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EditorHARIOM TYAGI

Managing EditorACHYUT NATH JHA

HR /AccountANJANI SHUKLA

Legal EditorMAKRAND PRATAP SINGH

CorrespondentsAMIT AGARWAL

RAJKUMAR CHAUDHARYROBIN KHANSales & MarketingAJIT TYAGI

SUNIL SHARMADESH DEEPAK DUBEY

Editorial DirectorMOHD. TARIQ NAWAB

Consulting EditorRAKESH PUROHIT

SYED ATIF RIZWANMANOJ M. CHATURVEDI

CREATIVES

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7observer dawnlMarch

38 �May 2014OBSERVER DAWN

COVER STORY

06

38 14

Expectations are galore from country’s burgeoning realty...

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24

7646

60Desk NewsArihant Group Launches

Arihant South Winds at Planet Surajkund

In FocusMixed Land UsePolicy: AnEmerging Trend

OutlookMore Indians Choose to Work in India...

PolicyWill New Government Bring in Cheers to the Realty Sector?The next government at the Centre

NEW HORIZONThe Next Realty DestinationThe kind of location advantagethat Noida gets is unbeatable.

Letter From the Editor

Why It's Best to Tread Cautiously

Market experts always pitchfor a government which remains stable for the termand is led by someone whoseleadership understands themarket dynamics and accordingly pursues policyand initiatives.

Hariom TyagiEditor, Observer Dawn

@harityagi2003

@harityagi2003

@harityagi2003

@harityagi2003

Connect with Hariom Tyagi

9

It is said that economics trumps politics in the long run. That, come what way,country will steer away from low growth regime even as expected changeof dispensation at the Centre doesn't happen. Market experts always pitch

for a government which remains stable for the term and is led by someone whoseleadership understands the market dynamics and accordingly pursues policy andinitiatives. But in a country as vast as ours, people's mandate may not be as con-clusive as desired. This leaves them to remain on guard.

Still, there is no stopping us to hope that a newly elected government has the coherence and leadership to begin to deal with the mess which is impacting sus-tainable growth and development. For example, there are problems galore withour infrastructure and there's little doubt that we must improve our approach toprojects and undertakings in terms of functionality and efficiency. For sustainedhigh growth, critical needs relating to power and logistics, with its interdepen-dent linkages, need to be addressed for de-bottlenecking.

Taking into account the role to be played by the new government, the highwayministry has also come out with its wish list. The ministry seeks, among otherthings, greater leeway to choose between Public Private Partnership (PPT) andEngineering Procurement and Construction (EPC) modes while awarding proj-ects. If accepted, the proposals will help the highway construction sector gainmomentum and improve the availability of liquidity. Over the past two years,the sector has been witnessing a dry spell despite the fact that during 2011-12,it had hit a record high with the National Highway Authority of India(NHAI)awarding about 6,644 km of highway projects.

As far as expectations from real estate fraternity are concerned, they too arelooking forward to revival in demand for housing and office space. They, perhaps,miss the point that demand can be revived only in medium term if economy picksup. Everyone agrees that real estate sector has been in the grip of sluggish growthfor some months. High inflation, economic and political uncertainty, high property prices and high cost of loans have left home buyers with no choice butto abandon their plan for homes.

According to a property research firm, unsold inventory is so large that it willtake couple years to clear it. On the office space front, net absorption of spacecontinues to be dwindling. Thus a major chunk of customers are waiting to bookwhen sentiment improves. Experts say that situation on the side of demand andsupply can be improved with reformist agenda like a push for environment clear-ance to free the blocked land for big projects and making regulatory authorityreally functional for speedy project approvals. Also, on increasing liquidity, implementation of Goods and Services Tax(GST) and operationalisation of Real Estate Investment Trusts (REITS) could play key roles.

However, things don’t move the way we think. Sharing optimism for industryrevival is always welcome but we need to have a cautious approach and treadaccordingly!

10 lMay 2014

DESK NEWS

observer dawn

Arihant Group recently announced the launch ofits Rs. 175 crore Arihant South Winds at PlanetSurajkund, Sector-41, Faridabad. Spread over

1.65 acres of land, this twin tower luxury residentialproject will have 72 units with per unit size rangingfrom 2275 sq. ft., 2685 sq. ft. and 3295 sq. ft. and willconsist of 3 BHK, 3 BHK + servant quarters and 4 BHK.Possession of the flats will be offered by 2017. The project is strategically located at Planet Surajkundwhich is an upcoming locality in Faridabad and is only1 km (approx) from the proposed metro station atSarai Khwaja. Surajkund is just 10 minutes from Delhiand is well connected with the rest of NCR. The pro-posed metro line will further enhance the connectivityof the area. Mr. Kaushal Jain, MD, Arihant Group, said, “We havebeen one of the prolific realtors of NCR and keeping inline with this name, we have launched yet another mas-terpiece of luxury housing. We would like to give our es-teemed customers a wonderfully created home becausetheir comfort is what we seek. With Arihant South Winds,

we offer a great living experience and have incorporatedall aspects of luxury living. We are confident that it willreceive an overwhelming response from homebuyers asit is closely located to Delhi yet a little far from the din ofcity life.”. n

Arihant Group launches ‘Arihant SouthWinds’ at Planet Surajkund

Adding another feather to its illustrious cap, SVP Grouphas received the completion certificate for its premiumresidential project Gulmohur Garden Phase-I in Raj

Nagar Extension, Ghaziabad. Following this milestone, thedeveloper has started offering possession for 720 flats in theproject. Mr. Ankur Jindal, COO Sales, SVP Group: “We havealways put our commitment to our customers at the fore-front. Keeping in line with this trend, we have received thecompletion certificate for our much acclaimed residentialproject Gulmohur Garden Phase I with 2 & 3 BHK options.After acquiring this coveted credential, we have started giv-ing out possession of 720 flats of the project. I am sure theresidents will be proud to have such a high end residentialaddress to their name.” At par with other premium residentialprojects of SVP Group, Gulmohur Garden Phase – I has allthe necessary facilities and amenities of a premium homeand that too at an affordable price. Spread over 15 acres ofland, the project is just half a kilometer from the 6 lane ex-pressway. This nature friendly residential complex is built ac-cording to international architecture styles to comply with

the lifestyle of those who admire western living standards.The homes are spacious, accommodating and have reserved area for greenery. n

SVP Group receives completion certificate forits Gulmohur Garden Phase-I Projects

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lMay 201412 observer dawn

Kajaria, India’s largest manufacturer ofceramic and vitrified tiles, an-nounced the opening of three new

state of the art Kajaria Galaxy showroomsin the capital on 12th April,Showroomswere inaugurated by Mr.. Ashok Kajaria(Chairman & Managing Director), Mr.Chetan Kajaria and Mr. Rishi Kajaria (JointManaging Directors).The showrooms offer over 4000 sq. ft. ofwall and floor tile concepts from Kajariawherein visitors can take advantage of atouch and feel experience of the com-plete range on offer. Systematic and at-tractive displays enhance the visual retailexperience while Kajaria’s expert teamprovides guidance on the basics of the tile instal-lation process, selecting the right designs in addi-tion to other material and technical aspects oftiles. The three new outlets are Dehradoon MarbleHouse – WZ-1390/4, Pankha Road in Nangal Raya,B.. Sanitary Emporium, 127, Samman Bazar inBhogal and Pranay Tiles & Sanitary Mart,

A-253, Main Chattarpur Road in Chattarpur

Extension. For the first time customers in NewDelhi will have access to Kajaria’s complete vari-ety of international quality tiles in all categorieslike ceramic, polished vitrified and glazed vitrifiedas well as extensive sanitary ware options underone roof. The showroom is a single address forthe most amazing décor solutions that are invogue both nationally and internationally.n

Kajaria unveils three new Kajaria Galaxy showrooms in New Delhi

DESK NEWS

At times, though it’s rare, something bighappens. A new name appears on thehorizon and soon conquers the world.

That’s Homes Connect. Associated with someof the leading property developers Homes Con-nect is one of the fastest growing real estateconsulting companies and boasts of extensivereach both in India and abroad. A profession-ally managed company led by a team of out-standing professionals with more than adecade of experience in the world of Propertyis the project underwriter for some of NorthIndia's biggest developers.

A venture of Mr. Sanjeev Varshney, Mr.Rishabh Jain and Mr. Krishna Kumar Singhwho want to establish new paradigm in realestate consulting and bring professionalism inthis by and large unorganized sector. Therange of services at Homes Connect `includes

sale & purchase, leasing & renting, advisory &counseling apart from home loans. What alsomakes it stand apart is its hands-on approach.Undertaking site visits, keeping clients postedwith the latest developments, keeping a tabon construction progress while at the sametime negotiate most lucrative deals. A firm be-liever in the adage, Customer First, Homes Con-nect does not believe in making one size fitall. Rather it has pioneered a process thatseeks to understand its client’s requirementfirst.n

Homes Connect An emergingConsulting Comany

14 lMay 2014observer dawn

DESK NEWS

The international tire manufacturer and au-tomotive supplier Continental has startedproduction and distribution of radial truck

tires in the Indian market. With an initial annualproduction capacity of 220,000 radial truck tires,a dealer network of more than 1,400 outlets andsales & customer service teams in more than 70cities across India, Continental takes the nextstep in expanding its reach in India after ac-quiring Indian tire manufacturer Modi in 2011. “Introducing Continental radial truck tires intothe Indian market is a momentous occasion forus. India is the second largest market for trucktires in the Asia-Pacific region (APAC) and westrongly believe that our premium technologyproducts, manufactured locally and distributedthrough our Indian market organization, willmake Continental a preferred partner in the tirereplacement and original equipment business,”states Dr. Andreas Esser, Head of the CommercialVehicle Tires business at Continental.Investing inlocal production capacities is part of Continen-tal’s strategy to diversify its global manufacturing

footprint and expand business in growing mar-kets, such as India. Continental has investedheavily into the construction of a new produc-tion building alongside with machinery for mak-ing radial tires. Furthermore, Continental broughtexperienced staff from some of its other inter-national production sites to India in order totrain local staff on the new machinery and pro-duction techniques. Also, more than 100 localemployees were sent abroad to the interna-tional production sites in Germany, Romania,China and Malaysia for comprehensive trainingin radial tire production and technology. n

In the run up to the general elections, the real estatemarket has been witnessing quite a minor hurdle. Ex-perts and developers feel that post elections, all thoseinvestors who were playing the wait and watchgame will resume with their investing. Also, after elec-tions the lost demand will catch up as a new gov-ernment at the centre will promote stability in theprocesses and procedures. At the same time, the prop-erty prices are expected to rise substantially since thecircle rates in Delhi are to be revised and demand inNCR will catch up quickly.To bridge the gap betweenthe upcoming heavy demand and required supply,developers in the sector are gearing up with theirprojects to offer. Gulshan Homz, one of the leadingdevelopers of NCR will soon be offering possession ofits ultra-luxurious project, ‘Gulshan Vivante’ which islocated at Sector 137, Noida Expressway. Has been al-ready known as the commercial hub of NCR due toa very strong presence of IT sector and giant MNCs.Therefore, an ultra-luxurious residential property issomething that will match the standards of the re-gion.n

Gulshan Homz to offer possession soon

Continental’s Radial Truck Tires in Indian Market

15observer dawnlMay 2014

Apowerful glamorous evening aptly coined as ‘ToMedia with Love’ was presented by GTM blessedfloors along Art of Living in association with Ahuja-

sons shawls. The art works by Anjanna Kuthiala were un-

veiled to reflect the core message – Thanking media for alltheir efforts towards womens causes. The evening waspowered & conceptualised by BrandRepublix, a luxuryconsulting firm.

Set in the uber luxurious Dusit Devarana, New Delhi(A Bird Group Resort),each of 20 personalities felicitatedreflected pushing womens causes during their careers.Some of these being Shobhaa De, who was the Guest ofHonour, Anna Vetticad, Atul Wassan, Indian former crick-eter and columnist, Actor Shekhar Suman, eminent televi-sion personality and Director, Richa Anirudh, Social activistTeena Sharma to name a few. Eminent personalities suchas Mr.Ankur Bhatia, Mr Tushar Kumar, Mr Bhuvan Ahuja, MrSudhir Tailang graced the occasion.

Heralded as the purveyor of finest Pashmina Shawlsand Scarves in the country, Ahujasons embarked on a jour-ney to Salute the Women Achievers of the Country and asa part of their campaign joined hands with AnjannaKuthiala in the event titled To Media With Love.n

' To Media With Love' by Anjanna Kuthiala & Ahujasons

Featuring tighter integration with Autodeskcloud services, the 2015 Design Suites offercustomers the ability to collaborate,

simulate, analyse and more, with just oneclick from within the suite, the company said.Each Suite includes AutoCAD 2015, whichcomes with a new interface and enhancedproductivity tools that will enable customersto experience a new standard in design anddocumentation. Additionally, Autodesk Subscription connects customers with softwareupdates, services and support.

Autodesk InfraWorks 360, which offers civilengineers additional cloud services for collaboration and analysis at the early stagesof infrastructure design, includes an updatedUI, support for more data formats, enhance-ments to Roadway Design for InfraWorks 360

and a new application Bridge Design for In-fraWorks 360. The Design Suites for thesefields also feature full integration of the Autodesk 360 Rendering service, which usesthe virtually infinite computing power of thecloud to create high-resolution renderings efficiently.

