Baroda, Kolkata Nagpur and Jaipur. With these aggressive expansion plans and many more in the offing, Puravankara has trained its sights on becoming a developer of nation-wide standing by the end of the decade.”
ADD Albatross Appoints Meinhardt (singapore) For Civil Structural Mep
Chennai: Archean Design & Development (ADD), the real estate arm of the $550 million Archean Group announced that it has appointed Meinhardt (Singapore) for Civil, Structure & MEP. Meinhardt is an international multidisciplinary engineering firm with over 50 years experience, Meinhardt’s awardwinning projects have garnered recognition globally, and has received several awards for innovative and inspiring solutions. Albatross- A modern lifestyle community is located on OMR before SIPCOT IT Park on OMR, which combines the convenience to the city with the beauty of the sea. This Modern residential development is designed to ensure 60 per cent direct celestial view of Bay of Bengal from their private balconies. The signature towers with G+27 floors offer 2.5 and 3 BHK Air-conditioning lifestyle apartments along with Duplexes and Penthouses on top floors. Nakshatra Roy, Managing Director, Archean Design & Development Said, “We are confident that we will be able to deliver this project on time. As a testament to our commitment towards PROJECT LAUNCHES
becoming the leading solutions provider for the property industry, we are pouring all our resources towards the timely completion of this project while ensuring that it surpasses the high quality standards, we are happy to appoint Meinhardt (Singapore) in bringing better quality real estate for our customers.” Riddhi Karmacharya, Director, Meinhardt (Singapore) Said, “We have provided state-of-the-art, innovative solutions to this project & we hope this should set new standard during the delivery of this project which will benefit ADD Albatross, users and community at large”. Albatross will be ready for occupancy by 2015.
M3M India Brings Life To Heart Of Gurgaon
New Delhi/Gurgaon: M3M India Limited, one of India’s leading real estate developers and pioneer in ultra luxury development, today announced launch of M3M Woodshire, a premium residential project comprising of 18 mid-rise towers spread across more than 19 acres in sector 107 of Gurgaon along Dwarka Expressway, zero kilometer from Delhi. With a total of 984 units encompassing 2-3-4 BHK apartments and Penthouses, M3M India is looking to realize a total sales value of Rs 850 crore from this project. In an attempt to address individual and collective needs of the society in premium community living, M3M Woodshire has been strategically priced in the range of Rs 1 crore to Rs 2 crore. Located along the national capital boundary, M3M Woodshire perfectly fulfills the requirement of those who aspire to live life away
from the crowd yet in the heart of the city. Strategically located on the Dwarka Expressway where prices have seen tremendous appreciation in last two years, M3M Woodshire also ensures a much better return on investment. On the occasion of launch, Mr. Pankaj Bansal, Director, M3M India said: “I am extremely delighted to announce the launch of M3M Woodshire, a classy premium project that will be known for its quality and aesthetics as all our other projects are. M3M Woodshire has been planned as a package of leisure and comfort to offer its residents premium living conditions and a superior infrastructure. The best part of M3M Woodshire is when you have had your fill of peace and need to head out to the city for a taste of food, culture, entertainment, it’s just a little away from home. It is really an island of peace in the heart of the city.”
“Make Affordable Housing A Priority While Urban Planning”: NAREDCO
Delhi: Holistic urban planning which would include a focused effort towards affordable housing would be imperative if India is to address the 18.78 million household urban housing shortage. “Socio-economic planning should go hand in hand with spatial planning” was among the various insightful recommendations which were made at NAREDCO’s 11th Annual Convention on “Sustainable Housing for Masses: Introspection and Way Forward”. The two-day convention, which attracted over 400 delegates from across the country, highlighted that optimal utilsation of land, especially of Government-owned land parcels, could improve land availability for real estate developers. In addition to the need for unlocking PSU land, the various real estate stakeholders deliberated on other key issues such as delay in approvals from multiple local authorities, the need for more innovative financing options for low-income groups, limited financing avenues for developers, and how the Public Private Partnership (PPP) model can be used more efficiently? To increase the credibility of the sector, there were also calls for bringing in all the key stakeholders i.e. the Developers, the Urban Local Bodies, the financing companies and the customers under the purview of the Real Estate (Regulation and Development) Bill. Various speakers at the event also opined that through the efforts of NAREDCO, real estate developers were moving towards a mechanism of self–regulation. Delay in approvals from multiple local authorities, rising construction costs, lack of skilled manpower, financing constraints for low-income groups, limited financing avenues for developers, the need to relook laws & building guidelines and disputable taxation regimes, are the other key constraints for Real Estate developers, says the NAREDCO-KPMG report. Affordable Housing be included in the list of infrastructure so that concession and benefits availed by various infrastructure categories is available to housing. The convention was earlier inaugurated by Shri Pranab Mukherjee, the Honorable President of India, Shri Ajay Maken, Minister of Housing and Urban Poverty Alleviation was also present along with other esteemed dignitaries. The NAREDCO-KMPG study on “Bridging the Urban Housing Shortage in India” was also released during the course of the event. 15
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Indospace Inaugurates Rs. 400 Crore World-class Industrial And Logistics Park At Chakan, Pune
New Delhi: IndoSpace Chakan, the first in a series of modern industrial and logistics parks, being developed across India, has commenced operations at Chakan, near Pune. The total project cost is approximately Rs. 400 crore. Spread across 100 acres, the integrated industrial park houses modern warehouses and light manufacturing facilities designed to meet the logistics and supply chain needs of global companies. The park is being launched in multiple phases and phase 1 consists of over 400,000 square feet of built-up space which is operational. On completion of all phases, IndoSpace
The mall which will be the largest in South India in terms of built up space, largest number of shopping outlets and entertainment options under one roof is expected to be completed in next 30 months with an investment of 500 crores. Spread over 3.0 million sq ft, Mega Mall will have 12 screen multiplex, premium
shopping options, right-out-of-afantasyland gaming zones, roof gardens, fine dining options like never before, hypermarkets and multi-level parking space for 5000 cars. With a walking length of over 2 kilometers the mall aims to provide a one stop destination to the customers with everything to offer – from necessities to leisure and celebration. The 12 screen multiplex will present a Cinema experience like never before to the people of South India. The multiplex will consist of Gold Class theatres, which will offer a luxurious movie experience and an Imax Auditorium. Major anchors and over 130 stores to begin with and ultimately more than 250 retail brands will launch their flagship stores in the shopping arena. The Mega Mall will also be a culinary paradise with a 25 acre lakeside view, wide array of fine and casual dining experience and an iconic world view themed Eat Street – a lane peppered with intriguing shops and
boutiques amidst shady trees, pedestrian walkways with colorful awnings, way-side snack counters and shops. Lanco Hills which is an integrated IT project with IT Parks, premium residences and entertainment facilities in the vicinity which has an imposing skyline of neo-modern and classical design is moving at a fast pace. In July this year, Lanco Hills announced the launch of Domina, an elegant set of 2-high rise residential towers and now with the launch of the Mega Mall, Lanco Hills has further strengthened its commitment to the city.
BATA India Appoints DDB Mudra Delhi
December: Bata, India's largest footwear retailer, enjoying the dominant market share and available at over 1,250 Bata shoe stores across 500 cities in India, has appointed DDB Mudra Delhi as its dedicated integrated marketing and communications agency to shoulder Marketing Communication responsibilities starting December 2012. DDB Mudra will be responsible for strengthening the Bata brand and highlighting its contemporary and youthful product range. ESTATE AVENUES / JANUARY-2013
cities, IndoSpace is the largest industrial real estate developer in India and offers clients the opportunity to work with a single developer pan-India.” Chakan is among India’s fastest growing industrial locations and is home to major manufacturing units, including Volkswagen, Hyundai, L’Oreal, Daimler, Mahindra & Mahindra and Bajaj Auto. IndoSpace tenants include global companies with large scale distribution and light manufacturing requirements including leading retail, manufacturing and 3PL (third party logistics service providers) companies.
Lanco Hills To Build S. India’s Largest Mall In Hyderabad 500 Crore
Hyderabad: Lanco Hills, one of a world’s largest mixed development project in a single phase, announced the launch of its most awaited phase—The Mega Mall, which will be the largest mall in South India once constructed. This mall will bring a completely new experience for the people of twin cities. The Lanco Hills Mega Mall will be a destination mall which will serve to all demographics and tastes with widest range of options in every sphere like shopping, movies, gaming, entertainment and dining. The concept of the mall is in line with the promise of Lanco Hills to offer everything under one roof from luxury homes to office spaces to shopping and entertainment zones.
Chakan will have a total built-up area of 1.7 million square feet spread across 8 buildings. The park will be managed by Realterm Everstone Development Management, a pioneer in modern logistics spaces across India. Brian Oravec, Managing Partner of Realterm Everstone Development Management said, “All IndoSpace parks are designed for efficient, cost-effective supply-chain operations, which enables IndoSpace tenants to optimise their operations. With a total of 15 million square feet of modern industrial real estate facilities currently under development across five
Bata India continues to maintain an aggressive momentum on retail expansion, having added 168 new stores so far this year and is resolute in its plans to launch new and exciting styles for the entire family. The recent growth in business is testimony to Bata’s commitment towards providing consumers the best quality footwear. Speaking on engaging DDB Mudra Delhi, Mr. Rajeev Gopalakrishnan, Group Managing Director, Bata India Limited
said, “DDB Mudra’s robust experience in Media, OOH, Retail and Experiential lifestyle retail has positioned them as our preferred choice. Their understanding of our brand integrated seamlessly with our foreseeable plans. Given the complexities of the retail marketplace and our diverse portfolio of products, it was crucial to select a creative and passionate team to partner Bata in our growth endeavor.”
Prayag Polymers Goes Green With 7000 Series!
New Delhi: Leading manufacturer of P.T.M.T Symet bathroom & kitchen accessories, Prayag Polymers has brought 7000 Series of shower panels to suit requirement of Green Building norms and save water to add a unique functionality with elegance. The whole 7000 series has been manufactured to carry forward the same tradition of pioneering excellence. To promote eco- friendly buildings and full fill the demand to match the with the usage criteria, Prayag Polymers has taken this initiative to manufacture eco friendly CP bath assets and ensures style with functionality. Prayag polymers believe in PROJECT LAUNCHES
According to Mr. Nitin Agarwal, Managing Director of Prayag Polymers, “we offer the same uncompromising quality, impeccable workmanship and finish that you expect every time from product. Made from the finest grade of stainless steel, each is tough, corrosion & scratch resistant, maintenance free, and
promises a lifetime of completely dependable service.” Prayag’s 7000 Series are thoughtfully designed to provide a wide and comprehensive range of models that enable you to choose the one that precisely matches your needs. You can select variety from shower panels in rectangular, square, round shape, hand and overhead shower panels. Prayag 7000 Series shower panels offer 9 years warranty and unbeatable durability with high performance. Starting from Rs. 699/- it goes to Rs. 3599/-.
Tata Housing Sells Entire Phase II Of Its Gurgaon Project Within Two Days
New Delhi: Tata Housing Development Co. Ltd, India’s leading real estate development company announced that it has sold the entire phase II ofPrimanti, a premium luxury housing project within two days of the launch, located at Sector 72 in Gurgaon. The phase II of the project comprised of 150 units spread across 4,50,000 sq.ft and valued at Rs. 350 crores. Spread beautifully over 36 acres of the expansive area, Primanti is a green haven with 80% of the property is reserved for open spaces. The rich flora forms dramatic patterns with stone structures and water features, inspired by Delhi’s Mughal Gardens. Mr. Brotin Banerjee, MD & CEO, Tata project launches
new innovation with reliability that comes together in premium 7000 series. These chrome plated shower panels are made to act of using and managing water in offices and houses. Understanding the importance of water, the entire collection ensures to save every drop of water with less maintenance.
would provide them an exclusive lifestyle while at the same time the project would abide by the tenets of sustainable and green development under the guidelines of IGBC.”
Housing Development Co. Ltd., said, “We are elated with the customer response received for our Gurgaon project even in this sluggish market scenario. This reiterates customer’s confidence and our endeavor to offer the best in class luxury homes in the NCR market. We are committed to offer our consumers a unique and differentiated product that
Designed by international architect Kohn Pederson Fox Associates (KPF), Primanti offers 102 world-class villas, 75 Executive Floors, 89 Executive Apartments and 828 Tower Residences. It also offers a stateof- the-art clubhouse and sporting zone along with Spa facilities designed to provide the perfect ambience to de-stress and unwind. The units were priced as 3BHK costs around Rs.2.28 crore to 2.38 crore and a 4BHK costs around Rs.2.95 crore - 3.11 crore.
Aashima Mall Under The Care Of Beyond Squarefeet
Mumbai: Aashima Mall, which is promoted by Sree Govind Realty Pvt. Ltd. is the 2nd largest operational Mall in Bhopal. Sree Govind Realty have recently appointed Beyond Squarefeet to Reorient Aashima Mall with focus on the customer. Operational since April 13th 2012, Aashima Mall is a part of a mix-use development with about 3,00,000 sq.ft of Retail area with the total project area being 6,00,000 sq.ft. Situated on the main Hoshangabad road, Aashima Mall caters to the 1.5 million captive customers. Sree Govind Realty is part of the 700 crore ARK group and a reputed Real Estate Developer and have chosen Beyond Squarefeet to re-orient Aashima Mall in Bhopal. Besides the Reorientation, Beyond Squarefeet will also be responsible and accountable for the marketing, leasing and Fit-out management of the Mall.
Aashima is one of 2 operational Malls in Bhopal serving a population of over 2 million residents of one of the fastest growing cities in India. The key operational Anchors of Aashima Mall are Reliance Mart, Cinepolis (seven screen multiplex), Reliance Trends and various reputed brands such as Wrangler, Roxton, DLF Ave.nue, Motimahal, Yoko Sizzlers and many more. Besides these, the Mall also has an operational Food Court with kitchens including U.S. Pizza,
Brownie point, Shiv sagar, Maroosh, Baskin Robbins etc. Aashima Mall is also planning to incorporate a Family Entertainment Centre and many other USPs in the coming months. Speaking on the occasion, Mr. Sanjay Mulchandani, Director Aashima Mall says, “We understand that, a professional team is essential for the success of the Mall hence we are now handing over the project to beyond Squarefeet as they have the required expertise and experience to convert this Mall in to a successful destination.” Speaking on the occasion, Mr. Susil Dungarwal, Chief Mall Mechanic®, Beyond Squarefeet says, “Over a period of time, we have realized the potential of tier II cities in the country and hence are now focusing on Malls such Aashima which need a scientific approach customized to its primary catchment.” 17
ESTATE AVENUES / JANUARY-2013
Superbrands Honours India's Strongest Consumer Brands
New Delhi: Superbrands, the independent authority and arbiter of branding has recognised India's strongest consumer brands for their achievements and excellence in branding. Superbrands also unveiled the 2012-2013 Superbrands book featuring the story of 86 of India's strongest consumer brands. Mr. Sachin Pilot, Hon’ble Minister of State for Corporate Affairs was the chief guest at the tribute event. While wishing Superbrands on its tenth anniversary the Hon’ble Minister hoped that with Superbrands doing yeoman service for corporate India brand development would get a fillip and companies would pay heed to the need to wean people away from commodity buying to brand buying. Mr. Steve Smith, Chairman & Managing Director, Superbrands Worldwide Limited said, "Consumer Superbrands recognised worldwide as the Oscars of Branding has helped companies and brands create a discerning identity in the market. We are delighted to celebrate the success of India's strongest brands which are increasingly gaining an international following. I understand that more than 140 companies have so far used the Superbrands logo to distance themselves brand LAUNCHES
from competitors and gain a decisive marketing edge in the only place that finally. Mr Anmol Dar, Managing Director, Superbrands India said: "Even during recessionary conditions and budgetary constraints, Superbrands continues to be seen as an important marketing tool and a worthy investment to boost sales rather than an expense head." He further added that, "Superbrands in its role as a brand arbiter, has been very successful in creating a niche for itself as a brand differentiator.
ESTATE AVENUES / JANUARY-2013
Chhabra 555 Launches Its New Store At Arjun Nagar, 3rd In Ghaziabad
The 2012 Superbrands Tribute Event held in New Delhi was the culmination of sixteen months’ effort and is a true celebration of the outstanding success brands in India have achieved. The
Cinépolis Launches ‘Mangalore’s 1st International Multiplex’ At City Centre Mall
Mangalore: Cinépolis, the World’s 4th largest cinema chain and India’s 1st international exhibitor, announced today, the launch of its 5 screen, 100% digital multiplex at Mangalore. The multiplex with 1,233 seats brings together Real D, the world’s best 3D technology, Hollywood standard 2k digital screens and 7.1 Dolby digital audio. After Bengaluru, this is the 2nd Cinépolis multiplex in Karnataka. Mr Milan Saini, Managing Director and Country Head, Cinépolis India, said “We are pleased to open the biggest and best cinema of Mangalore. Our patrons can look forward to enjoying a truly world class movie going experience with our state of the art cinemas which are conveniently located in the heart of the city and in the best mall of the city. “Patrons stand to greatly benefit from ‘Club Cinépolis’ - the hugely successful loyalty program run by Cinépolis” informed Mr. Devang Sampat, Head – Strategy, Cinépolis India. “Movie goers can register with Club Cinépolis for free and start accumulating reward points for every purchase made at the Cinépolis
Superbrands India Council for 2012 comprised: Vineet Agarwal, Executive Director, Transport Corporation of India, Amar Babu, Managing Director, Lenovo India, Ashish Dikshit, President, Madura Fashion & Lifestyle, Punit Goenka, Managing Director & Chief Executove Officer, Zee Entertainment, Kuldip Kaura, Chief Executive Officer & Managing Director, ACC, R M Malla, Chairman & Managing Director, IDBI Bank, B S Nagesh, Vice Chairman, Shoppers Stop Sundeep Sikka, Chief Executive Officer, Reliance Capital Asset Management, N Thiruambalam, Former Chairman & Managing Director, Heinz India.
Box Office. These points can be later redeemed for free tickets.” Mr. Sampat also added “Club Cinépolis members also have the opportunity to meet and greet their favorite Bollywood and Hollywood stars. In the last two years of operation, Cinépolis fans have had the opportunity to meet stars like Shahrukh Khan, Amitabh Bachchan, Tom Cruise, Akshay Kumar, and many other celebrities.” “For the first few weeks, we invite all cinema lovers in Mangalore and neighboring towns of Manipal, Udipi and Kasargod to try out the unique Cinepolis experience with our special introductory prices starting at Rs.80 for normal seats and Rs.130 for VIP seats. “ Cinépolis currently operates at Ahmedabad, Amritsar, Bengaluru, Patna, Surat, Ludhiana, and Bhopal. Starting 2012 with 32 screens, Cinépolis has added 17 more screens until now, making it one of the fastest growing multiplex chains in the country. With the addition of Cinépolis Mangalore, Cinépolis now stands at a total of 49 screens across all four geographic zones.
New Delhi: Chhabra 555, one of the biggest retailers in Indian ethnic wear, opened its 3 rd store in Ghaziabad which is located at Arjun Nagar. Inauguration of the store was done by Tejinder Pal Singh, RWA Federation's President. Mr. Ashok Nagpal is the owner of the franchise and the store size is approx.5000 sqft. The product line includes the whole gamut of Indian ethnic wear for women including Lara Dutta- Chhabra 555 collection, sares, suit dupattas, lehangas and fabrics. Speaking on the occasion, Mr Jagdeep Chhabra, MD Chhabra 555 said, “ We already have two stores in Ghaziabad & we have been receiving a great response from this place. We will continue to cherish our bond with the people of Ghaziabad in the years to come. He also added, this season Chhabra 555 Fashions Pvt. Limited has come up with an exclusive collection especially designed by Lara Dutta as a part of her designer label that includes ensembles ranging from traditional Benarasi silks to contemporary net sarees.”
Legend Siroya Gets Spain To Maharashtra With ‘Marbella’
Mumbai: Legend Siroya Realtors gets Spain to Maharashtra with their luxury township project ‘Marbella’ in the famed holiday destination of Lonavala. Modeled on the lines of Spanish architecture and culture, Marbella is inspired by the town of the same name in southern Spain. Exquisite scenic beauty, beautiful beaches, ancient architecture with the unique combination of advanced technology characterizes this Spanish town. Marbella is a 38-villa luxury project, conveniently located on the MumbaiPune express highway, at New Tungarli, about 100 meters from the famous Fariyas Resort. One of the prime locales of Lonavala, the area is often termed as the ‘Altamont Road of Lonavala’. The plot is an almost perfect square shape, which in itself is unique. With hills and valleys on two sides, it boasts a river flowing through the other two. A check dam is scheduled to be built by the developers to ensure that the river level is sufficient to beautify the area, and improve water conservation.
Also, in a bid to be eco-friendly, each villa has been provided with a wind turbine, so that wind energy can be utilized to operate generators in case of a power cut. Legend Siroya believes in preserving nature and being environment-friendly. Hence, special care has been taken to remain eco-friendly as far as possible. The
If one believes in living life king-size and desires a home away from home, Marbella is the right investment as it is a seamless amalgamation of natural beauty and fine luxury. Speaking about the project Rohan Siroya, Director, Legend Siroya Realtors said, “People have asked me what the concept behind Marbella is. We saw something people wanted, something that was not being offered. We decided to give that to them. That’s how we came up with Marbella. ”
Each villa too has been designed with special attention-to-detail, complete with individual swimming pools and deck. The larger villas have lobby-height of 40 feet; more than double the usual height. The architecture ensures each property is spacious, airy and has a beautiful view.
street lighting in the project has been enabled by using solar power batteries. Rain-harvesting to preserve water, one of the most valuable resources, has also been facilitated.
Berger Paints Announces The Launch Of Lewis Berger Design Stories
Kolkata, December 13, 2012: Berger Paints India Ltd, the second largest decorative paint company in India, announced today the launch of the exclusive ‘Lewis Berger Design Stories’ in association with Ms. Sussanne Roshan and The Charcoal Project. This is first time in the paint industry, where a celebrity designer has been roped in to introduce Designer Room Themes in paints. The Lewis Berger Design Stories addresses this basic latent need in the consumer space by providing them with readymade room themes which include wall textures, furnishings and furniture. The limited editions themes that are being launched in the first phase include, Theme “Metropolis” for the living room, Theme “Yin Yang” for the dining room,
Paints India Ltd commented on the occasion, “The launch of the Design Stories is a conscious effort on our part to fill in the distinct need gap in the consumer space. The discerning consumers today are looking towards adding an exclusive touch to their homes and all the elements of Design Stories(colour, wall designs, furnishing and furniture) add that exclusive touch that they are seeking.”
Theme “Shutters by the Sea” for the bed room. A consumer has to SMS “BERGER” to 56767 to avail the themes. The furnishings forDesign themes will be provided by D’Décor and the furniture will be provided by The Charcoal Project. Mr. Abhijit Roy, MD & CEO, Berger
Ms. Sussanne Roshan remarked on the occasion, “I am very happy to be associated with a leading brand like Berger and hope to reach out to a wider audience through this alliance. The SR House of Design has a legacy in interior designing and through our world class designs we hope to appeal to consumers all across.” 19
ESTATE AVENUES / JANUARY-2013
Nike Launches “house Of Football” In India
NEW DELHI: Nike India today announced its partnership with Planet Sports to launch the first of its kind exclusive retail spaces for Football and Cricket, “House of Football” and “House of Cricket” in Delhi.
compete with the best. Nike offers the best in class innovations at the House of Football thereby providing young football athletes the access to the latest football gear to train and to compete. The House of Football is a fantastic concept by Nike.”
Nike’s House of Football at Planet Sports in Ambience Mall, Vasant Kunj is a dedicated space to showcase Nike’s best innovation in the sport. Young athletes can find the best of Nike’s football products for training, competition and lifestyle wear. Access to the best performance innovation begins now as Nike launched the much-awaited GREEN SPEED 2 football boot as part of the official store opening.
talent, Uttam Rai in the midst of hundreds of young football athletes and media. The GS2 is the lightest and fastest production boot Nike has ever made in addition to being the most environmentally friendly boot available.
Speaking at the launch of this unique Multi Brand Retail concept, Avinash Pant, Marketing Director- Nike India Pvt. Ltd. said “We are extremely delighted to partner with Planet sports to launch this first of its kind exclusive Football and Cricket space. We aim to establish the House of Football and Houseof Cricket as the Ultimate destination for young athletes and fans.”
Indian football legend, Bhaichung Bhutia inaugurated the House of Football and presented the first pair of GREEN SPEED 2 to India’s most promising football
Speaking from Nike’s House of Football, Nike athlete Bhaichung Bhutia said “I believe that to be the best, you need to feel like the best, train like the best, and
Equinox Launches Villas In The Sky In Water’s Edge
MUMBAI : Water’s Edge is a signature project of Mumbai-based Equinox Realty, a part of the Essar Group, marking its entry into the domain of residential development, located on the Outer Ring Road in Hebbal, the project offers luxury residences, exclusive amenities and state of art facilities. Conceived and planned to offer a truly world class living experience, the project offers premium and exclusive amenities, facilities and specifications. From its spaciously planned interiors to the high grade finishes and from amenities such as beach volleyball and an indoor golf simulator to a private screening gallery, each aspect of the project has been meticulously planned. The project has the total development spread across approx. 8 acres and on completion, it will have a total of approx. 400 apartments in five 40 storied highrise residential towers which will be among the tallest buildings of the city. These buildings will house elegantly planned apartments (3 BHK, 4BHK, Garden Duplexes & Penthouses) starting
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at approx.2500 square feet.These apartments come with a range of lifestyle elements such as provision for Jacuzzis, home automation and options of upgrades in internal finishes. Other key features of the project include extensive sports and recreational facilities, an exclusive indoor sports centre,a high end clubhouse, multiple parking levels, ecofriendly elements, a 4 tier security system and top notch property and facility management services. The construction will be completed in approximately four years. The area around Hebbal Lake and extending into the Outer Ring Road towards Nagavara is a preferred location as it offers many positives. A natural setting, good connectivity to all key locations of the city, proximity to educational, recreational and professional amenities such as schools, colleges, hospitals, banks and shopping areas have made this location rapidly evolve as a premium destination.
Reliance Digital Opens Their Latest Store In Growel’s 101 Mall
Mumbai: India’s largest player in the Consumer Durables and IT segment, Reliance Digital opened their latest store in Mumbai’s Growel’s 101 Mall. Apart from this outlet there are 12 other Reliance Digital stores across the city. Speaking about the arrival of Reliance Digital, Vice-President of Growel’s 101 Mall, Mr. Santosh Pandey, said, “We are proud to have the first Reliance Digital store in the Kandivali vicinity. Their exclusive range of electronics will ensure that our customer will get a wide range of products to choose from at affordable prices.” Spread over an area of 11,000 sq.ft., Reliance Digital is home to over 200 international and national brands with a range of over 4000 products at amazing prices. The collection at Reliance Digital includes Audio and Video products (LED, LCD & Plasma TVs, DVD players, Home Theatres), Digital Cameras, Durables like, Air Conditioners, Refrigerators, Water Purifiers, Kitchen and Home Appliances, Gaming Consoles and Games, Computers and Peripherals, Mobile and Fixed line instruments.
Ks Bath Assets & Soha Ali Khan Launch Glint
New Delhi: Amidst the much dazzling tint of glitterati and chatterati, KS Bath Assets ushered in “GLINT” – a premium brand of bathroom faucets and fittings. The fine new range was inaugurated by Soha Ali Khan, the celebrated Bollywood face along with Mr. Naveen Goel and Manish Goel – Directors, KS Bath Assets at Tivoli Garden, Chatterpur, New Delhi. Present in the high-on-action evening, Mr. Naveen Goel, Directors, KS Bath Assets said “With changing lifestyle and needs of customers; there is an urgent calling of innovation in technology and products in the dynamic market that needs to be addressed just-in-time.” Furthermore, Manish Goel, Directors, KS Bath Assets added “We have engineered these faucets after putting in careful attention to the need of the customers and demand of the space, these have to be equipped in.” K.S. Bath Assets offers an extensive
include a single lever mono basin mixer complete with flip waste. Attuned to the growing need of water conservation, K.S. Bath Assets empower its customers with a choice to turn socially responsible and opt for water saving options via its array of products including Mono Bath Mixer that offers exceptional flow rates at low pressure with an advantage of water economization and conservation. The newly launched GLINT range is available in market within a price band of INR 12,000 to INR 1,50,000 at the leading stores. gamut of product categories that ranges from bathroom fittings, sanitaryware, faucets, etc and launch of GLINT – the new faucet lineup by the group promises to revolutionize the market with its inspirational designs integrated with modern water conservation technology.
Adorn Your Feet In Red Eclectic Styles From Bata This Christmas
GLINT offers taps for basin, shower panels and other distinguished bathroom accessories, bidet and kitchen sinks that
Godrej Properties Launches Phase II Of Godrej E-city In Bengaluru
New Delhi: Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPRP), the real estate development arm of the Godrej Group, today announced the launch of Phase II of Godrej E-City, its residential project in Electronic City, Bengaluru. Phase II will consist of two 5-storey buildings with total saleable area of approximately 2 lakh sq. ft. Customers can choose from 2, 2.5 and 3 BHK apartments, ranging from 981 sq. ft. to 1,575 sq. ft. at prices starting from about INR 42 lakhs. The entire development is expected to have approximately 800 apartments with about 1 million sq. ft. of space. Spread over approximately 15 acres, this project is planned to be launched in three phases. The location offers excellent connectivity due to its close proximity to NICE Road and the Elevated Expressway on Hosur Road. Major junctions like Sarjapur / ORR and Silk board can be easily accessed through the well developed road network. Furthermore, major IT/ITes/Industrial work places like Infosys, Wipro, TCS, HCL, Bomassandra industrial area and Sipcot Industrial area, are located in the vicinity thereby making the location a vibrant economic hub for Bengaluru. Godrej E-City will offer various amenities including a modern clubhouse, a wellequipped gymnasium, swimming pools, a health club, a conference hall, and a
convenience store. Sports facilities such as an indoor squash court, a badminton court, a children’s play area and a jogging track will be provided besides indoor game facilities like table tennis and snooker. As is the case for almost all Godrej Properties’ projects, Godrej E-City is also being developed through a partnership model. The project will be developed by Universal Builders and Godrej Properties will act as development manager. Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “We are happy to launch Phase II of Godrej E-City, our residential project in Bengaluru. We are confident that Phase II will do well after the outstanding success of the first phase of this project, which was launched in October. Bengaluru is a crucial market for our growth strategy and we look forward to delivering an outstanding project to all customers at Godrej E-City.”
New Delhi: It’s time again of the season to flood your wardrobes in red, blues and greens and flaunt your vivid styles with Bata’s Christmas collection this season. Bata India brings to you a collection of closed shoes for men and women in heels and flats to flaunt this party season. For women, they offer an assortment of closed footwear in suedes and patent leather to keep your feet warm and cosy while you party outdoors. In a colour pallet of reds, greys and browns this classic collection is available in ballerinas, boots and stilettos that come in dual combination of suede and patent with chain and bow to add an extra touch of class to your feet. Men can choose from a wide range of loafers in greens, blues, reds and greys to juggle between evening parties and outdoor fun. Bata India also brings a wide range of Bubblegummers in shades of red, green and blues to let your child have all the fun this winter. 21
ESTATE AVENUES / JANUARY-2013
DAMAC Properties Launches ‘The Distinction’
Dubai : DAMAC Properties has announced its first major new product launch since 2008, with 295 premium serviced hotel apartments in the Burj Area. ‘The Distinction’ will be a 195 metre, 53-storey, iconic tower overlooking the platinum real estate in the heart of Dubai, with enviable views of the fountain, mall and world’s largest tower.
“DAMAC Properties has become an established brand, synonymous with quality and luxury throughout the Middle East,” McLoughlin added. “We are chosen and trusted to deliver high-end, desirable living spaces in some of the best locations. ‘The Distinction’ certainly lives up to this promise.” The Distinction, which will be one of the most desirable projects DAMAC has ever undertaken, has been designed by architects ZAS with the interiors being undertaken by WA International. “In Dubai there remains a strong desire for the very best, and this, combined with an improving economy and limited availability of high-end luxury developments, is driving the demand. We are anticipating a high level of interest in ‘The Distinction’.”
On the back of improved market sentiment, which has shown average prices increasing by 14 percent in the first nine months of the year, according to the Reidin Residential Sales Indices, ‘The Distinction’ will serve to the very top topend luxury sector of the emirate’s real estate market. The rental market is also seeing strong growth with yields up as much as 24 percent in prime locations across Dubai according to a recent report by CB Richard Ellis. While Dubai’s property market sees a strong growth path, hotels are also benefitting, with 87.1 percent occupancy in October according to the latest figures from TRI Hospitality consulting - an increase of 7.5 percent year-on-year. “Luxury projects in prime locations are driving the UAE property resurgence and ‘The Distinction’ will provide the quality of finish and service expected at this end of the market,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “The serviced hotel apartments at ‘The Distinction’ will offer the
The company launched sales of the project from its offices at Ocean Heights in Dubai Marina and at Park Towers in the Dubai International Financial Centre. DAMAC Properties has a proven track record of delivering projects in the Dubai real estate, already completing 37 buildings across the UAE, with 7,817 units and nearly 14,000,000 square feet of space.
Hotel Serviced Apartments are a relatively new concept to the Dubai market, offering five-star concierge services to include everything from receiving fresh linen every day through to bookings for private jets and limousines and even having a top-end chef cook for you in your apartment.
RBI Allows $1 bn ECB For Promoting Low Cost Housing
Mumbai: The Reserve Bank today allowed real estate developers and housing finance companies to raise up to USD 1 billion through external commercial borrowings (ECBs) in the current fiscal to promote low cost housing projects. The funds raised through ECBs could be used either for developing low cost housing projects or for providing loans up to Rs 25 lakh to individuals for buying units with a price tag of Rs 30 lakhs or less. "It has been decided to allow ECB for low cost affordable housing projects as a permissible end-use, under the approval route. ECB can be availed of by developers/builders," RBI said in a circular. Besides developers, the central bank said housing finance companies (HFCs)/ National Housing Bank (NHB) can also raise ECBs for financing prospective ESTATE AVENUES / JANUARY-2013
highest levels of customer service, luxury and opulence placing it among the premium products DAMAC Properties has on the market today.”
‘The Distinction’ comes lavished with the highest quality amenities to be enjoyed by the residents, including a luxury spa which houses a relaxing Jacuzzi and peaceful sauna. There is also a high-tech gymnasium and stunning swimming pool.
owners of low cost, affordable housing units. Slum rehabilitation projects, the circular said will also be eligible for raising ECBs to fund affordable housing projects. ECBs are considered attractive as cost of raising the loan overseas is lower than that of domestic borrowings. Besides, they provide an additional avenue to access large amounts of funds from global financial markets. As per the guidelines, developers/ builders with a minimum track record of five years in undertaking residential project will be eligible to raise ECBs. With regard to HFCs, the circular said that only those companies with a minimum paid up capital of Rs 50 crore and minimum net owned fund of Rs 300 crore would be eligible to raise ECBs. It further said the maximum loan amount for individual buyers should be capped at Rs 25 lakh
subject to the condition that the cost of the individual housing unit would not Rs 30 lakh. On the limit of ECB for promoting low cost affordable projects, RBI said it would be USD 1 billion for 2012-13 and would be reviewed annually. The initiative follows the announcement made by the government to promote low cost affordable housing in the Budget for 2012-13, it added. The decision to permit developers and HFCs to raise ECBs was taken by the High Level Committee on External Commercial Borrowings in August to reduce the shortage of housing for low income groups in major cities and towns. The Confederation of Real Estate Developers' Association of India, an apex body of the organised real estate developers, had estimated the funding gap in housing sector at around USD 70 billion in the next five years.
Jain Group Forays In South Bengal With Dream Eco City
Kolkata: Real estate major, Jain Group, today, announced their ambitious foray in South Bengal with Dream Eco City, a unique residential project developed with Biophilic Designs. “For Jain Group, real estate is not about building houses, it is about creating value for our customers and upgrading lifestyles of the people who choose to trust us. Dream Eco City is a project that is in perfect harmony with the eco system. We decided to incorporate biophilic design as an integral part of this project. We did extensive research to come up with various design changes, various processes that would make the project more sustainable and less taxing to the eco system. Water, Energy, wastage all would be efficiently managed within this township project”, said Mr Shrayans Jain, Vice Chairman, Jain Group. Situated at a prime location in Muchipara on NH2, next to NSHM Knowledge brand LAUNCHES
Built as per Green Building standards, Dream Eco City will house a swimming pool, gymnasium, ampi theatre, jacuzzi, multi level garden, community hall, lounges and banquets, indoor games arena, shopping arcade and a 4-Star Hotel. The project also boasts off Solar panel lighting & water heaters, rain water harvesting, thick foliage of natural plantation, laminated wooden flooring,
VOC free eco friendly paint, eco friendly building material, non – toxic building material, energy efficient V3F lifts, four side ventilation, increased plant coverage in the complex, white roofs and house plants to detox one’s home naturally. In 2004, Jain Group had successfully ventured into Real Estate by creating a series of residential spaces at strategic locations in Kolkata under the aegis of ‘Dream Homes’. Today, Dream Homes have become a brand to be reckoned with. The group has a vision to build projects worth over Rs 2,000 crore covering 5 million sq ft of space by 2015. Jain Group has recently signed the first couple of Bengali film industry, Mr Prosenjit Chatterjee and Ms Arpita Chatterjee as the Brand Ambassadors of the Group.
Blackberry Signs Ranbir Kapoor As Its Brand Ambassador In India
New Delhi: Research In Motion (RIM) (NASDAQ: RIMM, TSX: RIM) today announced Bollywood superstar Ranbir Kapoor as its Brand Ambassador in India. As part of this engagement, Ranbir Kapoor will endorse BlackBerry products across various platforms and will also feature in upcoming multimedia ad campaigns in India. Known for his unconventional roles as a young and vibrant actor, Ranbir Kapoor is also widely known as a tech savvy star. Speaking on the occasion Ranbir Kapoor brand LAUNCHES
Campus, Dream Eco City offers easy connectivity to Durgapur railway Station. Surrounded by scenic natural beauty, it provides the best of indoor living and the natural world imbued with highest quality standards. Spread over 8 acres and over 1 million square feet of healthy living, Dream Eco City will house 800 families who subscribe to the healthy way of life.
said, “I am ecstatic to be part of the BlackBerry boys’ family. As an actor I recognize the power of communication so naturally, and the need to stay connected with friends within and outside of our industry and loved ones. BlackBerry is known for its unique and powerful communication experience; an experience that I have relied on over years to stay informed andz connected to things that matter so closely to me while on the move. BlackBerry is a brand that has a legacy of bringing innovative products keeping in mind the Indian market and I
am keenly looking forward to this association.” Sunil Dutt, Managing Director, Research in Motion (India) said, “We are excited to announce Ranbir Kapoor as our first brand ambassador in India. Ranbir truly personifies all the attributes that we endeavor to offer to our customers –enthusiasm, exuberance, persistence, excellence, fun, youthfulness, innovation and connecting with people and we recognize this great synergy between us. Moreover, we admire the fact that he is not only the face of contemporary Indian Cinema but he is also someone who represents the ideal source of inspiration for the youth of the current generation.”
Celebrate Christmas With Bonita’s Avant-garde ‘Balcony’ Dryers
New Delhi : With 2012 all set to bid adieu, zest and zeal takes over every woman to give a new makeover to her house during Christmas and New Year, from changing colour of the walls to furniture to home utility products. If you too are looking for stylish and modern products for this Christmas, Bonita, which comes from house of Casa Brands has introduced a series of new products which includes innovative Balcony Dryers : Teeny and Genie an ultra stylish dryer which will definitely give a new look to the boring clothes dryers.
removable dryers which can be removed easily when not in use. Made up of high quality and long lasting plastic fittings, these balcony dryers can be adjusted easily to hang on most of the balconies. Teeny comes in smaller size and has 5 metres of drying space, while Genie comes in larger size and has 10 metres of drying space. The fine plastic coated tubes used in both the balcony dryers guarantees a longer life.
Balcony Dryer as the name suggests utilizes the balcony efficiently to save space and to dry out clothes. They are
Teeny is an idle for drying out the small clothes which includes inners, towels, handkerchiefs etc .These usable dryers
add aesthetic beauty to your abode. Made and manufactured in Italy, these nifty dryers are designed wisely for houses and flats with small balconies where there is a shortage of space. According to Vineeta Mittal of Casa Brands India Pvt Ltd., “Everyone wants to sit under the sun in winters and due to the constraint of space the home maker dry clothes in the balcony which occupies all the space and people fail to sit and enjoy the sun. Our latest product, Balcony dryers, avoids such situation and helps us to take full advantage of your balcony. 23
ESTATE AVENUES / JANUARY-2013
Johnson Tiles Launches Disney Branded Ceramic Tiles
CHENNAI: Johnson Tiles has associated with Disney Consumer Products (India) to launch Disney branded ceramic tiles in India. Branded as Johnson Tiles’ Disney Collection, this unique range of wall tiles include some of kid’s favourite Disney characters such as Mickey & Friends, Disney Princesses, Disney-Pixar Cars and Winnie the Pooh. This exciting range of wall tiles brings to life Disney’s most cherished stories in vibrant colours and styles inspired by new as well as classic Disney characters. Johnson Tiles uses state-of-the-art digital printing technology to replicate these characters while ensuring the trueness of Disney experience on walls. The Johnson Tiles’ Disney Collection is most ideal for kid’s room, playgrounds, theme parks, sports facilities, educational institutions, day care centres, libraries, children’s play areas and recreational spaces. This unique collection is designed keeping in mind the significance attached to children’s amenities. Mr. B Jagannathan, Regional Head – South India, H&R Johnson (India) said, project launches
“Our extensive market research on what consumers seek in the home lifestyle segment threw up very interesting findings. Today new home buyers renovating their domestic abode seek elements in home space that will nurture and aid the development of their children. ” “Disney Home products span across total home solutions including furniture, bedding, rugs, tableware, kitchenware, fans, paints and bath accessories. As we continue to expand our offerings for kids and families in India and build deeper emotional connections, we hope to bring in newer products that would take the Disney experience to the next level ” said Roshini Bakshi, Managing Director, Consumer Products, Retail and Publishing, Disney UTV. “
Cidade Vida imbibes a feel of Carnival with an architectural representation of carnival colors and celebration through exclusive elevations, facades and 231 lavish Portugal style 1, 2, & 3 BHK apartments. With 4.5 acres of expanse in its 1st phase, it offers 9 buildings of stilt plus 3 storey Goan Township. It would also encompass boulevards, signage, town squares, sit-outs, flower pockets, lamp posts, markets, water’s edge, bikes & bicycles and every smallest detail of infrastructure development to give the feel of Goa.
Cidade Vida is also provided with a luxurious club house, Bela Vida, endowed with cottages and contemporary recreation facilities like indoor games, swimming pool and more, Garden recreating the magic of some of the most interesting tourist spots like ‘Dona Paulo’ & ‘Glimpse of Fort Adauda’. Neighbouring Cidade Vida there are few pristine beaches of Alibaug like Akshi, Nagaon & Revdanda. Commenting on the Alibaug projects, Mr. Santosh Naik, MD & CEO of Disha Direct says, “Alibaug is an emerging Global Lifestyle Destination; evolving at an exceptional pace. Referred to as the searich ‘Goa’ of Maharashtra, it is the most sought after destination of property buyers from all over India who are looking ahead to live a better life away from the metropolitan clutter. This is the reason that inspired us to launch Cidade Vida at Alibaug.” Citade Vida's launch rate starts at Rs. 3999/- & Special offer for limited period is Rs. 3651/- These exclusive Goan apartment’s starts from 19.9 lakh onwards with the special benefit of 20:80 scheme which is pay 20% at the time of booking and 80% on possession Price: Apartments starts from 19.9 lakh onwards.
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City Witnessed The Most Stylish Christmas Party At The Launch Of Designer Pawan Sachdeva’s New Design Studio
Johnson Tiles is offering seven Disney
Disha Directs Launches Their First Goan Theme Project 'Cidade Vida' At Alibaug
ALIBAUG: Guided with a vision to present promising destinations to property buyers, Disha Direct, a Mumbai based leading real estate marketing organization presents a premium Goan Theme Project named Cidade Vida at Alibaug. The project unmasks a proposal for lucrative investment.
bathroom concepts in this collection. Each concept is a theme of Disney characters in magical story settings. Each of these concepts consists of a set of 4 to 12 tiles depending upon the story theme. Johnson Tiles has priced each concept set at an MRP that ranges between Rs. 3,000 to Rs. 9,000 approximately.
New Delhi: witnessed the most stylish Christmas Party hosted by Ramola Bachchan and Designer Pawan Sachdeva at the launch of his new Design studio at The Gallery on MG on December 19th. A beautiful mélange of Glamour and Class was displayed at its best with a purple and silver theme chosen to match with the interiors of the store. The designer also unveiled his latest men’s wear party collection on this occasion which mesmerized all the men and for a change men were seen indulging in the unique ensembles created by the Designer. While the pretty women were seen enjoying the music churned by DJ Sunny and relishing the exotic array of food and drinks served. City’s who’s who came in to congratulate the designer and celebrate the occasion. The guests seen were Sanjeev Bijli, Ajitabh Bachchan, Manya Seth, Shahnaaz Husssain, Yuri Suri, Sonu Wasan, Vikram Mayor, Dr. Geetika Mittal Designers Anand Bhushan, Payal Sen, Sonia Jetley, Gautam Gupta, Tanieya Khanuja, Rimple Narula, Parul Grover, ArtistBaba Anand, Jewellery Designers Vandana Bhargav, Garema Nagpal Entrepreneur Sanjay Kaushik, Latika Khanna, Socialites Monica Barara, Lakshmi Walia and others.
Pay Nothing For 3 years, After First 20% Springview Heights, Nh-24, Ghaziabad
New Delhi: SARE Homes in association with State Bank of India is offering a customer-friendly scheme under which the customer needs to pay nothing for 3 years, after paying the first 20% for booking an apartment at ‘Springview Heights’ the new launch at its aspirational 88.35 acre township at NH24, Ghaziabad. All those who wish to buy a home at Springview Heights and whose loan is approved by State Bank of India are eligible for this unique scheme. The idea of offering such an easy payment mechanism has been prompted to facilitate home buyers to own their dream home in a hassle free manner with commitment of timely delivery. As per the basic details of the scheme, the home buyer will have to pay only 10 per cent of the total cost of the apartment at the time of booking while remaining 10 per cent within 90 days of the first payment. The customer doesn’t have to pay anything beyond this for the next three years till 2016 (at the time of possession) “Springview Heights” is spread on 88.35 acre Integrated Township called SARE Crescent ParC on NH-24 in Ghaziabad. The unique features of this project include - 6 towers with 7 clubs of which each tower has its own club and there is one common club and a central park on a 10 ft high beautifully landscaped elevated podium, complete with a Sky Lounge Terrace and entertainment features, offering a first of its kind indulgent experience! Commenting on the latest offer by the company, Mr. David Walker, Executive Director SARE Homes said, “As a customer-centric company, SARE Homes always scouts for opportunities to make home buying easy and hassle-free. The present scheme in association with country’s largest bank, the State Bank of India will further facilitate home buying for a large number of customers.” The township is near the upcoming DelhiNCR Line Metro station. It is well connected to national highways, namely, NH24 and NH91 in close proximity to Rajnagar and Kavinagar and malls/ shops, hotels / restaurants, petrol pumps, schools / colleges, hospitals, Lalkuan police station, post office, bank branches/ ATMs, Ghaziabad Railway Station, ISBT etc. It is situated off the busy highway and thus avoids pollution related hazards.
Rs 45,000cr Sought From Planning Commission For Houses To Poor
New Delhi: About Rs 45,000 crore has been demanded from Planning Commission for the second phase of Rajiv Awas Yojana that aims to provide affordable housing to urban poor, the Rajya Sabha was informed today. Replying to supplementaries during Question Hour, Housing & Urban Poverty Alleviation Minister Ajay Maken said Rajiv Awas Yojana was launched in June last year to make the country slum-free. He said over Rs 41,723.13 crore has been sanctioned for construction/upgradation of 15.7 lakh dwelling units along with basis civic amenities like drinking water
and sanitation under the Jawaharlal Nehru National urban Renewal Mission (JNNURM). Of these, 9.92 lakh units have been completed or are under construction, he said adding the Phase-II of Rajiv Awas Yojana (under JNNURM) is being modified to make it more successful. "We are asking Planing Commission to allocate Rs 45,000 crore to this project," he said. He said the percentage of poor among Scheduled Castes, which was 40.6 per cent in 2004-05, has come down to 34.1 per cent in 2009-10. The percentage of poor among Scheduled Tribes, which was 35.5 per cent in 2004-05 has come down to 30.4 per cent in 2009-10. Asked about the criteria for deciding the poverty line, he said the Planning Commission had in September last year submitted an affidavit in the Supreme Court to state that at 2001 price levels, any household with a monthly income of up to Rs 4,824 is poor. He said economic and social vulnerability should be the basis for deciding poverty line and not household consumption.
ACC Secures $125 mn Contract From Indian Developer Supertech
New Delhi: Supertech Limited – one of India’s leading real estate developers has awarded the India branch of UAE’s Arabian Construction Company, its first project in North India. ACC’s Rs.650 crore ($125 million) contract will see them build Spira, India’s tallest mixeduse tower and part of the prestigious master project, Supernova. The contract was signed in New Delhi by R K Arora, Chairman and Managing Director of Supertech Limited and Rasheed Mikati, Director, ACC and Ani Ray, Managing Director, ACC India on behalf of ACC. When completed, Spira will stand 300 meters tall, comprising 80 floors. The iconic tower will include luxury residences, two 5-star hotels and the Spira Suites. The tower will also have a helipad, an observatory deck, an exclusive clubhouse, high tech high-speed elevators and a panoramic view of the Okhla bird sanctuary. R K Arora commented “Spira will be the epitome of luxury and class and with the renowned construction expertise that ACC brings to this project, we are confident that this will be built on schedule and within budget and will ultimately be regarded as a true masterpiece within Supernova. ACC has created iconic buildings that have
transformed the skylines of numerous cities around the Middle East and with this association we look forward to them adding Noida to their list of achievements.” Operating for over 40 years, ACC has an especially strong pedigree when it comes to constructing high-rise buildings. It can boast, Princess Tower (414 metres) the highest residential tower in the world, Elite Residence (380 metres), Almas Tower (360 metres) and Rose Rotana Tower (333 meters). ACC is also leader of the consortium for constructing World One Tower in Mumbai. Spira will be constructed using the ‘Jump Form’ technology and other advanced construction system in line with the best practices used for high rise building construction worldwide, said Rasheed Mikati. With our proven record in delivering of high rise buildings worldwide, we are confident to meet all Supertech’s requirements for what will be a very exciting in this region. 25
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Separate Far Needed For Affordable Housing: Maken
New Delhi: Minister for Housing and Urban Poverty Alleviation, Ajay Maken has said that state authorities and the centre needs to carve out separate floor area ratio (FAR) for those urban poor who needs housing. FAR denotes on how much area a developer is allowed to construct on a given plot size. The idea is to provide separate FAR for the affordable economically weaker sections (EWS) and lower income group (LIG) of the society. And we intend to bring the FAR over and above the existing approved FAR for state authorities and developers. This would reduce the housing shortage in the country. As per current norms, private developers are
participation of all the interested parties- state authorities, private developers, government and urban planners. “With all this effort, we will turnaround the situation,” he added. Even developers think that providing additional FAR will help bringing down the property prices. “This would reduce the pricing. However, we would need a stringent policy around the allotment of such units. It is very difficult to identify those who really need such housing,” said Rajeev Talwar, group executive director, DLF Ltd.
Unitech- Collage Launches ‘the Residences’ In Dehradun
New Delhi: Real estate major Unitech and Collage Group, a diversified Conglomerate, are building their midluxury, premium residential apartments "The Residences” in Dehradun. The project offers retail, entertainment, leisure, top-of-the-line hospitality, bestin-class office space and premium residential apartments within the 13.4 acre complex. It is conveniently located on Sahastradhara Road, 10 mins from city center.The Residences is offering elegantly designed G+6 floors with 2 BHK & 3 BHK flats in sizes of 1202, 1275, 1397, 1785, 1800, 1815 Sq.ft. Other features that provide for a luxurious living in "The Residences" are the roof top wellness zones, furnished with barbecue pits, swimming pools, kids play zones etc.
Speaking on the development Mr. Amit Khaneja, Vice-Chairman “We have witnessed a considerable increase in the purchasing power of the people in tier II cities in the recent past. This means that luxury, both in terms of residential and commercial will be on a high in these cities.”The Residences are a total of 126 apartments spread across 5 towers, where each tower is equipped with 2 high-speed elevators, 2 car parks with every apartment, 24-hour security with CCTV surveillance system, regulated entry, and 24/7 Power backup for every apartment and common areas. The buildings come equipped with the latest firefighting equipment and are designed by worldrenowned architects RTKL, from the UK. with high quality in view.This mixed-use
development will also feature “Signature Towers” Grade A offices with airconditioning, 24 x 7 power back up, high speed elevators and ample parking space, “The Great India Place” all-under-oneroof retail and entertainment destination that will cater to the needs of the family. The project will also have a 110+ room deluxe hotel within the complex to provide world class hospitality at the doorstep.
India Comes To Korum!
Thane: KORUM – The Mall for every mood is set to celebrate the diverse cultural heritage of the country through “Korum Bazaars of India 2013”. The new initiative will be kicked off on January 5 with Lohri as part of the of North Indian cultures and communities from Delhi, Haryana, Jammu & Kashmir, Himachal Pradesh, Uttar Pradesh, Uttaranchal and Punjab. The cultural extravaganza scheduled from January 5 to January 15 will include a series of enthralling performances, speciality stalls that will sell hand crafted artefacts and items native to Northern India culminating in a grand celebration of Punjab’s harvest festival Lohri! With this initiative, KORUM will provide shoppers with a ESTATE AVENUES / JANUARY-2013
now expected to leave at least 30 per cent of the project plot area for the development of affordable housing. According to recent findings of the government’s special committee appointed under the chairmanship of Dr Amitabh Mattu, country is having a housing shortage of around 18.8 million housing. Of this, around 96 per cent housing shortage is for affordable (EWS/LIG) segment. Citing problems such as faulty state level policies, absence of political will and developers’ indifference towards bringing affordable properties, Maken said we need equal
plethora of conventional North Indian arts and hand crafted artefacts including clothing items such as Kashmiri shawls and stoles; accessories and footwear such as mojdis and jutis, bags, purses, jholas and terracotta jewelry; handicrafts such as rugs & carpets through 6 stalls in its atrium. To recreate the rustic feel of Northern India, roofs of all stalls are fashioned with sugarcane and a quintessential rural setup will be created at the centre of the atrium to accommodate the Bhangra performers during the Lohri celebrations! “We have always recognized and celebrated the cultural diversity of our country” said Mr. Deva Jyotula, Centre Manager KORUM “At KORUM, it is our constant endeavor
to offer guests a chance of experiencing the rich, varied and robust cultural legacy across the country. We eagerly look forward to another year of celebrating KORUM Bazaars of India with the support and participation of our customers!” The KORUM Bazaar’s of India 2013 initiative is aimed at bringing the best of India’s cultural heritage to guests in an accessible manner by stratifying the diverse cultures of the country by state into Northern, Southern, Eastern and Western Zones. Patrons of the mall will have an opportunity to experience the culture and enjoy a fortnight of celebrations of each once every 3 months!
AFTER 2012 SLUGGISH IN INDIAN REAL ESTATE
2013 MAY BRINGS CHEER TO HOMEBUYERS By S L Talwar
If we compare to 2011, 2012 was the good year for Real Estate sector. At the end of current year, Government initiative towards allowing FDI in multi-brand retail gives a boost in commercial property. As we are moving into 2013, it is important to gauge the mood of home buyers in terms of their desire, aspiration and fear from the upcoming year. 2013 will be an end user driven market, Speculators and Investors who were riding the property market from 2009 to 2012 will make way for end users in 2013. Majority (51%) of home buyers want to purchase a property for self use as they are currently staying on rent. Another 20% want to buy property to meet the demand of a growing family. An equivalent number of people want to purchase a home for long term investment. This is a very positive shift from the earlier years and will bring in the much required stability in the property market. ESTATE AVENUES / JANUARY-2013
The approval of FDI in multi-brand retail will attract foreign investment, which will not only benefit the retail industry but also boost the demand for commercial real estate and the RBI can be expected to lower interest rates in the coming months, which will benefit developers as well as consumers. The change in sentiment on account of the above measures will have a positive impact on all the segments of real estate, whether it is retail, office or residential and will certainly make 2013 a much better year in comparison to last year. In 2013, the availability of debt capital is likely to increase while the flow of equity capital will remain more or less stable. Investors will focus more on the transparency, governance and liquidity before investing. Given the ongoing
India’s GDP was revised downward consistently in the last three quarters of 2012. In 2013, this trend will prevail – though the quantum of revision will be lower. The country’s economic environment will certainly improve in 2013, with a corresponding (though lagging) gain in momentum for real estate. The most tangible benefits of economic improvements on the Indian real estate space will be seen in 2nd half of 2013.
challenges that the Indian real estate sector faces on these fronts, even fewer development companies will be successful on the public equity markets. Nevertheless, private equity deals volumes will increase, and there will be more M&A activity within the PE industry. A number of vintage funds from 2007-08 will have to look at exiting in 2013. In 2013, after a lull of two years, banks are likely to start offering construction finance to residential projects with approvals. They will also become marginally more flexible on interest rates, collaterals, LTV’s and upfront fees. Established funds will get back into the fund raising mode after a three-year hiatus. Also, we will see developers focusing more on joint ventures with landlords rather than on buying land. In 2013, we will see most PE deals being structured to give the investor the first preference to cash flows. Most real estate PE investments will be focused on Tier I cities. Funds with a good track record that have a strategy to target a narrow asset class within specific locations such as last mile funding for residential under construction projects in Tier 1 cities and having strong delivery teams will be able to raise funds more easily. Regulatory authorities will increase their scrutiny of private fund raising offerings and closely monitor if the funds raised by the companies are being used for stated objectives.
Indian Economy Overview 2012 India continued to witness a slower economic growth even as the world believed the economy had the potential to grow and turn it into a success story. The crucial factor has been the severe monetary tightening by the RBI. High inflation coupled with high interest rates adversely impacted private consumption growth, industrial investments and business sentiment.
Amidst a global economic slowdown as a consequence of the US fiscal cliff and Eurozone debt crisis, India’s growth forecasts too have been revised downward over the last three quarters of the year. Even in 2013, it is unlikely that we will see a spurt in growth given the existing inflationary pressures and large fiscal deficit which could adversely impact the scope for policy stimulus in the country. Specifically in the real estate sector, despite the opportunities, the prevailing global and local market conditions have affected investor sentiment. Indian property markets have in fact fared better than several global counterparts and are expected to remain relatively stable in the immediate future, even as rates across several global realty markets may tumble by as much as 1020%. Thus, despite the economic and political sluggishness in India, it continues to remain a promising market. That said there have definitely been some visible effects of the global slowdown on India’s realty markets as well. Most noticeably in the commercial property segment, given it has a strong correlation with global economic factors and performance. India’s GDP was revised downward consistently in the last three quarters of 2012. In 2013, this trend will prevail – though the quantum of revision will be lower. The country’s economic environment will certainly improve in 2013, with a corresponding (though lagging) gain in momentum for real estate. The most tangible benefits of economic improvements on the Indian real estate space will be seen in 2nd half of 2013. The average inflation rate (based on the w h o l e s a l e p ri c e i n d e x , o r WP I) moderated to 7.4% in 3rd quarter of 2012. This can be seen as sensibly low when compared with the average CPI, which remained at 10.2%. As a result of the slight moderation in WPI inflation, the Reserve Bank of India started softening
Consensus forecast reveals course correction in GDP growth. Drop in GDP n near term blip, restricted to2012; Future growth intact for India
GDP Growth (%)
he year 2013 is going to bring cheer to homebuyers. The silver lining for all those missed the boat, both developers and consumers, is that 2013 will start a fresh innings. In a country that has an acute housing shortage there will always be takers provided the offerings are enticing. The year 2013 is going to be a game changer in terms of policies and regulations, as most of the bills; particularly Real Estate Regulation Bill and Land Acquisition Bill that have been pending for the last few years are expected to be passed in Parliament in the coming months and will boost the sentiment of all stakeholders.
4.0 3.0 2.0 1.0 0.0 Apr-12
Jul-12 India FY 2012
Source: Consensus Forecast, September 2012
ESTATE AVENUES / JANUARY-2013
its cash reserve ratio to improve the credit situation. Further easing of liquidity with the prime objective of reviving the GDP is expected in the first half of 2013. Base rates, which peaked in 3Q12, are likely to start falling in 4th quarter of â€˜12 on the heels of monetary easing by the RBI.
What has been the effect of the global economy on Indiaâ€™s property market?
Sachin Sandhir Managing Director, RICS The office segment has seen a pronounced dip, with absorption levels in the two major markets of Mumbai and Delhi-NCR seeing a year-on-year slump of 47% and 26% respectively, as per industry sources. In fact, given the market conditions where inflation has been on a steady rise over the course of the financial year and looming in the range of 9.60%, having reduced only marginally from double digit figures in previous months, we are seeing most MNCs being increasingly cautious about committing to investments and expansion plans, considering their home
The government has been supportive with the policies to revive the real estate industry through great infrastructural development ranging from better connectivity through metro and road transport to improved amenities.
countries are not doing well. Even domestic companies are in wait-andwatch mode, as most of them are focused on upgrading and consolidation and exploring opportunities in more affordable markets. The Q3 2012 RICS Global Commercial Property Survey paints a slightly positive picture, as demand seems to have stabilized in the Indian occupier market after having fallen in the previous quarter. In fact, India is seen to have improved seven places in the global rankings to 19 in Q3 as compared to 26 previously. Rental expectations also stabilized in the country with rentals actually turning positive this quarter. In fact, India is seen to have improved 9 places to a ranking of 10, in the overall global rankings for rental expectations in Q3. Overall, stringent lending norms to the sector have curtailed capital funds, with alternative sources of financing also unable to provide much needed respite to developers. With rising interest rates, inputs costs and pressurized margins the residential sector has also seen sluggish activity. With reduced absorption, supply is limited with less number of new projects entering the market. Therefore, it seems unlikely that there will be any drastic price rationalization for existing housing stock. However, for new housing stock coming into the market, we may see some level of correction. Even in the retail sector, there has been a drop of over 65% in the total supply causing the retailers in cities like Delhi-NCR, Mumbai and Bangalore to actively lease space in superior quality malls.
Residential Real Estate In 2013 The year 2012 witnessed subdued interest in real estate due to inflationary pressures and rising interest rates in the country, coupled with the on-going economic crisis in the Eurozone and US. GDP growth progressions for the country have been fairly narrow and revised lower continually over the last few months, with the economy expected to grow at an abysmal rate of just 5.3% - 5.5% in 2013. Additionally, disputes related to land acquisition, delays in regulatory processes and project clearances have weighed down the aggregate demand. Some good news for the last quarter of this fiscal year could be a boost to infrastructure spending, as the government now appears close to launching the National Investment Board. Therefore, overall sentiment for 2013 is expected to be one of cautious optimism. On a positive note, the recent move by the
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government to open multi-brand retail to FDI will go a long way in strengthening organized retail in the country. For long now, the retail sector in India has been facing numerous challenges with respect to processes, technology, supply chain, real estate, infrastructure etc., resulting in fewer investments in the sector as compared to others, which have seen growth occur at a much faster pace. FDI in retail will be a powerful vehicle in bringing the retail sector on the trajectory of the much needed growth. This will have a positive spill over on real estate as well, as with multi-brand retailers entering the market, retail property will witness renewed demand and uptake along with improved investor confidence in the sector. As we step into the New Year, it is advisable that industry players focus on achieving operational efficiencies to improve construction productivity, delivery of projects in hand with the help of technological advances and commitment to improve delivery capabilities including up-skilling of existing manpower. Therefore, efficiency, innovation and cutting-edge technology such as BIM and assembly line mass housing solutions may well be the keys to success, in addition to improved project delivery and execution skills and addressing the rampant capacity constraints across the built environment. Also, we do hope that the issues related to the Land Acquisition and Real Estate Regulation Bills are addressed in the winter session of Parliament, where clear, concise and practical reforms which work to the benefit of all stakeholders and are relevant to market conditions are brought to order, which in turn will help bring in much needed efficiency, transparency and accountability in the sector.