Pradeep Nair, MD, Autodesk, India andSAARC, said, “The Autodesk portfolio now hassomething for everyone who is involved inthe design and making of products and projects. Users will notice a significant difference in how much easier it is to gettheir work done with the Autodesk 2015 Design Suites. And with Autodesk Subscription,users get flexible options to utilise cloud services for design.”.n

Autodesk launches 2015 DesignSuites in India


DESK NEWS

AVJ Group, one of the leading real estate companyin Delhi-NCR has expanded its footprint bylaunched its commercial project. AVJ Plaza at

Bhiwadi the gateway of Rajasthan.Avj Plaza is a new hub of recreation, leisure, fun and

entertainment with guaranteed fun every time. This com-plex will cater to the shopping requirements with sprawl-ing fountains and land scaping. This will be one of finestshopping and leisure destinations of Bhiwadi.Avj Plazaencompassing a total of 5 floors contains luxury shopping complex, luxury office spaces, retail shopspaces and business suites which will cater a need foreveryone. It is Spacious with numerous area to relax withyour taste buds dining on a wide range cuisine andtrendy, beautiful dimmed lights with lounge music. It hasgreat Amusement facilities like game parlours and differ-ent leisure activities.It contains food court, fashionbrands, restaurants & bar, health & fitness brands, carparking, fire detection & fire fighting system, cybercafé,100% power backup, 24 hours fresh water supply,closed circuit monitoring, lift and stairs facility. Shopping

complex consists of ground to fifth floor in which groundfloor and first floor contain shops and rest of the floorscontains commercial offices and basement parking facil-ities.“People changing lifestyle with higher aspirations inthe satellite towns have lead to a prosper demand ofmodern facilities of metro towns. At Avj Plaza we havetried to address their needs by launching a commercialmall. n

AVJ Group Presents Retail, Entertain-ment and Hospitality under one roof!

JM Housing, known for its on time delivery and qualityconstruction had recently announced the possession ofits project ‘JM Orchid’ situated at Sector 76, Noida. The

best feature was the delivery as per the promised time anddate. The company now has its eyes all set for the deliveryof its next ongoing project ‘JM Aroma’, which is expectedto give possession next year end.

JM Aroma is located at Sector – 75, Noida, which is at avery close proximity to JM Orchid. JM Aroma is situated atone of the most prime locations of Noida. The project isthe combination of meticulously designed 3 and 4 BHKapartments with all modern amenities such as club, swim-ming pool, gymnasiums, landscaped gardens, children’spark, water supply, round the clock security, power backup, etc. Being in a prime location, it shares a wonderful linkby roads; public transportation is obtainable at a walkingdistance. The nearest metro station is just 10 minutes awayfrom the project. Developed sectors such as sector 50 and51 being nearby; provides it with an additional advantage.

The company is offering 3 and 4 BHK apartments vary-ing in size from 1325 sq. ft. to 2550 sq. ft. The project is ex-pected to deliver a total number of 598 units approx. n

After Orchid, JM Housing Focuses on Aroma

Prateek group, one of the leading de-velopers of Noida, again came in topicture as recently in a real estate

award ceremony conducted by one of theleading publications of the country; Pra-teek Group won the award for the “BestResidential Apartment Project Noida, MidSegment”.Prateek Group was incorporatedin 2005 with a vision of quality and ontime delivery. Founded by Mr. Prashant Ti-wari, it is a young and vibrant real estatecompany with a lot of passion and burn-ing ambitions. Passion to build un-matched structures with innovativedesigns, fresh ideas, beautiful aestheticsand high end technology, and an ambitionto raise the bar the way people live, workand play.Prateek Group has been very wellknown in the NCR market for delivering great quality proj-ects. It has got various projects in all segments, be it afford-able, mid, luxurious and ultra-luxurious. This feature of thecompany makes it unmatched from others. By winningthis award, Prateek Group has proved yet again that it is a

strong name in the real estate market to reckon with.Fol-lowing the success of this award, Mr. Prashant Tiwari, CMD,Prateek Group says, “There is no better feeling than hold-ing a trophy of success. We feel very honoured and privi-leged for being recognised for our work. n

Prateek Group bags yet another best project award

observer dawnlMay 2014 21

Clay Craft India rolls out SummerCollection

India’s fastest growing manufacturer and retailer of finebone china and ceramic tableware, Clay Craft India hasintroduced the summer collection of fine bone china

and ceramic table ware and tea sets. The designer mugsets are made with a notion of makingeveryone’s morning energetic with a coldcoffee and breakfast. Coupled with ice-cream bowls, attractive dinner ware arealso introduced to indulge with yummydesserts. Mr. Bharat Agarwal, Director, ClayCraft India, says, “Indian lifestyle of diningis changed and people demand for fashioneven in dining crockery. Various utensils ofkitchen are now being replaced by eitherfine bone china, ceramic or thermowaveproducts. Following the seasonal demand,we have introduced summer collectionthat has a theme of ‘Buttery Bloom’ and it includes themild colours and wider space that looks buttery. We haveintroduced new designs and colours that have a feeling

of iciness. One can enjoy the cold coffee with newly in-troduced summer mugs to enjoy the noon.”Trending onClay Craft’s stores and online web portals likeJabong.com, Fabfurnish.com and HomeShop 18; Belle

Premium Gold Dinner Set of 36 pieces,Urmi Dinner Set, Georgian Tea Sets and Z-series of Mugs are becoming first choiceof customers. In addition, family tea Tum-blers, is gaining popularity as it hasunique feature of choosing colours foreach family member. Clay Craft India’score competency lies in its extensive net-work across India. With nearly 10,000 re-tail counters and over 150 channelpartners, the company also enjoys part-nership with major retailers like BigBazaar, Home Center, Lifestyle, Spencer,

Homeshop 18, Jabong.com etc. n

Known as “Cos-mic Cruise”,Cosmic Group

has launched itscommercial-cum-residential project inGreater Noida (west),Knowledge Park – V.The project is spreadacross 10 acres ofland approx with anIT park in shape of acruise, providing 7-star facilities. TheGroup is offering of-fice spaces, studioapartments, IT plotsand premium villas.Sushant Mutreja,CMD, Cosmic Group

says “Earlier,Greater Noida wasa place only for industriesand plants & machinery andit was regarded unsafe plus,difficult to reach. With somuch of development carriedout on infrastructure andconnectivity, this place nowhas everything that a residentwould require. Now, evenNoida and Delhi have be-come extremely close, so in-vestors feel to invest in whatis new & best and this hasdriven people to invest here.There are several housingprojects underway here; thesewill get the most benefit outof the recent approval formetro connectivity”. n

Cosmic launches "Cosmic Cruise

Aleading real estate company of NCR re-warded its valuable customer for honoring atrust and becoming a part of Panchsheel

family. The reward was given on the basis oflucky draw for Panchseel fantastic 50 offer plan.This event was held at Panchsheel Greens II proj-ect in Greater Noida West Sec-16 in presence ofits customers and staff members. Among first 50customers, 1 lucky customer was assured to win aHonda Amaze car and every subsequent customerbuying home under this scheme was guaranteedwith a gift.The subvention Fantastic 50 – ‘50:50 payment plan’

scheme announced by Panchsheel was for all itsresidential and commercial projects in Noida,Greater Noida and Ghaziabad.Mr. Anuj Chaudhary,Director, Panchsheel Buildtech opined, “We arevery delighted for an overwhelming responsefrom our customers, since the time of Fantastic50 scheme was announced. We have addednearby two slots for Fantastic 50 lucky winners.There are extended numbers of people who par-

ticipated in this scheme and made it a successfor us. Panchsheel will always bring exclusive andfocused campaigns for our patrons that will ben-efit to shape up their dreams, converting them toreality. We are excited to announce the luckywinner and make them happy and lively withgifts.” n

Panchseel rewards Fantastic-50Lucky Winner With Honda Amaze

lMay 2014observer dawn22

DESK NEWS


Yamuna Expressway is one of the ideal locations in NCRwhere real estate has tremendous growth opportunity, as itprovides seamless connectivity between Delhi and Agra.

Another factor that makes real estate at this location an attractiveproposition is the Formula 1 racing track.

To cash in on the opportunity, there are numerous developers,who have already taken a step forward to build skyscrapers, town-ships, residential schemes and more, along this expressway.

Equipped with incredible expertise in the field of civil con-struction works, the Solitaire Realinfra Pvt. Ltd that possessesmulti-layered expertise in real estate and infrastructure domainhas already taken a big plunge into the growing real estate profileof this region with Solitairian City, a project of affordable luxuryhomes.

With unwavering commitment to professionalism and a poolof extremely resourceful and talented business heads, Le Soli-tairian is all set to take the living experience to next level.

It will not be wrong to say that the expressway is like a magnetfor many, as the real estate projects being developed along it areon a continuous growth track. Since there is abundance of landavailability in the area, the idea behind boosting residentialschemes is to develop the region as a residential paradise, besidesraising the real estate profile of the whole region.

There are many projects that are built on this ideal locationequipped with the world class medical centers and hospitals, top

notch educational institutes, hotel conventions and exhibition,stadiums and restaurants etc. at a walking distance. Good sur-roundings and easy connectivity are among the attractive factorsthat play a vital role for the buyers for zeroing on the world classSolitairian City.

According to Mr. Harjeet Singh Sahni, COO, Solitairian Group“As a developer, our speciality lies in commitment to timely deliv-ery and quality construction. Yamuna Expressway certainly meetsthese requirements and offers plenty of land where residential, orcommercial, both developments are possible.”

“Projects that are spread across acres of land and have poten-tial features like the green cover, 2/3/4 BHK apartments, villas andcottages accompanied with fully equipped leisure areas help thecustomers to make quick decisions. Solitairian City is one such lux-urious projects that offers affordable housing options for every-body that are not only to lure others but assure to a placate livingto its discerning patrons,” he adds.

The project has been priced very significantly dependingupon the area provided, i.e. Basic Sales Price (bsp) of Rs. 3850 persqft for two Iconic towers and Rs. 3350 for rest of 11 towers is of-fered by the Solitairian City; 309metres away from glamorous For-mula 1 racing track.

To have a better understanding of the zone, a visit to the areawill show how the real estate development at Yamuna Expresswaylocation is brimming with great potential. n

W ith unwavering commitment to professionalism and a pool of extremely resourceful and talentedbusiness heads, Le solitairian is all set to take the living experience to next level.

Le SoLitairianHogging the Limelight

yamuna expressway


India Inc is closely watching and waiting for an outcomewhich would bring in fresh ideas, needed support andgreat push to revive the growth. As a largely unorganizedsector which depends on dose of support from the government of the day, real estate mandarins are looking

at askance about what awaits them. A government with a pro-business agenda is what they are looking for. Industry expertsregret the fact that enough is not being done to revive theeconomy despite tremendous potential and resources available in India. They point out so many reasons to put thepolicy makers and planners in the dock even as the nation iscrying to emerge out of abysmal situations.

Just a few months back, parliament passed the Land Acquisition Bill, after incorporating and introducing views

from land owners, developers, social activists and policy mak-ers. But the whole exercise and the ‘balanced bill’ remainedshort of fulfilling the expectations from developers who viewit as more complicated than earlier. Given that acquiring landis economically and socially a sensitive issue and if not han-dled properly, could invite protests and sometimes violentreprisals, governments, both at the Centre and States, playsafely, even if that means derailing or blocking the projectswhich were okayed earlier. A consensual but pragmatic approach is needed and a level of transparency in land deal-ings needs to be shown. And there are so many factors affect-ing the smooth functioning of industry.

Thus opinions seem to varied among developers and realestate mandarins on the expectations from the new

Will New Government Bring inCheers to the Realty Sector?

POLICY


government which will be formed when the 9-phase polls are completed.

“The Indian realty sector has been expecting stringent ac-tions and policy initiatives by the government, but ironicallynothing significant has happened yet. Being a realty stake-holder and a player of the sector, we have lots of expectationsfrom the government,” says — Mr.Devender Nagpal, CMD,Colours Delight Group.The biggest requirement for the sector is to ensure the

enough liquidity in the sector. “Liquidity is the root cause ofthe blockages evolving on the great Indian realty show. If thenew government takes bold decisions to ensure the enoughliquidity right from the acquiring of lands to delivering prop-erties to end residents, the realty sector may become a majorcontributor to the Indian economy by utilizing and harness-ing its potential to the fullest,” Mr. Gupta says. Categorically,he counts on some of the very crucial measures in form of ex-pectations from the new government; here are some of them:8 Real Estate Investment Trusts (REITs) have good objec-

tives of transparency and big investments, but it faileddue to slowdown. SEBI’s initiatives must not go in vain;the new government must address the challenges forREITs.

8 � Foreign Direct Investment (FDI) must be allowed in ac-quiring the agricultural lands and constructions.

8 The painful areas of the new Land Acquisition, Resettle-ment and Rehabilitation (LARR) Act must be addressedand it should be development friendly. It has caused in-flating the cost of the lands and severe complexities inacquiring the land.

8 The new government should be politically strongenough to implement the much awaited GST regime.

8 The real state sector has been confronted with high in-terest rates for quite a long time now and we need aconducive environment now. The new governmentmust implement the ways that nurture the developers’fraternity with sufficient fund supply.

realty Bites: they look for a stable government toboost the sentiments

"While the real estate market sentiment is driven mainlyby demand from buyers of flats for self use, investors bookingflats and shops for short/long term return could also tilt thedemand to some extent. The buyer looking for house for ownuse, is least concerned for the Election or its result and for hima dream of roof above head is coming true and he wants it tohappen at the earliest. The Election results might be of inter-

est or concern for the investors and only to this extent, therecould be short term sluggishness in the real estate market".

—Mr. R.K. Arora, CMD SupertechThe current euphoria around the Indian elections is cen-

tered around the fact that the next government will be morestable and shall provide strong political leadership. It is alsowidely expected that it will focus its energies on pushing pol-icy reforms and initiatives while kick-starting project clear-ances and investments.

This clearly means that economic revival will be the top-most priority for the new government. What this will eventu-ally translate into will be lowered inflation and a host ofgrowth, investment and job creation measures. It will natu-rally mean a stable outlook, a confident business environ-ment and higher income levels and positive buyer sentiment.Another realistic expectation will be the moderation of inter-est rates that will make the cost of loads cheaper for the realestate buyers.

So the real estate industry is surely looking ahead with allthe optimism it can gather. It is expected that all the industryshall once again enter a healthy growth period that will havea positive impact on all its facets. The existing projects shouldgather greater steam, the secondary market will becomemore active and investors & end-users alike will look for in-creased participation. It will also trigger faster constructionsof projects in the pipeline, leading to increased deliveries.Similarly, pockets of inventories should also get toned down.