Anuj Puri Chairman and Country Head, JLL India On Indian real estate sector future, Mr Anuj Puri, Chairman and Country Head,
JLL India, says, “Residential property prices have breached affordability limits in cities like Mumbai. Nevertheless, developers will have to factor in the ground realities of the business while debating the lowering of prices to catalyse sales in 2013. Obtaining the 57-odd permissions to begin construction of a project can take as much as two years. During this time, the cost of acquisition or even just holding the land for a project rises. Builders are already beset with the increased costs of license costs and cost of construction. However, it became evident in 2012 that homes are not selling at the current price points, and developers do need to recalibrate their bottom lines while still remaining viable as businesses. It is extremely doubtful that the previously offered freebies and other such incentives will prove to be much of a booster in the current environment. Since the only way to catalyse healthier sales at this point is offering buyers tangible financial relief, we are likely to see drastic trimming of frills in projects to make them more marketable from a pricing point of view, and innovative payment schemes. Developers will also offer buyers attractive pre-launch benefits in a bid to accelerate sales momentum in the initial months following a launch. Developers with large-scale projects with a greater share of unsold inventory will be under greater pressure to offer discounts than those with smaller projects and limited inventories. Although most of the cities of India will see an increase in residential launches in 2013, the southern cities of Bangalore and Chennai will witness a decline in launches as compared to 2012YTD. It is important to note that these two cities recorded a historical high in terms of the number of launches during 2012. To illustrate Pune has recorded an average of close to 6000 units per quarter over the past three years (2010–2012YTD). This is more than twice the average quarterly launches recorded during the period 2007-2009. As a market that has grown too fast in such a short time, launches in Pune will be moderate in the near term, says Mr Puri. In 2013, new organized retail project completions will increase significantly (by 109% y-o-y). Chennai, Hyderabad, Kolkata and Pune will be among the major contributors to this increase, with a 53% share of the country’s overall mall supply for 2013. The primary reason is that a sizable amount of supply that was expected to reach completion in 2012 has been being pushed to 2013. Altogether, India’s major cities like Mumbai, NCRDelhi, Bangalore, Chennai, Pune, Hyderabad and Kolkata will see the
addition of close to 9.5 million square feet of mall space in 2013. Mumbai, NCRDelhi, Bangalore and Chennai will together contribute 70% of the total retail space absorption. Other cities like Pune, Hyderabad and Kolkata will account for the remaining 30%. The Government’s nod to FDI in multibrand retail will be a major driving factor for increased activity in 2013. Since the policy opens the portals to major MNC retail brands in India, the organised retail sector will see a major transformation in terms of its overall contribution in the mid-term. This, in turn, will positively impact the absorption of retail space over the next 12–24 months. The absorption is forecast to touch 6.8 million square feet and 7.1 million square feet in 2013 and 2014 respectively. That said, the benefits of the muchawaited FDI decision will not become fully evident in 2013, as it will take mall developers at least two years to incorporate the design elements and dimensions required to meet global standards. Mall developers are expecting a massive increase in demand for their projects in 2013; however, those whose shopping centres do not meet the requirements of international brands in terms of location, overall size, design, professionally managed operations will fail to see any action, Mr Puri said.
now to start considering their purchase decision. 2013 is going to be a game changer in terms of policies and regulations as most of the bills that have been pending since the last few years are expected to be passed in the parliament in the coming quarters. Specifically in case of on introducing reforms in India and this is just a preview of things to come. Additionally, the RBI can be expected to lower interest rates in the coming months which will benefit developers as well as consumers. real estate, the passage of two crucial bills namely Real Estate Regulation Bill and Land Acquisition Bill would boost the sentiment of all stakeholders. The parliament’s recent approval of FDI in multi-brand retail will attract foreign investment which will not only benefit the retail industry but also boost the demand for commercial real estate. It also showcases the government’s seriousness
Rohan D'Silva National Director, Residential Agency Knight Frank India
Pranab Datta Chairman – Knight Frank India The year 2012 has been disappointing for real estate as falling sales and rising construction costs have dampened the market sentiment. This is reflected in the financial performance of real estate companies which have taken a hit in their revenues and profit during the year. On the other side however, the year can be considered positive for property buyers as prices have remained stagnant unlike the previous two years where most of the cities witnessed a steep price rise. This offers a window of opportunity for those buyers who were sitting on the fence till
Financial year 2012 has been a challenging year for Indian Real Estate. There were many issues that the economy faced, the biggest being the GDP plummeting to 6.5%, the lowest ever in past few years. This was clearly a result of the various macro economic factors, the global economy looming under a threat of recession and the Euro Zone crisis. Having said that, the 13 consecutive interest rate hikes by the Reserve Bank of India also did not prove to be of any help to the tumbling GDP. The residential real estate front also saw some exciting launches across the country. Not all of them met up with the high expectations set. However Mumbai, Bengaluru, Pune, Gurgaon saw some large launches which were lapped up quickly. It has been observed that projects that offered differentiated 31
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products at a good price were well accepted by consumers. This was true for products ranging from 4 to even 50 million INR. It was also seen that the consumer is wary of the markets and what it offers. His buying decision was not only based on the product but also on what the general market sentiments were. Some of the quick movers in the mass housing segments were products that were prices in the range of Rs. 4000 to Rs. 5500 per sq. in locations like Noida, Navi Mumbai and North Bengaluru. Launches in the range of Rs.16000 to Rs.19000 per sq. from reputed developers in Central Mumbai have also seen good off take. This area has seen a lot of consumption because of the increase in prices for projects that were launched in 2010 – 2011 and the ones who missed the boat last year didn’t want to leave out this time around.
where the state governments agree to permit foreign retailers & secondly there is a possibility that rental expectation would be raised, as not much of quality space would be available, suitable for bigbox retail. For multi-brand retail, anchor space in upcoming, under construction & project launch stage malls, Indian & existing foreign companies are either in negotiation stage or signed up space at these new upcoming projects, which will put the new entrants in a tight spot, as they will have to look for only new upcoming projects going to be operational only after 3-4 years from now. In India, per capita mall space among top 7 metro cities is presently estimated at less than a square feet, with US & Europe average being 20-40 times of India. Steady GDP growth & young population having more disposable income, can attract investment for mall development in India. As compared to developed market, the square footage in our country is very low & there is steady increase in rentals due to shortage of available quality retail space, this could trigger new projects.
Delhi NCR Outlook in 2012 and Predictions 2013: In 2012, Sohna Road in Gurgaon saw very high levels of office space leasing and absorption due to its affordability. Many comparable options in terms of quality were at significantly higher price points
Subhasis Roy National Director, Retail Agency, Knight Frank India FDI in multi-brand retail will have two fold impacts on the Indian real estate sector. Firstly it will increase demand for anchor space in one million plus cities
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(with rentals above Rs 70square foot). The good quality of office property supply and attractive rentals in the range of Rs 30-40/square foot worked in Sohna Road’s favour. Its appeal as a business destination was magnified by the presence of good retail developments in the vicinity and the availability of comparatively affordable, ready-to-move residential options. DLF Cyber City withstood all challenges and continued to build on its reputation as the most sought-after location for leading businesses in the NCR belt. The location’s USP of being a neighbourhood populated by leading MNCs was sufficient incentive for many leading international corporate to choose this location for their office space requirements. The available options came at significantly high price points (above Rs 70/square foot). However, DLF Cyber City rode tall on the prospects of the impending infrastructure upgrade in the form of the soon-to-commence rapid metro services and road improvements. In Delhi, Saket was the unchallenged hotspot for office space leasing in 2012. This area saw a healthy supply and absorption of office real estate, despite significantly higher rentals. In South Delhi, the best-performing malls of 2012 were Select City Walk at Saket and DLF Promenade and DLF Emporio in Vasant Kunj. In West Delhi, Pacific Mall was the sole performer among a number of others shopping complexes. In East Delhi, Shipra Mall and Mahagun Mall showed encouraging performances. The Great India Place (GIP) continued to be the star performer in Noida, while Ambience Mall was the only centre that could distinguish itself among the huge supply of malls in Gurgaon.
Anuja Sinha Director
predominance of investors. However recent revision of the circle rates is expected to bring more transparency in the market. Gurgaon witnessed the highest number of launches in H1 FY13 constituting about 33% of the total launched units in NCR during this period Almost 45% of the under construction units in the NCR market is expected to be ready for possession by end of 2013, as abulk of projects were launched in 2010. Nearly 56% of the under construction units fall in Noida and Greater Noida. Gurgaon constitutes nearly 20% of the under construction units.
Bricks & Mortar Global Real Estate Advisory Pvt Ltd.& President Elect Association of Property Professionals, Delhi NCR Year 2013 would be a year of “Consolidation and Correction”. It would probably mark the beginning of an era of “timely delivery of projects, better quality construction, realistic pricing, affordable housing, due compensation to landowners and fair practices”. A retrospective analysis of 2012 reveals that while real estate developers kept waiting for aggressive sales, end users as well as investors were very cautious. They were expecting a meaningful correction in prices. Factors like subdued domestic and international economic growth and liquidity crisis further dampened investor sentiments. While the first quarter of 2013 may see the same sentiments getting carried forward... 2nd quarter onwards the market may look upwards. With a lot of positives around the corner like the Real Estate Regulation Bill, FDI in Multibrand Retail, Land Acquisition Bill and Interest Rate Cut, residential as well as commercial real estate sales would very gradually look up. I would also like to add, that no matter where the market is, there would always be some areas that would have huge potential for growth. e.g 2012 was overall quite slow, nonetheless some pockets saw huge demands. And only an expert can help you identify those areas and maximise returns.
NCR witnessed a launch of 31,000 residential units during H1 FY13 highlighting a dip of 22% compared to H1 FY12 Residential demand has remained strong in the NCR, despite being characterized as a speculative market owing to the
Ashwani Prakash ED, Paramount Group.
R K ARORA CMD, Supertech Ltd. “Real Estate sector is gaining experience and further maturing with every passing year. The industry is cautiously moving ahead by addressing various concerns and challenges that each quarter brings in. It will be interesting to see how we adapt to the changing demands and overall scenario of the industry and further build India at par with global standards. The year ahead will also see some technological advancement in the industry, which will further boost the construction process and help change India’s skyline in the future. It will be interesting to see how we adapt to the changing demands and overall scenario of the industry and further build India at par with global standards. The year ahead will also see some technological advancement in the industry, which will further boost the construction process and help change India’s skyline in the future. The ideas that will be the result of closely observing the market and consumers expectations will further decide the shape of the industry in year ahead.”
“Real estate sector in Year 2012 has seen a modest market with a good boost of the clearance of Noida Extension by the Court and The Authority. The increasing prices of the raw material during the year had created difficulties for the developers, however the sector was able to absorb the shock and the market was kept rolling with slight increase in the price of the property. The Year 2013 seems to be prosperous for the Realestate sector .The customers are out in the market for the purchase of the property in different segments .Slight adjustment in the interest rates by the Banks would also give much needed oxygen to the market. The interest shown by NRI’s in Indian property gives a good reason for the realtors to smile”.
Kushal Dev Rathi MD, ECNON. “Year 2012 has brought many ups and down. There were several headwinds that prevented the sector from delivering to its full potential but through crucial decisions and approval over FDI in
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RESIDENTIAL PROJECTS LAUNCHED DURING H1 FY13
around Rs. 1500–2000/sq.ft., thereby taking the price point to an average of Rs. 12000-15000 sq.ft. Yet another region whose residential market did well in 2012 was Noida, in particular Noida Extension and Noida Expressway. The Delhi residential property market did not see very impressive action, largely due to exorbitantly high rates and very limited supply. Capital value appreciation remained lacklustre - price points in South Delhi either remained stagnant or even witnessed marginal decrease. West Delhi did not fare much better. Appreciation was moderate, but better than south and east Delhi. Major infrastructural reforms such as improving road infrastructure, the burgeoning affluent section of residents here and the rising income levels of the general population were points in its favour.
Source: Knight Frank Research
multi-brand retail, infrastructural development and realty sector to help in GDP growth etc hiked realty sector graph. In the month of December there were almost 3619 home buyers in the market. It is true to say that realty sector is a major contributor for booming the Indian economy. However 2012 was not as promising as it was thought to be. It is expected that the forthcoming year 2013 will witness the augmented number of investors and buyer, adding on to it, larger-than-usual number of NRI investors too into the commercial space arena. Moreover major cities will be filled up by malls space by almost 9.5 million sq. ft”.
Santhosh Kumar CEO – Operations, Jones Lang LaSalle India, “On Indian real estate sector outlook 2012 and future 2013, Mr Santhosh Kumar, CEO, JLL India says, “The ongoing liquidity crisis, high interest rates and persistent inflation levels kept the residential property market in NCR subdued in 2012. There were comparatively lower transaction volumes, though some of the micro-markets clearly ESTATE AVENUES / JANUARY-2013
outperformed the rest and remained promising bets for investors. Gurgaon’s residential market performed decently in 2012, but the performance was not uniform all across. There were high levels of unsold inventory in some of the projects, while many others sold exceedingly well. Golf Course Road, Golf Course Extension Road and Sohna Road achieved handsome appreciation in both capital values and rentals. These regions can be classified as the best performing pockets in Gurgaon for 2012 in terms of sales volume and appreciation achieved. The factors that worked for them were their good connectivity with New Delhi through the six-lane NH-8 and MG Road, providing quick and easy access to the New Delhi International Airport, and the 14 kilometre Southern Peripheral Road (SPR) which covers all the major developments in this part of Gurgaon and connects MG Road and Golf Course Extension Road with NH-8. However, the most sensational performer in NCR region for 2012 was Dwarka Expressway. Its proximity to the international airport and the proposed diplomatic enclave, along with its rapidly evolving infrastructure and good connectivity with west Delhi and Gurgaon continued to work in this region’s favour. There was high level of interest by investors in this region, resulting in price appreciation and high sales volumes in 2012. At the start of the year, projects were pegged at around Rs. 4000/sq.ft. and were at Rs. 7000 sq. ft. towards the later part of 2012. Residential demand on Golf Course Road was driven by heavy demand from corporates. Projects there witnessed an average appreciation of
In 2013, the outlook remains promising for Dwarka Expressway because of its infrastructure advantages and the location benefits it enjoys. Dwarka Expressway has been able to successfully withstand the heat that many other areas and pockets of NCR have faced. The price sustainability and appreciation trends of the recent past, and also its relative affordability, will continue to maintain investor interest and confidence. Other important areas to watch out for in 2013 for residential realty will be New Gurgaon and Manesar. The increase in commercial developments, its developing infrastructure, continuing affordability and the proposed connectivity via Metro and the Expressway will put this region on radar in 2013. Noida Extension and Noida Expressway will continue to generate interest. More and more IT / ITeS companies target Noida Expressway for its rental affordability when weighed against the upward rental trends that Cyber City in Gurgaon will display. The Noida Expressway will further increase its appeal as a residential hub. The comparatively better infrastructure, easy accessibility and availability of affordable options will appeal to both investors and end users. Supply in this region will not be an issue, and good levels of absorption with appreciation in capital values are a high possibility in 2013.
BANGALORE Bhakti Bapat Mathew, Our Correspondent from Bangalore adds: Bangalore Real Estate Sector 2013 The year 2012 was an interesting mix of challenging and positive for the real estate sector. Although the year started on a high, the ground realities soon caught up with the soaring realty sector.
The new government policy of allowing up to 51% FDI is bringing wellknown international chains with deep pockets to collaborate and establish their brands on Indian shores.
The year saw the economy recovering but then also saw the government taking stringent measures to control inflation. Even the GDP of the country grew at a rate of just 6.1%, far lower than the halcyon days of 2008 and 2009. 2013, on the other hand, seems poised to be a satisfying and positive year for the sector. For one, the government’s nod to foreign direct investment (FDI) in the retail sector is sure to boost a lot of activity in the realty market as retail companies vie with each other for presence and reach across the country. The new government policy of allowing up to 51% FDI is bringing well-known international chains with deep pockets to collaborate and establish their brands on Indian shores. Secondly, with the rate of inflation under check and the RBI relaxing the cash reserve ratio, the Indian economy is set for a boost in the New Year, and this positive effect is set to trickle down to the real estate sector too, making 2013 a hugely positive period for the realty market.
Bangalore Real Estate The country-wide positive signs are set to be seen in Bangalore too. Even the year 2012 was a positive year for Bangalore, more so than for the rest of the country. Bangalore is rapidly becoming a global hub for science and technology, the preferred destination for international business. The year saw a fair growth in the residential (both luxury and mid-
segments) as well as commercial and retail segments. Bangalore is also one of India’s fastest growing cities, with the population increasing by over 45% in the last ten years to almost 10 million. The city has a growing population of professionals with a high disposable income, and enjoys a good climate throughout the year, making it an attractive destination for home owners as well as businesses and the NRI populace. Mr. Irfan Razack, CMD Prestige Group, says “Bangalore has been witnessing a steady demand for high-end luxury projects over recent years, while the entire property development scenario is on an upswing, there is a marked increase in luxury developments.”
2012 Area-wise Performance: • Residential Real Estate: As mentioned by Mr. Karun Verma on the Jones Lang LaSalles blog, areas that saw the maximum sales in 2012 includeareas close to the new international airport, viz., Hebbal, Sahakar Nagar and RT Nagar. Prices in these areas were competitive and the residential properties on offer brought a lot of amenities to the table. On the other hand, places like West Bangalore and Kanakapura Road saw a good demand and value appreciation thanks to the enhanced connectivity brought by the planned Metro train links. Kanakapura Road also enjoyed the benefit of the NICE road, the brand-
new Bangalore-Mysore infrastructure corridor. Says Ms. E. Jayshree Kurup, Head of Content & Research at MagicBricks.com, “Like the rest of India, in southern Indian cities like Bangalore, it is the transport corridors that are the property intensive growth corridors. Transport links such as roads, expressways and the metro links in Bangalore, for example, pushed both value and occupancy along these corridors.” • Commercial Real Estate: Places along Outer Ring road in Bangalore, like Sarjapur Road stretch, and Whitefield showed a great demand for commercial real estate. Outer Ring road has a convenient combination of being an IT behemoth conveniently located near residential areas, making it attractive for commercial enterprises. Whitefield also catered to the high demand for commercial premises thanks to the abundance of marketready properties. • Retail Real Estate: When it came to big international brands, Indiranagar once again won hands down thanks to its proximity to residential areas, followed by Rajaji Nagar, home to the the Brigade Orion mall.
2013 Expected Scenario Residential Properties: In terms of residential properties, the areas that are expected to see a lot of demand include areas close to the international airport, Sarjapur Road, Whitefield and 35
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Kanakapura Road, says Mr. Jackbastian Nazareth CEO of Puravankara, “Puravankara Projects did well in the luxury and premium affordable segments in 2012.” Our margins were steady, both at the gross and net profit levels. We expect to maintain that momentum in 2013.Residential units in the mid-market segment account for 70% of market absorption. Our Provident brand, which caters to this segment, has been very well received and we expect that trend to continue.”Purvankara currently has over 12 million square feet of projects in development, and will be launching 10 new projects across Bangalore, Chennai, Mangalore and Mysore. In the mid-range “value” residential segment, Brigade launched Brigade Orchard in Devanahalli, a venture of the valueoriented BCV Developers (a joint venture between Brigade and Classic and Valmark), which is expected to be followed by more value home apartments. These value homes offer all the amenities of a gated community, with gymnasiums and club houses and more, at a lower rate in smaller areas for two and three BHK apartments. On the other hand, Prestige launched projects like Prestige Garden Bay, elegant townhouses, in Yellahanka. Mr. Nazareth says, “Affordable housing segment will fuel category growth in 2013. The premium segment will be defined by branded differentiation and unique thematic propositions, as buyers become more discerning, on account of exposure to international lifestyles. Product innovation will be the norm as the category measures up to international benchmarks. While the residential market will continue to be our focus at Puravankara, we will develop a mix of commercial and retail properties, in both the mid-market and premium segments.” He continues, “At the operational end, there will be greater emphasis on construction technologies in 2013 to shorten the developmental cycle and achieve scalable execution efficiencies. Stringent processes will be established across the value chain to ensure tight control over quality. On the whole, consumers will benefit from improved product and delivery standards.” He adds, “We at Puravankara will focus on large format projects and a mix of boutique projects in the CBD. Puravanakara will also seek to expand its geographic reach domestically and internationally. Star worth infrastructure and Construction Ltd., our wholly owned subsidiary, is poised to be one of the fastest growing integrated infrastructure enterprises in India. We will be looking to expand its reach both in India and abroad.” ESTATE AVENUES / JANUARY-2013
Commercial & Properties: In 2013, Outer Ring Road and Whitefield are expected to continue being in demand for commercial properties. Also, in 2013, northern and eastern areas of Bangalore are expected to see a lot of demand from retailers and mall developers. Brigade will be launching Orion Mall in Banaswadi, following the success of Orion Mall in Rajaji Nagar. Says Prestige Group’s Mr.Razack, “Inspired by the success of our awardwinning Forum mall in Bangalore, the company is now taking the ‘Forum’ brand across South India. Seven more Forum malls are in the pipeline across Bangalore, Chennai, Hyderabad, Mysore, Mangalore and Kochi. Also, the popularity of Forum Value Mall, the only outlet mall in South India, has encouraged the company to develop more malls along the same lines.”The Forum mall has been a landmark in Bangalore, being one of the first malls here. In the hospitality sector, Prestige has ongoing projects in Hotel Hilton and the Marriott Hotel at Prestige Golfshire.
The Road Ahead Bangalore, along with Delhi, Mumbai and Chennai is expected to contribute almost 75% in total commercial space absorption in 2013.According to property consultancy Knight Frank’s report, 2013 is set to change the face for real estate in India, provided regulation and land acquisition bills are passed. The ruling allowing FDI is also set to contribute to the growth. Bangalore will also see demand from the IT industry for office space. The New Year thus seems to be a really good time for the realty sector.
Mumbai: After one-and-a-half year sluggishness, the Mumbai’s residential market revived in 2012 with fresh demand and steady pricing in locations such as Chembur, Wadala, Dadar (E), Parel, Tilak Nagar and Wadala. The capital values grew in between 8 to 10 per cent y-o-y during 2012. However, it is expected, the 2013 will see more projects launch on schedule, with an implied assurance that developers will focus on meeting the committed timelines. Given the increased demand, the high prices of land and the significant increase in construction costs, Rents in most of Mumbai’s micro-markets stabilised in 2012, although vacancies remain high. Generally, the absorption forecast for 2013 is 10–12% above that of 2012, during which Mumbai saw an absorption of 6 million square feet of commercial space.
2013 will not bring any major correction. Though the question of what the State Government will do in terms of providing the infrastructure required to support the increasing population, the inherent demand for residential space in Mumbai will remain strong in 2013.
Ramesh Nair Managing Director - West Jones Lang LaSalle “In 2012, SBD North (Andheri) saw increased vacancy levels, which rose to 26% from the 17% noted towards the end of 2011. Office space rentals at Nariman Point remained stable for Grade A buildings, while rentals for Grade B buildings showed a marginal decline. In an environment of uncertainty, transactions took longer to complete as corporate occupiers evaluated their options carefully, with many choosing to postponing decisions. Rents in most of Mumbai’s micro-markets stabilised in 2012, although vacancies remain high. Generally, the absorption forecast for 2013 is 10–12% above that of 2012, during which Mumbai saw an absorption of 6 million square feet of commercial space. New office deliveries in 2013 will be at the lowest level since 2006, and construction is not expected to pick up until 2015. The completion rate for office projects over the next two years will be much lower than in the preceding three years. Many speculative completions will not see the light of day till 2015-2016. Any significant improvement in occupier demand will do nothing but add to the pressure on supply, thereby stimulating further increase of rents and capital values in Grade A buildings within the prime locations. 2012 saw the full-fledged deployment and functioning of Marketcity Kurla and R City Phase II. The year saw the reemergence of high streets, given the increasing demand for such spaces by retailers. High streets such as Horniman
Circle, Colaba, Turner Road, BKC, Chembur, Borivali LT Road and Andheri Link Road saw an increase in demand and rental values in 2012. Retailers stayed away from Grade B malls, in spite of lucrative deals offered by the developers.
entire housing driven economy has taken a setback resulting in loss of revenue to government (central and state, LUBs). I have following expectations if government is not ignorant and unwilling to do right things:
In 2013, mall rentals are likely to see a nominal increase. With the high street rentals already very high, such spaces have become unaffordable and unviable for many retailers and will see decreased action in 2013 unless rentals become realistic. Markets such as Navi Mumbai, Andheri (W), BKC are expected to see an increase in rentals in 2013, while markets such as Bandra Linking Road, Parel and Ghodbundar Road (Thane) will see rent stabilization. Over the next couple of years, many retailers will reduce their store sizes. 2013 will see malls such as Viva City in Thane becoming operational. The retail development business will see the emergence of strong Pan India developers and more institutional money in 2013.
• Finance ministry and RBI to work together to strengthen the demand and supply side by a special housing development policy.
Going forward, mall supply in Mumbai will dwindle, given that most developers are focussing on residential. FDI in retail is not expected to have any positive impact on rentals for at least the next 12 months. Going forward, retailers will not commit to space unless they see approvals in place and actual construction on site. Retailers will also take more time to execute agreements, taking the route of detailed analyses before closing transactions.
• Housing Ministry to work with Finance ministry too work out acceleration in affordable housing construction through various measures in Finance bill • Housing Ministry to work with state governments as well as Environment, Aviation ministry to find solution to single window clearances of Projects. • Land Acquisition Bill to be development friendly • RERA bill to be recasted to avoid corruption and control all the stake holders of development and assist quicker processes • Effective and simplified development rules and FAR policies to increase supply , make infrastructure feasible and save green and agriculture lands • Urban Development ministry to boost prudent Urban Infrastructure through private public participation It is time that this business is respected in the interest of country. MPs should build required pressure on government to get respect to the business in the interest of the country and promote policies that encourage honest business and plug loopholes that lead to corruption, said Mr Lalit Jain.
The Challenges and Outlook for 2013 Market shows a cautious outlook as sales have seen a dip. As per our ‘quarters to sell’ analysis, that assesses the market health by comparing construction and sales timelines, it is observed that unsold inventory levels are showing an upward trend. Rising property prices and high interest rates have also deterred genuine buyers from taking decisions.
Mr. Lalit Jain CMD, KUL Lalit Jain, Chairman-cum-Managing Director, KUL, Pune, says: Critical two years have gone wasted for the country. Various scams took big toll on growth in real estate sector. Besides all reforms needed did not see light of the day. The
For all those who were hoping for 2013 as a brighter year for Indian Office market, the year will not give them any reason to cheer. Demand will take a further dip and the vacancies will go up. It is very unlikely that rents will tumble down further. Investor sentiments in this asset class will continue to remain cautious. The Indian retail sector looks upbeat in 2013 as major foreign brands and indigenous retailers are all set to implement their expansion plans in the metros as well as select Tier II and Tier III cities. FDI in retail will open
India will be an attractive investment opportunity. Home prices are expected to undergo a wave of high appreciation after six months. Innovative designs, technology, Eco friendly constructions, customer satisfaction and pace of development on site would hold the key to success of a developer in the coming year. fresh avenues. High street will continue to grow and give a tough competition to malls. Vacancy levels in malls will depend on the amenities and infrastructure that the mall offers. Superior malls will have lower vacancy than the inferior ones. Rentals will get a push in superior malls. Residential segment will continue to grow. The first quarter may witness a decline in project launches but the mid of second quarter will turn the story around. The mid-segment and upper midsegment are likely to grow. In order to benefit in the long run, developers would have to concentrate on timely execution of projects. Rising high on stable demand and the greater possibility of lower interest rates, the market will see an upward trend. The residential market might remain cautious over the short term but the borrowers are not likely to postpone their buying decision. The investors will shake off their hesitation when the Indian stock market again becomes a favoured investment destination. India will be an attractive investment opportunity. Home prices are expected to undergo a wave of high appreciation after six months. Innovative designs, technology, Eco friendly constructions, customer satisfaction and pace of development on site would hold the key to success of a developer in the coming year. The government has been supportive with the policies to revive the real estate industry through great infrastructural development ranging from better connectivity through metro and road transport to improved amenities. This has acted as a catalyst for new projects. Even in 2013, we expect constant support from government. With special focus on infrastructure development which will brighten the future of NCR. With the customer becoming increasingly aware of the latest offerings and a regulatory body in tow, we can look forward to improved synergies between developer and audience. 37
ESTATE AVENUES / JANUARY-2013
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NOIDA-GREATER NOIDA EMERGES HOT FAVOURITE DESTINATION DESPITE FARMERS’ STIR - S L Talwar
DR ANIL SHARMA CMD, Amrapali Group
Today Amrapali Group is a vibrant conglomerate having expanded vertically and horizontally into new areas such as Film Production, processed food products, hotels and hospitals, constructing huge IT parks, shopping malls, residential and commercial township near these parks. Estate Avenues: How the realty industry in Delhi-NCR developed over the years, in terms of the development of Noida and particularly Noida Extension and how is Amrapali Group gearing up to meet the industry’s demand? Dr. Anil Sharma : Noida-Greater Noida has emerged as the hot favourite destination for many real estate developers due to many reasons. Excellent metro rail connectivity, home to leading MNCs and various prominent Indian companies, presence of many world-class educational institutions and world class infrastructure add feather in the cup of realty sector in Noida. Rapid growth in public transport system and its proximity to train and bus terminals have increased the mammoth demand of housing sector and office space in the city. Many IT industries have started ESTATE AVENUES / JANUARY-2013
spreading their wings along with the express highway, Which is in conference with walk to work culture. Dr. Anil Kumar Sharma, CMD of Amrapali Group and Vice President of CREDAI (Delhi-NCR) said, “In the terms of housing demand, it is estimated to be approximately 2.1 million units in major cities over the next five years. NCR is expected to witness the highest demand across mid and high-end segments at 3.81 lakh units during 2012-16.” Amrapali Group is gearing up to meet the huge demand of people and plays an important role to fill the gap of demand and supply all across the NCR region. We have set up a ‘pre-cast’ factory in Greater Noida. The ‘pre-cast’ technology, which basically involves bringing readymade walls and pillars to be assembled at the construction site. This technology will
allow us to work at almost three times the current pace. Our group has created its pan-India presence through its 48 highlyrated projects in 22 top cities of the country spread from Delhi-NCR in North to Cochin in South, Purnia in East and Nagpur in the West. EA: Realty has evolved to become rather specialized, like housing/commercial etc…What is your take on it? Dr. A.S. : Amrapali Group is today a vibrant conglomerate having expanded vertically and horizontally into new areas such as Film Production, processed food products, hotels and hospitals. we are making huge IT parks, hotels, shopping mall, residential and commercial township near these parks. In India in present scenario IT sector is little bit slow. We do not have abundantly available in
numbers but from one IT park we are getting very good response. We will make commercial buildings in Cochin, Indore, Bhubaneshwar, Patna, Muzaffarpur, Bhilai and lot of other cities but in term of IT parks we have only started from Greater Noida. And we will make IT parks in Chattisgarh. State government is helping us provide land as Government of Jharkhand has invited us to build IT parks. It is a possibility. Himachal Pradesh government is also very serious about all. We are getting positive response. EA: There is a new enthusiasm in the industry across the Board. How does Amrapali planning to take the lead generally?
EA : What is the future of the Greater Noida West (Noida Extension) as a Housing destination in India and where do you see it in next 5 years and what are your plans for the same? Dr. A.S. : Recently we have launched a project ‘Amrapali Verona Heights’ in Greater Noida-West (Noida Extension), shows our belief over there. I am very much sure about to say that this region still caters the demand of middle class, who are looking for affordable homes. As compare to its counter regions, Greater Noida-West rates are quite reasonable and affordable to all. Moreover, the proposed metro network at Noida Extension will attract more home buyers due to good connectivity and development and they will get best return of their development. Hence, the future is always bright and it is going to be a hub of affordable homes in all across DelhiNCR, where you can have all basic and luxurious facilities.
Dr. A.S. :: We are also focusing on small cities because when you see the demand of housing and other sectors you need to focus all segments in tier-2 or tier-3 cities. There is no demand in tier-1 cities. Small cities have a huge demand. So we are also focusing on small cities. We have our eyes on Durgapur. Though we are not making any project there still we are receiving e-mails and feedback calling us to the town. In small towns you need township and small space of offices and commercial activities because cities require that all.
EA : What are your opinions on Union Government’s proposal for compulsory reservation of 35% of dwelling units built for the economically weaker sections (EWS). Is it viable for the Developers when the land prices are too high?
About malls, we are focusing on small cities first to reach there. People from every segment enjoy good facilities. My main focus has always been on combining the two categories of low spender and high spender. They should not be segregated. There should be some sort of socialistic approach. The middle-class families should not feel segregated because of their low spending power. If you open a mall in a small city they can also enjoy the most. We want to touch every segment of the society.
Dr. A.S. : The housing policy should encourage developers to fill the gap of demand and supply. But the higher prices of land and construction materials are major hurdle for developers so government should always consider all things to make the way easier. Otherwise the burden will be passed on to the needy middle class buyers. The Confederation of Real Estate Developers Associations of India (CREDAI) has decided to convey their thoughts to the government in a collective manner.
EA: What is the latest development in Noida Extension as consumers are very confused over the different statements coming out every other day? Would you like to through some light for the consumers why the work is not yet started despite getting clearance from almost all the departments and court?
EA : What are the present laws relating to land and property and what changes in land acquisition law are expected from the government?
Dr. A.S. :It has been a past bitter experience for all so now buyers are very choosy about their dream homes. Although, no turmoil are remaining more because construction has been resumed now. Apart from that, land compensation issues are resolved and Greater Noida authority is distributing compensation to farmers as verdict passed by the hon’ble court.
Dr. A.S. : Today, there is a mammoth demand of dwelling units but supply is not up to the expectations. The government can’t fulfil the demand of homes without having any support of developers. So the land policy should be viable and development friendly. If the land cost goes higher, the prices of dwelling units will be directly impacted so the land policy should be favorable to the developers, which will be in the interest of all. EA : Which cities are seeing positive growth and which are getting stagnant and which sectors
are doing well— commercial or residential and why? Dr. A.S. : When you see the demand of housing and other sectors you need to focus all segments in tier-2 or tier-3 cities. There is no demand in tier-1 cities. Small cities have a huge demand. So we are also focusing on small cities. In small towns, you need township and small space of offices and commercial activities because cities require that all. We are making huge IT parks, hotels, shopping mall, residential and commercial township near these parks. In India in present scenario IT sector is little bit slow. We do not have abundantly available in numbers but from one IT park we are getting very good response. We will make commercial buildings in Cochin, Indore, Bhubaneshwar, Patna, Muzaffarpur, Bhillai and lot of other cities but in term of IT parks we have only started from Greater Noida and we will also make IT parks in Chattisgarh. EA : What is the outlook for the real estate sector in the short term and the medium term? Dr. A.S. : Property is always an appreciable asset so real estate sector is the way to get best return of investment in both conditions like gold. In the terms of housing demand, it is estimated to be approximately 2.1 million units in major cities over the next five years. NCR is expected to witness the highest demand across mid and high-end segments at 3.81 lakh units during 2012-16.” Undoubtedly, North India real estate market is a sizeable supply of midsegment units in various stages of construction while West India property market has a lot of potential to attract investors. Moreover, East and South India have not such edge like Northern Region as North India still caters the highest demand of people and plays an important role to fill the gap of demand and supply all across the country. EA: Anything else you would like to add on the need and challenges in Indian real estate industry? Dr. A.S. : Real Estate should have an Industry Status and there should be a single window system for project approval and all clearances. It will help to get a transparency, which it really requires. As all know that now real estate is an unorganized sector but a mammoth part of population of our nation is fully dependent on Real Estate as it is the only way of their bread and butter. As well as there should be some controlling body for Real Estate sector, who can take care of buyers and investors interest.