So overall, one is optimistically waiting for the electionsto be over and the formation of the new government. Like allother sectors, the Real Estate industry too is looking aheadfor a new phase of growth and customer delight.

—Dr Anil Jindal, SRS GroupMany real estate companies are waiting and watching for

the results of the forthcoming elections before taking any de-cisions on launching any new projects. Although there is nodoubt in my mind that there will always be a robust demandfor the primary buyers in the middle income segment forhomes, the secondary market is largely dependent on marketsentiments and the state of the overall economy. That's whyit is very important to have a stable government after the re-sults. We want positive proactive measures and not procras-tinations.

—Dr. Kunal Banerji, CMO M3M India “As we all know everything comes to stand still and look-

ing forward to upcoming union election same in Real Estateas we are hoping for the best to come across. Homebuyershad serious complaints about the high prices of residential

dr aniL jindaL SrS Group

dr. KunaL banerjiCMo M3M india

Mr.devender nagpalCMd,Colours delight Group

lMay 2014observer dawn

property, which caused concern in the realty market of theDelhi NCR last year. Due to this reason, demand did not takeoff as expected. We are expecting a good and stable govern-ment, who will put a good effort to enhance the GDP whichwill directly influence each and every sector including real es-tate”.

---Vijay Jindal, CMD, SVP Group “If new supply comes in at an affordable-price band, de-

mand might take an upturn. In fact, most of the end userswho are living or staying on rent will purchase a house in2014. An almost equal number of second-home buyers orpeople with dreams of bigger homes or long-term invest-ment will be able to fulfill their requirement this year. A stablegovernment in place by mid-year, 2014 should see a more ro-bust economic environment, which will definitely help thereal estate sector”.-- Kaushal Jain, MD, Arihant Group “2014 looks to be the year of hope after a dull and aver-

age year (2013) for the real estate industry. This sector is gov-erned by several factors like the growth of the economy, stockmarket and overall consumer sentiments. We hope to get astable government by the middle of the year and inflation isalso expected to ease in 2014. Rates of interest are at theirpeak and are expected to fall from here onwards. These fac-tors will create positive sentiments and the sector may lookup again. I expect the demand to pick up and prices to firmup from the second quarter of 2014.”

-- Gaurav Gupta, Director, SG Estates Ltd.“The need of the hour is to provide impetus to the sector

in order to drain away the negative sentiments associatedwith it. For this, we need a stable government that will comeout with corrective fiscal policies. Whichever party comes torule the country should understand that housing is a basicneed and should be addressed seriously. It should provide an

Mr. r.K. arora CMD Supertech

vijay jindaLCMD, SVP Group

KaushaL jainMD, arihant Group

expectations are galore from country’s burgeoning realty sectorwhich, despite its tremen-dous contribution to economy and prosperity, is trapped incomplex policy and evergrowing liquidity crunch.

26

POLICY


amiable environment for homebuyers so that they can pur-chase their dream home. This will bring equality in the de-mand supply ratio which will benefit developers also.”

—Sumit Berry, MD, BDI GroupA lot has been said about the revival of the real estate

sector in 2014 in direct contrast to the disastrous 2013. Whilewe are yet to see some robust results, nevertheless, all eyes

are focused on the upcoming elections and how the rulingparty is going to chalk out ways for a brighter future of thissector. The interim budget hardly made a serious note on theburning issues facing the industry; so the new governmentmust do its best to boost up the sentiments since realty is acrucial sector of the economy.”

—Sanjeev Srivastva, Wholetime Director, Crossings Infra-structure Pvt. Ltd.

“The passing year saw major economic turbulence likethe rupee plummeting, inflation spiraling, interest rates es-calating, tight liquidity and large debts. This made investors,especially NRIs, skeptical about investing in the sector whichis why there was huge piled up inventory. This group is ea-gerly looking forward to the general elections and hopingfor substantial remedial measures from the winning party. IfIndia hopes to revive its economy, then real estate cannotbe ignored at any cost.”

-- Manoj Gaur, MD, Gaursons India Ltd. n

suMit berryMD, BDi Group

Mr. sanjeev srivastva Wholetime Director, Cross-

ings infrastructure Pvt. Ltd.

Mr. Manoj GaurMD, Gaursons india Ltd.

Mr. dujender bhardwajdireCtor, abCZ buiLders Pvt. Ltd.

Mr. Pawan jasuja direCtor- FinLaCe ConsuLtinG

Mr. satyendra toMarjoint Md- ProPLarity GrouP

AN EMERGINGTREND

IN-FOCUS

28 lMay 2014observer dawn28

USE POLICYMIXED LAND

Ms. shivaKshi GoGiajoint Ceo- asCent buiLdteCh

Mr. anand rajCeo- MMr GrouP

Mr. iFtiKhar ahMeddireCtor, niraLa india

Full of group housing and high rise projects, Noida is nowready to witness a complete makeover in coming years.The city will be a perfect destination for daily shopping,

movie, meeting venue, office space, showroom, retail alongwith residential apartments. In process to pull real estate in-dustry on track and woo buyers of all category, Noida authorityhas approved “Mixed Land Use” policy in the Master Plan 2021.Mixed Land Use is an emerging trend in real estate industrythat allow to create retail, commercial, studio apartment, cor-porate suites, ATM, showroom, IT- ITES space, hotel, entertain-ment and food zone etc. in residential and industrial plots.Moreover this policy will open use of land for multiple pur-poses that will bring one stop solution for shopping, work,meeting, visits, entertainment that perfectly suit for MNCs, cor-porate, IT professionals, entrepreneurs, retailers and foreign in-vestors.

Breaking the monotony of the industry, it seems quite at-tractive for authority, developers, land owners and buyerssince it will offer equal opportunity for all. But for that Noidaauthority has implemented clause of “Change of Land Use” andit will cause heavy “Conversion or Impact Fee” from owner orbuyer of the land. Coming to the requirement of Mixed LandUse is that currently Noida has only selected shopping desti-nations and market places like; Atta Market, Sector 15 & 16, andsome more shopping malls that creates trouble for many whodrive from their residential sectors for every small purchase. Inthis scenario, mixed land use development will fulfill not onlyresidential but also commercial demand of the locality.

Current scenarioAccording to the current proposal, authority has approvedmixed land use on 24 meter wide roads but soon it may be ap-plicable on 18, 12 and 9 meter wide roads because of rising de-mand from various sectors having land bank and the reasonbehind this is the offerings that aremulti faceted, quite uniqueand first of its kind in India. At this point of time when investorsare far away from market due to uncertainty of industry andretail buyers hardly participating in huge investment like; com-

mercial and retail space, it could be a trend setter in India. Be-sides this some industry experts are taking this as a ‘smart step’of Noida Authority at right time to boost industry, generaterevenue and bring potential investors in the region.

But real estate is driven by real buyers and before comingto any conclusion, one should see benefits of buyers. To under-stand prospects for buyers, we discussed consultants whocaters a big mass of buyers and investors and met Mr. PawanJasuja, Director- Finlace Consulting who claimed it a big betfor end users. According to him, “Seeing the ‘Global BusinessScenario’, corporate and professionals are looking for locationswith 360 degree business solution and living space in the closevicinity. ‘Work from Home’ concept has almost diluted in Indianculture and that fuelling mixed land use format in 21st century.Another major fact is that earlier commercial and retail placeshave been known only for big investors like; corporate, MNCs,and HNIs. For investors, it has never been an issue but this timeor I should say, first time ‘small or retail buyers’ will also be ableto purchase own office space in main land of Noida. Becauseunder this latest development developers are coming up withsmall and mid size office space, in furnished and non furnishedoptions and that also in most affordable cost like; 200 and 300sq. ft. onwards at the rate of Rs 6,000/- per sq. ft. (approximatefigure).”

Mr. Satyendra Tomar, Joint MD- Proplarity Group who iscoming up with project based on similar concept says, “Here Ifeel that developers of all categories have huge opportunityto explore on existing land bank and create an era of revolutionin NCR. Currently Noida has few selected high street and shop-ping centers like; Sec 18, GIP, Shopprix, S1 etc. and few moreare coming. But all are away from locations of high densitypopulation areas and office spaces like; Sector 4, 45, 49, 55, 56,57, 58, 62, 63, 71 and 72 etc. People of these areas hardly getquality space for shopping, office, multiplex, hotel, ATM, foodzone, retail space etc. In this scenario, I see huge prospects todevelop Noida under mixed land use because it will pull peo-ple who require daily household things, big purchase and goweekly shopping and fun.”

29observer dawnlMay 2014 29

PROPERTYIN-FOCUS


Upcoming Projects underMixed Land Use- In Noida, sector62 is leading in mixed land usesince multiple projects are linedup and developers like; Assotech,Proplarity, Premia have plans inpipeline. 52nd Avenue of MMRand Supernova of Supertech isalso based on the similar terms.Gr. Noida West is also one theemerging location that hasmixed land use type project like;NX One, Intellicity, Imperia, Pre-mia Corporate park and somemore.

Real Estate industry needs aboost from Govt. and mixed landpolicy has that potential. Seeingthe variety coming in real estate,it is a good time to implementmixed land use in Noida. Buyersand investors are keen to see newand innovative ideas in the indus-try rather than just group hous-ing and luxury apartments. I feelthat mixed land use policy willopen doors for many to bring in-novative ideas in real estate tooffer a whole some package for investors and buyers, says Mr. Dujender Bhardwaj- Director, ABCZ Builders Pvt. Ltd.

Future opportunities and ChallengesBut on the other side many are talking about its effect on ex-

isting commercial space, residential apart from conversion feeand buyer’s response. First of all huge demand is coming up toallow mixed land use not only on 24 meter road but also on 9,12 and 18 meter due to limited land bank and need of the houris to create equal opportunity for all sectors and land owners.Before taking any decision on this, government, authority andpolicymakers have to think about upcoming development onthese roads. Ms. Shivakshi Gogia, Joint CEO- Ascent Buildtechsays, “Noida Authority has always been advocating greenery,wide roads and open space in the city and in this scenario, pol-icy maker need to plan in advance to restrict sectors from beingover crowded, problem of space crunch for daily commutersand traffic overload. Also they need to ensure security andsolemnity of residents and offices of bordering sectors. Comingto other issue, many are asking for the higher rental and costof the units because changing of land use will cost more fordevelopers and at the end buyers will pay more for the same,be it commercial or residential.”

Industry pundits are trying to analyze another possibilitydue to mixed land use is that what will be effect on existingcommercial and residential projects in Noida. Taking opinionfrom Mr. Anand Raj, CEO- MMR Group, “residential and com-mercial both are equally in demand and mixed land use willnot create any challenge for existing commercial and residen-

tial projects because all have got some uniqueness in itself.Projects under mixed land use are in under process and willtake time to become ground reality but on the other hand ongoing and existing projects have established their market. Up-coming projects will face different FAR issue for different zones,taxes etc. Hence I don’t think that there will be any hard corecompetition in between.”

On the other side of the coin, this policy is a wait and watchconcept for buyers till final commencement of projects. Noidahas got a big IT hub and according to industry resources thereare many building which are still waiting for occupancy be-cause of huge space that causes higher rental. In this scenario,policy makers are also planning to bring projects that is viablenot only for corporate but also for entrepreneurs, professionaland small scale industrialists to operate from prime locations.According to recent reports, due to IT & ITES industry, commer-cial sector has noticed good investment and demand in 2013.India is still top in choice of MNCs for business purposes andsuch innovative ideas will spur demand of commercial space.

Facts & Figures- According to data shared by Jones LangLaSalle (JLL) around mid 2013, approximately 50 million (5crore) sq ft of office space is across the county is lying vacantwhile current demand is 3 crore sq. ft. annually to fulfill de-mand. Most of the office spaces demand (55%) came from ITspace and in 2014 it is expected to continue. Still industry re-sources say that many space are waiting for occupancy and inthis scenario creating new will not make any sense. But the oneof the major facts that has been ignored till date is location andrental. Due to wrong city or location, most of the commercial


places are vacant and in case location is right then higherrental is discouraging buyers and investor. Real Estate expertsalso suggest to involve retail or small buyers in upcoming com-mercial units to avoid vacant space problem.

scenario in neighbourhoodInnovation always tend to set a benchmark and seeing the de-mand and growth prospects of mixed land use, recently Ya-muna Expressway and Ghaziabad authority has launchedschemes for commercial and retail, showroom, offices, IT ITESspaces under similar terms. To pull industry and corporate, au-thority is expected to bring new schemes that will boost notonly real estate industry and employment too. Both authoritieshave huge land banks that are fresh to allow mixed land use

based projects. According to Mr. Iftikhar Ahmed- Director, Nirala India, “Real estate is expanding towards tier 2& 3 citiessuch as Lucknow, Kanpur, Mathura, Varanasi, Agra, Bhiwadi,Baghpat, Haridwar, Ajmer etc. Therefore mixed land use couldbe a game changer in these markets where people hardly getany options other then plots, normal apartment or just a com-mercial unit. Similarly Govt. needs to bring more changes inpolicies to offer more innovative projects that can create jobopportunities and pull small as well as big investors simulta-neously.” Noida authority has invited suggestions on the cur-rent policy and soon will release final proforma. Overall Mixedland use seems quite lucrative for real estate industry and itneed serious implementations under proposed policy henceit could be a landmark of trouble too.n

EVENT


ANALYSIS

32

noida: Bridging the gap betweenDemand & Supply

Demand & supply were perfectlymatched in the Noida market. Infact, there was double the supply

of property up to Rs. 20 Lakh than thedemand for the same. Even in terms ofproperty types there was a good matchbetween supply and demand. Apart-ments were predictably most in demandand supply. The supply and demand ofplots was small.However, when it came to BHK configu-rations, demand was far greater for 2BHKwhile the supply was more in the 3 & 4BHK and above categories. There wasmore demand than supply of 4BHK andabove units were twice the demand inthe Oct-Dec 2013 quarter.“The last calendar year was a bit slow forthe property market; however the lastquarter highlighted by the festive seasonwas slightly better for the market. NRIpresence due to the fall of Indian Cur-rency brought some relief. Sector 74-78performed well due to lower values andgood amenities. In the coming monthsSector 79 & Noida-Greater Noida Ex-pressway Sectors will perform well asmany established builders are coming upwith good projects and by the virtue ofmany connectivity options said.” – Mr.Sakib Ansari, Project Head; Goldmine De-velopers Pvt. Ltd.