ESTATE AVENUES / JANUARY-2013
AN INTERVIEW WITH RAKHEE NAGPAL
A TOUCH OF TECHNOLOGY IN REAL ESTATE SECTOR
eal estate continues to meander along a slower-than normal recovery track, behind a recuperating economy, dogged by ongoing world economic distress. The year 2013 is expected to bring back hopes of growth to the real estate sector, mainly due to governmentâ€™s positive approach towards rules, reforms and moderation of interest rates. Several positive trends also indicate a refreshing change in the sector - As compared to 120 malls in 2009, the number is slated to increase to 287 in 2013. FDI inflow in housing will also jump to Rs 3326 crore from a mere Rs 171 crore in 2009. Urban population is expected to sour to 590 mn by 2030 which will boost the demand in the housing sector. Operating in a dynamic environment, the real estate companies need to deliver innovative, user-accepted products and services in a timely, seamless manner. Smart and efficient technological innovations can help the sector sustain growth and keep pace with global developments. The more receptive the industry gets for technological innovations, the greater will be the speed of change. An integration of electrical and information technology will enable the industry to transform from a need/demand driven sector to a unified service-oriented sector. Increased competition and reduced marketing budgets have necessitated the need to identify and target potential customers in a cost-effective manner. Real estate players are thus exploring new and innovative strategies and technologies for marketing their projects. With customers becoming extremely tech-savvy, they are gathering information from diverse sources for making informed decisions. Innovative technology provides an opportunity to developers to differentiate their marketing efforts from that of their competitors by enabling teams to efficiently manage pre-sales, sales and post-sales forces and overcome challenges emanating from increasing
ESTATE AVENUES / JANUARY-2013
By Rakhee Nagpal MD & Chairman Dynamic Vertical Software Pvt Ltd
dynamism in market demand. Advanced technology solutions including enterprise mobility solutions, document management solutions, Management Information System (MIS), Enterprise Resource Planning (ERP) system, etc. have resulted in far more efficient and robust business. With ERP, the complex task of effectively managing property business and data pertaining to ownership history, amenities, property address, revenue sharing etc. has significantly eased out. Further, it is also beneficial in maintaining records of legal documents, including property documents, loan functions, agreements and loan history for the real estate players and potential customers. Also, as most real estate companies venture into operationally diverse projects like housing projects, business complexes, malls, offices etc. they are now looking for an integrated solution that understands the needs of each SBU and offers comprehensive management tools for them. Today, technology is helping real estate businesses streamline their multiple operations like premise management, e-agreement, facility management, event management, parking & security, help desk making their property management procedures standard, transparent, easy and efficient. As the real estate sector grapples with a number of challenges such as shortage of
skilled manpower, escalating project cost and prolonged construction period, technology is emerging as a catalyst of change for the real estate companies of India â€“ be it premise management, marketing, business management or customer service. Disparate systems can lead to data integration and replication issues. Organizations may loose their grip at the HO level and staff productivity may also get affected. Multiple applications donâ€™t allow organizations to have a real-time consolidated view of critical information resulting in severe opportunity losses. An end-to-end integrated system is the need of the hour that can deliver the breadth and depth of functionalities demanded by large as well as small Property Managers, without the need to build, manage and maintain multiple applications and costly interfaces. Emerging technological trends are redefining the real estate space of India and taking it to the next level, for both now and in the future. However, its true impact on the performance of the real estate sector will depend upon the depth of its inclusion across the various facets of the operational processes. How real estate players innovate and respond to technological advances will undoubtedly play a major role in differentiating the companies, their projects and integrated product offerings in the minds of consumers.
How to combat sluggish business environment in terms of real estate sector
Chief Executive Officer Paharpur Business Centre & Software Technology Incubator Park
The construction sector is not a direct hit but it is definitely wriggling under its own predicaments and complexities. C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council said that the economic growth is likely to remain sluggish even in the second quarter of the current financial year. He, however, said the revival in the economy would depend on investments, both from public as well as private sectors.
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he shortage of labour was ascertained at some point of time and this may have shaken the market sentiment to some extent. However, the recent surge in workload of Private Housing and Infrastructure has added much impetus to the scenario. In today’s cut-throat competitive environment, especially in construction industry, making higher profits could not be a feasible idea. A niche has to be created, which can, in a way, make your project distinctive and therefore higher margins. The coming twelve months is a crucial time in terms of maintaining the equilibrium of workload and labour force. According to newspaper reports, the Indian economy grew at a sluggish 5.5 per cent in the first quarter of this fiscal in comparison to 8 percent in the corresponding quarter of the previous financial year owing to poor performance of manufacturing, mining and agriculture sector. On the other hand Construction and Services sector, which includes insurance, finance and realty, grew at 10.9 percent and 10.8 percent, respectively, during the quarter under review. Though the construction sector is not a direct hit but it is definitely wriggling under its own predicaments and complexities. C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council said that the economic growth is likely to remain sluggish even in the second quarter of the current financial year. He, however, said the revival in the economy would depend on investments, both from public as well as private sectors. The realtors/construction giants needs to be vigilant and should plan their business model in a definitive fool proof manner. Below are some of the pointers that can actually make business run smoothly. Workloads escalating at Private Housing, Private Industrial, Infrastructure and Private Commercial Sector: According to recent RICS Survey, workloads are continuing to rise in Private Housing, Private Industrial, Infrastructure and Private Commercial Sector. So looking after the current market scenario, one should not worry about the construction activity being halted or being boiled down to cipher for the upcoming months. Therefore, the construction companies can continue to focus on the requisite sectors in the coming quarters. Profitability should not be the main motive: The recent surge in construction has given boost to healthy competition. Competitors need to maintain a signifiESTATE AVENUES / JANUARY-2013
cant balance between input cost and output cost. The end product needs to be at competitive rate. Keep an eye on the government’s development project: The companies to need to keep a regular tab on the developmental infrastructure projects, which are to be launched by the government or are in the process of being launched. Purchasing lands around these projects are far more profitable and are less risk prone in view of the economy, which is moving at snail’s pace. Labour force: The last quarter has seen the lacunae in the labour force. In-fact many projects have been stalled or did not take off due to the scarcity of labour. Studies have shown that labour migrate from one place to another in terms of better livelihood. Ambitious schemes by the government like the ‘Jawahar Lal Nehru Yojgar Yojna’, wherein loan is provided to people to start their own business, have also pulled labour force
back to their villages. The key here is to cohesively bond with the labour force for ones project by giving them attractive wages and being active in their welfare schemes. This will ensure smooth completion of the on-going construction projects. Cordial relations with locals: Any developmental project has to have green signal from the locals. The recent Noida Expressway ‘Kisan Andolan’ was an eye opener for big construction giants. So, if any realtor is working on some project or is planning to introduce one soon, the cordial relations with the locals should be the primary focus. It has to be seen and analysed that the project has to be in the interest of the locals. It should benefit them in some way or another. Research & Development Department: It is important for companies to have Research and Development department that can closely scrutinize the developments in
FEATURE their respective sector, market risks, public response and what are the dos and dont’s of a new scheme/project etc. The detailed research can actually help a lot. Not to forget that in this economic mayhem, extensive planning is indispensable.
Green Infrastructure: strategies, approaches and way forward With sustainable development making inroads with Indian economy and going “green” becoming a trend amongst businesses, infrastructure industry, in particular, is still to realize its potential. Eco-friendly infrastructure, which is an established paradigm world over including quite a few developing countries, is still in its nascent stages considering its immense scope and relevance in the present scenario. Infrastructure development, per se, is indispensable to India’s economic growth. According to a McKinsey research, it is said that 2/3 of India is yet to be built and this will happen in the next 20 years. For a potential demographic dividend to actualize and pay out, India needs vibrant and sustainable infrastructure, for its villages, towns and cities. Given India’s geographic immensity, rising population and steady urbanization rate, infrastructure development will play a critical role in strengthening its position as the next economic superpower. And adopting eco-friendly practices will not only safeguard our existing resources but also make them more sustainable.
Concept defined Green infrastructure – in line with triple bottom-line framework of people, planet and profits – is the ecological structure needed for environmental, social and economic sustainability. In short, it is a nation’s natural life sustaining system. Green infrastructure differs from conventional approaches to open space planning because it looks at conservation values and actions in concert with land development, growth management and built infrastructure planning. Other conservation approaches typically are undertaken in isolation from — or even in opposition to — development. The Green Infrastructure approach analyses the natural environment in a way that highlights its function and subsequently seeks to put in place, through regulatory or planning policy, mechanisms that safeguard critical natural areas.
Current Norms While assessing the future impact of implementing eco-friendly infrastructural facilities, it becomes necessary to understand the existing practices. At present, all infrastructure projects in India are required to furnish an Environmental Impact Assessment (EIA) report to seek approval from the Government of India (GoI). Likewise, the developmental projects have to acquire the Ministry of Environment and Forests’ consent to commence work. Over the years, the EIA norms have been modified to help expedite the approval process. However, authorities have failed to address the environmental concerns linked with infrastructure development. Therefore, no notable steps have been undertaken to facilitate environmental sustenance. The Central government has been quick in dealing with the hassles faced by most infrastructure companies while seeking approval for their projects. However, the environmental factors have been largely ignored while modifying the existing norms
Present Scenario Although the situation is still bleak in the Indian context, a large number of infrastructure companies have responded to issues pertaining to environment degradation by adopting energy-efficient technologies. Many infrastructure projects are being completed using environment-friendly raw materials such as cement and a growing number of infrastructure companies are consulting environmentalists. Many companies have started to invest more in research and development to address green infrastructure issues including improving designs in water and energy related services. One such company is Paharpur Business Centre & Software Technology Incubator Park (PBC) in Delhi that proves building sector – which takes up 40% of world’s energy and 40% of world’s natural resources at construction stage – can also go green. A 25-year old building built to government design, PBC is the first USGBC LEED Platinum certified retrofit green building in India, and also a certified Bureau of Energy Efficiency 5 star building. PBC is retrofitted with various energy and water efficient technologies which have not only helped it reduce its environmental footprint but also make energy and water savings thereby reducing operational costs considerably. However, people / end-users at large are
ignorant about the economic and ecological benefits of green buildings. They still feel that a green project is costlier compared to a non-green or conventional building - which is not true. Green buildings reduce OPEX Costs, offer attractive ROI on CAPEX and result in improved financial bottom-line. Another example to substantiate the feasibility and commercial viability of green buildings is GreenSpaces. Projected to be world’s greenest and most energy-efficient commercial building, GreenSpaces will be an innovation based project with concepts such as 100% waste and water reclamation, instrumentation and interconnection of all systems, recharging ports for electric cars, ventilated chairs, etc. According to a comprehensive study conducted by The Energy and Resources Institute (TERI), GreenSpaces’ proposed design has already achieved 74.4% reduction in the Energy Performance Index (EPI) i.e. energy use per unit area for a green building. 41 million kWh of energy will be saved per year, approximately 36,000 tons of CO2 emissions shall be avoided on the demand side, and even more from generation of 1 MW from Photo Voltaic (PV) and electricity produced from waste. All this and more with reduced cost implications, enhanced ROI and users’ comfort. It is because of all these aspects woven together, economists and social scientists feel sustainable infrastructure is smart conservation for twenty-first century and hence, also call it, smart / intelligent infrastructure.
Way forward Over the next several decades, the world will spend $30 trillion on infrastructure. Intelligent infrastructure, if put in application, will explore how green architecture, geo-engineering, smart systems, and connectivity will allow countries and governments to create a smarter, stronger and more sustainable infrastructure. Meanwhile, in India, gradually growing awareness has made authorities and companies more conscious about the importance of protecting the environment and sustaining resources for future. Furthermore, industry players are increasingly finding the implementation of green practices to be a more commercially viable option as they are now able to curb escalating costs of construction. At this juncture, government support and dissemination of information are required to make Indian infrastructure sustainable.
ESTATE AVENUES / JANUARY-2013
REAL ESTATE RELOADED Dr. Kunal Banerji MCAM (UK) MRICS (UK) Real Estate Marketing & Branding Expert email@example.com
he time has come for the real estate sector in north India to mature and evolve! From the “Castles –in-air” pre-Launch days to the built-up bare-shell apartments. From the 250 Sq.Ft –“sell-em-all” retail offerings to the “built-to-suit” large format office and retail spaces. From monolithic structures to multi-usage complexes. As the socio-economic structures and the fabric of society changes, so does the real estate scenario. There is a dire need to look at the next generation of real estate projects. In my view the next level of housing and retail / office spaces will be in these 10 areas; (1) Advent of Furnished Serviced Apartments/Offices Fully furnished, with fitted kitchen, bathrooms, and with well designed interior decorations – these apartments are the latest trend in housing. The options to exchange apartments or to upgrade every 2/3 years is going to be a distinct possibility. Just like one would want an upgraded model of cars, one may upgrade to a better home or office. (2) The ‘instant’ home-décor kit The advent of pre-fabricated building technology for both indoor and exteriors. This new technology lets one change the ESTATE AVENUES / JANUARY-2013
interior décor of one’s’ home, according to the prevailing trends and fashion. (3) ‘Home – Exchange’ The option to trade-in your old home for a new asset in a different area or even a different city is a new concept that could become a novel trend in the real estate market. (4) The ‘Green Scene’ More and more developers are turning to ‘greentech’ in order to comply with and ‘market’ environment friendly projects. The new technology not only saves money in the long run, but entitles the promoter certain tax incentives by the government. (5) ‘Live-Work-Play’ lifestyles The pressure on the transportation and the ever increasing polluting engines, traffic snarls, and the overall ‘loss’ of quality time with loved ones – is reason enough to opt for full integrated townships where habitation is near Hospitality, Schools, Food Centers, Retail centers and Offices! (6) Parking Centre Concept Each area will need to have a multiple car parking section where many cars may be parked and serviced. Car lifts would be utilized to “stack” the cars, until they are needed.
(7) Digitalized Smart Homes Apartments that are programmed to the particular needs of the occupants. Temperature control, Sun-adjusted curtains, sensor-led light controls, total securitization, ‘intelligent’ bathrooms & kitchens. Energy-saving automated switches. Robotics @ home and move! (8) WEB-COUNSULERS Home-buyers and investors in property will become more and more prone to doing their research on the net via specific real estate cataloguing sites. In Japan, this type of behavior has already become the norm. (9) Office-cum-Apartments As the dynamics of doing business itself is undergoing change – so is the way we work and live. ‘Office-by-day’ and ‘apartment-by-night’, by the flick of a switch – could be the perfect ticket for the SME Sector of India. (10) “Home Bonds” Investment bonds for the real estate sector which are tied into the construction of properties via an escrow banking system. This would not only be a good investment but would be a boon for end-users, who would be assured of their own home. This concept has not yet been explored.
SERVICED RESIDENCES (SANDAL SUITES) IN LIGHT OF SANDAL LANDS
n the lights of robust economy witnessed by India in this decade, it is noticed, there has been an untamed demand for business travel across India with more integration towards the global economy. Due to which growing impetus of business and medical tourism in India has witnessed manifold growth over period of time. Given the fact, hospitality sector has boomed shortly, formation of huge gap in number of travelers and hotel accommodation has become a matter of concern. It is expected that there will be a shortage of quality accommodation in near future, as in, supply of hotel is apprehended thereof. With increase in corporate travel and spending weeks and months for working from different location has become frugal these days. Where people are left with no other options apart from lodging in hotels which is always a costly affair in own terms. With the advent of newer concept; ‘Serviced Apartment or Serviced Residence’ offers an alternative solution to the problem. A ‘serviced residence’ is a mean by which one can lead a homely stay while staying away from home. It is built in a manner where a furnished accommodation, comparatively larger than a hotel room, with small kitchenette and basic facilities of a household such as cutlery, crockery, vessels for cooking along with a piped gas connection, many other services are provided such as large size bedroom with alleviating space with attached bathroom, living area with home office, with attached dining space, fullyloaded refrigerator, microwave EPABX, Cable/Satellite TV, WiFi/Internet Connectivity, DVD players with movies on rent, Daily newspaper, iron and Ironing Board on request and Electronic Safe for valuables, sometimes even provided with concierge service. The lodging rates are generally way cheaper compared to the hotels which charge exorbitant rate to its customers. The concept is new and an uncharted domain, which poses a huge potentiality in terms of market. In India, the market is at its nascent stage and is expected to gain momentum in short span of time. The size of this segment is diminutive in comparison to the South Asian and Pacific markets where it has been acknowledged, ESTATE AVENUES / JANUARY-2013
popular and accepted already. In the Indian pretext, the target group is the High Net Worth Individuals, Corporate and Leisure Travellers and foreign tourists, who prefer ‘serviced residence’ over hotels; belonging from a different culture and having specific living standard. Keeping this in mind, the serviced residences are basically developed complying to the norms of international standards with starred hotel facilities. Proliferation in sectors like BPO, ITES, and Financial Institutions are pulling the crowd for serviced apartments in India. The concept which embarked on Mumbai around 2003-04, has seeped in cities like Bangalore, Hyderabad and Delhi NCR region. It has propelled 25 – 45 % double digit growth in the last five years and is anticipated to gain maturity at a steady pace with due acceptance and popularity. In view of this concept and in recognition of dormant potential demands the segment posses for the first choice among corporate executives.‘Sandal Lands Pvt. Ltd’ (previously known as - Assotech Realty Pvt. Ltd) has taken the initiative to deliver quality ‘Serviced Residences’ across 25 cities in India, further pioneering themselves in this field in India. Earlier it has been successful in delivering 'Serviced Residences’ christened as‘Cabana Serviced Residences’ at Indirapuram, Delhi NCR in 2008. The concept offers a lucrative investment option for its owners as well. The customer or the investor buys a unit in ‘Serviced Residences’ and the company manages and maintains the property. The rental income earned is divided equally among all the investors with a part kept by company for meeting the expenses, maintenance, security, wages, administration, and housekeeping etc. The investor is paid a continued rental per month as a return on his investment and company offers returns as high as 14-24% per annum, subject to occupancy and demand pattern. As these residences, which are strategically located near the corporate hubs. The, occupancy levels are expected to remain high throughout the year. In addition to the investment the investor are given a privilege of free stay for a limited period across India along
with a club membership with the company. A brain child of Mr. Neeraj Gulati, Managing Director – “Sandal Lands Pvt. Ltd”, an astute finance professional, responsible for drawing the blueprints of the said concept and materializing it for the company which was established in the year, 2003; further he has been able to carve a niche for the company in positioning themselves as leaders in Delhi NCR in the office space realty segment, and also, has reputed residential projects under its belt developed across Delhi/NCR. Sandal lands Pvt. Ltd’ has taken long stride in positioning themselves as successful players in real estate industry, now focusing on, to consolidate its foothold in the pan India market. The company has initiated acquiring lands for their ‘Business Parks& Serviced Apartments’ outside Delhi and NCR. It plans to launch a spree of Service Apartments in the name of “Sandal Suites” across the nation, under 3 major segments i.e. Leisure, Business and Pilgrimage. To add cherries on top, the service resident complex are stacked with an array of facilities like state of the art Health Club with Spa, Business Centre, Board/Conference Rooms, Meeting Rooms, Terrace and Pool Side Multicuisine restaurant, recreational area, coffee and pastry shops. The charges pertaining to lodging vary from Rs 2,000 – 10,000 per night depending on the time period, category of room and amenities provided for the stay. The concept is an unique blend of hospitality and real estate creating a new pool of investor and target group of its own. An attractive returns makes Sandal Suites an ideal investment opportunity. ‘Sandal lands Pvt Ltd’ has been able to steam roll ahead and set up new bench mark with an unique line of innovative concept by amalgamating two domain. Keeping this in mind the company is heading for an expansion and has Ahmedabad as its new destination, on its radar. Further it intends to explore opportunities in Goa, Hyderabad, Pune, Mumbai, Gurgaon, Bangalore and etc. and has also roped in Shirdi, Katra and Tirupati for pilgrimage destination.
Mumbai–Pune Real Estate Sector Instrumental In Driving India’s Growth By S L Talwar
Despite strong fundamentals in favour of the residential real estate, the segment is highly influenced by economic cycles. The residential real estate market in India witnessed a steady decline in demand and capital values due to the global economic meltdown over the last few years. However, the sector is likely to experience an increase in demand for both commercial and residential real estate in 2013 mainly due to the improvement in economy. Several new mid-income housing projects have been launched by developers to attract potential buyers across various cities in India. Demand for houses has increased markedly in the latter half of 2012, thereby boosting consumer sentiment. End users, who had put their purchasing plans on hold due to the fall in affordability levels and job-related uncertainties, have started booking their dream homes.
Mr Lalit Jain Chairman, Kumar Urban Ltd.
he real estate sector in India assumed increased significance with the liberalisation of the economy, as the resultant rise in business opportunities and labour migration strengthened the demand for commercial and residential space. Currently, the real estate and construction sectors are playing a crucial role in the overall development of the country’s core infrastructure. The real estate sector’s growth is linked to developments in the retail, hospitality and entertainment (hotels, resorts, cinema theatres) industries, economic services (hospitals, schools) and information technology (IT)-enabled services etc and vice versa.
The real estate sector in India has traditionally been dominated by a number of small regional players with relatively low levels of expertise and/or financial resources. Historically, the sector has not benefited from institutional capital; instead, it has traditionally tapped high net worth individuals and other informal sources of financing, which has led to low levels of transparency. This scenario underwent a change with the sector’s growth, and as of today, the real estate sector’s dynamics reflect consumers’ expectations of higher quality with India’s increasing integration with the global economy.
Demand for space will always remain robust: Demand for residential and commercial spaces in metro cities of India such as Mumbai and Pune will always remain robust due to the sheer size of the population living in these cities and the increasingly aspirational dreams of its citizens. In fact, Pune is one city in India that did not witness a slack in demand for real estate even in the uncertain times of economic slowdown. Demand for commercial and residential real estate, both in Mumbai and Pune, is only expected to increase in the near future, says Mr Lalit Jain, Chairman, Kumar 49
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Urban Ltd, Pune. Mumbai is the economic powerhouse of India. In 2009, the city was mentioned as an alpha city (the engine of economic growth of the country and the gateway to the country’s resources). Mumbai is the richest city in whole of west and central Asia. All of this led to high immigration and real estate investors flocked to Mumbai, leading to enormous investments on a relatively small real estate and mortgage market. The rampant development and the growth in real estate property in Mumbai is a direct result of the city being the epicentre of India's trading activities and the immense employment opportunities it offers. The city’s status as the country’s financial capital has gone a long way in popularising real estate in Mumbai, to an extent that owning property in the city is considered to be an achievement in itself. Most of the Foreign Direct Investments (FDIs) in India are in Mumbai and a huge percentage of that is investment pertaining to real estate.
IT Sector Growth The IT sector in India has grown enormously over the last decade or so. Foreign companies have set up bases in Mumbai and other important IT hubs, attracting IT staff and managers from all over the country. A new and modern middle class started to look for apartments, while companies started their search for new and modern office spaces. From then on, real estate companies started to consolidate and invested in bigger projects. In the early 2000s, investing in real estate was extremely lucrative. Mumbai’s residential property rates skyrocketed during this period. In a short period of time, residential buildings became too expensive for the masses. Average sales prices more than doubled. By 2008, the global financial crisis hit Mumbai. Demand for luxury housing decreased by 50% in a single year, said Mr Jain.
Investment In Real Estate In 2009, investments were at an all-time low. However, the decrease in investments was much lower compared to other cities in the world. Real estate prices in Mumbai started increasing gradually from 2010. Mumbai’s main areas showed quite some good numbers, varying from a rise of 6.61% in some areas to an increase of over 18% in other areas. In these years, foreign investors started to discover Mumbai. Local investors are still taking a big part in the overall investments. The real estate in Mumbai is now almost 50% more expensive than areas in the UAE (Dubai). According to the Economic Times, the overall real estate prices in Mumbai have risen by almost 50% since the year 2009, said Mr Jain. Mumbai is one of the biggest emerging economies in the world. Real estate prices in Mumbai have seen a huge price surge since the global financial crisis. Since the ESTATE AVENUES / JANUARY-2013
Mumbai’s main areas showed quite some good numbers, varying from a rise of 6.61% in some areas to an increase of over 18% in other areas. In these years, foreign investors started to discover Mumbai. surge, there have been numerous concerns about the possibility of housing bubbles, mainly fed by concerns over the fact that the masses are not able to afford the expensive housing that is being built. Mumbai is turning into one of the most expensive cities to live in. The Indian Government has taken measures to deal with the rising real estate prices in Mumbai. These measures have left many of Mumbai’s developers with fund shortages. There is a dire need for the government to adopt policies that favour real estate developers. Lowering interest rates to make housing within the reach of the middle class is the need of the hour. Demand for real estate in Mumbai will always be on a higher side due to the everincreasing population and the fact that this population needs roofs over their heads.
Presence Of Scenic Beauty In Twin Cities Mumbai and Pune are said to be among the busiest cities in India, and are facing space constraints due to excessive demand than supply. The cities are expanding to accommodate more housing projects and this has resulted in emergence of Mumbai-Pune expressway as a new growth corridor. Availability of space at less per sq. ft values compared to other central and secondary business district areas is the other attribute contributing in the augmentation. Mumbai-Pune Expressway that links the two cities is emerging as an upcoming real estate growth corridor. It is India’s first six-lane concrete, high-speed expressway covering over 93 kilometres of area connecting Mumbai with Pune. The expressway starts at Kalamboli (near Panvel) and ends at Dehu Road (near Pune), reducing the travelling time between the two cities to approximately two hours, Mr Lalit Jain explains. Presence of scenic beauty, lakeside views, pollution-free environment and natural surroundings has caught the attention of developers and investors, and the expressway is witnessing new residential projects in its vicinity. Pune is another city that has witnessed significant growth in real estate activities over the last few years. From being a quiet city in the early post-independence era, Pune has grown into a hustling and bustling industrial hub today. It is also the education hub of the country, and has a growing industrial hinterland, with information technology and automotive companies setting up factories in the city. Pune has grown into one of three major industrial hubs in the country. While its
proximity to commercial capital, Mumbai, has certainly played a role in it achieving this status, factors such as availability of trained manpower and salubrious climate have added significant weight. Pune is one of the most important hubs of cutting-edge technologies in the world. It is the third most preferred destination for global IT players. The city is rapidly climbing the Indian software exports ladder, delivering over US$ 1 billion annually in outsourced services. Pune is a hub to not just some of the largest BPO and software service centres, but is one of the critical R&D locations recognised across the world. Several multinationals such as Amos, Enzi, Symantec, HSBC, P&O Nedlloyd, Ideas and Cognizant have setup their research and support centres here. Most global players now specifically come to India looking out for Pune as they used to do some years ago for Bangalore.
Pune Is The Largest Auto Hub: Mr Jain said, Pune is the largest auto hub of India with over 4,000 manufacturing units only in the Pimpri-Chinchwad region. There are about 7,000 auto ancillary units in and around Pune. The city’s automobile landscape includes the ‘who’s who’ of Indian and international automobile majors. This sector is expected to witness an inflow of around Rs. 40,000 crore in terms of investment in 2013. Pune's GDP is growing at the rate of around 8% and the city’s per capita GDP is pegged at Rs. 46,000, taking Pune ahead of Hyderabad. Pune has the least gap between the rich and the poor in the country. The city’s infrastructure has led to the city becoming sixth largest economy of India. Pune has an advantage by virtue of the fact that it has been able to add to its borders by means of surrounding villages. This has helped to decrease pressure on the central city and encourage an outward growth pattern. The challenges on Pune’s infrastructure, particularly its road network, have more to do with the speed of this growth. While there are various proposals for roads and road widening, these have to be translated into real time to be effective. It is a known fact that no area can grow in terms of residential, commercial and retail real estate unless the necessary infrastructure is first put in place. Mr Kishor Pate, CMD, Amit Enterprises Housing Ltd. on Pune:
The Pune real estate market performed
exceedingly well in 2012. Property prices appreciated between 7-9% in most areas, which is more than most other cities displayed this year. There were some setbacks. One of these was the issue of VAT (Value Added Tax), which the Government made mandatory for all properties bought between June 2006 and March 2010. Over 1.5 lakh flat owners in the city were affected, and there was a visible cooling of relations between them and the builders. Another dampener was the fact that the RBI did not reduce home loan rates – a move which was expected and much required. The positive factor was the Government’s formal notification to the fact that 28 more villages would be included under the Pune Municipal limits. While such locations are under Gram Panchayat jurisdiction, they tend to be at a disadvantage in terms of reliable water supply, electricity and public transport. The lack of full-fledged support from the Municipal Corporation for these facilities compromised the healthy growth of the real estate market in these areas. The property market in these areas is now going to improve, and there was a definite increase in interest in these areas when this Government notification was issued. There were ups and downs in 2012 – but throughout, Pune’s property market proved to be very resilient. Even as sales in neighbouring Mumbai plummeted, those in Pune continued to be healthy. During the festive season, no other city in Maharashtra showed as many new residential sales that Pune did. The demand from the NRI community was considerable in 2012. This could be gauged by the number of inquiries that came from Indians living abroad which was followed up by local relatives or representatives. During the festive period, many NRIs visited Pune personally to close the deals. These were all positive factors, but what really pulled Pune property sectors through was the growing number of investors on the market. In 2012, our analysis of the market showed that only about 40% of all apartments in Pune are currently being bought and used by actual end users – flat owners who are personally using their properties for occupation. 35-40% of the remaining flats are held by investors for renting out to the growing transient working population in and around the city’s IT hubs. The remaining 15-20% of the flats are standing empty. These are either bought by NRIs who intend to move back to Pune in the near future, or are being held by speculators looking for a profitable resale.
Is Pune Real Estate In For A Correction? In a correction, a property market changes from a sellers’ market to a buyers’ market. Demand for homes decreases and the value of one's property
goes down. Every kind of property owner - be it end user or investor - worries about the property market going down and prices 'correcting'. The word 'correction' in itself implies that there is something wrong which needs to corrected. Is the Pune property market going to see a correction? Let us examine what really happens in a correction, and why, explain Mr Kishor Pate. In the first place, real estate corrections do not happen on a national, state or even city level. If and when they occur, they occur in areas of cities where there are a lot of apartments which are priced too high. When the prices come down, demand picks up again, so the local market has 'corrected'. However, there can be many more reasons why there are more flats on the market than people are willing to buy. Unwillingness to buy can be for many reasons: · Flats are available, but not in the budget category where the highest need is · Flats in the right budget category are available. However, the economy is weak and people are uncertain about their jobs - and therefore hesitant about making a home loan commitment · Home loan interest rates are exorbitantly high and therefore not affordable If one or more of these factors prevail, people will not prefer to buy homes and instead opt for rental properties. As a result, property investors who want to make a quick buck out of residential property by buying cheap and selling higher stay away. But even in such a market, investors who look at property as a source of regular rental income continue to look for good opportunities and thrive in a rental-driven market. As far as the national economy is concerned, things are already looking up in India. Inflation is coming down, and the RBI has indicated that home loan interest rates will start decreasing from January 2013. Meanwhile, employment is looking up. Indian companies - especially in the healthcare, manufacturing and Information Technology sectors, are already on a hiring spree. With more jobs comes more demand for homes. Now let us have a closer look at Pune both as a city and as a property market. Pune's overall fortunes are generated by three industries - healthcare, manufacturing and Information Technology. The first may come as a surprise, but the fact is that Pune scores higher than many of the larger cities when it comes to popularity as a destination for obtaining medical treatment. In terms of Information Technology, Pune is running neck-to-neck with Bangalore and Hyderabad. The city has an incredible saturation of IT parks within a relatively small geographic area. This sector is once again driven by an highly trained workforce and lower real
estate costs to both the company and its employees. Paradoxically, it is largely buyers and investors from Mumbai who have contributed to the fast rise in property prices in this city. Accustomed as they are to the sky-high rates in their parent city, they do not tend to hesitate to pay a premium for the larger, better appointed homes in tempting locations available in Pune. By the same coin, Mumbai provides a clear contrast against which to weight the property investment options in Pune. For this reason, there will always be enough buyers for residential property in this city. Certain areas have certainly reached saturation point, but many of Pune's growth areas are showing steady appreciation in property rates. Moreover, the city offers housing options in all budget categories in almost all locations. In such a market environment, it is certain that residential property in Pune will continue to be one of the safest and most rewarding investment avenues for a long time to come. It is certainly a mistake to view it from the same perspective as Mumbai. This market has stood the test of time and is growing rationally into a brilliant future. With such a constant and steadily increasing demand for residential property in Pune, there is no likelihood of a property market correction. In fact, as indicated by the trends over the past years, property prices will continue to increase every year at a minimum of 7-8% in every location. In plainer terms, this means that the housing options available today will not cost less but more in the next year. This is the main reason why Pune has such a large complement of active property investors - and a clear clue for end users.