Property wise analysis. . The maximum demand andsupply of 36 per cent, was seen in the Rs60-100 lakh category with supply in-creasing by 4 per cent.8 The remaining categories , up to

Rs 20 lakh, Rs 20-40 lakh and Rs40-60 lakh also showed match-

ing demand and supply in theOct-Dec 2013 quarter.

8 The property type in Noida Citynoted matching demand andsupply in all categories. The multistory apartments though hadmatching demand and supply,but supply registered an increaseof 5 per cent over the previousquarter.

8 Over 80 per cent demand and

supply was seen in the 2 and3BHK configuration, with supplyexceeding demand by 5 per centin 3BHK category and demandexceeding supply by over 10 percent in the 2BHK category It isclear by the facts that investorstend to go for 2BHK, and if youare an end user then should gofor 3BHK as there are goodchances to get better deals dueto more supply than demand.n

Mr. Sakib Ansari, Project HeadGoldmine Developers Pvt. Ltd.

In the coming months Sector 79 & Noida-Greater Noida Expressway Sectorswill perform well as many established builders are coming up with goodprojects

NEW HORIZON

Rousha Capital Investment (RCI) is one of thebest real estate consultants in Lucknowand is slowly expanding its wing to the

other part of the state like Agra, Bareily,Kanpur,Gorakhpur,Varanasi and Delhi/NCR. Companyhas future plans for the entire India with expan-sion in other countries as well under the leader-ship of Mr. Sourav Rousha.

inspiring ManagementWith a visionary who have led the organizationfrom the front under his exceptional and prag-matic leadership, the Group has consistentlygrown in capability, influence and brand equity.They have been instrumental in ushering a revo-lution in real estate through acquiring cuttingedge technology, introducing innovative newideas, changing static mindsets and never com-promising on quality standards. The guidanceand expertise provided by the leadership of thecompany have been instrumental and helped thecompany in touching new horizons of brilliancein a short period. Started two years ago on Janu-ary 2012, today the brand RCI in realty has be-come synonymous with trust, quality,transparency, luxury, style, modernity, comfortand convenience with the best consultants in theindustry who work day and night to provide theadequate solution to the consumers with widerange of luxury apartments, residential enclaves,modern offices, showrooms and state-of-the artmulti storey complex’s.

RCI has not only served the needs of its cus-tomers but have helped them in fulfilling theirdreams from the start till the end as RCI believesin providing the best consultancy to its customersbased on their dreams. The company has taken aradically different approach as a consultant andadvisers to individuals and institutional players in-terested in investments in the real estate.

RCI’s in-depth experience in the real estatemarket plays a key role to carve an appropriate in-vestment and financial plan customized to theneeds of its clients over the years.

Rousha GroupUshering a Revolution in Real Estate


RCI have a substantial experience in the real estate sectorwith a highly qualified and experienced team of professionals.With the best real estate consultants in the industry RCI hasbeen able to provide exactly what its customers have asked for.RCI’s research and market study has always been based on so-lution providing strategy which enables it to provide potentialplans to maximize the market value and secure investmentsfor our customers with the highest possible returns contribut-ing to steady and safe growth.

RCI works with sustained efforts not only to enhance customer satisfaction but to render ethical and professionalservices in compliance and respect for all community, environ-mental and legal requirements. RCI is committed to render bestvalue to the investments of its clients without succumbing tothe market pressures and the competitive business race preva-lent in the industry. RCI have stringent standards and strategyof ethical working, client welfare and satisfaction, which hasset it apart from most of the players in real estate market. Longlasting associations and a tabulation of satisfied customersis a testimony to the above facts.The Group strongly believes ineducating the investors about the real estate sector other thanjust being a service provider, focusing on the proposition of selling.

RCI believes that its primary responsibility as a consultantand advisor is to boost the knowledge and literacy of our in-vestors by providing them with the accurate information thatenables them to take informed and best suited decision at thetime of investment. RCI’s work process starts with a client meet-ing objecting to a better understanding of its needs and re-quirements. Which then proceeds ahead and selection of rightmix of investment options and an expert opinion about the

investment is provided to the client. Implementation and execution is later done by the team of executives along withcontinuous monitoring and regular feedbacks to the clientssaving them a lot of time and hassle.

rCi resources• Real Estate Investment Advisor• Real Estate Consultancy• Portfolio Management• Residential Property Search and Expediency• Bulk under Writing on Hi- End Project.

the Market overview and growth Mr. Rousha explains the real estate sector in Lucknow is grow-ing at a rapid pace. The city renowned for its urbane manners,beautiful gardens, poetry and music, delectable cuisines andstately palaces is witnessing a renaissance with the entry of RCIin real estate consultancy in the city. Being the capital of themost populous state and located almost in the middle of thegangetic plains, the city has grown into a well equipped, welldeveloped and well connected major market of northern Indiawith numerous shopping malls, multiplexes, excellent infrastructural facilities, head quarters of many big businessand service corporations, Bio-technology and informationtechnology industry being set up in Lucknow is rapidly emerg-ing into a global hub for diverse commercial entities.

RCI’s wide and varied portfolios has already grown to morethan 50 lacks sq. ft. and is working resolutely on a further 100lacks sq. ft . Be it townships, residential apartments, commercialcomplexes or entertainment centers, RCI’s projects are trulyworld class and have earned a nationwide recognition.n



EARTH DAY

3636

Earth GroupPioneering the Growthof Green Building

on earth day 2010, the Group started scripting a glorious chapter in fulfilling theirdreams of living in fresh air and conducive atmosphere on the Planet earth.

Since 1970, Earth Day has been celebrated every year onthe 22nd of April. It was envisaged to promote the ideaof ecology, to encourage respect for life on Earth, and

highlight growing concerns about different kinds of pollution.To protect the planet Earth from any further degradation, peo-ple around the world have come together and decided to markit as a ’sacred’ day in the calendar. First as concerned citizensand then as passionate and environment-friendly developers,a group of four people formed Earth Infrastructures Ltd. on thisSpecial Day on April 22, 2010. They decided to construct greenbuildings where one can have the true feel of a “sacred place”instead of only four-walled structure made of bricks and cement.

Since its inception, the Group is strictly adopting innovativeconstruction technologies. Slowly but steadily, the sapling ofEarth Infra planted four years back started showing like a fullgrown tree with a tremendous growth, paying dividends toeach and everyone who have been associated with it. The stu-pendous growth that it achieved within a short span of fouryears has catapulted it as a household name. In the same pe-riod, it could successfully establish it as a group of companiescatering to varied interests of customers. Buoyed by people’strust, the Group started scripting glorious chapter in fulfillingtheir dreams of living in fresh air and conducive atmosphere,Leaving its peer group far behind.Greener Living

A famous philosopher Toni Sorenson says, “A journeythrough nature is always a road that leads to self-discovery.”Toni’s statement seems especially true when we talk about realestate sector. Until we ensure the homes for our residents inthe lap of nature, we can’t lead to innovation driven society, asociety where every person has greater sense of responsibili-

ties and is caring towards nature as well as his or her life. This fact was in the mind of the creators of the Earth Groupwhen they seeded a real estate company with the commit-ment of deriving Greener spaces to the citizens so that theyprosper and excel in a natural way and may become innovativepersons to further lead the planet. In order to promote the in-novativeness among the individuals through their offerings ofgreen living in society, the creators of the Earth Group foundtheir motto statement, i.e. ‘Innovation Beyond Imagination’.

Not only that, with their objectives, the creators of theEarth Group also found the name of their venture as the EarthInfrastructures Limited and founded it on the very day of theEarth Day. So, the objectives were clear and path was defined.

Now when the four years are completing, the creators findtheir journey very remarkable ones. They have set the bench-mark in the Indian real estate sector and the Greener Living isthe buzzword now. Every realty consumer is seeking his or herdesired places in proximity to the nature. They want naturalway of living and their life assembled with the non-artificialpanorama and equipments.tremendous Growth

With the completion of fourth eventful year of corporatepresence, Earth Group is now at forefront of the fastest emerg-ing key players in the Indian real estate landscape with 12 run-ning projects in Delhi-NCR and Lucknow, the legendary vibrantcapital city of Uttar Pradesh. With around five dozen offices runby around 3000 skilled staff, the group has achieved a distinc-tion of offering hassle-free services to around 15000 customersand number in each category is growing rapidly. Giving a pushto expanding plan, in coming years, it is planning to launchseveral state-of-art-projects at Pan India level. The Group isplanning to launch residential projects in Pan India including


Mr. avdhesh Goel Mr. atul Gupta

Dharuhera, Neemrana, Faridabad and Ludhiana.At the same time, it never compromises on its basic tenets

to care for the earth.dynamic Leadership

The Group is set to be the most innovative and trustedbrand in real estate industry by adopting new technologieswith a focus on green and eco-friendly construction to fulfillthe expectations of the customers. This is not possible withoutdynamic leadership.

“No doubt we are encouraging urbanization. But we aredoing it with certain previous commitments to care for earth.We know earth is our “Mother” and we cannot play with its“sanctity” at all. We, the human beings will lose our presence if

we lose our Mother. Therefore, environment concerns are onour priority from the time of conceptualizing to completion ofthe projects,” said Mr. Vikas Gupta, JMD Earth Group of Com-panies.

“We wish to state here that we never stop thinking for thefuture. We keep on planning for the future projects besidesworking for in time completion of the ongoing projects. Assuch, we do have newer things slated for the next year! Wehope to have next year more projects at different locationsacross the country. We wish to adhere to our commitments atthe time of firmly establishing ourselves and known as further-more innovative brand in the real estate sector in India in theyears to come,” said Mr. Avdhesh Goel, JMD.n

Mr. vikas Gupta Mr. rajnish Mittal


Will the New Government Create Single-Window ClearanceSystem for Housing Sector?

Mr. ajay MaKen Former Union Cabinet Minister, Housing

and Urban Poverty alleviation

n By Vivek Shukla

As the nation is in the process of electing the newgovernment at the centre, the new governmentwould be duty-bound to give due attention tomuch neglected housing sector. At the outset,the new government should set up a single-win-dow clearance system to cut delays in getting ap-

provals for housing projects and check cost escalation. It hasto ensure that the average approval time from 196 days to 45-60 days. Delay in obtaining approvals often increases the costof a housing project 1.5 times. Presently, around 34 permits arerequired for housing projects. It is mind-boggling to say theleast. Of course, the new government has to work overtime toreduce the time.

“Like me all the stake-holders of housing sector are waitingfor that day when single-window system for clearance of hous-ing projects will see light of the day. I am only hopeful that bet-ter days will come for realty sector sooner rather than later. Itis a different matter that we are already late in implementing

single-window clearance system for housing sector,” says Mr.Samir Jasuja of Prop Equity.

It may be recalled that the when Ajay Maken was lookingafter the Housing and Urban Poverty Alleviation ministry, it wasformulating a single window system for clearance of real estateprojects throughout the country following the report of a com-mittee for streamlining approval procedures for real estateprojects. It took this step on the recommendations of the Dha-nendra Kumar Committee report. The Committee was set upin mid-2012. It was asked to recommend as to how single win-dow clearance system can be implemented. However, onceMaken was shunted from his ministry, everything came tostandill.

Sanjay Khanna, director of Delhi based Kailash Nath Proj-ects, says that despite the fact that realty sector is such a keysector; it hardly got any due attention from the governments.Even though we are asking for regulator for it, the governmentis not taking any decision. That speaks volumes about govern-ment's seriousness for housing sector.

POLICY


It goes without saying that real estate market in variousparts of the country is in a very sorry state with developershave to face real tough time in getting clearances and a sys-tem plagued by corruption. As recently as a couple of monthsago, we have seen so many innocent lives were lost when anunauthorized building near Mumbai fall. It was constructed byshady builders with the help of corrupt government officials

“Admittedly, some realty firms are not up to the mark, therest face the brunt of archaic laws and clearances to imple-ment their projects. In order to get clearances, realty firmshave to spend lot of time and money. Hopefully, things willstreamline once single window clearance system will be inplace," says Rajeev Chopra, CEO of ILD Developers.

Meanwhile, it is believed that once the new governmentwill be in saddle, some of its key recommendations will be im-plemented. Some others, including setting up of an IT-based,single-window clearance system for proposals like a single-unified form to be put up at local municipality Websites, arebeing discussed. “The worst thing is that even for affordablehousing projects, one has to make long haul to take all the per-missions. I strongly feel that irrespective of whose party’s gov-ernment will be taking over the reins, it has to work tostreamline the affairs of housing sector. With around 34 clear-ance procedures starting from the local municipality to thetop, the average minimum time for approving a project is re-ally very long,” says Mahesh Sharma, managing director of Ma-

haveer Hanuman Group. It is a well-known fact that even the top officials of union

government also admit privately that due to the cumbersomepolicies, projects take really long time. Naturally, at the end ofday, customers are the worst suffers. Meanwhile, Anil KumarSharma, President, CREDAI-NCR, is of the view those unneces-sary and sometimes motivated delays in clearances of projectsand subsequently in issuing the NOC for possession purposesare not only affecting the buyers but also negatively impactingthe developers. "The vested interests at the lowest level areso strong that they do not want any transparency in singlewindow clearance. Now it is a chain of events, first get oneclearance then apply for the second, the third and so on till allclearances are received. Why can’t we have a platform for thebuilder or the promoter to apply for all the required clearancestogether, "says Nikhil Jain, CEo of Ramprastha developers.