The year 2013 will be bright for Twin Cities: Today, citizens of Mumbai and Pune enjoy a greater disposable income than ever before, and their requirements and demands have increased proportionately. Also, the easy availability of home loans has made the goal of purchasing property much more accessible. There is definitely a growing market for affordable apartments as well as upscale residences. An increasing number of people aspire to own their own homes these days rather than taking the rental housing option. The speedy development made by Mumbai and Pune has made the two cities ideal locations for local real estate developers and construction companies. These two cities are also attracting national and international developers who are keen on catering to the everincreasing demand for quality housing. Overall, the year 2013 promises to be a good one for those involved in the sector––developers as well as the consumers. The future of India is set to usher in the gold rush of realty, said Mr Jain. 51
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Choosing the Right Mattress and Pillow By Anand Nichani, Director Polyflex India partners for Magniflex Luxury Mattress in India
hen shopping for a mattress, most of us don't put enough thought into choosing the right mattress, especially considering how much time we spend using it. We tend to assume that soft, fluffy and “comfortable looking” are the best. But to feel well rested when you wake up the next day there are some important factors that we need to keep in mind while selecting a mattress that will ensure 100% rest for our body and souls...
Selection of Mattress 1.
The perception of comfort and support is personal: Buying a good mattress is very important considering the impact of bad sleep on your day activities, it is therefore necessary to buy a mattress with both optimal cushioning and support. As mattress is a durable product, buying a good mattress which will last long should also be considered, the mattress should not sag within few years of usage. Though comfort and support is
ESTATE AVENUES / JANUARY-2013
Zero Pressure Points, thus reducing the tossing and turning, the leading cause of a poor night's sleep, with a memory foam mattress. Pure foam mattress have a lot of breathability which reduces sweating on the mattress, hence, your sleep is comfortable and undisturbed.
personal, it is generally defined by one's lifestyle and body weight. The mattress, in order to be proportionate to our body and to offer 100% of all its comfort quality, must be 20cm longer than us and at least 160 cm wide if sleeping in two. Here you can find a guide which helps in this important choice: Each one of us have specific and different requirements, so mattresses should be of a general ergonomic characteristic that guarantees support of independent weights and gives equal support to all parts of the body. If we share the bed the comfort doesn't change...it doubles! Purchase mattresses from stores and companies that are trustworthy: Look for brands with long standing international or national experience, brands like Magniflex come with 50 years of global presence in over 76 countries. Also, consider the customer service offered by the mattress store, such as delivery options, customisation of mattress to any size or shape and last but not the least brand's warranty policy. Choose a foam mattress: Good quality foam mattresses especially that are made of memory foam, distribute body weight evenly, giving complete cushioning and support you require during sleep. Pressure points are completely reduced i.e.
Mattress' lifespan: Buy a mattress that has a long life. Although cheap mattresses are a great deal now, they may be more expensive in the long run because you'll have to buy a new one sooner. Ask for mattresses with atleast 10 years warranty, even against sagging.
Selection of a Pillow Temperature changes, long periods sitting in front of the computer and little physical activity can bring our body to be more and more subject to cervical, lumbar and posture pain. An incorrect and prolonged position during the night can cause or bring about pain and discomfort. The perception of comfort is personal, but there are some rules valid for everybody.
A good pillow should: · Support the neck and cushion the head in order to guarantee greater comfort during rest. · Get immediate comfort. · Regain its original shape after you have used it.
INDOOR AIR-POLLUTION - A Silent Killer by Mr. Sukhpreet Singh Vice President of Marketing & Sales (Decorative), Kansai Nerolac Paints “A research says that indoor air quality is 2,200 times more harmful that the outdoor pollution. The Volatile Organic Compounds (VOC's) in paints have bad effects on human health as it causes a number of respiratory problems. As people spend most of their time at home, it becomes important to curb down the effects of VOC's to ensure safe and healthy environment for everybody. Kansai Nerolac Paints has taken a initiative to educate people to use healthy paints as it was the first paint company in the country to introduce No VOC and Lead Free paints."
n the recent past in India, there has been an inclination by consumers towards environmental friendly practices as they have become more particular about the products they use as a result of the glaring awareness globally. In relation, the global paint and coatings industry in association with other environmental bodies are doing their part to provide healthy living opportunities to the end users.
Ensure good ventilation
Control moisture and water damage
Follow basic safeguards to avoid exposure to toxics
Modest changes in maintenance practices to keep homes safe and avoid unintentional hazard during renovation or remodeling
Low-cost improvements that
· A baby's lungs are less than a quarter the size of an adult's lung and thus is more vulnerable to the toxins present in the air · Because of the small lung capacity, a baby takes many more breaths per hour than an adult, thus being affected easily by indoor air pollution Young children spend the majority of their time at home and are more prone towards the air pollutants. Some of the harmful diseases that can occur in children due to these harmful components are elevated blood lead levels, asthma, and other respiratory diseases. Some traditional paints contain high VOC levels which can prove fatal to adults as well. They can cause lung or heart diseases in adults and other ailments such as chronic obstructive pulmonary disease which can occur due to declining lung function.
One of the major factors that can directly affect one's health is the paints used for the interiors of the house. Since most individuals spend so much time in their homes, they typically account for a major share of exposures to toxics, irritants, allergens, and gases that can cause devastating health issues. In order to avoid these health hazards and create a healthy and safer home environment, the following steps should be taken: ·
· A baby's lungs are still developing and therefore are more sensitive. In this phase of development, the lung tissue is susceptible towards damage and unlikely to recover even in adulthood
significantly contributes to a healthy home. For example, every bathroom and kitchen should have an exhaust fan that is vented to the outside to remove moisture and reduce humidity ·
Periodic home inspections for clues to health hazards
Indoor Air Quality has a great impact on the health of those residing in an apartment. A research states that indoor air quality is 2200 times polluted than the outdoor air and can possibly affect an unborn child's IQ. It can also cause respiratory issues, eyes and skin irritation and so on, making it a silent and a gradual killer. Majority of paints are made of ingredients from volatile organic compounds (VOCs) which diminish air quality, and are detrimental to one's health. These ingredients are mostly categorized as neurotoxins and are known to cause health hazards. In babies, VOC is known to cause lung related disorders, allergic disorders, watery and red eyes, running nose, cough, and throat irritation. Besides this, it also leads to poor immunity in babies. There are three main reasons why VOC can prove fatal to a baby:
People these days are more health conscious and opt for healthy and safer homes which can be achieved by using eco-friendly products like air purifiers, furniture, fittings and specially paints. They understand that most components used in non eco-friendly paints can cause health hazards and thus make informed decisions. The eco-friendly paints reduce health risks such as headaches, nausea, respiratory disorders, dizziness, chest congestion, lung irritation, burning sensation in the eyes, nose and throat which can help maintaining one's health. In order to recognize eco-friendly paints one must look for paints that carry the Green Seal, as they are guaranteed to meet precise environmental standards. Paints with this designation have VOC contents below 100g/L for a non-flat finish and 50 g/L for a flat finish. The Green Seal VOC limit for primers and floor paints is also 100 g/L, while reflective wall coatings cannot exceed the 50 g/L mark. Maintaining good indoor air quality brings safety and good health to those residing in an apartment. Keeping this in mind Nerolac has introduced VOC free paints with new generation green additives. They have also introduced water-based decorative products which have Low –VOC content apart from being already lead free. It is important to acknowledge that VOC emissions not only affect the health of the home-owners but also those who deal with paints on a regular basis, i.e, painters. Nerolac has thus taken the onus to educate the painters about the ill-effects of these paints and how to live a healthy life. Nerolac has trained innumerable painters and has demonstrated commitment to provide world class and healthy paints. 53
ESTATE AVENUES / JANUARY-2013
New Delhi Moves Up From 9th To 5th Position In The List Of World's Most Expensive Office Markets HONG KONG-CENTRAL REMAINS WORLD'S MOST EXPENSIVE OFFICE MARKET; LONDON-WEST END & TOKYO FOLLOW
ew Delhi, India - December 19, 2012 — India continued to feature in the list of World's most expensive office markets, with New Delhi (Connaught Place – CBD) moving up from 9th position to 5th position (with an overall occupancy cost of US$ 183.30)according to CBRE Global Research and Consulting's semi-annual Prime Office Occupancy Costs survey. Mumbai on the other hand continues to drop further. The current report lists the city's CBD – Nariman Point at 25th position. In July Mumbai was at 20th position. The latest survey provides data on office rents and occupancy costs as of September 30, 2012. Commenting on the development Anshuman Magazine, Chairman and Managing Director, CBRE South Asia Pvt. Limited, said, “In prime CBD Locations the supply of space is extremely limited with almost no new supply expected in the near future. This is specially true for quality office space which has led to occupancy cost remaining high. The dominance of Asia-Pacific in the top 10 most expensive business locations worldwide continued, led by Hong KongCentral – the world's most expensive market - and five other Asian markets. However, it was a U.S. market, San Francisco (Downtown),that had the strongest year-over-year increase in prime office occupancy costs with a 36.4% rise driven by that market's hot technology sector. Hong Kong Central led the “most expensive” list with overall occupancy costs of US$246.30 per sq. ft. per year. This topped London's West End, which had total occupancy costs of US$219.81. Tokyo (Marunouchi Otemachi) was the third most expensive market for office space, followed by Beijing's CBD
Top Ten Most Expensive Markets (In US$ per sq. ft. per annum) Rank Market
Hong Kong (Central) Hong Kong
London-Central (West End) UK
Tokyo (Marunouchi Otemachi), Japan
Beijing (CBD), China
New Delhi (Connaught Place-CBD), India 183.30
Beijing (Finance Street), China
Hong Kong (West Kowloon), Hong Kong 174.13
Moscow, Russian Federation
London - Central (City), United Kingdom 131.76
São Paulo, Brazil
ESTATE AVENUES / JANUARY-2013
and New Delhi's CBD. Other Asia-Pacific markets in the top ten include Beijing-Finance Street (6th) and Hong Kong-West Kowloon (7th). Despite economic headwinds, occupancy costs increased by an average of 2.1% worldwide over the past year, led by the Americas with a 5.2% annual increase and Asia Pacific with a 2.6% increase. EMEA continued to be hindered by economic recession in much of Europe and recorded a 0.4% decrease in prime occupancy costs. Prime office occupancy costs increased in 74 markets, decreased in 37 office markets and had no change in 22 markets. CBRE tracks occupancy costs for prime office space in 133 markets around the globe. Of the top 50 “most expensive” markets, 19 are in EMEA, 18 are in Asia-Pacific and 13 in the Americas. While comparisons in dollars are affected by currency exchange rates, annual percent change calculations are based upon occupancy costs in local currency and not influenced by currency changes.
Largest Annual Changes Occupancy Costs (In local currency & measure) Top 5 Increases Rank
San Francisco (Downtown), U.S.
San Francisco (Peninsula), U.S.
Seattle (Suburban), U.S.
Beijing (Finance Street), China
Top 5 Decreases Rank
Hong Kong (Central), Hong Kong-
Source: CBRE Global Research and Consulting
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CHANGING LANDSCAPE OF INDIAN RETAIL Seven Cities - Seven Horizons Rising income and urbanization as the driving factors for India
Source : JLL India
ndia's retail sector has undergone a rapid transformation over the past decade and this process is expected to strengthen in coming years with the rise in population, per capita income and urbanization. According to the provisional estimate by the Census of India 2011, the country's total population has reached nearly 1.21 billion compared to the 1.03 billion recorded in the previous census of 2001. This tremendous growth in population has led to an unprecedented scale of urbanization, with the share of urban population increasing to 31.0% in 2011 from 28.0% in 2001. According to the United Nations, India has the highest rate of change in its urban population of all the BRIC nations and this figure is likely to remain above 2.0% annually for the next three decades. Nearly 64% of the Indian population is in the working age group of 15-64 and 35.0% is relatively young, aged 15-34. As per IMF estimates, the per capita GDP of the country was Rs 46,221 per annum at end- 2011, a figure that is forecast to rise to Rs 58,224 by end 2015. With India's growing per capita income and a rising middle class, ESTATE AVENUES / JANUARY-2013
the retail sector has the potential to be the real growth engine of the country's economy. While demand for a superior shopping experience is evident in the metropolitan cities, the Tier II and Tier III towns are also rapidly acclimatizing to the changing landscape of the Indian retail market. Growing consumerism, changes in consumers' tastes and preferences, and heightened brand consciousness has been fast replacing traditional mom and pop stores with organized retail malls that house lifestyle and luxury brands from national and international retailers. As part of its retail transformation, India has seen substantial increase in mall space in recent years. Over the past decade, such cities as NCR-Delhi, Mumbai and Bangalore have shown prominent growth in retail stock, while Hyderabad, Pune, Chennai, Kolkata and many other Tier III towns are rapidly emerging as the retail growth corridors of the next decade. FDI in Multi-Brand Retail: Key to Speed up Retail Transformation In an important policy move, the Indian government gave permission for up to 51% FDI in multi-brand retail in September
FEATURE 2012. The objective of this policy is to boost the retail business through adoption of international standards and practices. The entry of international products, practices and technology is expected to enhance the efficiency of domestic retailers. The government has made it mandatory for foreign multi-brand retailers to place at least 50% of their total investment in backend infrastructure, thus giving a boost to facilities such as logistics and warehousing. With multi-brand retailers exploring opportunities in India, demand for retail space is likely to rise significantly. This will induce developers to launch new malls and, as store size requirements are significantly higher for multinational retailers, will encourage them to build larger malls along with sufficient mall infrastructure. Quality will also receive a significant boost as the malls will be constructed to meet international standards and norms. The competitive environment is likely to enhance the productivity and efficiency of domestic retailers; with better and more transparent pricing, sales will improve significantly. Domestic retailers will also leverage their portfolios by adopting many of the new retail strategies followed by large international retailers. The average size of shopping malls in India has already begun to increase as developers focus on larger spaces. The success of a mall does depend on its size as superior grade malls are nearly double the size of average grade malls. It is estimated that the
average size of a superior grade mall is 400,000 sq ft, whereas the normal size of average grade and poor grade malls are 190,000 sq ft and 150,000 sq ft, respectively. The larger malls allow for a complete tenant mix in various formats and categories, and can adopt modern mall management practices easily. With the introduction of FDI in multi-brand retail, the average size of a mall is likely to increase as foreign retailers tend to occupy large spaces. As a consequence, both total mall supply and size are expected to increase over the medium to long term.
Delhi is India's political and administrative capital, and is also the country's second-largest metropolitan city. With a mixed population of the traditional wealthy and the middle class
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FEATURE combined with the upwardly mobile employed across various industries, there are healthy residential catchment areas for luxury as well as specialty and mass retailing formats. With healthy population levels across the Prime City sub-markets and well-settled areas in the surrounding locations, organised retail formats have flourished over the past decade. Suburban cities look set to see a larger share of future retail developments as they become home to an increasingly large population that will fuel demand for these formats across multiple locations in the suburbs.
DEMAND With vacancy rates in performing malls in single digits and retailers favouring expansion in projects offering optimal value, leasing activity was sluggish across the Delhi-NCR retail market in 2Q12. Retailers are also pre-committing to space in upcoming retail projects that offer a good location, design, branding and business potential. Demand originated primarily from clothing and accessories brands, food and beverage retailers, and electronic equipment vendors. Absorption volumes saw a 69.0% drop from the previous quarter, with net take-up at 170,985 sq ft, of which two-thirds was in select existing projects in the Suburbs sub-market. Overall, vacancy rates dropped to 24.7%, a 60 bps drop q-o-q. With existing stock in the Prime South sub-market constrained by low vacancy rates, notable leases included those by Roberto Cavalli and Van Laack, which leased 3,000 sq ft and 1,500 sq ft respectively, in Emporio; Dunkin' Donuts, which opened its first store in India, leasing 1,000 sq ft in DLF Courtyard in Saket; and Mamagoto, a Japanese restaurant, which leased 3,000 sq ft in DLF Promenade in Vasant Kunj. Leases in the Prime Others submarket included Haldiram's take-up of 6,000 sq ft in Pacific Mall, Subhash Nagar, as well as numerous other leases. Notable leases in the Suburbs sub-market were Reliance Digital's lease of 25,000 sq ft in Raheja Mall, Lemp Brew & Kitchen's lease of 10,292 sq ft in DLF Star Mall and Fabindia's lease of 8,500 sq ft in MGF Plaza, all in the Gurgaon precinct.
Mumbai is India's largest metropolitan city and world's fifth most populous city. It is also the commercial and financial capital of India. Growing highand middle-income demographics, along with a larger working population, has enabled organised retail to grow rapidly in the city. Indeed, Mumbai was home to the country's first organised mall, Crossroad (at Mumbai Central), which opened in 1998; today, more than 50 malls are operational in the city. Mumbai also has well established high street locations, along with many of the country's most successful malls. In recent years, many international luxury brands have chosen the city as the perfect place for business because of its large population and strong purchasing power. DEMAND
New supply was limited to one completion in the Prime Others submarket, with the retail component on the Delhi Metro Airport Express- Shivaji Stadium transit point (60,310 sq ft) becoming operational at 35-40% occupancy.
Retail demand in 2Q12 was weighted towards certain quality malls and overall take-up slowed as retailers were careful about expansion plans. The city recorded total net absorption of 152,836 sq ft in 2Q12, a significant drop compared to the 488,016 sq ft recorded in 1Q12. Demand from retailers was concentrated in malls in the Suburbs sub-market because of their better infrastructure and vast residential catchment areas. Lack of new retail space in the Prime South submarket continued to cause strong demand in existing mall space in this area, given its highend demographics and office catchment areas. Dominated by high street space and standalone retail formats, demand for mall space in the Prime North sub-market remained under pressure in 2Q12 and the vacancy rate in the area held steady at the levels seen in 1Q12. Lack of quality mall space in the city continued to contribute to the polarisation of retailer demand between good and poor malls.
Overall, rents remained stagnant as retailers resisted increases and large retailers enjoyed having an upper hand in commercial negotiations. Capital values showed a slight increase in the Prime South sub-market but remained stagnant in other sub-markets. Overall, capital values showed a q-o-q increase of less than 1%, while yields compressed by 10 bps for the first time in nine quarters.
No new completions were recorded in 2Q12 and the city's total retail stock remained at 1Q12 levels of 17.9 million sq ft, with average vacancy rate dropping to 22.1%.
12-MONTH OUTLOOK: On-going government discussions about FDI in multi-brand retailing may lead to some positive developments that are expected to spur the entry of large-format global retailers. Malls that are forecast to become operational will see leasing activity based selectively on location and demographic profile. The Prime South sub-market will continue to see interest from retailers and an active churn in existing stock may push rents up. Select upcoming developments in the Prime Others and Suburbs submarkets are expected to generate healthy demand based on current pre-commitment levels. Supply rationalisation may result in an easing of the downward pressure on rents, although rental growth is forecast to remain range-bound. ESTATE AVENUES / JANUARY-2013
ASSET PERFORMANCE Rents increased in the Prime South and Suburbs sub-markets in 2Q12. The Prime South sub-market saw a rise of 0.8% q-o-q, mainly due to limited options available to retailers. A gradual increase in the occupancy rates of select quality malls in the Suburbs sub-market boosted average rents by 2.0% q-o-q in 2Q12. The lack of demand for poorly designed malls in the Prime North sub-market caused rents and capital values to stabilise during the quarter. Capital values increased marginally by 1.3% and 2.2% q-o-q, respectively, in the Prime South and Suburbs sub-markets. Investment sentiment was sluggish in the quarter due to a slowdown in domestic growth an uncertain global economic situation. 12-MONTH OUTLOOK Absorption is expected to strengthen over the remainder of 2012, with a forecast increase in take-up in existing malls and the
FEATURE completion of a few major malls in the Suburbs sub-market. The polarisation of demand is likely to continue as it concentrates in strategically located and well-designed malls with good management. Vacancy rates are expected to decline gradually as supply dries up over the coming years and developers increasingly shift their preference to standalone and mixed-use development retail formats as alternative retail locales. Expected policy decisions that will determine whether FDI in multi-brand retail entities will be permitted are predicted to boost the retail industry by creating a business-friendly environment for both developers and retailers. Brand awareness among modern consumers is growing at an increased rate, encouraging more international retailers to enter the city's retail market. Rents and capital values are likely to increase steadily in all sub-markets, albeit by different degrees.
ASSET PERFORMANCE Rents in malls in the Prime sub-market have remained stable over the past eight quarters. A considerable supply of malls in the pipeline is offering retailers many options and developers are, therefore, unable to increase rents in the Secondary sub-market in order to attract retailers. Capital values remained unchanged in both the Secondary and Suburbs sub-markets in 2Q12, while the Prime sub-markets saw a nominal increase in values, mainly due to the increase in land values in the city as a whole. Yields remained mostly stable in the quarter, with a decrease of 10 bps seen only in the Prime submarket. 12-MONTH OUTLOOK The retail market saw a slowdown in investment plans by major retailers in 2Q12 as top retailers occupying organised retail space are expanding only slowly and cautiously; this will have an impact on absorption for 2012 as a whole. The city is also expected to see supply of about 1.6 million sq ft over the next 12 months. Rents are likely to remain stable or appreciate marginally in 2H12 given a considerable supply in the pipeline and an expected slowdown in demand among retailers. Capital values are forecast to rise due to the increase in construction costs and land values.
CHENNAI Over the past decade, Bangalore has experienced rapid growth and international recognition in the field of IT and software development. The city's demographic profile has changed significantly due to the large migration of people into Bangalore following the IT boom in various parts of the country, cutting across different income groups and cultural backgrounds. This has added to the multicultural flavor of Bangalore, and been one of the main drivers of the latest trends and lifestyles in this cosmopolitan city. The city also attracts people from all over the world due to its excellent schools and universities, among them the Indian Institute of Science, the Indian Space Research Organization, the Indian Institute of Management and the Indian Institute of Aerophysics DEMAND Bangalore witnessed absorption of 121,000 sq ft in 2Q12 against 878,097 sq ft in 1Q12, with overall vacancy rates decreasing from 9.1% in 1Q12 to 7.6% in 2Q12. However, leasing of space in high streets remained strong in the quarter as international and national retail brands expanded their footprints, mostly in Indira Nagar, Koramangala and HSR Layout in the Secondary submarket. The brands that leased space in Bangalore in 2Q12 included Hush Puppies, Pavers England, Reliance Trends, Peter England People, Max Retail, Nike, Domino's Pizza, Samsung, Black, Sylcon Shoes and Reliance Digital. Max Retail expanded in two high street locations â€“ Basaweswarnagar and Malleswaram â€“ leasing 10,800 sq ft and 7,500 sq ft, respectively. Other major leases included Reliance Trends with18,000 sq ft in Kattriguppe and Reliance Digital with 9,000 sq ft in HSR Layout. SUPPLY The market saw no completions in 2Q12. The Orion Mall at Rajaji Nagar in the Secondary sub-market was the only mall to commence operations in 1H12. The total stock of retail space in Bangalore in 2Q12 stood at 7.6 million sq ft, with about 29 malls operational in the city, most of them in the Secondary submarket.
Known for its popular high streets, Chennai is considered the home of many traditional retail formats. Although high streets continue to attract retailers, the increased globalization and cross-cultural migration from within India has caused the consumption pattern of the city's working class to undergo a significant metamorphosis. With improved business opportunities, Chennai's retail landscape has also witnessed rapid changes, including the entry of major foreign and domestic retailers and mall developers. Indeed, a number of malls are expected to become operational over the next two years, dispersed across various locations in the city. Retail activity is currently concentrated in the CBD and SBD of Chennai, while such suburban locations as OMR and GST are seeing flourishing residential and commercial development that will trigger retail activity in the future. DEMAND Vacancy rates dropped from 13.5% in 1Q12 to 11.2% in 2Q12, with absorption in the quarter at 63,000 sq ft. Retailers remained cautious about leasing mall space as the lack of options in existing malls is encouraging them to wait for upcoming malls. Absorption in the quarter was restricted to a couple of malls, with Spectrum Mall leasing some 58,000 sq ft of space to Sathyam Cinemas and Ramee Mall leasing 5,000 sq ft to Q Play, a gaming zone. High streets of Chennai remained the preferred destination for retailers, with home appliances, electronics, textiles and lifestyle brands, as well as computer showrooms, opening shops in different high street locations. The city's retail market has always been driven significantly by the jewellery business. 59
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FEATURE Prevailing inflation and a volatile economic situation has reinforced demand for such safe-haven commodities as gold and silver. Indeed, in 2Q12, Gitanjali Jewels and VBJ opened showrooms on TTK Road and Anna Nagar respectively. Meanwhile, the growing young migrant population in the city has boosted demand for fast food and take-away outlets like CafĂŠ Coffee Day, Sri Krishna Sweets, Grand Sweets and Thalapakkatti, expanding in 2Q12. SUPPLY No new supply was added in 2Q12, although a significant 2 million sq ft is expected to come on stream in 2H12. Prestige's Forum Mall in Vadapalani, Market City & PS Grand Mall in Velachery, and Ten's Square Mall in Koyembedu are expected to enter the market in 2H12. ASSET PERFORMANCE Higher quoted rents and pre-commitments at higher rates pushed rents up during the quarter with average figures rising from INR 87 per sq ft per month in 1Q12 to INR 88 per sq ft per month in 2Q12. Capital values rose by 0.9% to INR 8,175 in the quarter due to anticipation of higher rents in upcoming projects. 12-MONTH OUTLOOK With more than 2 million sq ft of mall space in advanced stages of construction and around 65% of space already pre-committed vacancy rates are expected to rise in the short term. However, we predict that rates will decline over the medium term as retailers who are waiting for a good location to set up shop will likely take up space in the new malls in prime locations. A significant amount of mall space that is coming up in the short term will influence average rents and capital values in the city, with higher quoted rents in new malls continuing to drive rental and capital value growth. However, this growth will be restricted to projects in prime locations as rents in peripheral areas will remain stable.
market saw no new completions in 2Q12, although Seasons Mall is likely to become operational in 3Q12. Transaction activity was subdued in 2Q12, with net absorption amounting to just 17,411 sq ft. Overall vacancy rate decreased marginally from 17.9% at the end of 1Q12 to 17.5% in 2Q12. Vacancy rates in Prime City remained unchanged whereas those in the Secondary submarket decreased from 19.3% to 18.9% in 2Q12. With most prime malls in the city, such as Magnum Mall on Moledina Road and Jewel Square in Koregaon Park, running at more than 90% occupancy, Plaza Centre commenced operations in 1Q12 with an 83.0% occupancy rate. The Secondary sub-market saw heightened activity in 2011 with the opening of Pulse Mall, K Raheja Corp's Inorbit Mall, Phoenix Market City, Reliance Mall and Amanora Market City. Pune's retail market is likely to follow the same trend over the remainder of 2012 as Seasons Mall in Hadapsar and Prime Mall in Chinchwad are expected to enter the market over the next two quarters. SUPPLY With no new completions recorded in 2Q12, Pune's organised retail stock remained unchanged at 5.1 million sq ft. Seasons Mall, offering approximately 0.65 million sq ft, is currently under construction and likely to be operational by 3Q12. Approximately 2.5 million sq ft of new supply is forecasted to become operational from 2012-14, with major projects including Kohinoor Mall and Seasons Mall in the Secondary sub-market, and ICC Mall in the Prime City sub-market. ASSET PERFORMANCE With no new completions recorded in 2Q12 and low vacancy rates prevailing in existing quality malls, rents remained stable at the previous quarter levels. At end-2Q12, rents in malls in the Prime City sub-market were stable at an average of INR 118 per sq ft per month. High rents in the sub-market can be attributed to almost 100% occupancy rate seen in both major malls (Magnum Mall and Jewel Square). In addition, transactions recorded in Plaza Centre were relatively on the higher side. Rents in the Secondary sub-market are driven primarily by the recently completed Market City, Inorbit and Pulse Mall, as well as Amanora Town Centre Mall in eastern Pune. Most of the transactions in these malls are being signed for INR 70-120 per sq ft per month (for the smaller spaces). Rents in the Secondary sub-market remained stable at an average of INR 72 per sq ft per month in 2Q12. 12-MONTH OUTLOOK
Located in western India, Pune is the country's eighth largest city and has a population of 5.8 million. Pune's economy is driven by sectors such as automobiles & auto components, IT/ITeS, biotechnology and agro & food processing. Today, the city is also known for its educational facilities.It is home to more than 200 educational institutes and nine universities. The resulting opportunities attract working people and students from all over India and overseas, making Pune a city of many communities and cultures. Growing young and high-income demographics have spurred the growth of organised retail in Pune, with more than 16 malls now operating in the city. A growing number of investment-grade malls have introduced a new retail culture to Pune and its retail landscape has undergone a significant transformation, with the completion of seven malls over the past two years. DEMAND Pune currently lacks readily available quality mall space in both Prime City and Secondary sub-markets, which is the primary reason for the recent fall in demand from retailers. Following the completion of five malls over the past 18 months, Pune's retail ESTATE AVENUES / JANUARY-2013
Some 2.5 million sq ft of organised retail space is expected to become operational over the next 18-24 months; resulting in a potential for over-supply in this sector over the coming year. This may increase vacancy rates and put downward pressure on rents. Significantly low vacancy rates in existing quality malls (Magnum Mall, Kumar Pacific and Jewel Square) and limited new developments are driving rents up in the Prime City submarket.
HYDERABAD With a population of about 7 million, Hyderabad has a mix of both traditional and contemporary retail destinations. The older parts of the city are home to local retail outlets along major transport corridors and nodes that have evolved into prime traditional high street retail space. These retail destinations are also tourist attractions given that they are the trading centers for pearls and other semi-precious gems, along with stores that sell traditional arts such as zardosi and bidri. The new city has witnessed growth in the organized retail sector that extends up to IT hubs including Begumpet, Banjara Hills and Jubilee Hills and;
FEATURE to attract active interest from retailers. Net absorption in 2Q12 was 5,274 sq ft, an increase over the previous quarter and indicative of improving sentiment. The overall vacancy rate in 2Q12 was 10.9%, a q-o-q decrease of 10 bps. Vacancy rates in the Prime City and Prime Others sub markets stood at 2.4% and 8.5%, respectively, in 2Q12. The vacancy rate in the Suburban sub-market witnessed a q-o-q decrease of 10 bps to 12.9% in the quarter. SUPPLY on to Hi-Tech City, Madhapur and Kondapur. These locations now have the presence of international, national and local brands. They are also seeing significant mall developments, as the city enjoys strong retail potential in line with the growth in employment opportunities and income. DEMAND
There were no new completions in the quarter and total retail stock in the city was about 4.4 sq ft as at the end of 2Q12, with an overall vacancy rate of 10.9%. The Suburban sub-market is home to around 64% of the total retail stock in the city. ASSET PERFORMANCE
Demand remained healthy in 2Q12 as retailers expanded in prime high street locations, with most of the leasing focussed in Banjara Hills and Jubilee Hills. The Manjeera Mall continued to see leasing activity during the quarter. Mom & Me, Arvind Store, Reliance Retail, Canon, More and others leased space in the city in 2Q12. There was no net absorption in the quarter and the vacancy rate remained at 2.1%. Pre-leasing continued in malls under construction, although most existing malls saw little or no major leasing activity.
Overall, rents rose by a marginal INR 1 per sq ft per month, signaling that the market is moving towards growth. Rents in the Prime City sub-market have risen since 1Q12 as a result of limited new supply and low vacancy rates in operational malls. The q-o-q rate of increase in 2Q12 was 1.6%. Capital values in the Prime City sub-market also witnessed a 1.6% jump q-o-q to settle at INR 16,000 per sq ft. Subsequently, market yields remained at 10.4% due to the proportionate increase in rents and capital values. Rents in the Prime Others and Suburban sub-markets have also seen a q-o-q increase in the range of 1-2% since 1Q12.
Hyderabad saw no new mall space in 2Q12.
After making its way on to the radar of premium international brands, Kolkata continues to attract active retailer interest. Enquiries are expected to remain robust over the next 12 months as retailers, both anchor and vanilla, continue to chase deals in projects under construction by reputed developers, which may provide a stimulus for superior branding. Transactions are likely to follow the trend towards revenue-sharing rather than straightforward leasing deals. Rents are expected to be stable in the short term if all projects under construction are completed as expected.
ASSET PERFORMANCE Rents and capital values remained stable in 2Q12. However, improved demand and the scarcity of mall space boosted demand for high street space, which in turn led to a rise in rents. 12-MONTH OUTLOOK Improving hiring activity in the city is expected to boost consumer confidence, driving demand for retail space. Local and national retailers are predicted to expand strongly in the city, especially in high street locations. A few good-quality malls in the city, such as Manjeera Majestic, Manjeera Trinity and Prestige Forum Crystal, are under construction and enjoy good leasing activity. Rents are forecasted to rise marginally given the scarcity of mall space in the city.