Meanwhile, Dr.Arun Kumar, who has authored highly ac-claimed book 'Affordable Housing’, is of the view that the newgovernment must give enough boost to affordable housingsector. It has to encourage private players by providing cheapland to builders for construction of affordable houses. Thedream to provide cheap housing to poor will be accomplishedwith really big steps and honest intentions. One only hopesthat things will improve for the housing sector once the gov-ernment takes charge in Delhi. n

“admittedly, some realty firms are not up to the mark, the rest face the brunt of archaiclaws and clearances to implement their projects. in order to get clearances, realty firmshave to spend lot of time and money. hopefully, things will streamline once single windowclearance system will be in place," says rajeev Chopra, Ceo of iLd developers.

Augati Highland

There has never been sodeep an enthusiasmamong buyers and in-vestors in real estatespace around NH-24Highway, Ghaziabad,

as is seen nowadays and there areample reasons for this new foundlove for owning property here.This part of Delhi-NCR nowabounds in a slew of projects,both housing and commercial,and developers are making at-tempts assiduously to plan andexecute their products at par withpeople’s expectations. With sev-eral options with flexible price,buyers are rushing in to utilizetheir resources in investing inproperty and they are not com-plaining either.

Equipped with all that couldmake a landmark project a realityto those who yearn for it, like, idealgeographical area, the requisiteland, logistics, resources andskilled man-power, Aangan HomzPvt. Ltd. has just brought in a

Aangan homz Pvt. Ltd.has just brought in a

standalone residential project, rightly namedaugati highland, and within a short span itbecame a cynosure forhome buyers and propertyseekers.

40

An Emblem of Peacefuland Prosperous Living

Mr. Sanjeev Kumar Tyagi CMD Aangan Homz Pvt. Ltd.

PROJECT



standalone residential project, rightly named Au-gati Highland, and within a short span it becamea cynosure for home-buyers. Promoted by M/sGirijapati Infrastructure Pvt. Ltd. and ably led andpropelled by Mr. Sanjeev Kumar Tyagi, company’sCMD and his group of professional managers, ar-chitects and designers, the project proposed tobuild 461 flats comprising 2 BHK, 3 BHK and Du-plexes on three and a half acre(approx.) of land ina serene and environment-friendly ambience.Flats are available in 935 sq.ft., 965 sq. ft., 985 sq.ft.(in 2 BHK category), 1360 sq.ft. and 1585 sq. ft.(in 3 BHK category). Priced in the affordable rangeof Rs. 27 lakh to Rs. 50 lakh, the Company is ex-pecting a huge response from the buyers and themarket and accordingly, it has started work on thesite. As of now, it has decided to complete theproject on time and deliver flats by the end of2017.

Mr. Tyagi, the brain behind this project whichhas already created a buzz in property market,needs no introduction as he has been associatedwith real estate development in Delhi-NCR for sev-eral years. By developing several commercial com-plexes in east Delhi and Noida, he contributedimmensely in economic growth in the region. Asan entrepreneur with hard-working, optimisticand get-going temperament, Mr. Tyagi has estab-lished himself as a man to reckon with the moversand shakers of industry. n


COVER STORY


Leaving Indelible Footprint on REAL ESTATET he Group makes it sure to make a long-term relationship with customers and

herein lies the secret of Premia’s tremendous success.

COVER STORY


Mr. tarun Shienh CMD, Premia Group

With breakthrough innovations, aesthetic re-finement and holistic approach, PremiaGroup, the Real Estate Guru venture, todaystands tallest among all other real estatecompanies. Under the dynamic leadershipof Mr. Tarun Shienh, the Group is surging

ahead, creating projects, setting the tone for tremendous growthand bringing in cheers to all who are associated with it. Noida-based enterprising company is springing one surprise after an-other largely as a response to the needs of buyers and investors.Premia’s landmark projects which include the nationally ac-claimed India`s 1st Corporate City with “Business Center-cum-Professional Office” are located at convenient distances frommajor strategic sites and present a host of facilities to real estatestake-holders in the region. While Corporate City lies in the fastdeveloping Greater Noida West, Crown of Noida is located rightin the heart of Noida in Sector 62. No doubt, both have attractedhuge response as these are prime locations for an office settingand commercial activities. With unmatched range of services, fa-cilities and amenities of world class standards, Corporate City isalready poised to be first-of-its-kind shopper's destination.

When it comes to offer the best value for money, Premia hasensured to make a long-term relationship with customers by giv-ing them assured return. Trust and transparency are basic tenetsof organization. All these advantages combined into a singlepackage make for an investment avenue to look forward to.While Premia makes its best efforts to make the offering as com-prehensive as possible, investors are sure to be excited by theplethora of benefits they can derive out of their investment.

Foray into healthcareAfter consolidating its presence in housing and commercial seg-ment, Premia Group decided to foray into the healthcare sectortap the immense potential the sector offers. Indian healthcaresector is going to experience yet another revolutionary step. Pre-mia Healthcare aims at serving the need of masses by offeringstate of the art super specialty healthcare services.

The Group has tied up with Fortis Escorts Healthcare for op-erating its first pilot hospital project via acquisition of leadingrunning hospital in Palwal, Haryana. The group plans to scale upits operation by having a similar network of hospitals in tier-IIand tier-III cities soon. Spread over 5 acres of lush green sur-roundings, Premia Health Care, Palwal is a 115-bed state- of- the-art hospital. It is one of the centers’ having highly equipped med-ical facilities within a radius of 60 kilometers. Another USP of thehospital is that it would have a team of highly qualified superspecialist doctors, para-medical staff who would provide com-prehensive healthcare services to roughly one million people ofthe NCR region.

On running hospital in Palwal, Mr. Tarun Shienh, Chairman,Premia Healthcare, once said, “The reason we chose a city likePalwal for our healthcare foray over other metropolitan cities isbecause it suits our aggressive growth philosophy of serving ‘Ser-vaya Janaya , Sarva Sukhaya’ i.e. Serving maximum people andfor everyone’s benefit. Beside this, I feel it’s my social obligationto make quality healthcare services accessible to regions wherethere is a dire scarcity of quality healthcare.” Apart from tier-II and

tier-III expansion, the company is keen on expanding its foot-prints in other major cities in India where there is a dire need ofhigh- quality and state of art healthcare facilities.

Effectively bringing an elusive quality of latest healthcarewith quality diagnostic facilities at affordable price to the masses,Premia Healthcare is a step that will surely benefit scores of Indi-ans as the venture moves ahead.

on expanding SpreeAs a step forward to emerge as a major conglomerate with di-versified portfolio in coming years, Premia Group is all set to ex-pand itself in Education Sector and Power Sector also. The groupis making out plans to venture into solar power, education andother sectors where with the innovative thinking and immacu-late planning process, they are sure to carve a name for them-selves. After all, Mr. Shienh's two decades of rich experience inFinance, Banking and Investment with globally recognised bluechip companies like New York Life, Bajaj Allianz, HDFC Bank, justto name a few, has given unprecedented push to the Group heis heading.

Premia india runwayPremia India Runway, the three day spectacular event from April16-18, was successfully organized by the Group in the heart ofcapital city with celebrities, fashion designers and public figuresrelishing the momentous occasion to the hilt. The guest, design-ers and models enjoyed the show and appreciated the energy ofthe team that was put together to make this event a huge suc-cess. Thanks to the dynamic leadership of Mr. Tarun Shienh, theshow succeeded on grand scale even though the venue for theevent has to change from Talkatora Stadium to Connaught Place.Jaipur girl Koyal Rana, the Femina Miss India 2014, was the high-point of the show. After the show, Mr. Shienh said, “I am happyto see the team work and energy that was showcased today tomake this show a success. It was not possible without the sup-port of the entire team. But this has given us a lesson that noth-ing is impossible in this word the only thing required is to showtrust in each other. We all have created history today and havedone something that no one in the past has ever thought of. Icongratulate the entire team for the success of the show.”

Premia india runway, the three day spectacular event from april 16-18, wassuccessfully organized by the Group in theheart of capital city with celebrities, fashion designers and public figuresrelishing the momentous occasion to the

hilt. the guest, designers and models en-joyed the show and appreciated the en-ergy of the team that was put together tomake this event a huge success.


“Premia Group Aims to Achieve Excellence through Innovation”

—Mr. tarun shienh, CMD, Premia Group, the real estate Guru Venture

BHOOMI POOJAN


Adeep dive into Premia Group reveals how its founder and associateshave been working hard, day and night, to maintain its pre-eminent

position as a standalone real estate company. The founder and the brainbehind the Group, Mr. Tarun Shienh, follows an exemplary pattern, notto be found easily in a cut-throat market prevailing here in India. In a con-versation that took place in Group’s corporate office at Noida in Delhi-NCR, Observer Dawn's Managing Editor, Achyut Nath Jha, delves deeplyinto Mr. Shienh's persona to find out how the Real Estate Guru's ceaselessefforts and innovation worked for a company which is always reachingfor something higher.

excerpts:

What’s the outlook of indian real estate especially in Delhi-nCr?Despite some irritants which affect industry across the sectors, overalloutlook looks to be upbeat. Delhi-NCR still attracts interest from buyersand investors in both housing and commercial segments. Every sectorexperiences ups and downs and real estate is no exception. Markets arereflecting positive sentiments and people at large are seeking for enhanc-ing their investment portfolios.

Do you think the situation will change drastically post-poll resultsand with new dispensation at the Centre?In a democracy like ours elections are normal constitutional process toelect the government. Despite the fact that political set up often influ-ences the policy initiatives which could affect the industry, businessesand economic activities have their own ecosystem to function. I don’t as-cribe to theory doing the rounds that any change of government willdrastically change the scenario. Of course, an efficient and pro-develop-ment leadership sends positive signal to investors and help in mobilizingresources for the sector. The expectations of the developers have im-mensely increased and all eyes are on the steps that would be taken upby the new party in power to speed up the delays that are faced by thedevelopers for clearance and approvals.

From the verybeginning I

was yearningto give

something to market andindustry

which couldscale them to

dizzyingheights.

Within a shortspan, others includingsome real

estate majorswere following

in our footsteps.

COVER STORY


Where does Premia stand now vis-à-vis other real es-tate companies?Since its inception, Premia has maintained its lead over oth-ers for bringing ideas and concepts never postulated earlier.As pioneering as India’s First Corporate City and countlessother unique ideas to life, Premia is one organization thatnever seems to fall short of motive and determination to bet-ter the lives of its patrons and investors. Premia Group hassuccessfully devised a plan to get straight entry to investors’good books. The Time Linked Plan(TLP) encourages the in-vestors to part with their funds in a controlled fashion .Thisnot only gives the investors a sense of being in control oftheir funds and decisions but also lends a positive vibe to thewhole association.

What has been the response from customers i.e. buy-ers and investors in your projects?You will be delighted to know that response from our cus-tomers has been tremendous. They have accepted Premiavery fast. With the massive supports from buyers and in-vestors, we are in a position to declare that Yesterday, it wasPremia; Today, it’s Premia and that’s what they care.

What differentiates “the real estate Guru Venture”from others? Please specify.It’s in one word—competition but not with others but withitself as we have put the highest bar as far as quality of proj-ects and standardization is concerned. We put high premiumon Excellence which is difficult to maintain. We have our owninitiative, unflinching determination and intention to achieveexcellence at whatever cost and efforts it may be. Even asIndia’s real estate sometimes attract flak for accounting prac-tices, Premia has maintained separate account for projectsas desired in Real Estate (Regulatory) Bill.

in a very short span, Mr. tarun Shienh has become aforce to reckon with. What is the secret?From the very beginning I was yearning to give somethingto market and industry which could scale them to dizzyingheights. Within a short span, others including some real es-tate majors were following in our footsteps. In methods ofplanning, branding and marketing, Premia is now a bench-mark which others are trying to achieve but without success.The much acclaimed ‘Corporate City’ concept pioneered byus is being imitated by others, that too recklessly. Premiamade new headway into the commercial realty segmentwith their latest offering, the “Business Center Cum Profes-sional Office”, which is available in both top notch projects— Premia Corporate City and Crown of Noida.

to what extent you have been able to fulfill your visioni.e. to create a paradigm shift in real estate?When I look at the way things have been evolving for the bet-terment and growth of industry, I feel satisfied. As a trend-setter, I could script a new success story in conceptualizingand implementing innovation much to the relief of all stake-holders. With extraordinary growth and rise of Premia Group


COVER STORY

It’s in oneword—

competitionbut not with others but

with itself aswe have putthe highestbar as far asquality of

projects and standardiza-

tion is concerned.We put highpremium onExcellencewhich is

difficult tomaintain.

in real estate, Healthcare, Hospitality, Power, we have been able to bol-ster the sector and expanded the horizon.

What are your expectations from the new gover nment given theway real estate is passing through a lean phase?An efficient and stable government with strong leadership at the topinvigorates the economy and energizes everyone to participate ingrowth story which the country witnessed earlier. Leadership withstrong vision takes some long-term decision in infrastructure develop-ment and pushes real estate activities, transforming fortunes of millionsin a country as vast as India. It hinges on the government of the day toformulate policies which are based on ground realities. A pragmatic ap-proach is needed to stave off challenges which Indian realty faces.

Do you think the year 2014 will be better than the previous as faras performance of indian realty is concerned?If Premia’s performance in 2013 and its continuous growth in the firstquarter this fiscal is taken as a benchmark, I have no hesitation to say,yes.

the real estate (regulation and Development) Bill was meant tobring about some order in the sector. But it is yet to become law.even if it becomes a law, do you think there will be perceptiblechange in the functioning of real estate in india?Definitely, real estate is looking forward to work in tandem with govern-ment’s initiative. The proposals like this will go a long way in executingprojects in a transparent way. Appointment of regulatory authority willalso check companies of dubious records and only genuine players willsurvive and sustain. We strictly follow rules and regulation of govern-ment agencies and never compromise on our business ethics. At Premia,we are committed to deliver our projects on time in a hassle-free man-ner. The real Estate Bill that was passed in 2013 has helped to bring trans-parency in the Real Estate sector. But it would contribute in the growthof the Real Estate sector only when the other peripherals are also man-aged, like clearance of any project should be given within a timelineframework of submitting all papers for the projects by a developer.

any message to real estate fraternity.Let all of us work together for the betterment of industry and society. n


I don’t ascribe to theory doing therounds that any

change of government will

drastically changethe scenario. Of

course, an efficientand pro-development

leadership sends positive signal to

investors and help inmobilizing resources

for the sector.