City Statistics Delhi NCR
2011 Population (million)
Monthly Per Capita Income (INR)
India's third most populous city - the business, financial and trading hub of eastern India - Kolkata has witnessed a surge in investment and a rapid growth in the IT/ITeS sector in recent years. The city is made attractive by its depth of talent pool and relatively low operating costs. Today, Kolkata has made its way on to the radar of international premium brands due to its growing high-income population and optimistic business sentiment. As the retail landscape of the city undergoes a sea change, this City of Joy is gearing up to put its best foot forward. DEMAND
Total Stock (mn sqm) as at end-2011 2012 to 2016 Future Supply as % of Stock
Due to a scarcity of available retail stock in the Prime City and Prime Others sub-markets, the Suburban sub-market continued
Sources City population: Census of India, 2011 Per capita income (FY11): Various state government sources Retail stock: Real Estate Intelligence Service (JLL), 2Q12
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Over 55% malls are vacant in Delhi-NCR: ASSOCHAM Survey
ver 55% of the malls in DelhiNCR region are vacant partly due to economic slowdown, poor designing, lack of robust revenue generation model and located in unattracted location, reveals the Associated Chamber of Commerce and Industry of India (ASSOCHAM) recent survey. As per ASSOCHAM estimates, the total rate of vacancy in malls in Delhi-NCR is 55%, while in Mumbai it is 52% followed by Ahemdabad (51%), Chennai (50%), Hyderabad (48%), Bangalore (45%) etc. The position in the nearby town of these locations is much disturbing. ASSOCHAM conducted a random survey of all the shopping malls in DelhiNCR, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun, Chennai etc between October and December 2012. The survey found that many upcoming malls have significantly been delayed and withdrawn due to lukewarm response from retailers. They will also face manifold hike in construction cost. Commenting on the malls scenario, ASSOHAM Secretary General Mr. D S Rawat said that vacancy levels are due to poor location, poor design and poor parking facilities while some are operating at 60% occupancy others are struggling at less than 20% occupancy. The occupiers are finding difficult to manage economically. The survey also highlighted some of the challenges the industry is facing, which include inadequate infrastructure, unavailability of retail space, multiple taxes, lack of clarity in policies and shortage of experts in areas such as supply chain and store management. Now, they ESTATE AVENUES / JANUARY-2013
are shifting from lease/rentals models to revenue sharing models and this is encouraging large number of branding showrooms to open shops in malls.
increasing rents will not work because at the end of the day it has to be affordable for retailers to do business and the fate of the retail realty segment is intertwined with the retail industry.
“Biggest shopping mall can feel like a pretty lonely place, majority of retailers said that they are holding back on new store openings and focusing on existing stores”, adds the survey.
The retail sector is forecast to grow rapidly, but mall rentals and valuations are not rising in of most markets, added Mr. Rawat.
The sharpest decline in mall rental values are also recorded high in Delhi-NCR by 60%, while Mumbai also dropped by 58% in rentals followed by Ahemdabad (55%), Chennai (54%), Hyderabad (52%), Bangalore (49%), Kolkata (45%), Pune (42%) and Dehradun (40%), points the ASSOCHAM survey.
According to the ASSOCHAM estimates, rental values of malls remained stagnant across Delhi-NCR, Ahemdabad, Mumbai, Pune, Chennai and Kolkata in the October-December 2012 quarter. However, certain micro markets in Ludhiana, Indore witnessed a growth over the quarter in the range of 10-15%.
Nearly 82% of the retailers said that they are shutting down some of stores in areas where rentals are too high, and with the slowdown in consumption complicating things further, point out the survey. Nationally, the vacant rates of shopping malls are 55% and will likely rise to 70% by 2015, according to the ASSOCHM analysis. More than 90 percent of shopping in India is still done at unorganised one-off shops, adds the survey.
There are approximately 1,200 shopping malls in India, the growth in the retail sector has driven a mall building boom across the country, with the total number of malls expected to increase to 1,500 by 2015 from 1,200 in 2012," added the ASSOCHAM report.
Mr. Sunil Kumar Dhaiya, Co-Chairperson of ASSOCHAM Real Estate committee also specializing in malls said that the real estate prices and construction costs are rising but the retail business is not growing enough to absorb this. There are just not enough footfalls. Retail rents are down 60-65% from peaks in 2010 and that's especially painful for developers, when servicing loans is expensive at 12-13 percent interest," said Mr. Rawat. Nearly 76% of the shop owner’s said that
The malaise of high vacant malls can be seen in micro markets, such as Ghaziabad, Noida and Gurgaon, where retail has not picked up. Clubbing this with the fact that spending was really low, the demand for malls is likely to remain dull for the coming next 2013, commented Mr. Rawat. The survey adds demand for mall space across most micro markets remained slow because of lack of fresh supply, conservative approaches from retailers and overall slowdown in consumer demand. Slowdown in retail demand in many micro markets has led to rental values either remaining stable or correcting marginally in the range of 10 to 15% over the previous quarter.
Your grievances our expert speaks Ananta Raghuvanshi Director - Sales & Marketing, DLF Ltd.
Q : Which is the best location between Bhiwadi, Sohna Road, Dwarka Expressway or Dharuhera for investment and property appreciation? A. All the above locations are good from investment and appreciation point of view due to proximity to NCR which not only offers varied job opportunities, but also have much higher real estate prices. You should make your choice based on good infrastructure, clear titles, credibility of developers and bank approvals etc. Q : I want to invest in Gurgaon Rs. one crore for pure investment. Please suggest for commercial or residential project for good appreciation? A. Presently Gurgaon is Manhattan of India where you can invest in commercial or residential as both the projects are good and strong for appreciation. Q : I want to invest around 3.5 crore into real estate timeframe of 2 to 5 years. What are the best options? I am open to buying multiple plots smaller ones or a large one? A. You can look at growing markets for plots like New Chandigarh, Lucknow, Hyderabad, Indore etc. For luxury destination Hill homes, you can consider Shimla and Kasauli. All these are the good options. Q : One of the property dealer advices I to invest in plot located in Sector 163 Noida Expressway. He says that this land was allotted to farmer and has been notify residential from authority
and now farmer selling it. This is a free-hold land and registry is available for the same. Please advise me: Is investment in this property is safe and what would be expected rate for the same? A. Please verify all the details from the NOIDA Authority and get the due diligence done by the reliable experienced lawyer before making a commitment or investment. Q : After selling residential flat inherited after parentsâ€™ death, if I buy a residential plot to save capital gain, will I be able to save capital gain tax and what if the new plot is jointly with my wife. Will I save capital gain tax of only me share (50%) or on total capital gain equal to cost of purchased plot? A. You are requested to please consult the Chartered Accountant who will examine the facts and inform you. Q : My annual income is 3.5 lakh and I have booked 900 sq ft flat in
Noida Extension this year. I have already paid Rs 2 lakh. How I can get maximum loan from banks? A. Most banks are willing to finance 8085 per cent of the property value after verifying all your annual income for the residential properties. Q : I want to sell an underconstruction property and want to invest that money in a ready to move property so please let me know if I have to pay any capital gain tax on this amount. I had also taken a home loan on this property.? A. In order to sell your under construction property purchased, through home loan, you might first need to foreclose the home loan to the bank and then consider selling it. Q : How are properties in Noida Sector 143B for the point of view of end-users. Looking to buy a flat in here? A. Good infrastructure accessibility and still affordable!!!
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ESTATE AVENUES / JANUARY-2013
Experience Makes us Wiser “He is the happiest, be the king or peasant, who finds peace in his home.” - Johann Wolfgang von Goethe Being a real estate professional leader is one of the most entrepreneurial jobs around. With low barriers to entry, the industry is almost always super-competitive, even in today’s slower real estate market. To be an effective real estate professional leader, need to be very good at small business marketing. Most professionals aren’t. Life itself is a great teacher and at each stage, one keeps on learning something new. Each experience makes us wiser and helps in enriching our lives be it personal or professional and this knowledge becomes a part of us and acts as a guiding light in our day to day activities and professional pursuits. Like many businesses in India in this difficult time, it can be a challenge to drum up new clients. There are many things realty professional leaders can do to continuously promote their realty business by marketing. The real estate professionals feel, “There are two distinct markets in the realty business, residential and commercial. The real estate marketing efforts should be designed in a niche in one of these markets. In order to successfully market realty business one must be able to brand real estate business. The "brand" should be used on business cards, business letterhead, and on realty flyers distributed around the neighborhood.” This top real estate professional directory is intended to provide a compilation of relevant data for the benefit of any real estate business owner, manager, or agent who wishes to improve their overall marketing approach through an understanding of the current standards in the sector. The overall state of real estate marketing will be advanced and improved to provide even further benefits to real estate businesses as well as its buying and selling clientele. Estate Avenues features a host of top real estate professionals, from all over India, who drawing strength from their achievements, whether big or small, have carried forward in their lives with greater enthusiasm and force, making notable contributions in their respective fields.
Ananta has been instrumental in the launch of some of Gurgaon's landmark residential projects and setting up of the company's retail and leasing division. She was also catalyst in introducing DLFs ultra luxury holiday homes brand called “Sama”. Currently she is focusing on expanding the company's presence in Pan-India to the cities of Lucknow, Shimla, Kasauli, Chandigarh, Panchkula, Ludhiana, Hyderabad, Jalandhar, Bangalore, Chennai, Kochi and many more. Her last assignment was as the Chief Executive-Retail (India) & Corporate Residential Sales, Emaar MGF Land Ltd.
ANANTA SINGH RAGHUVANSHI Director—Marketing & Sales, DLF
Total Experience in Real Estate:With over 22 Years in the real estate industry.
Ananta is amongst the few, women leaders in the Indian real estate industry. She is a recipient of “Marketer of the Year”, for DLF Hyde Park at Estate World Awards 2011, “Women Professional of the Year” at the National Realtor Awards 2010 and “Women Super Achiever Award-Retail” at Asia Retail Congress 2009. She is a regular guest speaker at prestigious industry forums such as NAREDCO, FICCI,DMA, REIW, Realty Plus Conclave, Terrapin, India Franchising Association, to name a few. Ananta is alumnus of Miranda House, Delhi University. She is BSc., MBA, MA, B. Ed, PGDCA. She is a Gold Medalist from YWCA of Delhi in Marketing Management, PR & Advertising. She is eminent member and diploma holder of the Royal Institution of Chartered Surveyors, UK. She is currently pursuing doctorate in Management.
B. Anantharaman is the Managing Director & Chief Executive Officer of Gumberg and heads the business operations in India. He has over 30 years of top level experience in the areas of finance, strategic planning, business operations and general management at senior board positions in India and in international locations across Europe, USA, and Asia. Prior to joining Gumberg, Mr. Anantharaman was the Joint Managing Director of Max India Ltd., one of India’s most successful diversified business conglomerates with revenues in excess of USD $ 1 billion and assets under management of over USD $ 1.3 billion. In this position he successfully restructured the pharmaceutical and telecom businesses and spearheaded the Company’s foray into the service businesses of Life Insurance, Healthcare and Clinical Research. With deep capital market and M&A experience, he successfully secured significant amounts of capital, both equity and debt. He also served on the boards of Max New York Life Insurance Company Ltd., Max Healthcare Institute Ltd., and Hutchison Max Telecom Ltd.
B. ANANTHARAMAN Managing Director & CEO Gumberg India Pvt. Ltd.
Mr. Anantharaman has wide experience in managing international joint ventures with Fortune 100 companies and is well networked in the financial and business community in India. Mr. Anantharaman was previously with the Goodyear Tire & Rubber Company for sixteen years, where he held senior positions including board appointments in expatriate postings across Asia and Europe. A graduate of Loyola College, Madras University, Mr. Anantharaman is a qualified Chartered Accountant, Cost & Works Accountant, and Company Secretary, and is a Fellow Member of all three Indian Institutes.
ESTATE AVENUES / JANUARY-2013
Synopsis : A career spanning over 20 years in the Real Estate Sector across India with a special focus on the National Capital Region (NCR). Forte has been end-to-end Sales & Marketing Consultancy and Advisory services. Proven experience of having worked in a high growth and challenging environment. High energy and drive with a passion to perform along with maturity and intellect for driving business. Strategic development, based on consumer insights and in-depth market analysis has been a key area of strength. Result-oriented and an ability to execute and deliver in a professional, fast paced, team oriented environment. Managing cross cultural nuances, having interacted with various nationalities and worked across multinational corporate as well as entrepreneurial environments. Worked in both start-up ventures as well aslarge, established and well-entrenched organizations and have achieved notable success in delivering affordable, mid-segment and luxury projects. Hands-on management style with attention to detail. Highly flexible and adaptive to changing market environment and business priorities. Chronology : H 1992-1995 : G.M. Sales & Marketing -Malibu Estate Pvt. Ltd. Gurgaon, Haryana H 1995-1997: Head Of Project Marketing(Pan India Focus) - CB Richard Ellis based in Delhi H 1997- 2001: Promoter- TMC Corporate Relocation Consultancy Services, Delhi with a focus on the NCR Market H 2001-2003: Head of Real Estate (Pan India Focus) - Satyam Cineplex's Limited, Delhi H 2003-2006: Head Of Retail and Residential(National Capital Region – NCR Focus) - U n i t e c h Limited based in Gurgaon H 2006-2008: Chief Operating Officer and National Head of Sales & Customer Care, Emaar MGF Land Limited, based in Delhi H 2008-2011: Chief Operating Officer - Pioneer Urban Land & Infrastructure Ltd. based in Gurgaon H June 2011 till Date-Chief Operating Officer - Puri Constructions based in Gurgaon with a focus on the NCR Market President - Shipra Group based in Indirapuram, Ghaziabad (UP) with a focus on–the NCR, Punjab and U.P. Markets. Advisor- Thapar Group based in Delhi with a focus on Luxury projects across India
TARUN MEHROTRA Corporate Advisor – Real Estate Development Based In Gurgaon, Haryana, India
Professional Qualifications: B.Sc., MBA How entered in real estate and worked for: At present working as CEO of Value Added Real Estate (VARE), a division of Deepak Fertilisers & Petrochemical and Corporation Ltd. responsible for guiding the overall strategic and corporate efforts of Real Estate of DFPCL, Pune. Prior to joining VARE, held the position of Director – Leasing & Marketing with Plaza Centers N.V, Budapest – responsible for Koregoan Park Plaza, Pune, also worked for as V.P – Lifestyle Retail with Gitanjali Lifestyle Ltd. and GM-Operations with Piramyd Retail Ltd. I started my career with Photocopying company Canon and later held various positions with Featherlite, Veneta Cucine, Blow Plast Ltd. Achievements and highest point of life goal: Tenure with Plaza Centers was the best till date as I was trained to look at Mall Development from European perspective. The Europeans have a total different approach than our Indian vision of Retail Real Estate. It is much broader and in-depth on the requirement of the Market, which is independent of Size of the plot and massiveness of the project. Brand(s) promoted so far: Canon, Hermann Miller, Veneta Cucine and Koregaon Park Plaza.
SHASHANK PATHAK CEO-Value Added Real Estate, Deepak Fertilizers & Petrochemicals Corporation Ltd.
Present and future of Indian real estate scenario: The Indian real estate industry has been on a roller coaster ride since 2005. Consequent to the government’s policy to allow Foreign Direct Investment (FDI) in this sector would attract large foreign investments into real estate, technology required for efficiencies to run malls and people expertise – which is at present mostly through OJTs. While developed economies are still struggling to regain their growth momentum, developing countries including India and China are expected to grow at a reasonably high rate.
Age and Total experience in Real Estate Sector: 48 years, Total experience 21 years of sales & marketing, in real estate for the last 7 years.
Advise to younger generation entering into real estate sector: For youngsters, start early in Real Estate – develop an expertise in core domain of the industry viz. Sales/Leasing in Commercial, Sales in Residential and Leasing in Retail to understand the customers’ changing preferences all the time. Also, the youngsters need to visit international Real Estate exhibitions like MAPIC, MIPIM to understand the global trends and implement the learning in India. Indian real estate will stay attractive due to its strong economic fundamentals and demographic factors.
ESTATE AVENUES / JANUARY-2013
PROFILES Professional Qualification: MBA How entered the real estate sector and worked for: Best of best global and national brands like Plaza , Ansal API, AIPL, EWDPL. Entered real estate as career choice Achievements and highest point of life in real estate: Last year in March when all three verticals reported.100% plus growth year on year basis i.e. in Residential, Retail and commercial real estate. For more details on awards and accomplishments may see the link http://www.sheikharif.com/awards_gallery.html Brand (s) promoted so far: Treasure Brand: One of the best Shopping Mall Development Company with vast presence across Central India. The brand has been promoted by The Best Practices 360 degree across all the verticals i.e. Retail, Marketing, Leasing, Operations, Sales, Projects, Finance, Legal etc. It has become possible by young team around full of energy, passionate about what I do, EST approach i.e. to bring in perfection in EVERYTHING we do. Thrust to make IMPOSSIBLE as Possible. Present and Future of Indian real estate industry: Sky is the limit in terms of real estate potential in India but you need people and The conventional wisdom of real estate is getting work done through people but real estate management is developing people through work. Unlikely now-a-days, Real Estate will show consistent growth in more professional way with better quality product & services in coming future. The developers with commitment fulfilling features will grow faster.
ARIF SHEIKH ED & CEO, EWDPL Age & Total experience in Real Estate: 50 years, More than 15 years in Real Estate out of total 26 years of experience. Since last 16 years working as Director/CEO/President of International Retails & Real Estate Chains
Advise for younger generation seeking career in Indian real estate: Work on reputation until it is established it will work thereafter. Only thing which may play serious role is Integrity. Real Esate Sector getting double digit growth the young brigade need to align themselves with same pace and energy and not to stop anywhere attitude. It will take the young people to new heights beside by entry of youngsters in Real Estate you will see the Real Estate will become more professional and system oriented sector unlikely in present scenario.
Professional Qualification: Post Graduate in Marketing and HR from Institute of Marketing Management, London. How entered in real estate and worked for: I was invited to join as part of the core team of Alpha G:Corp as Head of Marketing and Sales with equity participation in 2004. Prior to that, I was General Manager with Mahindra Gesco Developers Limited. Even before joining real estate I have benefitted greatly with postings in different parts of the world with varying economic realities with Gomark, Apple Computers, through Odin, Gestetner and Blowplast. Achievements and highest point of life in real estate: Making the Mahindra Gesco Business Centre, a highly profitable venture by setting standards in quality services in a record time that got us members like, Microsoft, Cisco Systems, Intel, Heinz, Sprint and BT Worldwide. My experience in evolving business strategies oriented towards growth was richly rewarded after being noted among India's Greatest Brand Builders. As Advisory Board Member of CMO Governing Council in India and as Professional Member of the Royal Institution of Chartered Surveyors of UK (RICS), my journey as a contributor to raising professional standards continues. Brand (s) promoted the best: “Alpha G:Corp -- 'Expect the Finest”: The key words that have driven the success of Alpha G:Corp are consistency and positive cumulative effect. This management approach is professional, transparent and solution driven. Our catch lines for AlphaOne, “Aithe Aao, Happy ho Jao” and “Something special har baar”, for Amritsar and Ahmedabad, made an instant connect with the citizens resulting in unprecedented growth and stronger cooperation with our retail partners. Present & Future Indian real Estate Sector: Several checks and balances are presently being issued by the government. As a result, professionally managed companies with good project delivery records will come to the forefront. Going forward, real estate is going to be steered by the end user, whose requirements will be of paramount importance. Advise to Younger Generation planning to enter Real Estate Market: There are many fields within real estate including, civil/construction, marketing, sales, finance, among others. Boom in IT/ITES and retail sector will further boost job opportunities. This can be a truly rewarding career, but it takes motivation and persistence to make a genuine mark.
PRODIPTA SEN (Dr) Executive Director – Marketing, Corporate Affairs & Retail Alpha G:Corp Development (P) LTD.
Age & Experience in Real Estate Sector : 53 Years; Over 16 years of experience in real estate.
ESTATE AVENUES / JANUARY-2013
Counted among the privileged few - who've had the dubious distinction of witnessing the dramatic transformation of the Indian real estate sector in the last decade if not an active catalyst in its change - Amit Handa has garnered the respect of his peers and the trust of his clients as a credible authority in the field. A charismatic decision maker with a talent for inspiring colleagues and fellow workers, Mr. Handa's twelve year tenure with various reputed organizations has endowed him with an extensive experience and market knowledge of trends, consumer behavior and patterns including various other facets of business. In an illustrious career that started out from a reputed business management school, Mr. Handa has worked his way through the ranks and risen to the top of the field on the basis of sheer merit. His expertise covers a wide range of business skills including strategy planning, business development, sales and marketing, channel management and key account management. The proof lies in his valuable contribution behind the success of various Supertech projects in the residential and commercial genre. Mr. Handa has also been involved in leasing and sales in retail projects coming up at various locations in Meerut, Rudrapur, Moradabad, Haridwar, Mathura and Noida.
AMIT HANDA Executive Director Shri Group
To his credit, Mr. Handa successfully leased out retail space comprising of Ritu Wears, Standard Max, Maya Geetanjali, Chunmum, Waves, PVR, Adlabs, WalMart Bharati, Spencer etc. He was also the first to usher in Reliance and Walmart Bharati Outlets in Noida, UP.
The Professional With A Heart Of Gold Amit Handa: A Result Oriented Tactician, A Successful Entrepreneur,
Presently Mr. Handa is actively involved with the reputed Shri Group as executive director, other than this he is also director at 3aworld. In the past he has served with Supertech, Noida in the capacity of vice-president; general manager at Damco Solutions and as the food services head at mother dairy, new Delhi.
A National Awardee
Professional Qualification: Science graduate with Diploma in Business Aministration: How entered in real estate and worked for: I started out as an independent consultant and worked directly with retailers and shopping mall owners and have worked with KSA Technopak, Taubman Asia and currently working with BPTP Limited as Vice-President â€“ Retail. Also worked with retail brands like Blackberrys, Lerros, Indigo Nations and Scullers and have handled their business development and operation in 2002 Achievements and highest point of life in real estate: Best achievements so far have been successful development planning for Shopping Mall in Kolkata for Goenka Group as lead consultant with Technopak and development/ design planning for Capital City, Noida. Capital City is a 5-million sq ft of integrated development by BPTP Limited. There are lots left to achieve that I can term as achieving my life. Brand (s) promoted the best: So far I have promoted Taubman Asia the best in the Indian Market
Present & Future Indian real Estate Sector: Real Estate is a growing sector and it will get more organized and streamlined with more planned and market sensitive projects being planned and delivered. Next ten years, India will see quite a few landmark projects being delivered.
Vice President â€“ Retail BPTP Limited, Group
Advise to Younger Generation planning to enter Real Estate Market: Real Estate is one of the high growth career, though it will get specialized going forward, hence it is better to get a specialized real estate professional course, before starting off.
Age & Experience in Real Estate Sector : 44 years, Total experience in real estate sector 20 years
ESTATE AVENUES / JANUARY-2013
AMRIT PAL SINGH President-marketing Cosmic Structures Ltd.
Age and total work experience in real estate sector: 41 years, 21 years experience in IT, Printing & Packaging, Auto Parts, Fashion, Real Estate and Internet companies in building brands.
How entered real estate and worked for: Every opportunity is a keystone to new key to new learning and a new door to another opportunity. After working on various lifestyle concepts, I joined Imperia Structures Limited, as I believe real estate is all about making your dreams a reality. I joined Cosmic Structure Limited in 2011 as the Marketing Head (President). In the last one year, I have helped develop and grow all three verticals (Online marketing, offline marketing and OOH), fuel the adoption of various social media platforms and created the best brand visibility by launching it's products in niche scale. Achievements and high point of life goal: Every experience has been a challenging and an exquisite one. As far as real estate are concerned, there have been many experiences which made me feel that actually I have been able to accomplish the joint goal of giving dreams a beautiful arena. But I felt the last one year of mine in Cosmic has given me a good array of remarkable achievements. Here I have designed, special programs with the help of which the company have been able to establish its benchmark in all the verticals of marketing which include Online marketing, offline marketing and OOH. Brand(s) you promoted the best: My every brand is like my child, whom I have to nurture beautifully in order to firmly establish its roots amidst its markets. Whenever I take the responsibility to create a brand, My first step is to love it, cherish it and ultimately to make it every household name. And when I talk about one of the most exquisite real estate experience, it would surely be trade shows and the most overwhelming Honey singh concert during my tenure with Cosmic. Present and future of Indian real estate sector: The real estate sector is undoubtedly the fastest growing sector in the Indian economy, second only to agriculture. A constant rise in population in the metro towns along with expansion in smaller towns has given a great push to both residential and commercial establishments. With state of the art infrastructure parks mushrooming in every part of the country, the sector is only seeing the demand shooting up with each day passing by. FDI in the sector has brought in far-reaching changes in the sector. Advise to younger generation planning to enter into real estate sector: A young blood is a dynamic link who with his knowledge is always keen to learn more and undertake more risks with every new venture. A creative vision, open reception to innovative ideas and flexible outlook towards the dynamic and changing markets would definitely be the desirable traits that we expect in the new and upcoming generation. We expect them to be both hard and smart working as per the needs and requirement of the concepts and should ideally understand needs of the foreign and domestic markets before devising a new real estate plan.
Professional Qualification: Graduate in Civil Engineering How entered in real estate and worked for: The decision to chart a career in this sector stemmed largely from the untapped potential it presented. During my tenure with large corporations such as DLF and Ansals I gained the skill and perspective of running a successful real estate development in a manner that adds long-term value to all stakeholders involved without compromising on a strong ethical standard. These skills were honed further during my tenure with The Great Eastern Shipping Corporation (GESCO) where I had the opportunity to lead at the young age of 31. Achievements and highest point of life in real estate: The achievements would be several but notably the few that created history were: the Motorola Centre for Excellence in Gurgaon. It was amongst two hundred of the noted International Developers where the delivery was made forty days before the scheduled date thereby recovering four million INR as bonus to the Company. The other achievement that I consider very significant is pioneering the model of REAM, i.e., Real Estate Asset Management. This model was so well received that Morgan Stanley evaluated the Company at 300 times its value resulting in them coming aboard with over 70 million USD.
S K SAYAL Director & CEO, Alpha G:Corp Development (P) Ltd.
Age & Experience in Real Estate Sector : 49 Years; Over 30 years of experience in real estate.
Brand (s) promoted the best: I feel immense pride in seeing the very brands that I have personally crafted on my desk, take off into full fledged live brands. These developments include AlphaOne in Ahmedabad and Amritsar, Alpha International City, Karnal and GurgaonOne Sector 84. These have been recognized for their thoughtful planning and self-sustaining infrastructure. The Great Eastern Plaza, now known as Mahindra Towers, The Great Eastern Centre and Central Park are some other well-known brands. Present & Future Indian real Estate Sector: The real estate sector is undergoing a sea change with the influence of FDI and also the upcoming regulatory body. It will be important to think globally while acting locally as in the coming years, professionalism and transparency will be rewarded like never before. Advise to Younger Generation planning to enter Real Estate Market: The advice to the younger generations is to join and bring in freshness with out-of-the-box ideas to make this sector a more meaningful and progressive one. 69
ESTATE AVENUES / JANUARY-2013
Ashwin is the CEO of Property Zone and has over 12 years experience in the Indian real estate (retail) industry. He leads a multi-disciplined team at Property Zone, influences the design process of shopping centers from concept level in view with property management. Over the last 7 years, he has been involved in the conceptualization and execution of over 15 million sq. ft. of pan-India retail developments. This has included investment advisory services for international funds on retail centric opportunities. PPZ is managing R City, Mumbai's largest retail destination, Pacific Mall - Delhi and Kumar Pacific - Pune and is set to open shopping centers in key cities like Bangalore and Hyderabad under Ashwin's leadership.
Ashwin enjoys privileged trust based relationships with many of India's leading developers and retailers.
Professional qualification: MBA How entered in real estate industry & worked for: April 2007 started my career with Raheja Developers and prior to this, I was with ICICI Bank Achievements and highest point of life goal: Having ensured sales of over 4000 apartments in Gurgaon across sectors 31, 108, 109, 92, 95, 78, Sohna Township, Dharuhera Brand promoted so far: Raheja Developers Present and future scenario of Indian Real Estate: The real estate sector has indeed come a long way in these last 6 years, having professionalized and corporate significantly. Greater transparency and stronger ethical foundations in the entire industry are certain aspects which would be welcome.
HARINDER DHILLON Sr. Vice President- Sales & Marketing Raheja Developers Limited
Advice for younger generations want to enter into Real Estate sector: It is the place to be in. If you have the appetite for hardwork, are full of ingenuity, and able to adapt with changes fastâ€”this is the place to be in.
Age & Total Experience In Real Estate Industry: 37 Years, Total Experience In Real Estate 6 Years & 8 Years In Banking
Born on 29th Oct,1970. Completed Civil Engineering in 1993 and MBA(Marketing) in 1995 both from university of Pune.Worked with Ansals from 1995 to 2001, Mahindra Lifespaces from 2001 to 2002,Unitech from 2002 to 2003 and BPTP as the marketing head from 2003 to july 2012. Known as an eminent industry professional and was also rated as top 25 real estate professionals in country by Estate world magazine. Now heading the Marketing and Business Development (Chief Marketing Officer)at Spaze towers pvt. Ltd.
AMIT RAJ JAIN Chief Marketing Officer SPAZE GROUP
ESTATE AVENUES / JANUARY-2013
Professional Qualifications: PhD in Real Estate Marketing, USA; Business Courses from Harvard (USA) University Cambridge (UK); MRICS (UK) and MCAM (UK) How entered real estate worked for: I entered Real Estate in the late 90s and started work with “OMAXE”. After OMAXE I served as VP – Marketing & Sales with UNITECH. I had a longer stint with Ansal API after which I had joined TDi. Recently I was instrumental in developing the Luxury Developer – M3M. Currently I am Advisor and Consultant with prestigious organizations including, M3M, VCorp and UP Infra-estate. Achievements and highest point of life in real estate: Some of my best achievements have been the creation and branding of companies like OMAXE, Ansal API and M3M. Within these companies I have launched innovative projects like “The Forest” (OMAXE), “Golf City” Lucknow and “Megapolis” (Ansal API), “Polo Suites” and “Merlin” (M3M) and V-Corp. My life goal has still not been achieved.
KUNAL BANERJI (Dr) Advisor And Consultant V-Corp, M3M & UP Infra-estate
Age & Experience in Real Estate Sector : 56 years, Work Experience in Real Estate : 15 Years plus.
Brand (s) promoted: It is difficult to say which the best brand I have promoted is. But I am particularly fond of “Polo Suites” , “Golf City”, Tuscan City, “The Forest” or “V-Corp”. Present and future of Indian Real Estate: Currently the Real Estate sector is going through a evolutionary period where the market is stabilizing in a more matured and planned manner. I expect more consensus between developers and the government and a far more inclusive growth pattern, in the future. Advise for younger generation entering into real estate industry: My advice to the younger generation, who are planning to enter the Real Estate market, is to professionalize and become experts in important segments of the Real Estate Industry. For example; the area of new construction technologies, innovative funding policies, meaningful marketing techniques, ethical and legal forums, etc. I would advise the youngsters to take up an MBA for Real Estate/Infrastructure, as well as, study successful international modules in this profession.
Professional Qualification: PG diploma in Advertising and Communications How entered in real estate and worked for: First assignment in real estate was with DLF Universal, as part of their Retail and Entertainment setup. I joined them in Jan 2003. Subsequently I have had productive stints with Spice Group, Kolte Patil (Pune) and now BOP since 2009. Achievements and highest point of life in real estate: Launching DLF’s 1st mall City Center at Gurgaon in 2003, the Jaypee Aman phenomenon in May 2009, rejuvenating and re-branding the residential projects of Logix Group and making the same into a success and hottest selling product on the entire Noida Expressway stretch within 6 months, the recent BOP brand transition. Brand (s) promoted the best: BOP's original logo launch back in 2009 was a very satisfying 360 degrees experience for me from a brand management perspective since it managed to touch all my target groups in a very positive manner and we managed to sustain a certain brand equity over the last 3 years piggybacking on this brand identity.
SUMIT GHOSH Vice-president - Better Option Propmart (p) Limited
Age & Experience in Real Estate Sector: 37 years, Total experience 16 years+, 10 years in real estate sector
Present and future of Real Estate Sector: I definitely want to reinforce on the need for regulation. I also see Real Estate being the principle contributor to India's GDP, taking over from agriculture over the next 5-10 years. The future will only hold promise if the government opens up FDI in the sector as a whole, thus enabling global leaders to enter India and bring about a certain accepted level of professionalism and best practices, not to miss customer orientation and transparency Advise to Younger Generation planning to enter Real Estate Market: It is very easy to enter the industry, but because of the very unique nature of the business and its dynamics, it’s quite difficult to change one's career path after 5-6 years in real estate. So join only if you are sure about what you want for yourself. Also, real estate is the future of India. If you want to be part of this phenomenon, join now! There is nothing as exciting and dynamic as real estate in India today.
ESTATE AVENUES / JANUARY-2013
PROFILES Professional Qualification: Chartered Accountant, Management Accountant How entered the real estate sector and worked for: In 1986 I joined Utility Group as a Vice President Operations. In 1990, I joined Ansal Group as a Vice- President Marketing & Business Development and later on grew in the company. First promotion as an Executive President and then I took over on the Board of many group companies of Ansal Group. In 2005, I took over as an advisor in RPS Group and promoted the brand “Savana”. I took gap of 6 years for personal ventures and presently heading as the RPS Group CEO since April 2012 and registering a growth of 300% in a short span of 9 months. Achievements and highest point of life in real estate: I set up new goals as I am always hungry for achieving the impossible. I continue to work hard and to achieve better. That was the first corporate takeover in the Ansal Group’s history in 1991 and later changed the name as “Ansal Buildwell Ltd. I have successfully developed many township projects spread over 100 acres to 2000 acres in Gurgaon, Jaipur, Jodhpur, Sonipat, Panipat, Mohali and the list goes on. Best promoted brand (s) so far: The brand “Ansal Plaza” as a mall was a unique creation in Northern India, which was enthusiastically adopted by the customers. I was instrumental in promoting the biggest brands in residential townships by the name of “Sushant City”, which is now in Gurgaon, Sonepat, Jaipur, Jodhpur, Mohali, Amritsar, Bhilwara, Bikaner, Ajmer, etc.
PRADEEP SETH Group CEO, RPS GROUP
Present and future of Real Estate Sector: The future of real estate industry is filled with endless possibilities; the sphere of what we can accomplish is unlimited and completely un-ending. The real estate growth will not now only be in the metro cities, but is showing tremendous prospects in the Tier – II and Tier - III cities of India. Advice to younger generation who are planning to enter into real estate sector: The real estate sector for professionals is a wonderful arena as it is a very growing industry. However, younger generation should enter the real estate industry as a business with a lot of caution. It is a very difficult industry, which requires great dedication, hard work and deep pockets. In this industry there are a lot of hurdles due to red-tapism. However, younger generation has a promising future in the real estate sector of India.
Age with total work experience in Real Estate: 55 years, and 25 years of experience in Real estate industry
Professional Qualification: M.B.A in International Marketing and Business Management from European University, Brussels, Belgium How Entered The Real Estate Industry And Worked For: First exposure to real estate was the Ambitious Aamby Valley City, where the grandeur and opulence of the place got me bitten with the Real Estate Industry. Thereafter worked for Jaypee Group, Omaxe, TDI, Ansals, Earth Infrastructures and now with AMR Infrastructures Ltd. as the President. Your Achievements And Highest Point Of Life: Aamby Valley City: Kick Started Real Estate Sales for the Project under direct guidance Group Chairman, Jaypee Group : Omaxe: TDI : Record sales of Flats for their 2000 acre development, Ansals : Established International market like Dubai, Qatar, Saudi Arabia, U.K, U.S.A and Canada, AMR Infrastructure : Spear heading a unique approach to reality sales through establishing biggest adventure and entertainment theme park at their upcoming “The Great Adventure Mall”. Besides reality, heading other verticals of the group . My current profile and portfolio has been the highest point in my life. Won awards like: President of the Year, Top 25 professionals of India, People Development Award, Best Innovative marketing award…and many more.
AMR Infrastructures Limited
Present And Future Of Indidan Real Estate Industry: This is the most profitable investment in India. Investment in property is believed to be the smartest move as chances of loss is negligible. The growth graph of the Real Estate sector is observed to be escalating day by day. It is very tough call to make that what is the future of Real Estate business in India exactly. As per me Real Estate business in India may face some problems and low growth is expected for 2-3 years due to the tight liquidity and inflation in the market. But once inflation comes down to near 6% the RBI must improve liquidity and lower down the interest rates Business will grow faster. The biggest challenge for this industry in the future as I foresee, would be availability of land. With Growth in industry touching B and C category cities and towns, next logical development will go more into the rural belt.
Age & Experience in Real Estate Sector :38 years, Total Experience in Real Estate Industry: 20 years
Advise For Young Generation Entering Into The Real Estate Industry: If you have the passion for the industry, then only step into the industry. It might look extremely glamorous on the outside, but it involves extreme hard work and almost a 6th sense for understanding the mind of the customers and investors. This industry can use the energy and enthusiasm of the youth, but only if it is backed with passion for the same.
KASHIF N USMANI President
ESTATE AVENUES / JANUARY-2013
Professional Qualification: Chartered Accountant How entered the real estate sector and worked for: Started as an advisor to real estate sector while working as an investment banker with Ernst & young. Advised clients like DLF, Unitech etc. Joined Ramprastha Group in 2009 as CEO. Achievements and highest point of life in real estate: Getting construction on track and moving towards an era of delivery before time. Present and future of Indian real estate: The middle class of the country is increasing and so is the demand for housing space. The sector will continue to grow at a fast pace. Customer will start differentiating between developers based on the delivery capability.
NIKHIL JAIN CEO - Ramprastha Group
Age & Experience in Real Estate Sector :32 years, total experience in real estate 5 years
Advise for younger generation entering into real estate industry: This is one of the largest and most promising industry in the country. Future is very bright for hard working and dedicated professionals. Further this is a cyclical industry; so be prepared for ups and downs.
Qualification: Miranda House, Delhi University, MBA How entered in real estate and worked for: My first deep insight in the world of real estate sector happened with Ansals API which is a real estate university in itself, where I managed to work on residential and commercial projects, thereafter TCM (JLLM) where I was involved in leasing of malls all across North, from thereon I carried my expertise to Parsvnath and Omaxe where I managed to use my knowledge and skills to market malls all across North India. I am presently working with Logix as VP Commercial & Hospitality. Achievements and highest point of life in real estate: Retail leasing is not only my work but my passion too. Getting old and new brands to my malls always gives me a high whether vanillas or big Anchor brands I strategize to work on their needs and business model which creates a win-win situation for both retailer and the mall owner thus working towards symbiotic relationships. I have worked for all malls across Delhi/NCR and North India. Brand (s) promoted the best: I share good working relationship with all major brands in the industry both national and international all vanillas Anchors and Multiplexes and all major channel partners in the industry .Working over the years with them has given me lot of ease and comfort with all of them. Vice-presidentâ€” Commercial & Hospitality Logix Group
Age & Experience in Real Estate Sector: 33 Years, Experience in real Estate 10+ years Professional
Present and future of Real Estate Sector: Real estate is a very important sector of our economy which will show an upward trend however with constant improvisations, itâ€™s the survival of fittest, inventing and reinventing is the key. We have to follow demand and supply here would mean of the right product mix. To give the customers what they want. One has seen a lot of correction in the market already. However real estate is here to stay and grow. Advise to Younger Generation planning to enter Real Estate Market: My advice to them is real estate sector requires lot of maturity and eye for detailing if you have them along with patience and good networking skills then sky is the limit. This industry has always required professionals and with growing years it will require more. ISo welcome be part of this lucrative sector.
ESTATE AVENUES / JANUARY-2013
PROFILES Professional Qualification: MBA How entered the real estate sector and worked for: I started my career as a management trainee with Ambuja Cement in June 1997 and moved up the ladder to become General Manager in July 2005. During these years, I played various roles – from being executive assistant to the Managing Director to being the head of exports to being a sales manager, brand development manager and even a corporate planner. When the stakeholders divested their stake in Ambuja Cement in 2006 and entered into realty, hospitality, healthcare and education, I became a part of this new entity Ambuja Realty. This is how I entered the real estate sector and have been playing my role as the Head Marketing for the last six years. Achievements and high point of life in real estate: Helped the company Turnaround of three shopping malls after the 2008 meltdown, apart from successfully leasing/selling Five business parks, acquire a million square feet of Business Park from RMZ/AIG GROUP and Concluded the biggest deal in the country by any indian corporate and the biggest deal in east India at Ecospace Business park. I am yet to achieve my life goal… Best promoted brand (s) so far: I promoted the best brands as City Centre Malls under Ambuja Realty, Ecospace Business Park and Ambuja Cement. Present and future of Real Estate Sector: Currently, we are seeing increase in real estate projects in tier II and tier III cities. Demand for residential space has been growing modestly due to rapid urbanization, decreasing household size, easy availability of home loans and repatriation of NRIs and HNIs. Indian real estate market size is expected to almost double by 2015 compared to the market size in 2011 (2011: $66.8billion, 2015: $126 billion, source: IBEF report on Real Estate)
PRAMOD DWEVEDI Head—Marketing, Ambuja Realty
Advice to younger generation who are planning to enter into real estate sector: There is tremendous opportunity in the real estate sector. Gradually this industry is able to attract best of the talents, as the industry is moving towards more professional setup. With the entry of more no of REiTs, professionals may get attracted to this industry. When FDI isallowed, the FIIs can invest in large projects with longer gestation period, this would create long-term career prospects.
Age and total experience in Real Estate: 40 years and total 6 years work experience in real estate.
Professional Qualification: Chartered Accountant How entered in real estate market for worked for: After working with ICICI for 4.5 years, I joined Jones Lang Lasalle in 2008. This is when I started my real estate career, then moved to BBCL as Vic- President in Feb 2011 and at present in CasaGrande as Director- Land Acquisition. Achievements and highest point of life in real estate: Acquired 1.5 million sq. ft of saleable area was acquired in the last 1.5 years. This land acquisition was something very critical for the company as this laid the platform for next 3 years. Best promoted brand (s) so far: BBCL was a company that was promoted best so far. The brand was made visible with the realtors, Customers and Investors and this aided in the company in acquiring new land parcels. The Organization at start had 4 projects totaling to 1.40 lacs sq. ft. At present it is an organization with over 80 employees and a total 1.5 Million sq .ft under development. Present and future of Real Estate Sector: Indian Economy is expected to be one of the fastest growing economies in the world and demand for real estate is directly linked to the economic growth. Demand for homes will continue to remain for the next few decades. With long term as perspective the Sector will do well.
KAPIL PANSARI Director – Land Acquisition - Casa Grande (P) Ltd., Chennai
Advice to younger generation who are planning to enter into real estate sector: Real Estate Sector has moved from a proprietary business to a professionally run business. More and more corporate are entering this sector. With the existing supply demand gap, the residential space in this sector is expected to do extremely well in future. This sector needs professionals and clearly there would be lot of opportunities.
Age and Experience in Real Estate: 32 years and total experience 10 years, 5 years in real estate of South India.
ESTATE AVENUES / JANUARY-2013
How entered in real estate and worked for: Entered in real estate in 2006 and worked for developers like Ansal API, Ambuja and Silverglades heading their Sales and Marketing division. Achievements and highest point of your life goal in real estate: Best achievements are yet to come but always delivered when the times were tough. As believe in “ when the going gets tough, the tough gets going.” Established business in international markets like UK, Canada, Singapore and also explored and developed unexplored markets like South Africa and Australia. This was during the period when there was a major slowdown in 2008-09. Highest percentage of direct sales with all professional and ethical means. Firm believer of team work and never followed individualistic approach. Always prefer to be a leader than a boss. The present and future of Indian Real Estate Market: Global economic uncertainties including Indian, fiscal deficit and high interest rates, rupee depreciating, high prices of real estate, stagnating demand in a few cities, repeated increases in interest rates have led to a decline in sale of residential properties. This is likely to have an impact on residential sales in 2012 as well. Clear trends in the real estate market are very difficult to predict at this stage, but it seems like a prolonged slowdown, if not a correction.
HIMANSHU PANT Head—sales & Marketing Silverglades Group
Age and total experience in Real Estate Sector: 33 years, Total real estate sector experience—7 years
DHEERAJ DOGRA MRICS -Global Realty & Retail Analyst
The year 2013 is expected to bring back hopes of growth to the real estate sector, mainly due to the government's positive approach towards reforms and moderation of interest rates. I expect 2013 to bring a larger-than-usual number of NRI investors into the commercial space arena. This is because NRIs are currently enthused by the prevailing exchange rate benefits and the fact that commercial real estate capital values are still 1525 percent under their 2007-08 peak levels. A stable appreciation in capital values is expected from Q1-2012 to Q3-2012, specifically on the affordable housing segments. Advice for youngsters who wish to enter into the Indian real estate market: For youngsters who wanted to Join, I will say that still Indian real estate sector is not completely explored. Still there are miles to go.
Dheeraj Dogra, a retail and Mall veteran with over 23 years of experience in managing successful retail chains and Malls. He is an MBA with a Masters certificate in Customer Relationship Management from The City University of New York. He holds an Advance Certificate in Marketing Strategy from Cornell University. He has also been conferred with MRICS(Member of Royal Institution of Chartered Surveyors, London) for his contribution towards the development of professionalism and standards, in the real estate industry . A certified mystery shopper, he is Gold Star certified by The Friedman Group for Retail sales. He is currently associated with BNP PARIBAS Real Estate as their National Director Retail and Shopping centre Advisory Services for India. Dheeraj was nominated and won the leadership award for Excellence in Real Estate in Asia presented by the CMO council Asia in Singapore. In his last assignment he was a Chief Marketing Officer for Express Avenue (By the Indian Express Group) in Chennai, which is the largest mixed-use development in any central business district of India. Dheeraj has also been associated with Ansal Api as their head Retail/Commercial Business and with DLF as a GM- Retail. Dheeraj also comes with 19 years of hardcore retail experience in the United States with the likes of Macy's, Bloomingdales, Bed Bath & Beyond, ABC Carper & Home etc. as part of their core management teams. In the year 1996 Dheeraj was adjudged “Employee of the year” for Federated Department stores the holding company for department store chains like Macy's and Bloomingdales. Dheeraj comes with humungous understanding of international best practices of developing and managing Malls across the Country. He is also associated with various Institutions and Colleges including ICFAI Business School, IIM Kozhikode, IMT, Delhi University, Asian School of Management, Bimtech, Amity etc., as a guest faculty and hence contributes to knowledge sharing.
ESTATE AVENUES / JANUARY-2013
Professional Qualification: B.Com How entered the sector and worked for: I belong to a family who is into Real Estate and I always wanted to be in the trade since I was a teenager. I joined my father to assist him in the year 2000 and later to enrich my learning and talent, I joined South City Group as a trainee in the year 2003, today heading the group and serving as Vice President. Achievements and highest point of your life goal: As on time SOUTH CITY COMPLEX especially SOUTH CITY MALL, is my best achievement. The High Point hasn’t yet came and there are lots of Goals yet to be achieved by me. Brand (s) promoted so far: The only brand I’ve been associated with in my professional career is South City Group. I joined here as a trainee to learn the trick of the trade from the best of the Promoters in the Country, International Architects and Consultants, etc. I’m proud to be associated with the Group and love to promote the brand South City which has developed more than 6 million sq.ft of development in last 9 years and has gifted Kolkata its landmark projects such as SOUTH CITY MALL, SOUTH CITY INTERNATIONAL SCHOOL, SOUTH CITY BELAIR (Crème da la Crème residential), etc. Today South City is an International brand been developing the Iconic Structure in Colombo, SriLanka.
MANMOHAN BAGREE Vice-President, South City Projects
Present and future of Indian real estate scenario: We all have witnessed that the real estate sector in India has grown a lot and currently is in very stable mood. There is lot of Growth, Innovation, Modernization due to happen in the sector. With the said changes, the real estate in overall will see a new high and peak in future which looks very promising.
Age and total experience in real estate sector: 31 years old with 12 years of Experience in Real Estate
Professional Qualification: BE – Mechanical, NIT Durgapur, PGDM, Marketing & Finance, IIM-Bangalore How entered the real estate industry and worked for: After doing several stints in marketing and running my own software company for 5 years I got into Inorbit Malls in 2005 and started my real estate journey and worked with real estate brands such as Inorbit, DLF, Sheth Developers/Vivacity and now at L&T Realty. Achievements and highest point of life in real estate: The turnaround of Vivacity Mall by Sheth Developers involved a lot of design and development efforts, rebranding and coming out with a whole new leasing as well as marketing strategy. Today the industry is eagerly awaiting the opening of the mall. Although not my life goal, it is one of the most significant achievements in my real estate career, all done with some superb support from the Owner as well as the team at Vivacity.
J P BISWAS
Brand (s) promoted the best: Vivacity
Head-Retail, L&T REALTY
Present and future of Indian Real Estate Sector: Real estate in general is growing albeit with its characteristic ups and downs. Retail real estate is now poised for an interesting phase. With the FDI in multi-brand being allowed the sentiment has turned in favour of India presence even with the single brand retailers. It helps that the developed economies are not growing and at the same time India promises a healthy growth.
Age & Experience in Real Estate Sector : 44 years, Total experience in Real Estate 7 years
ESTATE AVENUES / JANUARY-2013
Advise to younger generation who are planning to enter into Indian Real Estate Industry: Just like any other profession there is no substitute for knowledge, so learn as much and as long as you can.
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Laminate Flooring Lends Richness To Flooring Yet Economical By Yukti Talwar The room furniture too feature current generation pre-laminated particle board which is easy to finish the furniture made of particles boards with the modern hardware consisting with auto-closing, soft closing and wider opening hinges. Such furniture adds to dĂŠcor but most importantly the functionality.
n exquisite & chic decor is the highlight of the latest trend in interior designing today and everyone wishes to get the best of it for their abode thereby enhancing the beauty of the place. The home decor comes with their unique set of requirements wherein functional furniture in limited spaces yet meeting the modern sense of aesthetics in a modern interior is required. For any kind of home budget in-room modern amenities and associated comfort levels with economic price tag to boot is required. This is where Action TESA has a solution which has a promise for a range of valued added that would liven up the interiors with the aesthetic value yet lend a tremendous functionality coupled with ESTATE AVENUES / JANUARY-2013
economies of the modern interior solutions. The trends are more moving to aesthetics yet being simple. Straight line furniture is where the stress is on functionality & not on high end finishes. Hence room have walls & ceilings embellished with feature wall made of Embossed HDF which gives richness in finish yet way economical that other finishes. The concept of LCD back drop made of mirror finished UV coated panels is preferred & in vogue. The Indian climate is not best suited for carpets due to the high dust and moisture content but the laminate flooring lends richness to the floors yet being economical than the conventional floor
tiling solution. Laminate Flooring is easy to clean even with the conventional and much need wet mopping as in the case of Action TESA HDF laminate flooring that has been designed for the Indian climates. The room furniture too feature current generation pre-laminated particle board which is easy to finish the furniture made of particles boards with the modern hardware consisting with auto-closing, soft closing and wider opening hinges. Such furniture adds to dĂŠcor but most importantly the functionality. The cupboard shutters too have seen a sea change with compact 8ft high cupboards where in due to the paucity of floor spaces have been fitted with sliding tracks. UV coated Mirror finished sliding shutters have come to replace the use of lacquered glass due to fact UV panels are shatter proof, maintenance proof & also cost effective. The storage back panels & drawer based have been replaced with the printed options which are again cost effective. The Door fabrication has seen a sea
change in its fabrication. Gone are the days of solid wooden doors or conventional HPL clad flush doors. With the demand for lighter and economical doors a range of HDF Melamine faced door skins that are for the 1st time being manufactured in India. Such skins are being used to fabricate skin based doors with fillers with a hard wood frame. Such doors are eco-friendly as it minimizes the usage of natural hard wood in its construction & also the fact that its cost effective. Such modular panels due to its economic angle lends the promoters of home décor' scope of periodic sprucing up of the interiors with the worry & the inhibition of cost over runs. This lends a flexibility in scope of expansion & renovation at a faster pace opening up facilities to the Indian masses is shorter spans. Rather modular panel have been credited with short interior turnaround time & that the prime reason why world over this is the trend. The products are defined Green Building product being manufactured from plantation timber that doesn’t affect the green verge and protecting the fragile environment, rather the scope of plantation of timber that is termed as a rapidly renewable resource is creating tremendous scope of afforestation and the widening of the Green Belt. The high reusecontent in the MDF and particle board assures that there’s negligible waste of precious Lignocellulosic mass in any form therefore a tremendous scope of conservation of natural resources. Apart from the ecofriendly angle Indoor Air Quality (IAQ) is a major issue with the use of the conventional wood working material due the high levels of VC/VOC. With the increasingly environment conscious promoters of Indian and International origin along with the designers from within the country and abroad have stressed on the application of products that meet the international emission norms. The products meet the stringent norms for emission with the use of the current generation emission free glues that are in use world over. Over all Action TESA product range is an all-encompassing paneling solution provider for the home decor from furniture to wall/ceiling cladding, flooring & doors that are not only aesthetically accented but also affordable.
ESTATE AVENUES / JANUARY-2013
y r u x Lu es Hom
A Growing Preference for New Age Buyers Source: Jones Lang LaSalle India
espite the global economic and financial crisis, the Indian residential market is relatively stable in general, as demand for luxury housing grows gradually. This growing demand can be attributed to the rise in the number of high net worth individuals (HNWIs), the rapid pace of urbanization, the influx of global lifestyle trends and an increase in the number of non-resident Indians (NRIs). Also, the recent fall in the value of rupee in global financial markets boosted buyers' interest in investing in luxury housing and encouraged developers to launch luxury/super luxury housing projects priced from Rs 10-200 million. The fact that most buyers have been seeking quality products recently is compelling developers to come up with luxury projects in collaboration with global property developers and architects. To attract buyers, developers are now trying out a variety of new products in the luxury housing segment, including Singaporean and US-style apartments, homes that are similar to plush hotels and branded luxury residences. Developers are also increasingly adding lifestyle amenities such as golf greens, schools, hypermarts, jogging tracks, independent swimming pools, complete home automation, Value of Luxury Residential Projects Launched During 2008-2012
apartment is not much. Of course, this depends on location and varies from city to city, where perhaps luxury residential projects have a higher risk and longer gestation period compared to midend/high-end apartment projects.
(21%), Bangalore (11%) and Chennai (10%). The Tier II cities are at a nascent stage in luxury residential launches. In 2008-2012*, Kolkata accounted for 7% of total luxury launches, followed by Pune (5%) and Hyderabad (2%).
The total value of luxury homes, launched
The residential market is currently going through a phase of slow demand, although growth for luxury housing looks moderate and demand is stable, giving buyers the opportunity to negotiate. Over the short term, no price increases are expected, despite the fact that the value of luxury homes is likely to increase significantly over the medium-long term. The value of luxury homes will be fuelled by presence of around 1.53 lakh HNWIs (whose numbers are growing at fast rate), people who inherited wealth and have dynamic lifestyles, as well as those in the newly rich segment (according to World Health Report 2010).
City-wise Market Share of Luxury Residential Projects Launched During 2008-2012 Pune 5% Hyderabad 2% Chennai 10% Mumbai 21%
*2012 includes the value of projects launched during 1Q12 to 3Q12 Source: Real Estate Intelligence Services
in 182 luxury residential apartments, offering a total of 25,570 units across India's top seven cities of NCRDelhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata in 20082012*, was around USD 30 billion. NCRDelhi, Mumbai, Bangalore and Chennai are leading in terms of market share of these launches, with NCR-Delhi leading (at 44% of the total), followed by Mumbai
8.55 8 5.61
Value (USD Billion)
modern clubs with exclusive members' lounges, spas, Jacuzzis, concierge desks and gyms. Spacious luxury apartments also invariably come with top-quality interiors, bathroom fittings and kitchen decor, often featuring imported materials. Thus, the desirability index of upcoming projects depends significantly on their lifestyle offerings and exclusivity. The difference in cost between a midend/high-end apartment and a luxury ESTATE AVENUES / JANUARY-2013
Grade A Office
Delhi NCR Mumba Bangalore Chennai Pune Hyderabad Kolkata Source: Jones Lang LaSalle Research
National Capital Region (NCR) 44%
Kolkata Bangalore 7% 11%
Bangalore's residential market has exhibited steady consumer demand during the last two years, and this trend continued through the month of October. There was a moderate number of new launches over the month, among which the major projects were NCC Group's NCC Ivory Heights in Mahadevapura and Assetz Homes' Assetz Clover Greens on Sarjapur Road. Because of the increasing number of people entering Bangalore on the back of Residential Rents Capital Value growing employment opportunities in the city Key Precincts Rs per month for a 1,000 sq ft INR per sq ft and the shortage of ready2-BHK apartment to-occupy apartments, the Old Madras Road 10,000-15,000 5,000-6,000 rents of residential properties increased in Indiranagar 18,000-20,000 10,000-20,000 October. Meanwhile, Bellary Road 10,000-14,000 3,000-6,000 owing to the rising price of projects that were nearing Hosur Road 10,000-14,000 3,000-4,500 completion and the launch Whitefield 12,000-15,000 3,000-5,000 of new projects at above Tumkur Road 7,000-11,000 3,000-5,000 the market's average price, capital values marginally Kanakapura Road 8,000-12,000 3,000-4,500 appreciated across every Mysore Road 8,000-10,000 2,500-3,500 submarket.
CHENNAI The demand for residential units remained stable, and the city witnessed healthy new launches during the month. Some of the prominent launches included Akshaya launching a 38-storey building in OMR, Amarprakash launching Temple Waves near Chrompet and PdotG launching Innova near Porur. On the pricing front, the city is likely to continue seeing mixed pricing given the offers and discounts being offered by developers owing to the upcoming festive season. Whilst the prices of select projects increased, capital values also moved up marginally in October. Residential Rents Capital Value Key Precincts
Rs per month for a 1,000 sq ft 2-BHK apartment
INR per sq ft
KOLKATA Residential sales remained subdued in Kolkata as the city celebrated its prime festival during the month. However, the situation is expected to improve in the coming month. There was no major launch during the month. Rents and capital values remained stable in October. Residential Key Precincts
Rents Rs per month for a 1,000 sq ft 2-BHK apartment
Capital Value INR per sq ft
PA Shah Road
DELHI Given the start of the festive season, residential sales increased in October, and developers offered attractive discounts on their new launches. The projects launched in October included ATS Triumph by ATS and Oyster Grande by Adani Group in Gurgaon, as well as Brys Buzz by Brys Group, Prateek Edifice by Prateek Group and AVJ Ace City by AVJ Group in Noida. Rents remained stable, whilst capital values increased marginally over the month. In October, the Greater Noida Authority and the Ghaziabad Development Authority (GDA) opened to the traffic two of the six lanes of the 22 km long and 130 m wide link road between NH 24 and Holland Factory in Greater Noida. The link road aims to provide signal-free traffic movement between Greater Noida's Sector Zeta and Vijay Nagar in Ghaziabad as well as reduce the travel time to about 20 minutes. Residential
Rs per month for a 1,000 sq ft 2-BHK apartment
INR per sq ft
Golf Course Road
Golf Course Extension Road
MUMBAI In October, primarily on the back of the attractive pre-launch offers extended by select developers, the demand in Mumbai's residential market improved. The key launches in October included Evoke at the New Cuffe Parade project in Wadala East by Lodha Group, a new project in Goregaon East by Sunteck Realty, Vicenza Regency in Vikhroli East by SSV Developers, Tower 3 in the Godrej Platinum project in Vikhroli by Godrej Properties and a new project at Chembur, also by Godrej Properties. On account of the increased demand for residential units for outright purchase and the developers' desire to capitalise on the festive season, discounts and schemes were offered for a limited time to lure buyers. Rents and capital values remained stable across the city during the month. Residential
Rs per month for a 1,000 sq ft 2-BHK apartment
INR per sq ft
Noida-Greater Noida Expressway
HYDERABAD With the start of the festive season, high streets continued to see an increase in leasing activity. Leasing activity continued in Manjeera Trinity Mall and Manjeera Majestic Mall, which are nearing completion. Vacancy remained stable. The key transactions in October included Yes Bank and Senses leasing space on the high streets of Abids and Ameerpet, respectively, Ratnadeep occupying space on the high street along Green Park Hotel in Begumpet and Khazana securing space in Dr. A.S. Rao Nagar in Chanda Nagar. No mall projects were completed in October.
PUNE The demand for residential projects remained stable in October. The major residential project launched during the month was Trinity Towers, which stretches over 13 acres, located in Kharadi and created by Gera Developments. Rents and capital values remained stable across every submarket in the city. Residential
Rs per month for a 1,000 sq ft 2-BHK apartment.
INR per sq ft
Residential Key Precincts
Rents Rs per month for a 1,000 sq ft 2-BHK apartment
Capital Value INR per sq ft
ESTATE AVENUES / JANUARY-2013
DIRECTORY Upcoming Residential and Commercial Projects Dear Developers, Brokers, Readers: You are going through the fourth issue of our magazine ESTATE AVENUESâ€”The Leader in the Real Estate Information. We are trying to provide maximum exposure and coverage to your product, New launches of residential, commercial, shopping malls, IT Parks, plots and upcoming projects in the next few pages. We are requesting our readers, developers, PR agencies, brokers, consultants and other related with real estate sector to send us all your upcoming projects (Residential/Commercial/Shopping Malls/IT Parks to us to enable us to publish your project in ESTATE AVENUES every month. We are trying our level best to provide full coverage to your companyâ€™s activities and product launches regularly under NEWS and DIRECTORY sections. Use for Residential
Shopping Mall/Commercial Complexes
Name of the Project
Name of Project
Type of Units: 2/3/4/Penthouse/studio/suites
Total area of project
Floors of each tower
Total Built up area
Size of unit
Rate per sq ft OR total for each unit
Price per sq ft
Project to be completed
Project started on
Project completion date
Possession to client:
Whether Green Building
Whether Green Building
Please send the above information of your project along with very high resolution photograph (at least 370 dpi) at firstname.lastname@example.org, email@example.com 44E/9, Kishangarh, Vasant Kunj, New Delhi - 110070, Telephone : 01 1- 26892745. 011- 26892746 Website : www.estateavenues.in
ESTATE AVENUES THE LEADER IN REAL ESTATE INFORMATION
Woodshire M3M India Ltd Location: Sector 107, Gurgaon (Dwarka Expressway) Total area: 19 Acres Built up area: - 1943 Sqft Carpet area: 1350 sq ft Total No. of Towers/ floor: 18 towers / 20 floors No. of Units: 984 Date of construction: Nov 2012 Expected date of Completion/Possession: April 2015 Rate per sq. ft: Rs 5,100 per Sq ft Category of Project: Luxury Type of Units: 2/3/4BHK apartments
M3M Golf Estate M3M India Ltd Location: Golf Course Road (Extn), Sector 65 Total area: 2.18 Mn sq ft Built up area: 15% of total area Carpet area: 4000 – 4600 sq ft Total No. of Towers/ floors – 6 towers No. of Units - 730 Date of construction: July 2011 Expected date of Completion/Possession: Phase 1 (Fairway East): End of 2014 - Phase 2 (Fairway West): Mid of 2015 Rate per sq ft: Rs 15,000 per sq ft Category of Project: Luxury Type of Units: 3/4BHK apartments
M3M Polo Suites M3M India Ltd Location: Golf Course Road (Extn), Sector 65 Total area: 2.27 Mn sq ft Built up area: 3980 - 4995 Sq. Ft Carpet area: 4,000 / 5,000 sq ft Total No. of Towers/ floor: 13 floors No. of Units: 144 Date of construction: August 2011 Expected date of Completion/Possession: Mid of 2015 Rate per sq. ft: Rs 15,000 per sq ft Category of Project: Luxury Type of Units: 3/4BHK apartments
M3M Merlin M3M India Ltd Location: Golf Course Road (Extn), Sector 67 Total area: 1.73 Mn Sq ft Built up area: 2,368 Sq ft Carpet area: 2035 Sq Ft Total No. of Towers/ floor: 22 floors No. of Units: 509 Date of construction: April 2012 Expected date of Completion/Possession: Mid of 2015 Rate per sq. ft: Rs 7,000 per sq ft Category of Project: Luxury Type of Units: 3/4BHK apartment
International City Sobha Developers Location: Sector 109, Gurgaon Total area: 150 acres Built up area: 400 – 692 Sq Yrd Carpet area: 1944 – 4983 Sq Ft Total No. of Towers/ floor: duplex and Villas No. of Units: 650 Date of construction: Dec 2011 Expected date of Completion/Possession: March 2016 Rate per sq. ft: 3,600 Sq ft Villa (400 Sq Yard)-5.48 Cr 4,500 Sq ft Villa (500 Sq Yard)-7.04 CCategory of Project: Luxury Type of Units: Villas r
Lotus Boulevard The 3C Company Location: Sector 100, Noida Total area: 30 Acres Built up area: 4.2 Million approx Carpet area: 75% of the Super Area Total No. of Towers/ floor: 29 No. of Units: 3146 approx Date of construction: October 2009 Expected date of Completion/Possession: Phase 1 handed over. Remaining phase will come subsequently. Rate per sq. ft: 5800 Per Sq. Ft. (CLP). Total Cost starting from 65 Lacs. Category of Project: Middle Class Type of Units: 2/3/4BHK—Villas: 2 BHK – 1019 Sq. Ft to 1343 sq ft 3 BHK + SQ – 1691 Sq. Ft. to 1863 sq ft
Ritz Chateaux villa Developer: Supertech Ltd Location: Sector 74, Noida Total area: 51 acres city Park in front of Villas Sizes of villas: 307 sq mtr and 555 sq mtr Price: Rs 12 crore to Rs 18 crore USP - Private swimming pools, waterfalls, jacuzzi, airy interiors, verdure gardens, avant-garde fixtures, home automation, imported Italian flooring kitchen, personal glass elevator, theatre facilities, CCTV camera
106 Golf Avenue CHD Developers Ltd Location: Sec 106, Dwarka Expressway Total area: 12.34 acres Built up area: 1503889 sq. ft.(area under towers, basement, club, shopping, EWS & common utilities) Carpet area: 683431.85 sq. ft. Total No. of Towers/ floor: 9 Towers No. of Units: 642 Date of construction: 17.10.2012 Expected date of Completion/Possession: 20.03.2016 Rate per sq. ft: Rs. 6250 /sq ft (Under Subvention Scheme) Category of Project: Mid- Segment Type of Units: 2/3/3+s/4+s BHK apartments & Penthouse
Viva City Square Collage Group Location: Kanpur Total area: 4289 Sq.Yds Built up area: 120030.1067 sq ft Carpet area: 479 to 1962 sq ft Total No. of Towers/ floor: G+ 4 and 2 floor basement Parking No. of Units: 77 Shops + 2 Restaurant + 3 Multiplex Date of construction: Q4, 2015 Expected date of Completion/Possession: Q4, 2015 Rate per sq. ft: Category of Project: Middle Class/ Affordable Retail Type of Units: Retail space
Corporate City Premia Projects Ltd Location: Noida Extension Total Land area: 15 acres Total Constructed area: Approx 15,00,000 sq ft Open area: 70% Corporate Offices, 11,00,000 sq ft Serviced Apartments: 150,000 sq ft Mall: 250,000 sq ft Price: Rs 4450 sq ft to 4850 sq ft + other charges
ESTATE AVENUES / JANUARY-2013
AlphaOne Alpha G:Corp Location: Ahmedabad Total area: 7.05 lakh No. of Units: 184 Date of construction: fully constructed and operational Expected date of Completion/ Possession: Oct 2011 Type of Units: Shopping mall
45 Nirvana Hills Kumar Urban Ltd Location: Karve Road, Erandwane, Pune Total area: 254,048 sq ft Built up area: Million in Total Carpet area: 2564 sqft. Total No. of Towers/ floor: 1 TOWER 36 FLOORS No. of Units: 138 Date of construction: May. 11 Expected date of Completion/Possession: Apr-2016 Rate per sq. ft: 8500/- + flr. rise Category of Project: Luxury Type of Units: 2/2.5/3/4/5 BHK Kul Ecoloch Kumar Urban Ltd Location: Mahalunge, Behind Balewadi Sports complex. Total area: 981359 sqft. Built up area: 6 Million Total Carpet area: 367 to 1065 sqft. Total No. of Towers/ floor: 80 Towers From 7 Floors To 30 Floors. No. of Units: 1180 Sold Out Phase One And Total Of 6000 Units Date of construction: May.2011 Expected date of Completion/Possession: Dec-2014 PHSE 1 Rate per sq. ft: 4650/- + flr. rise Category of Project: Affordable AND Luxury OPTIONS Type of Units: 1/2/2.5/3 BHK
Alpha International City Alpha G:Corp Location: Amritsar Total area: 300 acres approx. Built up area: 200 to 500 sq yd No. of Units: 917 Date of construction: Mar 2011 Expected date of Completion/ Possession: Jun 2014 Rate per sq. ft: 15000sq yd Category of Project: Middle Luxury Type of Units: Plotted development
Rivali Park Developer- CCI Projects Pvt Ltd (CCP) Location: CCI Compound, Western Express Highway, Borivali (E), Mumbai Total area: 22 acres Built up area: 2.12 million sq ft. Residential development Total No. of Towers/ floor: 6 wings, A & D (39 storey), C&F (11 Storey) & B & E (7 storey - only 4BHK) No. of Units: 175 flats in 1st phase Date of construction: June 2010 Expected date of Completion/Possession: Within 5 years- 7 years Rate per sq. ft: Phase 1 B- 8500 per sq ft/1000+ Cr investment Category of Project: Integrated Township Type of Units: 2 BHK, 3 BHK, option to combine 2 BHK to form 4 BHK, Duplex and Penthouse
Bhagtani Krishaang Jaycee Homes Ltd. Location: Powai, Mumbai Total area: 4,27,000 sqft. Built up area: 14,681 Sq. Mts. Carpet area of Units: 2400 sq.ft Total No. of Towers/ floors: 2 Towers of 25 storey each No. of Units: 88 apartments Date of start of Project Construction: 2009 Expected date of Completion/Possession Tower B - December 2013 Rate per sq ft/Total cost: Total cost per apartment Rs. 5 cr upwards Category of Project: Affordable/middle class/Luxury: Luxury Type of Units: 2/3/4BHKâ€” Villas: 4 BHK
Alpha International City Alpha G:Corp Location: Karnal Total area: 330 acre(85 acres PH II) Built up area: 250, 360, 500, 900 sq yd No. of Units: 762 Date of construction: Phase I Delivered, Phase II Development Commenced in June 2011 Expected date of Completion/ Possession: Jun 2013 Rate per sq. ft: 19,800 per sq yd Category of Project: Luxury Type of Units: Plotted Development
ESTATE AVENUES / JANUARY-2013
Siroya Sunshine Developer- Legend Siroya Realtors Location: Rt.Nagar, Bangalore Total area: 2.5 acres Built up area: 2,00,000 sq ft Total No. of Towers/ floor: 5 blocks G+7 Floors No. of Units: 185 Units Date of construction: 2010 Expected date of Completion/Possession: 2014 Rate per sq. ft: 5000 sq ft Category of Project: Luxury Project Type of Units: 1,2 & 3 Bhk apartments
Siroya Environ Developer- Legend Siroya Realtors Location: Near Hebbal Flyover, Bangalore Total area: 4.5 acres Built up area: 3,96,000 sq ft Total No. of Towers/ floor: 2 Blocks with G+19 Floors No. of Units: 212 Units Date of construction: 2009 Expected date of Completion/ Possession: 2013 Rate per sq. ft: 7100sq. ft/ 1 Cr onwards Category of Project: Super Luxury Project Type of Units: 2&3 Bhk flats & penthouses
MeerutOne Alpha G:Corp Location: Meerut Total area: 19 acres Built up area: 1804, 1852, 1661, 1513, 1596, 1388 sq.ft. Total No. of Towers/ floor: G+4 Villas No. of Units: 538 Date of construction: Feb 13 Expected date of Completion/Possession: Aug. 2015 Rate per sq. ft: 3000 psf Category of Project: Luxury Type of Units: 2/3/ BHK Villas
Santha Towers Developer Santha Build Tech India Pvt Ltd No.Of Units In Project 508 Units TotalOf Floors Stilt + 10 Floors Total Area Of Project 4.57 Acre Type Of Units: 2/3/4/Penthouse/Suites/ Studio1,2 And 3 Bedroom Built Up Area 5,64,174 Sqft Price Per Sqft/ Total Price Of Unit:Rs.3249 / Sq Ft Project Started:6/10/2010 Project Possession:1st Phase 200 Units In Dec.2012
Vasathi Anandi, Hyderabad Developer: Vasathi Housing Limited No. of Units in Project: 498 No. of Floors: 7 Total area of Project : 5 acres Type of Units: 2/3/4/Penthouse suites/studio Built up area: 7,38,946sqft Carpet area: 1,47,790 sqft Price per sq ft/ total price of unit: 2450 Ready for possession
Shobha City Shobha Developers Location : Hebbal ORR, Nagawara Junction, Bangalore Bedrooms : 2 BHK, 3 BHK Project Status: Under Construction Built-up Area: 1345 Sq. Feet 1564 Sq. Feet Price : Rs. 61,30,000 - Rs. 71,28,000 Features: Parking
Mira Garden Developer- Vibgyor Housing Ltd Type of Project- Residential No. of Floors- 4 Towers, G+4 Total area of Project- 112 Cottah No. of Flats- 78 (Phase I) Flat/ Bungalow Area- 900-1150 sq ft Flat/ Bungalow Specification- 2/3 BHK Starting Price- 2300/ sq ft Project Possession- Started.