OUTLOOK


More Indians choose towork in India due to slowdown: TimesJobs.comstudy40 per cent Indians are cautious about moving to the West

for jobs due to the economic slowdown, according to aTimesJobs.com study. The study also indicates that highly

skilled professionals are returning home seeking the economicopportunities that they once sought abroad.

The study further pointed out that 34 per cent still preferto move to west for a job, while 26 per cent would like to turn

entrepreneurs. Out of the total respondents who mentionedthat more Indians are seeking job opportunities in India, 28 percent believe that maximum job opportunities are in IT/Telecomand Manufacturing sector.

Nearly 60 per cent of all the organisations also said thatthey are experiencing an influx of human capital from foreignshores in an earlier TimesJobs.com study. With 37 per cent of

them reporting that theworkforce inflow is maxi-mum at the middle level.

TimesJobs.com dataalso indicates that therehas been a drop in thenumber of applicationsfor international positions.It dropped by 4 per cent inJan’14 from an average 1per cent increase in Nov-Dec’13. However, duringJan-Mar’14 it did registeran overall increase on 3per cent.

why are they coming back?

Besides the fear ofglobal uncertainty, it is thelure of job security andbetter future prospectsthat are bringing the tal-ent back home, believe 58per cent of the surveyedorganisations. Good salarycombined with benefits

Nearly 60 per cent of all the organisations also said that they are experiencing aninflux of human capital from foreign shores in an earlier TimesJobs.com study.


(extra allowances and perks is also playing a major role inbringing back the professionals to India, said 25 per cent of theemployers in the TimesJobs.com study.where are the opportunities?

Maximum job opportunities are in Manufacturing andPetrochemicals sector. Since, these sectors will be witnessinga huge number of workforce getting retired in the next 5 years,they are on a look out for experienced candidates, revealed ex-perts in the TimesJobs.com RecruiteX report. For senior/lead-ership positions international exposure is deemed crucial,hence, the returning workforce has bright chances getting topjobs in these sectors.

the western perspectiveWhile the candidates are apprehensive about taking up a

job in the international market, the global employers are stillvying for Indian talent. TimesJobs.com data shows that acrossinternational locations, engineers, IT and accounting & financeprofessionals are most sought after. Demand is huge for talent

with 5-10 years of experience, followed by 10-20 years ofexperience.

UAE and north Americahave emerged as the most activeglobal locations.

According to Jappreet Sethi, HR consultant and author ofhumanresourcesblog.in, “Whilst the western economy is slowlygetting back on track, the number of people without a goodjob remains high. There are enough stories of Indians losingjobs and having to move back to base country for newer op-portunities. India is seeing a good influx of talent, which is welladept in systems and processes.”

R P Yadav, chairman and managing director, Genius Con-sultants Ltd shares a similar point of view, “Job seekers are find-ing it difficult to get a lucrative job in the west. They are alsoapprehensive about the continuity of the job at hand. Indiaseems a better place in terms of job security, plus they arecloser home. Therefore, most of them are seeking a job in Indiaand are cautious to move to the west.”n

60 per cent of all the organisations also said that they are experiencingan influx of human capital from foreign shores in an earliertimesjobs.com study. with 37 per cent of them reporting that the workforce inflow is maximum at the middle level timesjobs.com dataalso indicates that there has been a drop in the number of applicationsfor international positions. it dropped by 4 per cent in jan’14 from an average 1 per cent increase in nov-dec’13.

52 lMay 2014

RESEARCH & SURVEY

observer dawn

Being Bangalored!Mapping it City’s realtyMake-upAccording to Cbre’s recently released asia Pacific investor intentions survey 2014—which gauges

the appetite and outlook of real estate investors at a global level for the rest of the year—bangalore has been ranked as the 9th most attractive city for investments.

—By Anshuman Magazine, CMD, CBRE South Asia Pvt. Ltd.

Sustained demand for IT/ITeS office space has spurredthe growth of commercial real estate in Bangalore,which has emerged as the leading city in terms of com-pleted office space in the country. The city crossed a

milestone in its office realty development curve last year, infact, by becoming the first Indian office hub to have joined theclub for 100-million-sq.ft. office markets across the globe. Ac-cording to CBRE’s recently released Asia Pacific Investor Inten-tions Survey 2014 which gauges the appetite and outlook ofreal estate investors at a global level for the rest of the year Ban-galore has been ranked as the 9th most attractive city for in-vestments among all groups of respondents for the surveywith international investors dominating this particular surveyresponse. Interestingly, it happens to be the only city fromIndia to feature among the top 10 most attractive cities for realestate investments in the Asia Pacific region.

The city is home to a highly cosmopolitan crowd, attractingmigrants from all parts of the country. Between the Census2001 and 2011, Bangalore’s population had nearly doubledfrom 6.5 million people to about 9.6 million. A continuouslyswelling population has understandably fuelled housing de-mand, with the city witnessing a record number of new resi-dential launches during 2013. Furthermore, favorabledemographics, rising per capita income, and the availability ofquality retail space has led to Bangalore’s emergence as a fa-

vored retail destination, with a number of globaland domestic retailers either setting up shop or ex-panding their footprint in the city. It has also func-tioned as the back office hub for internationalretailers like Target and Tesco, even before they ex-plored front-end launches in the country; whileglobal retailers like Metro Cash & Carry had been

present in Bangalore long before spreading to other cities inIndia.

office space updateAvailability of quality office space at comparatively affordablerentals along with good connectivity and improved infrastruc-ture has spurred demand for office space from corporate oc-cupiers. In this regard, the Outer Ring Road (ORR) andWhitefield, in particular, have emerged as preferred options forcorporate occupiers and market entrants. Meanwhile, NorthBangalore has steadily emerged as a major development hubowing to its proximity to the international airport as well as tothe city-center, and rapid infrastructure development. In 2013,Bangalore witnessed the absorption of approximately 7.4 mil-lion sq. ft. of commercial and SEZ space; while about 7.7 millionsq. ft. of fresh office space came into the market. Although theIT/ITeS sector continued to drive demand for office space in thecity, last year also witnessed steady demand from new sectorslike the BFSI, research and consulting, engineering and manu-facturing.

Bangalore’s upcoming office supply pipeline is dominatedby a healthy mix of commercial and SEZ development. Goingforward, transaction activity is likely to pick up along the ORR,owing to the fresh supply of quality commercial and SEZ spaceover the forthcoming quarters. North and South Bangaloremarkets are also likely to attract rising demand for office space.Rental values are likely to remain stable across most micro-mar-kets in the short to medium terms.

housing spaceFrom being dubbed as a ‘pensioners’ paradise’, Bangalore hasemerged as the hub of frenetic residential activity. Residential


markets in Bangalore witnessed buoyant, albeit stable,growth over the fluctuating trends witnessed in the twolargest residential markets of India the Delhi National CapitalRegion and the Mumbai Metropolitan Region. Of the approx-imately 40,000 units launched in Bangalore in 2013, a largenumber of projects were in the affordable and mid-end hous-ing segments. Residential demand is also expected to im-prove in the forthcoming quarters, which along with a steady

supply pipeline may lead to strong capitalappreciation in select locations. Ongoingand planned infrastructure projects such asthe Metro Rail, Signal Free Outer Ring Roadand Peripheral Ring Road, are likely to pro-pel the housing investment market in thecity too.

The availability of land parcels along theThanisandra–Hennur Road (North) and Ho-

ramavu belts (North East) are also likely to facilitate the launchof new housing projects, and help maintain a healthy supplydynamics in the city; while expansion in the IT sector is ex-pected to keep feeding the city’s housing supply in the shortto medium term.

Retail DevelopmentRetail activity in the city has traditionally been restricted

to popular high streets such as 100 Feet Road -Indiranagar,and Vittal Mallya Road. Bangalore’s CBD and off-CBD locationshad historically been its retail epicenter, with Brigade Road,MG Road and Commercial Street being considered as primehigh streets, characterized by mixed-use retail and small for-mat stores. The same region experienced the introduction oflarge format shopping centers from the mid-2000s onwards,with malls such as The Forum in Koramangala (2004). Sincethen the city’s retail activity spread outwards (Phoenix MarketCity at Whitefield, and Brigade Orionat Malleswaram, for in-stance), in-line with the outward movement of its housingcatchment in the peripheral markets.

During 2013, retailers from fashion, apparel and F&B seg-ments continued to account for a significant chunk of leasingactivity. Lack of fresh organized retail supply in the city re-sulted in demand for shopping space in the high street areasof Koramangala, Jayanagar, MG Road, Indira Nagar, BrigadeRoad, Commercial Street and New BEL Road.Wholesale retail-ing was a fast expanding format in the city last year. Con-ducive government regulations led to the entry of majorcash-and-carry players, with several other brands lining up foran entry. Carrefour opened its first cash-and-carry formatunder the brand name, Carrefour Wholesale Cash & Carry, atETA Mall (West). With the anticipated completion of threemalls by H1 2014, around 1.1 million sq. ft. of organized retailspace is likely to become operational. Emerging locations inand around Bangalore are also expected to continue attract-ing occupier interest. n

the city is home to a highly cosmopol-itan crowd, attracting migrants fromall parts of the country. between theCensus 2001 and 2011, bangalore’spopulation had nearly doubled from6.5 million people to about 9.6 mil-lion. a continuously swelling popula-tion has understandably fuelledhousing demand, with the city wit-nessing a record number of new resi-dential launches during 2013.

Anshuman Magazine,CMD, CBRE South Asia Pvt. Ltd.


RESEARCH & SURVEY


NCr is expected to contribute approximately 1/3 in the total expected hotelrooms supply in the period under consideration.

COVER STORY


The leading global real estate consultancy, Cushman& Wakefield (C&W), reports that the hospitality sec-tor will see a rise of over 65% in total hotel inven-tory by 2017. Approximately 52,000 new hotelrooms are expected to come into existence in thenext 5 years (2013 – 2017). Despite a slower re-

sponse, the Hospitality sector of India is expecting to witnessbetter demand in the coming years on account of improvedglobal economic conditions. Many Hotel projects, that weredelayed in the last 2 years are also expected to get completedadding to the inventory in the next five years.

NCR is expected to contribute approximately 1/3 in thetotal expected hotel rooms supply in the period under consid-eration which is expected to see 17,000 keys, Kolkata at 105%will witness highest percentage increase in inventory byadding 3813 rooms to its existing inventory by 2017, Pune at41% will contribute lowest number of rooms (2853) to its ex-isting 6970 rooms.

Akshay Kulkarni, Regional Director – Hospitality, South andSouth East Asia, Cushman & Wakefield, said “Even while Indiais considered to be an attractive market for both leisure andbusiness travel, there are some inherent deficiencies due towhich hospitality projects have hitherto taken long to comeup including aspects like funding and regulatory issues, whichhave either delayed or in some cases stalled projects. Despitea significant number of leisure travel both International andDomestic, hoteliers are seen to be concentrating on businessdestinations, specifically gateway markets of NCR, Mumbai andBangalore.”

Akshay further said, “The expected growth in Chennai andPune is largely driven by the current paucity of branded hotelsin these cities, which has given the hoteliers an opportunity to

look at upping their presence in the city. Taking cue from theeconomic fundamentals of the cities, which are strong on thebasis of a more holistic growth of services as well as industrialsector, these cities are expected to see a corresponding rise inthe estimated demand in the next few years as well.”

As opportunities with the development for Greenfield hotelprojects decrease in the key hospitality markets – Delhi, Mum-bai and Bangalore, the focus has been shifting towards re-gional epicentres of growth. This is in line with the shift ofcorporate centres and emergence of more lucrative

Of the total expected supply of hotel rooms in the next 5years, midscale hotels are expected to see the highest supplyof 18,500 units, followed by luxury which is estimated at 10,300units contribute 36% and 20% to the total expected supply,while budget (9000 units) Upscale (6800 units) and Upper Up-scale (6900 units) are estimated to be contributing approxi-mately 44% to the total supply in the next 5 years. NCR willlead the pack on both these categories.

City-wise overview & outlook

ahmedabadAhmedabad has about 3,439 keys in the organised segmentas of 2013. Almost 4 new hotels opened for business in 2013,adding a total of 512 keys to the existing room supply, namelyTune Hotels (100 keys), Aloft (176 keys), Easy Eastin Citizen (52keys) & Novotel (184 keys). Moreover, Crowne Plaza with 200keys was also expected to start operations in 2013 but is cur-rently on hold. Ahmedabad is expected to have addition ofover 1,800 keys over the next 5 years. Of the total supply 39%belongs to upper upscale, 25% to midscale, 14% to luxury, 11%each budget and upscale.

RESEARCH & SURVEY


outlookAhmedabad is a growing city with the potential to sustainmuch higher performance metrics. It is likely to see an upwardmovement in demand in 2014, given the upcoming inventoryof office stock in the city and being an emerging city alongwith the development as a twin city, with Gandhinagar in theneighbourhood

bengaluruBengaluru has a total hotel inventory of approximately 11,089rooms; Leela Place is currently the largest hotel in the city witha total of 357 keys. During the last 4 years, Bengaluru saw thelargest increase in inventory during 2010, with 23%, with anaddition of almost 1,522 keys with brands such as Lemon Tree(173 Keys), Vivanta By Taj (199 keys), and Crowne Plaza Elec-

tronics City (195 keys) etcBengaluru currently has a total upcoming supply 6,978 keys

by 2017; of which 27% is expected to account for in the budgetsegment and in the midscale segment respectively, 25% in theupscale segment, 17% in upper upscale, and 4% in the luxurysegment. Of the total upcoming supply, 38% is expected be-come operational during 2014, which includes brands such asEncore (90 keys), Double Tree By Hilton (185 keys), Hilton Res-idences (250 keys), Renaissance (278 keys), and Conrad (250keys) etc.outlookOf the total room demand 60% percent comes from corporateclients and is further expected to see steady growth in time, asof Q4 2013, the YTD Absorption for commercial space had seena 21.14% increase YOY, an indication of growing commercialdemand in time, additionally Bengaluru currently has over 7.3million sq.ft of Grade A office space under construction.

ChennaiChennai has a total hotel inventory of approximately 7,517rooms. During the last 4 years, Chennai saw the largest increasein inventory during 2012 with 21%, due to the addition of theITC Grand Chola (600 Keys), The Leela Palace (188 Keys), ParkHyatt (188 Keys), and the Radisson Blu City Centre (162 Keys).During 2013 the growth in inventory was only 3% with Westinadding an addition of 215 keys to the inventory.

Chennai currently has a total upcoming supply of 3,274keys by 2017; of which 51% is in the midscale segment, 29% isin the budget segment, 11% in the upper upscale segment,and 9% in the upscale segment. Approximately 20% of thistotal inventory is expected to become operational in 2014,

even while india is considered to be an attractive market for bothleisure and business travel, there are some inherent deficiencies due to which hospitality projects havehitherto taken long to come up including aspects like funding and regulatory issues.


which includes brands such as Ibis (160 keys), Gateway (159keys), Formule 1(150 keys), and Holiday Inn (200 Keys), etc.outlookChennai is a major upcoming commercial destination, with thedevelopment of the Chennai Bengaluru Industrial Corridor; theregion is expected to see some major planned commercial andindustrial development in the long run. Chennai is currentlyseeing a slight oversupply particularly due to major inventoryincrease over the past 2 years. The AOR in 2014 is expected tobe 59% with an ADR of INR 5171.

hyderabadHyderabad has a total hotel inventory of approximately 6,448rooms. During 2013 inventory grew at 6%, due to the recentopening of Trident Hotel (323 Keys) in Madhapur. The averageinventory per hotel is currently 46 keys with Westin having 428Keys in Madhapur. Within Hyderabad, the midscale segmentconstituted 45% of the total inventory, followed by the upperupscale segment with 19%, upscale and midscale with 17%,and budget with 2%.

Hyderabad currently has a total upcoming supply of 4,057keys; of which 46% is in the midscale segment, 23% is in thebudget segment, 13% in the luxury segment, 12% in the up-scale segment and 6% in the upper upscale segment. Approx-imately 50% of the upcoming supply is expected to open in2014, which includes brands such as Formule 1 (174 Keys), Mer-cure (128 Keys), The Oberoi (220 keys), Hyatt Place (148 keys),etc.

outlookOf the major micro markets existing in Hyderabad, Gachibowliand Madhapur are seen to be the prime destinations for up-coming commercial and office space ventures in the city, whichis likely to augment an increase in room night demand in thefuture for the micro-markets.

The city yet still lacks stability; the state most particularlysaw a number of civil disruptions during 2011 and 2012. Theissue has not been resolved, however talks are on. If Telenganais created, Hyderabad shall act as a joint capital for AndhraPradesh and Telengana for upto 10 years. The AOR in 2014 isexpected to be 42% with an ADR of INR 5,231.

KolkataKolkata has a total hotel inventory of approximately 3,638rooms with the largest hotel in Kolkata is currently the ITCSonar Bangla with a total of 238 keys. Kolkata currently has atotal upcoming supply of 3,813 keys by 2017; of which 34% isin the midscale segment, 30% is in the luxury segment, 19% inthe upper upscale segment, 10% in the upscale segment and7% in the budget segment.

The majority of the inventory, about 41% of the upcomingsupply is expected to open in 2014, which includes brandssuch as Westin (323 Keys), Novotel (350 Keys), JW Marriott (300keys), and the Lalit Great Eastern (244 keys).

outlookKolkata has some significant upcoming infrastructure such as

the Light Rail Transport System, Mono Rail, Eco-Park, etc. TheExpansion of the airport is likely to augment travel within theregion to far greater extent, allowing for an increase in roomnight demand. The major Suburban development in areas suchas New Town and Rajarhat are the most predominant, whichincludes a number of upcoming hotels such as Formule 1, Ibis,Novotel, Westin, etc. The AOR in 2014 is expected to be 45%with an ADR of INR 5,293.

MumbaiIn Mumbai, the midscale segment is seen to have the largestinventory of 29%, followed by budget segment with 27%, lux-ury with 23%, upper upscale with 11 % and upscale with 10%.The average inventory per hotel is currently 91 keys; the largesthotel currently operational is the iconic ‘Taj Mahal Palace’ lo-cated in South Mumbai with a total of 560 keys.

Mumbai currently has a total upcoming supply of 12,098keys; of which 35% is in the midscale segment, 22% is in theluxury segment, 17% in the upscale segment, 16% in thebudget segment and 10% in the upper upscale segment. Ap-proximately 17% of the upcoming supply is expected to openin 2014, which includes brands such as Lemon Tree (298 Keys),JW Marriott (525 Keys), Radisson Blu Plaza Hotel Powai (335Keys), etc.

outlookThe city has a total of 12, 098 keys upcoming, which accountsfor almost 71% of that of the existing pipeline. Mumbai has asignificant number of upcoming infrastructure, which is ex-pected to enhance connectivity within and to the city. This in-cludes the opening of its much awaited new airport terminalin February; the new airport is to boost passenger capacity by40 Million over the existing capacity of 30 Million. Additionally,Navi Mumbai itself is expected to see development of a newairport, which as a result is expected to augment demand forthe micro-market in the long run.

nCrIn 2013, NCR had 26,500 keys by out of which, 77% comprisesof the organised segment. NCR featured a 16.5% YOY growthin total organized supply of over 20,457 keys during 2013.Close to 15 new hotels opened for business in 2013, adding atotal of 2,920 keys to the existing room supply. NCR is expectedto have an addition of over 17,000 keys over the next 5 years,of the total supply, 31% belongs to Delhi, 27% to Noida, 22%to Noida, 12% to Greater Noida, 5% to Manesar and 3% toFaridabad.

NCR's hospitality market is substantially covered underseven main regions. Among micro-markets, Delhi achievedhighest ADR of INR 7,980 at 62% occupancy, followed by Gur-gaon with INR 7,550 at 60%, Noida with INR 6,500 at 61%, Farid-abad with INR 5,400 at 50%, Greater Noida with INR 5,200 at39%, Manesar with INR 4,650 at 49% and Ghaziabad with INR3,980 at 52%.

outlookNCR is witnessing some major infrastructural changes towards

RESEARCH & SURVEY


transforming hospitality dynamics of the region, Delhi hotelshave recently got an approval from Delhi Development Au-thority for higher FSI as well as a grant to build small dwellingunits in hotel complexes that will support debt-funding. Also,government has included hotel projects with costs higher than200 Cr in infra-lending list which will support high end hotelsin availing low interest funding. Thus, the NCR hotel market isindeed positive in outlook.

PunePune has a total hotel inventory of approximately 6,970 rooms.During 2013 the city witnessed an increase by 8%, with theopening of Novotel (251 keys), Formule 1- Hinjewadi (105keys), Courtyard By Marriott- Chakan (180 keys), Doubletree byHilton – Chinchwad (115 keys ) etc.

Pune currently has a total upcoming supply of 2,853 keys;of which 40% is in the midscale segment, 20% is in the luxurysegment, 18% in the upper upscale segment, 13% in thebudget segment and 9% in the upscale segment. During 2014,almost 24% of the total supply are expected to open, withbrands such as Hyatt Place (130 Keys), Lemon Tree Pune CityCenter (230 keys), Country Inn and Suites (230 keys), etc

outlookThe IT Parks situated in Hinjewadi, Talawade and Kharadi haveacted as a catalyst as a constant attraction for the attention ofglobal players and driving traffic to the city. With new busi-nesses entering the market, the conference, conventions andevents market too is expected to gradually swell further. Fur-thermore, there are plans of expanding to make a new airportwhich indicates the industry is deemed to see growth in foot-fall numbers in the city.

Additionally, Pune had witnessed a increase commercial space absorption, as of Q4 2014 the city had witnessed a YOY increase in absorption by 21.14%, ofwhich, during the 4th quarter alone the city witnessed over470 thousand million in absorption. The IT-ITeS sector con-tributed to nearly 58% of the absorption followed by the BFSIwith 17%, a major indicator of growing corporate room nightdemand in the city.

36% of total expected supply to be in Mid Scale Hotel; Luxury to contribute 20% to supply Close to 1/3rd of the totalsupply is expected to come up in NCR with 17,000 rooms Kolkatato more than double its current hotel capacity by 2017 n


nBy Vivek Shukla

First Mumbai’s Campa Cola compound and now Noida's Su-pertech's two under-construction 40-storey towers — Apexand Ceyane! It is no secret that in both the cases, axe fell onthe poor customers. Their dreams to have roof of their ownwere shattered, at least, for now. The messages in both casesare loud and clear: Customers need to be very vigilant before

taking final call in terms of buying a flat and India needs a regulator forrealty sector sooner rather than later to flush out all the malaise that hasentered in realty sector. While in the case of Campa Cola compound, theowners of illegal flats of Campa Cola compound would have to find al-ternative accommodation as the apex court made it clear that they haveto leave their flats. As far as Supertech's case, there is still some hope forthe customers. All is not lost for them as R.K. Arora,the managing direc-tor of the company, has promised that the interests of the customerswill be looked after and they(company) would challenge the verdict ofAllahabad high court. Arora said the company will file a special leavepetition against the high court order in the Supreme Court. It may berecalled that Supertech was allotted a 48,263 sq m plot in Noida's Sector93A in 2004 for constructing Emerald Court Group Housing Society,which was to have 15 towers with 11 floors each. These apartmentswere completed in 2010.

Supertech issued a note telling buyers that their investments were"completely safe and secure" as the two towers were "being constructedin total compliance of all rules and bylaws of the competent authorities".In its ruling, the high court had pulled up Noida Authority for allowingconstruction of the two towers and ordered prosecution of officials whohad a role in it. The two towers are at an advanced stage of construction.More than 21 floors have been built in Apex and 17 in Ceyane. The tow-ers were to have 14 flats on each floor besides a penthouse each.

For the buyers, these weren't good tidings. "On one hand, we needto pay EMIs while on the other, we don't have any hope of access to the new home. We were hoping to move to the new flat in 2012 whenthey were supposed to be handed over," said Nitin Shingla, who has bought a flat in Apex.The project's financiers are IDBI Bank, ICICI Bank,Corporation Bank and HDFC bank. "All we had to do was to fill up some forms and submit documents. Supertech roped in the financiers,"said Sudeep Manchanda, another buyer of an Apex home.For almost all the apartments, the banks have disbursed 90-95% funds. "Theredoesn't seem to be any answer coming from the builders about a possible refund. Worse, we have to keep paying EMIs," said DharmenderSingh, who is fronting a group formed by Apex and Ceyane buyers.

"If nothing else works, we might be left with no option but to file a criminal case against the builders. They have suppressed facts aboutan ongoing litigation for the last two-three years. And even when the litigation was on, they sold flats," said Sudeep Mandhanda, a buyer.

While ordering the demolition for violation of construction norms, the court had held that the developer will also refund the money tobuyers "with 14% interest compounded annually within four months from the date of filing of certified copy of this order".The towers—Apexand Ceyane— are part of Supertech's Emerald Court project. A division bench of Justice VK Shukla and Justice Suneet Kumar had said thatthey should be demolished.

The Supertech fiasco

A Hard Lessonin Home-Buyingif we could avoid Campa Cola compound andsupertech fiasco.

POLICY


While you can be duped in property transaction, it is only ex-pected from you to do your homework before sealing the deal. Let’sus talk about Deed/ Sale Agreement. They are very important in-strument as far as property transaction is concerned. After agree-ment on payment of the property, it’s now turn for advancepayment and agreement between them. “You should know that theagreement is done on a stamp paper. It includes the final actualamount, advance payment, time limit to pay due amount and howto pay in installments, time indication when the actual sale shouldtake place. It also includes what to do to cover loss if one of buyeror seller makes default. This ensures that the seller does not defercost in any case after finalization and he doesn’t sell to another partymeanwhile. This agreement can be done by an expert lawyer andsigned by both the parties with two witnesses. After doing thisagreement, if one from both parties makes any default then anotherone should take legal action against him,” informs Rajeev Chopra,CEO of ILD Developers.

And talking about Campa cola compound, what is really shock-ing is that those who would lose their roof got bank loans. Banksafter doing due diligence were satisfied with the documents andloans were sanctioned by nationalised banks. Keeping this fact inmind, now it is clear that it is really challenge to buy a flat. You neverknow what would happen later. Even after banks are sanctioningloans, you are not sure that you would be flat is legal or not.

"These two cases should be an eye-opener for all planning tobuy their own roof. They must check down the title deed of thatproperty. The property title deed is the legal document whichproves the ownership of property. The title deed presents certainrights and freedom to the person who holds it and such deeds arerequired where person wants to transfer his ownership," suggestsSunder Khatri, a noted advocate.

Talking about the court verdict in the case of Supertech, chair-man of Noida and Greater Noida authorities, Rama Raman, said,"Possibly some buyers are in fear and want their money back. So wehave directed the developer to refund those who are not interestedin continuing with the project. We will take all measure to ensurethe protection of homebuyers. They need not panic," Raman said.

Meanwhile, there is also a feeling that given the inefficiency oflocal authorities as well as no clear cut rules, incidents like CampaCola compound and Supertech take place. If we would have regu-lator in place, it would have stepped in before the situation got outof hand, analysed it and decided the course of action. What is reallysad and shocking that even though every stake holder of realty sec-tor is demanding for regulator, government is not taking any action,”said Sanjay Khanna, director, Kailash Nath Projects.