SOUNDARYAM-Apartment Location : Velachery, Velachery, Chennai Bedrooms : 3 BHK Project Status : Under Construction Built-up Area : 1328 Sq. Feet - 1404 Sq. Feet Price : Rs. 94,28,800 - Rs. 99,68,400 (Rs. 7,100 per sq.ft) Features : Parking
Aparna Hillpark Boulevard Independent House/Villas Location : Chandanagar, Hyderabad Bedrooms : 3 BHK Project status : Under Construction Built-up Area : 2930 Sq. Feet 3180 Sq. Feet Price : Available upon request Features : Parking
Svarag Apartments Malles Jayashri, T Nagar, Chennai Location : No. 24 & 25, P.T. Rajan Salai, KK Nagar Chennai, Location : No.33, Neelakanda Mehta Street, Kalaignar Karunanidhi Nagar, Chennai, T Nagar, Chennai Bedrooms: 3 BHK Bedrooms : 3 BHK Property Status: Under Construction Property Status : Under Construction Built-up Area : 1256 Sq. Feet Built-up Area : 1290 Sq. Feet 1950 Sq. Feet Price : Available upon request Price : Rs. 1,21,83,200 - Rs. 1,89,15,000 (Rs. 9,700 per sq.ft) Features : Parking | Fitness Features : Parking
Bahri Beautiful Country Developer: Bahri Estates Pvt. Ltd. Location: Foot hills, Kodaikanal, Bedrooms: 1-3 BHK Age of property: Under Construction Built-up Area: 700 Sq. Feet - 1620 Sq. Feet Plot Area: 700 Sq. Feet Price: Rs. 28 Lacs - 64.8 Lacs Features: Fitness | Swimming pool | Play area | Garden | Security
Serene Pelican @ Pondicherry Developer:Covai Senior Care Constructions Pvt Ltd No. of Units in Project 420 Villas , No. of Floors Ground Level Total area of Project 135 Acres Type of Units: 2/3/4/Penthouse/suites/studio Single/2/3Bhk & G+1(Villas) Built up area:566/762/1304/1620 Sq.ft Price per sq ft/total price of unit:Per Sq.ft Rate 4000/(566 Sq.ft – 27.80Lacs, 762 Sq.ft Rs. 39.00Lacs, 1304 Sq.ft Rs. 65.00Lacs & 1620 Sq.ft – 76.00Lacs) Project started1st Phase started on 2010 Project possession1st Phase possession on Dec 2013
ESTATE AVENUES / JANUARY-2013
Paradise Crystal Developer: -Ansal API No. of Units in Project - 1220 No. of Floors – Ground + 13 floors Total area of Project – 15 acres Type of Units: 2/3/4/Penthouse/suites/ studio – 2 BHK apartments Built up area:- 1040 sq.ft. and 841 sq.ft. Super Area: 1315 sq.ft and 1060 sq.ft Price per sq ft/total price of unit -basic Sale Price is Rs. 2300 sqft and the cost of these homes ranges from Rs 24 Lacs to 30 Lacs Project started - September 7, 2012 Project possession – 3.5 years
Amrapali Dream Valley Location : Noida-Greater Noida Expressway, Noida, Uttar Pradesh DEVELOPER; AMRAPALI GROUP Bedrooms : 2 BHK, 3 BHK Property Status : Under Construction Built-up Area : 1100 Sq. Feet 1715 Sq. Feet Price : Rs. 3,300 per sq.ft Features : Parking
Grand Ajnara Heritage Location : Sector 74 Noida, Noida Developer; Ajnara Group Bedrooms : 2 BHK, 3 BHK Property Status : Under Construction Built-up Area : 1075 Sq. Feet 2125 Sq. Feet Price : Rs. 4,277 per sq.ft Features : Parking
SRS Royal Hills Phase 2 Apartment for Sale Location : Sector-87, Faridabad, Haryana DEVELOPER: SRS INFRASTRUCTURE LTD Bedrooms : 3 BHK, 4 BHK Property Status : Under Construction Built-up Area : 1715 Sq. Feet 2475 Sq. Feet Price : Rs. 3,382 per sq.ft Features : Parking
Gaur Commanders Cascade Apartment Raj Nagar Extn, Delhi Location : NCR, Raj Nagar Extn, Delhi, Delhi DEVELOPER: Jupiter Infrastructure. Bedrooms : 2 BHK, 3 BHK Property Status : Under Construction Built-up Area : 1180 Sq. Feet - 1585 Sq. Feet Price : Rs. 2,900 per sq.ft Features : Parking | Fitness | Swimming pool | Play area | Garden | Security
Ahinsha Vatika Residential Apartment Location: Shahdara,East Delhi Area Range: 1150 - 1450 Sq. Ft. Bedroom: 2 & 3 BHK Price Starting From: 75 lac onwards Possession: by 2013
Ajnara HomesResidential Apartment Location: Noida Extension Area Range: 880 sq.ft. - 1960 sq.ft. Bedroom: 2 / 3 /4 BHK Price Starting From: Rs. 3185/- Sq. ft. Possession: 2.5 years
GurgaonOne, Sector 84 Developer: Alpha G: Corp Development Private Limited No. of Units in Project: 668 No. of Floors: 19-26 floors. Multiple towers Total area of Project: 12.5 acre Type of Units: 2/3/4/Penthouse/suites/studio: 1181 sq ft, 1427 sq ft, 1826 sq ft, 1923 sq ft Built up area: 11,50,000 sq. ft. as built up area Carpet area: 945 sq. ft; 1141 sq. ft; 1461 sq. ft; 1538 sq. ft; 1669 sq. ft; 2555 sq. ft Price per sq ft/total price of unit: INR.4450/- per sq ft Project started: June 2011 Possession: May 2015
ESFERA Developer- Punj Realtors Ltd Location - Sector 37-C.Gurgaon Unit Type - 2/3/4 BHK Area Range -1435- 2400 sq.ft Price- Rs 64.6 Lac onwards
ESTATE AVENUES / JANUARY-2013
Imperia H2Om Developer: Imperia Structures Ltd No. of Floors: Imperia H2O Residency 10 Floors, Imperia H2O Commercial Office Suites – G+15 Floors Total area of Project: Total area of 20 acres. Type of Units: 1bhk /2bhk/office suites/ studio apartments/retail. Total price of unit: Rs. 10, 50,000/- onwards. Project started: April 2010 Project possession: September 2012 onwards (possession to be in phases)
DELHI - NCR
Express Zenith Residential Apartments Location: Sector 77, Noida Area Range: 950 sq ft to 1745 sq ft Price Starting 4190 sq ft Possession : December 2014
Diplomatic Greens Prive Residential Apartments / Luxurious villas Location: Dwarka Expressway Area Range: 2250 sq ft - 8000 sq ft Bedroom: 3 BHK , 4 BHK & Villas Price Starting From : 8500 / sq ft 11187 / sq ft Possession: Nov 2015
Earth Studio Fully furnished apartments as per modern lifestyle Earth Infrastructure Greater Noida, Yamuna Expressway, Location advantages near F1 Racing Track, Gautam Budha University Sizes: 495 to 810 sq ft 12% per annum assured return Price starting Rs 13.51 lakh onward
DLF Independent Luxury Floors DLF India Ltd Regal Garden, Garden City, Sector 90, Gurgaon Floors: G+5 Size: 3200 sq ft Type: 4 BHK+ Servant Price: Rs 6500 sq ft (Offeringsâ€”Apartment Price Range Rs 1-1.5 crore), Floors Price range Rs 2-2.5 crore
J M HOUSING JM Orchid Noida Location: Sector 76 Noida, Noida Bedrooms : 2 BHK, 3 BHK Status : Under Construction Built-up Area : 1147 Sq. Feet 1762 Sq. Feet Price : Rs. 4,500 per sq.ft Features : Parking
Hanging Garden, AMRAPALI GROUP Location :Apartment for Sale at Sector 107 Noida, Noida Bedrooms : 1 BHK, 2 BHK, 3 BHK Age of property : Under Construction Built-up Area : 565 Sq. Feet 1265 Sq. Feet Price : Rs. 5,105 per sq.ft
45 Nirvana Hills Kumar Urban Ltd Location: Karve Road, Erandwane, Pune Total area: 254,048 sq ft Built up area: Million in Total Carpet area: 2564 sqft. Total No. of Towers/ floor: 1 TOWER 36 FLOORS No. of Units: 138 Date of construction: May. 11 Expected date of Completion/ Possession: Apr-2016 Rate per sq. ft: 8500/- + flr. rise Category of Project: Luxury Type of Units: 2/2.5/3/4/5 BHK
Laxmi Vilas Kumar Urban Ltd Location: Mukundnagar, Pune Total area: 328576 sqft. Built up area: 4 L'S Carpet area: 1620 sqft. Total No. of Towers/ floor: 5 Towers 12 Floors No. of Units: 245 Date of construction: Oct. 12 Expected date of Completion/ Possession: Dec-2014 Rate per sq. ft: 12500/- + flr. rise Category of Project: Luxury Type of Units: 3/4 BHK
Project: Shri Radha NRI GREENS DEV: Shri Group Location: Vrindavan Built up area: 3.5 lakh sq ft Type of flats: 1 BHK/2BHK/Studio No of Flats: 500
Project : Shri Radha Sky Gardens Developer : Shri Group Location: Noida Extn. Total area: 50 Acres
ESTATE AVENUES / JANUARY-2013
Sushant Serene Residency Developer: ANSAL API No. of Units in Project :1599 No. of Floors : G + 24 Total area of Project : 13 acres Type of Units: 2/3/4/Penthouse/suites/studio (550) 1BHK (750), 2BHK (1125), 2+1 BHK (1350), 3BHK (1575), 3 + 1BHK (1875) Built up area: 550, 750, 1125, 1350, 1575, 1875 Carpet area :440, 600, 900, 1080, 1260, 1500 Price per sq ft/total price of unit
DELHI - NCR
Curio City Developer: Orris Location: Greater Noida Area: 200 acres Mixed Use: Residential/Commercial/ Retail/Hospitality Plotted Development of 200 sq. yds., 240 sq. yds., 300 sq. yds., 360 sq. yds., 500 sq. yds., 650 sq. yds. & 1000 sq. yds. Status: Under construction
Developer: Experion Developers Pvt Ltd Location: Sector 112, Gurgaon, Dwarka Expressway Type of Units: 2BHK/3BHK/4BHK condominium, penthouses and limited edition super luxury villas No. of towers and floors: Mix of mid-rise 6 storeys and high rise 26-storied Total area of project: 23.43 acres Unit sizes: 2275-4625 sq ft Project Started: Under Construction To be completed: 2015 Project Possession date: 2015
Manhattan Developer: Amar Builders and INC Developers No. of Units in Project 16 No. of Floors 8 Total area of Project 1,04,000 sq ft Type of Units: 2/3/4/Penthouse/ suites/studio: 5bhk Saleable area : 6500 sq ft Carpet area: 5200 sq ft Project started Feb 2009 Project possession Nov 2012 RYNE Developer: Realcraft Buildtech Pvt Ltd Location: Chi-V, Yamuna Expressway, Greater NoidaPIC DIR 4 Type of Units: 2/3/4 BHK Total area of project: 6 acres Carpet area of Unit:995/1260 1595/1795/2190 sq ft Rate per sq ft/total cost: Approx Rs 2845 per sq ft + other charges Project Started: 2011
Xanadu Developer- Siddha Real Estate Development Pvt. Ltd No. of Units in Project- Xanadu Studio : 324 units No. of Floors- G +10 Type of Units: 2/3/4/Penthouse/suites/ studio- Xanadu Studio – Studio apartment Price per sq ft/total price of unitXanadu Studio– Rs.3500/- per sq.ft Project started- Xanadu Studio – January 2007 Project possession- Xanadu Studio – Ready to move in
ESTATE AVENUES / JANUARY-2013
MUMBAI TRISHLA CITY, ZIRAKPUR, NEAR CHANDIGARH Location : Zirakpur, Chandigarh DEVELOPERS: TRISHLA BUILDTECH Bedrooms : 3 BHK, 4 BHK Property Status : Under Construction Built-up Area : 1800 Sq. Feet 2395 Sq. Feet Price : Rs. 3,500 per sq.ft Features : Parking
NIRWANA GREENS-IV AT MUNDI KHARAR, GREATER MOHALI Location : Mundi Kharar, Greater Mohali, Punjab DEVELOPERS: Vision India Realtors Pvt Ltd. Bedrooms : 1 BHK, 2 BHK, 3 BHK, 4 BHK Property Status: Under Construction Built-up Area : 880 Sq. Feet 3270 Sq. Feet Price : Rs. 16,40,000 - Rs. 88,90,000
Runwal Greens Developer: Runwal Group Location: LBS Marg, MulundEastern Highway, Mumbai Type of Units: 2, 2.5, 3, 3.5 and 4 BHK No. of towers and floors: 4 for approx 1600 families Total area of project: 7 Acres Project Started: Under Construction To be completed: First Phase in 2014, IInd phase two towers 2015 and remaining 2016 Project Possession date:2014 Salient feature: AA ratings
Casa Grande Versailles Developer – Casa Grande, Location– Uthadi , ECR. Chennai No. of Units in Project – 17 units No. of Floors – Ground +2 Total area of Project – 2 acres Type of Units: 2/3/4/Penthouse/suites/ studio –Presidential Villas Built up area: 4250sft, Carpet area: 4037 sft Price per sq ft/total price of unit – Rs.7000/- per sft 3.15 crores onwards Project started – October 2011 Project possession – March 2013
Project: King’s Residency, Rajarhat Developer: Vibgyor Realty Forum Location: Opp. BLRO Office, Rajarhat Chowmatha, Bhatinda, Rajarhat Bishnupur 1 No. Gram Panchayat, Kolkata Project: Twin tower (Basement+G+4) having 48 apartments of 2/3 BHK Area in sq ft: 850-1287 Status: Possession in December 2014
Project: King’s Hut, Rajarhat Developer: Vibgyor Realty Forum Location: Opp. BLRO Office, Rajarhat Chowmatha, Post-Rajarhat, Kolkata 700136 Project: 3 towers (G+4) having 50 apartments of 2/3 BHK Area in sq ft: 950-1196 Status: Possession in October 2013
Daffadil Waterfront, Kolkata Land Area: 21 Kottahs: No. of Block:1 No. of Floors:B+G+7 No. of Flats:37 Unit Size 2 BHK (sqft) : 812 to 907 2 BHK + Study (sqft) : 1137 3 BHK (sqft): 1,353 to 1,367 Starting Time:Jan 2012 Completion Time: June 2015
Dream Exotica, Kolkata Land Area:5 Bigha 1 Cottah 3 Chattak 17 Sq.ft No. of Towers: 7 No. of Floors:(G+4), No. of Flats:155 Unit Size 1 BHK Flat (425sqft. – 620sqft.) 2 BHK Flat (895sqft. - 960sqft.) 3BHK flat (1215 sq ft – 1415 sq ft) Starting Time:April-2012 ( Tentatively) Completion Time: May 2015.
Arihant Garden Kolkata Location: Close to Kolkata Airport and Sector V, Rajarhat, Kolkata Land area: 45 Kottahs No. of Towers: 4, No. of Floors: G+4 No. of Flats : 70 Unit size: 2 BHK between 965 and 1040 sq ft, 3BHK between 1201 and 1488 sq ft Status: Started in April 2011 Possession: May 2015
Dream Palazzo, Kolkata Land Area:105 Kottahs No. of Blocks:10, No. of Floors:G+5 No. of Flats:160 Unit Size 3 BHK Flat (1,370sqft. - 1,500sqft.) 4 BHK Flat (1,990sqft. - 0sqft.) Starting Time:May 2011 Completion Time:30 months from dat of construction + 6 months grace period
Siddha Town Developer- Siddha Real Estate Development Pvt. Ltd No. of Units in Project-1329 No. of Floors- Siddha Town – G+4 Total area of Project- 15 Acres Type of Units: 2/3/4/Penthouse/suites/ studio- 1 bhk, 1bhk + S, 2 bhk, 2bhk+S, 3Bhk, 3Bhk+S, Price per sq ft/total price of unit- Rs.2600 per sq.ft Project started- October 2009 Project possession- Phase wise possession has started.
Shristi Nagar - The New Asansol Developer: Bengal Shristi Infrastructure No. of Units : 500, Future : 5000 Total area of Project : 90 Acres Type of Units: 2/3/4/Penthouse/suites Builtup area : 90 lakh sq ft Project started : Feb 2008
Dream Eco City, Durgapur Developer- Jain Group No. of Units in Project- 770 apartments No. of Floors- G+11 Floors. Total area of Project- 22 Bighas. Type of Units: 2/3/4/Penthouse/suites/studio2BHK – 880 , 910 sq ft (286 units) 2.5BHK – 1045 sq ft (110 units) 3BHK – 1235, 1285, 1325 sq ft (374 units) Built up area- Super Built up area is 25 % Price per sq ft/total price of unitPrice per sq ft: Base Rate: Rs. 2095. Project started- September 2012 Project possession- 30 months from start of Phase 1
Chitrakut Dham, Kolkatas Location: Rajarhat Gopalpur Municipality area, Kolkata Land Area: 92 Kottah No. of Blocks: 6 (G+4), No. of Flats: 140 Unit Size: 2 BHK between 795 and 1111 sq ft, 3 BHK between 991 and 1301 sq ft Status: April 2012 started Completion time: 30 months from date of commencement
ESTATE AVENUES / JANUARY-2013
Eden Imperial, Kolkata Location: Palm Avenue & Broad Street Crossing, Status:Under Construction Height:G +8 Unit Size:1792 sq.ft. to 4431sq.ft. No. of Bedrooms:3 BHK & 4BHK
ESTATE AVENUES / JANUARY-2013
KUMAR KRUTI Developer: KUMAR URBAN LTD Location: Kalyani Nagar, Near Gold Adlabs, Multiplex, Pune No. of Units in Project: 400 No. of Floors: 12 floors Type of Units: 2/2.5/3 BHK Carpet area: 774 Sq Ft+ terrace, 942 Sq Ft+ terrace ,1058 Sq Ft+ terrace, Price per sq ft/total price of unit: Rs 86 Lakh, Rs 1.03 crore and Rs 1.15 crore Status: Ready for possession
KUMAR SUBLIME Location: Kondhwa, Off NIBMM Road, Pune Developer: KUL, PUNE No. of Units in Project: 86 No. of Floors: 11 FLOOR Type of Units: 2/2.5/3 BHK Carpet area: 926 SQ FT, 982 SQ FT and 1102 sq ft + terrace Price per sq ft/total price of unit: Rs 62 lakh, Rs 65 lakh and Rs 73 lakh Status: Ready for possession.
Kul Ecoloch Town Square Location: Mehlunge, Pune Developer: KUL, Pune No. of Units: 56 â€“ Ground + 2 floor Type: Shops & Offices Carpet Area: 256 sq ft/ 207 sq ft Price: Rs 42 lacs, Rs 23 lacs and Rs 21 lacs Possession: Under Construction, By 2014
Earth Iconic Commercial Building for Sale at Sector-71 Gurgaon, Location : Sector-71 Gurgaon, Gurgaon Developer: Earth Infrastructure Property Status : Under Construction Built-up Area : 250 Sq. Feet - 600 Sq. Feet Price : Rs. 11,000 per sq.ft - 13,500 per sq.ft
Property Type: Commercial & Office Location: Noida Expressway Area Range: 975 sq. ft. - 1500 sq ft Price Starting From: Rs. 5635 per sq ft (premium units) Possession: Within 36 Months
Piyush Square Regus Augusta Point Centre Commercial Building Office Complex at Golf Course Road, Bhiwadi, Alwar Location : Level 4 , Augusta Point, Golf Course Road, Gurgaon Developer: Piyush Group. Developer: Regus Location : Bhiwadi, Alwar, Rajasthan Property Status : 0 - 1 year Property Status : Under Construction Built-up Area : 2000 Sq. Feet Built-up Area : 409 Sq. Feet - 8075 Sq. Feet Price : Available upon request Price : Rs. 7,290 per sq.ft
SB Tower Office Complex at Noida Sector, Noida Location : Noida Sector 16A, Noida Sector, Noida Developer: Regus Property Status : Under Construction Built-up Area : 1500 Sq. Feet Price : Available upon request Features : Fitness | Security
Cyber City Office Complex at DLF City, Gurgaon Location : Level 12, Tower C, Bldg No. 8 , DLF Cyber City, DLF City, Gurgaon, Haryana DEVELOPER: DLF Property Status : Under Construction Built-up Area : 20000 Sq. Feet Price : Available upon request
Cosmic Corporate Park Commercial Building at Yamuna Expressway, Greater Noida Location : Plot No.:10 Tech Zone, Yamuna Expressway, Greater Noida Cosmic Structures Ltd. Property status : Under Construction Built-up Area : 100 Sq. Feet 2000 Sq. Feet Price : Rs. 5,400 per sq.ft
Name of the ProjectRaniganj Square : The highway Hub Developer- Bengal Shristi Infrastructure Development Ltd. Total area of Project- 24 Acres Type of Units: Shopping Mall, Warehouses, Restaurants, Hotel Built up area- 6,00,000 sq. ft. Project started- 2008 Project possession- Ready to Move
Location:Near 7 point Park Circus Junction Land Area:25 Kottahs No. of Floors:B+G+11 Unit Size Office Area :(1,500sqft - 6,500sqft.) Approx Floor Plate: (6,500sqft.) Approx Possession: Outright
Godrej Eternia, Chandigarh Godrej Properties Ltd Size: 44,592 sq. m. (over 4,80,000 sq. ft.) Penthouse office with terrace garden 1350 car parking
ESTATE AVENUES / JANUARY-2013
Bengal Eco Intelligent Park Location & Landmarks:Salt Lake , Sec V. Land Area:3.5 acres No. of Towers:2 No. of Floors:B+G+15 Unit Size Floor Plate 34000-36000 sqft Area on Offer 5000 sqft onwards Floor to Floor height 4metres Total Development10lakhs sqft approx
BINDAL MALL Land Area:2 Acres No. of Floors:G+4 Total Development:225926 Sq.ft. Floor Plate:45185.2 (Approx). Office Area : 664 sq.ft To 3600 sq.ft Starting Time:March 2010 Completion Time:December 2013
Centenary Mall, Jamshedpur Land Area:5.4 Acres No. of Floors:G+11 Unit Size Office Area:1140 to 12408 sqft Starting Time:December 2009 Completion Time:December 2013
ERGO, Kolkata Location:Salt Lake, Sector - V, Kolkata Land Area:35 cottahs No. of Floors:B+G+18 Unit Size : 1000sqft onwards Floor Plate : 9500 sq.ft Total Development : 171000 sq.ft Super Builtup - 30% Offering Type :Outright Possession:Dec 2015
Wood Square, Kolkata, SRIJAN Floor Plate :17,000 sqft Mall Frontage:150 ft Floor to Ceiling Heights:4.3 mts No. of Anchors :Big Bazaar Present Status :Under Construction Fit Outs Date :May 2012 Car Parks :150
Espire EdgePunj Realtors Ltd Located on Six Lane Express way Connecting NH-8 and KMP. 5.3 lac sq.ft. of lockable office spaces available in configurations starting from 1000 sq.ft.
Wave City Centre Property Type: Commercial Location: Sec 32 & 25A, Noida Area Range: 672 sqft to 3229 Sqft Price Starting From: 7,500 per Sq. Ft. Possession: 2014
Property Type: Serviced Apartment, Commercial, Office Suites, High-end residential, Retail Location: C-171/1, Sector 15, Noida Area Range: Office : 800 sq ft (approx) High End Resi Apts: 845 sq ft (approx) Retail: Leasing being undertaken by JLL Price Starting From: Rs. 10,750/- per sq ft Possession: by end of 2015
Property Type: IT / ITES BUILDING Location: Near Badarpur Border, Faridabad Area Range: 500 Sq. ft. & Multiples Price Starting From: On request Possessions: Coming Soon
ESTATE AVENUES / JANUARY-2013
Property Type: Retail / multiplex / food court / office space / Hotel Location: Alwar Bypass Road, Bhiwadi Property Type: Retail / multiplex / food court / office space / Hotel Area Range: 134 Sq. Ft. - 600 Sq. Ft. Price Starting From: Rs 10.25 Lacs onwards Possession: First quarter of 2013
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Estate Avenues, a monthly magazine on Indian real estate was launched on September 17, 2012, showcases the best of national and international real estate, covering the trends, developments, events and opportunities in this exciting, rapidly-changing residential, commercial and retail industry. The Estate Avenues magazine is the only property investor friendly magazine publishing every month from New Delhi, India. Estate Avenues has no promoter or big support behind it. It is the brain-child of Suraj Sharma, Publisher and CEO, SS Media House. Who was previously working in a company and later decided to launch their own magazine. Estate Avenues is now publishing every month since September this year.
ESTATE AVENUES T H E L E A D E R I N R E A L E S TAT E I N F O R M AT I O N
Directions Play Key role in Vaastu Naresh Singal A Vaastu Expert
Q. 1. In one of your article, I have read about the importance of South-west. I want to know, if there is a bathroom in South-west how it affects the members of the house? Trilochan Parasad, Gurgaon Ans. Southwest is the direction which directly related with the chief member of the house. There may be the bedroom of the chief member. This is an ideal place for staircase. But a toilet or bathroom should be avoided in this direction. It is a vastu defect which can be harmful for the chief family member. It can also be the cause of serious ailment. Q.2- I have a house having toilet in Northeast. Is everything fine with it? Shivang Nanda, Rohini Ans. A toilet in Northeast always invites disease. Northeast is ideal for main door or there may be a worship place. Northeast should be open and airy. If there is an under water tank or water source, in any form, it brings wealth and prosperity. You should shift the toilet> if this is not possible then get installed stone pyramid there under guidance of a professional vastu consultant. You can put a bowl of water
ESTATE AVENUES / JANUARY-2013
having raw salt in it. Q.3- We have recently shifted in a new apartment. We are trying to follow vaastu and interior rules in placing things. I want to know in which direction we should place our bed? Sapna Jain, Krishna Nagar Ans. Bed should be placed in South direction and some space should be left around the bed. If it is not possible to left space around the bed then the bed must be placed in southwest corner or south or west corner. Q.4- We have a house having doors in a straight line. Someone told us that this is a vastu defect. Is it true? Neeraj, Shalimar Bagh Ans. Yes, it is true to some extent. Wherever there are doors in a straight line, the enterence and other doors leading directly to the last door to exit from the house, represents that the wealth or money inflow and outflow are same. The wealth does not stay in such house. Q.5-I have a flat having balcony in south-east. Recently we get renovated our house and covered
the above mentioned balcony. We have to built an overhead water tank. Is the South-east suitable direction for the purpose? Deepak Aggarwal Ans. Water tank represents wait. It should be in the South, South-west or in west. You want to make water tank in South-east. This will surely be a vaastu defect. To avoid the evil effects, you have to go for a remedy. If you build water tank in south-east, put two silver made bricks of 60 grams each in the tank. Q.6- My house is situated before a Tpoint. I have been living in this house since last two years. When I had shifted in this house, we had none other option. Since the day I have shifted in this house, hem in one or another problem. Kindly suggests what should I do? Mahinder Singh, Ganesh Nagar Ans. Map doesnâ€™t give the actual idea about the facing of the house. It seems that either it is South or west facing. It would be better to seek the help of a professional vastu consultant. If possible, change the direction of entrance in the house.
Estate Avenues, a monthly magazine on Indian real estate was launched on September 17, 2012, showcases the best of national and internationa...