Experts say that all the would-be buyers of flats or propertymust ask for latest tax receipt from owner of the property. “That wayyou can check whether any notices or requisitions are issued onproperty or any tax due on the property. While you are checkingproperty tax receipt, there are two columns in it. One is for owner’sname so verify it and other is for tax payer. In some cases, the taxreceipt is not with owner,” says Mahesh Pawar, managing directorof Mahavir Hanuman Group.

Returning to Campa Cola compound fiasco, it is not easy to callresidents really innocents who have been taken for a ride as theyknew the flats were illegal. They knew that the flats are illegal butstill brought them at rates as low as one-third of market prices inthe hope of making a killing later once things were regularised.

One only hopes that given the kind of reputation, it has built for

itself Supertech will everything possible to serve the cause of theircustomers. RK Arora has already hold series of meetings with cus-tomers and discussed the pros and cons of court verdict.

As far as Supertech’s case, the existing residents of Emerald Courtwere aggrieved that the two towers were sanctioned without main-taining the mandatory distance of 16 metres between the new tow-ers and their building block, as required by the Noida BuildingRegulations and Directions of 2010, "making their block unsafe. ButArora rejected the charge. He told in an interview that according tothe National Building Code, the minimum requirement of distancebetween two buildings is 9 meter for buildings up to 36 meter, whichSupertech had complied with in the case of these two buildings. TheNoida Authority asked the developer of Emerald Court, Supertech,to formulate a plan to reimburse those customers of Apex andCeyane towers in the residential project who wish to dissociatethemselves. A majority of the buyers, however, have refuted the ideaand decided to continue their fight in the Supreme Court to reclaimtheir flats instead of receiving a refund from the developer.

While you can only shed tears of blood for those who would losetheir homes in Campa Cola compound and also facing tough timein Noida, when you buy your flat you should remember that allproperty sales are illegal unless the transaction is by means of a saledeed duly stamped and registered. After collecting and checkingall the documents, you have to register land/ property at the Sub-Registrar or the SDM (Sub District Magistrates) of your area.

If we would have a regulator, we would not have faced situa-tions Campa Cola compound and what is happening in Noida. Itwould have saved a lot of trouble and trauma,” concludes SameerJasuja of prop equity.

supertech and the noida authority moved sC tosave noida twin towersOn May 30, Supertech filed a special leave petition in theSupreme Court against the Allahabad high court's order to de-molish two residential towers in Noida's Sector 93A for floutingbuilding norms. Buyers have already moved the apex court. "Wehave constructed Apex and Ceyane towers in conformity with theNoida Authority's bylaws and the National Building Code 2005,"said Supertech chief R K Arora. "Our representatives could notpresent the facts properly in the Allahabad high court. We haveall necessary approvals in place and our team will represent thefacts properly and we are confident that we and our buyers willget relief from the apex court."

The Noida Authority also moved to the Supreme Court, chal-lenging the high court's order .The Authority filed a special leavepetition in the apex court, arguing no norms were flouted in ap-proving the maps for the two buildings in Sector 93A. Noida Au-thority chairman Rama Raman said Supertech, too, had adheredto rules. Raman said, "The Authority has mentioned that ap-proved maps of these two 40-storey residential towers-Apex andCeyane-conformed with the National Building Code 2005 and theAuthority's bylaws. It has also been mentioned that the realtorwas directed to follow provisions laid down in the UP ApartmentAct, 2010 before starting construction." The Noida Authority chiefsaid buyers' interest was the administration's top priority. "Keep-ing this in mind, we have directed the developer to address issuesof the residents," he said. n


Global cities with maximumshopping center space underconstruction in 2014

OUTLOOK

Globally, a total of 39 million sq.m. of shoppingcenter space is currently under constructionacross the world’s major cities, representing athree million sq. m. increase from 2013, accord-ing to the latest Global Viewpoint from CBRE Re-search. Most of this development activity for

shopping center space around the world is focused in China.According to the report, more than half of the shopping centerspace under construction in the 180 countries surveyed is tak-ing place within China’s borders. Shanghai takes first positionwith 3.3 million sq. m. of space under construction more thanthe combined total of all 86 European cities excluding those in

Russia and Turkey. Just behind Shanghai is Chengdu with 3.2million sq. m., followed by Shenzhen and Tianjin with 2..7 mil-lion sq. m. and 2.5 million sq. m. under construction, respec-tively.

India continues to see a wave of new shopping center de-velopment despite some developers pushing back completiondates due to financing issues. Around 500,000 sq. m. of new re-tail space is under construction in New Delhi. The largest twoprojects, DLF Mall of India NOIDA (204,385 sq. m.) and LogixCity Center Mall (111,483 sq. m.), are both located in Noida.Among tier II cities in India, Hyderabad is the most active mar-ket with a current supply pipeline (483,000 sq. m.) three times


greater than its existing stock.Buoyant occupier demand is pushing a strong develop-

ment pipeline in New Delhi with 500,000 sq. m. of new retailspace currently under construction.

Commenting on the findings of the report, Mr. AnshumanMagazine, Chairman and Managing Director of CBRE, SouthAsia Pvt. Ltd., said, “Strong economicgrowth in many Asian markets hasbeen attracting an increasing num-ber of cross-border retailers. Eventhough China remains by far themost active market for shoppingcenter development, the tier I and IIcities of India are also among themost active globally. Unfortunately,however, there continues to exist adearth of quality shopping space inmany of our market places. Alongwith the large-scale urbanization ofour leading cities and a burgeoningmiddle class population, it is this thathas been driving shopping centerdevelopment forward.”

According to CBRE research, New Delhi is ranked #21, Hy-derabad #23, and Bangalore #31, among global cities with themaximum shopping center space under construction in 2014.

“The scale of new development in Asia and China in particularis staggering but there are a number of quite understandablefactors behind it. The most reported is economic growth,which continues, although now with some signs of slowingdown. In addition, Chinese cities, and many others in Asia,present a physical environment that lends itself to environ-

ment controlled shopping cen-ters. Outdoor shopping can betoo hot, too humid, too cold, toowet, too unsafe or too dirty andpolluted modern shopping cen-ters are none of these whenmanaged properly,” said Sebast-ian Skiff, Executive Director ofCBRE Retail.

Kuala Lumpur in Malaysiafalls just outside the top tencoming in as the 11th most ac-tive market globally. SoutheastAsia has 3.3 million sq. m. underconstruction and nearly 40% ofthis is located in the Malaysian

city. In Vietnam, Ho Chi Minh City and Hanoi have also seen alarge number of new developments in suburban areas and areseeing strong leasing demand from retailers attracted by lowerrents and the lower-to-mid income residences nearby. n

l A total of 39 million sq. m. of shopping cen-ter space currently under construction acrossmajor global cities

l India’s tier I & II cities among the most activemarkets globally for shopping center devel-opment

l The 2014 shopping center pipeline repre-sents a 3 million sq. m. increase over 2013

l Chennai among the Top 15 most active shopping center development markets inthe world in 2013

INVESTMENT


NRIS ARE READY TO INVESTW hile interacting with nris during the Pravasi bhartiya divas conference, the

writer get an impression that they are ready to invest in languishing sector ifGovernment creates single-window system for this sector.

By Vivek Shukla

That the realty sector is not passing through a greatperiod is rather well-known due to multiple factors,including in the absence of single-window clearancesystem, but what is really shocking and surprisingthat even NRIs keen to invest here too feel that un-

less the whole sector is over-hauled they will think twice to in-

vest. As the UPA-2 government is completing its term soon, itis high time that it wakes from their extended slumber to givelong awaited boost to the housing sector, which hardly gotany attention it deserved. One only hopes that it will set up asingle-window clearance system to cut delays in getting ap-provals for housing projects and check cost escalation. “I waskeen to pump in lot of money in the realty sector, but I give upmy plans as this sector is still working in an archaic fashion. It

65observer dawnlMay 2014 65

Mr. vikas Gupta

seems that nobody is keen to improve the affairs of this impor-tant sector,” rues Amarjit Khosla, the UK-based businessman,who was here to Pravasi Bhartiya Divas(PBD) conference.

There is no dearth of people who echo the thoughts ofKhosla. They expect that for the sake of lakhs of Indians lookingforward to have their own roof, it has to create a single-windowsystem. When UPA-one came to power, it was expected thatthe government will push for single-window system for the re-alty sector. Sadly, nothing has happened despite the fact themandarins of this government know that the single windowsystem will bring down the average approval time from 196days to 45-60 days. “Delay in obtaining approvals oftten in-creases the cost of a housing project 1.5 times. Presently,around 34 permits are required for housing projects. It has tobe reduced greatly,” informs Sanjay Khanna, director of KailashNath projects.

At three basic levels, these clearances are required, theurban local bodies level, which give permission regarding theplans, then the water and sewerage connections, fire clear-ances and at the central government level, builders need civilaviation and environmental clearances. “Like me all the stake-holders of housing sector are waiting for that day when single-window system for clearance of housing projects will see lightof the day. I know that when Ajay Maken was heading theHousing and Urban Poverty Alleviation ministry, he was keento put things in place so far as single-window system is con-cerned. Once he left the ministry, everything came into grind-ing halt,” says Samir Jasuja of Prop equity.

The ministry was formulating a single window sys-tem for clearance of real estate projects throughoutthe country following the report of a committee forstreamlining approval procedures for real estate proj-ects. It may be recalled that Housing and UrbanPoverty Alleviation Ministry planned a major shake-up of the sector based on key recommendations ofthe Dhanendra Kumar Committee report. The Com-mittee was set up in mid-2012. It was asked to recom-mend as to how single window clearance system canbe implemented. “Despite the fact that realty sector issuch a key sector; it hardly got any due attention fromthe government. Even though we are asking for reg-ulator for it, the government is not taking any deci-sion. It is also not creating single-window clearancesystem for the sector. That speaks volumes about gov-ernment's seriousness for housing sector,” says AjayAgarwal, director of Avalon Developers.

It goes without saying that real estate market invarious parts of the country is in a very sorry statewith developers have to face real tough time in get-ting clearances and a system plagued by corruption.

We have seen so many innocent lives were lost when coupleof unauthorized buildings near Mumbai fall. It was constructedby shady builders with the help of corrupt government offi-cials. It goes without saying that if we would have realty sectorregulator, we might not have seen Campa Cola compoundepisode.

“Admittedly, some realty firms are not up to the mark, therest face the brunt of archaic laws and clearances to implementtheir projects. In order to get clearances, realty firms have tospend lot of time and money. Hopefully, this government willcreate single window clearance system before it demits the of-fice," says Rajeev Chopra, CEO of ILD Developers.

Even though many key people in government also admitthat all is well with realty sector, things are not moving. Withseveral clearance procedures starting from the local munici-pality to the top, the average minimum time for approving aproject is about 196 days. Naturally, at the end of day, cus-tomers are the worst suffers. The government is duty bound toclear the mess that has damaged the realty sector soonerrather than later,” says Gaurav Mittal, managing director of CHDDevelopers.

Meanwhile, Anil Kumar Sharma, President, CREDAI-NCR, isof the view that those unnecessary and sometimes motivateddelays in clearances of projects and subsequently in issuing theNOC for possession purposes are not only affecting the buyersbut also negatively impacting the developers. In the view ofexperience faced during 2013, the members supported a pro-posal for concerted and sustained efforts for making the sin-gle-window clearance system a reality in 2014.

It is said that the only challenge to that [single windowclearance] is that the vested interests at the lowest level are so


strong that they do not want any transparency in singlewindow clearance. Now it is a chain of events, first get oneclearance then apply for the second, the third and so on till all33 clearances are received. Why can’t we have a platform forthe builder or the promoter to apply for all the required clear-ances together? Such a platform can be easily created by theState governments or the urban local bodies, where the workof seeking clearances can be done simultaneously in a trans-parent manner.

At last, one only hopes that government will make single-window clearance system for the realty world. If it could not,posterity will never forgive it.

Meanwhile, it goes without saying that if the buzz in thePBD is in any indication; NRIs from Punjab are looking at in-vesting in realty in Punjab or in NCR. " NRIs are seriously think-ing to buy flats for investment purpose The confidence levelsof NRIs are also high since many amongst them have alreadyearned and continuing to earn huge returns on their earlierinvestments.,” says Nikhil Jain,CEO of Ramprastha Developers.

Amarjeet Virdi, 47, is a Sydney, Australia based NRI. He is incapital to attend PBD conference. He is meeting guys at thestalls of real-estate firms and banks outside the PBD venue. Heis keen to invest in his native state, Punjab, or Haryana. He isnot averse to suitable proposal from NCR. Well, the large num-ber of NRIs from the land of five rivers attending the PBD usingthis opportunity to book their flat/plot or Villa. Like Virdi, AshokBhalla, who is a Hong-Kong based NRI, said that he is thinkingof buying spacious flats as I will return to Indian after three-four years. He wants to seal the deal after all his queries areaddressed.

After recent depreciation in the rupee, NRIs from aroundthe globe have evinced interest to invest in real estate in India,a Gurgaon based real estate developer has said. "We have seenwhen the dollar appreciating against the rupee, there was alot of interest among rich NRIs in the UK and elsewhere to in-vest in India," an official of Bank of Baroda stall at the PBD in-forms. According to one estimate, over 2 lakh NRI’s, whomigrated from Jalandhar, Kapurthala, Nawanshahar, Ludhiana,Hoshiarpur and other parts of Punjab, are living in other coun-tries. Lack of NRI investment into property market has also hada negative impact on overall property business in Punjab.“Only end users prefer to buy property. Investors are missingfrom property business,” said a PNB official at the PBD. "NRIsprefer projects with low entry level price points when it comesto investments, and premium projects for personal use. I feel

INVESTMENT


that the 20/80 scheme and 10/90 schemes offered to cus-tomers has been a major attraction for NRIs,” says MaheshSharma, managing director of Mahaveer Hanuman Group, whoalso set-up stall at the PBD.

There is a general feeling in the realty sector that those whohave settled abroad do not invest here for any emotional rea-son. They are not emotional people. They talk about moneyand returns on their investments. As they feel that their dollarcan fetch them good property, they are planning to buy prop-erty. “I have observed that NRI start investing in realty everytime the dollar gets stronger. Considering the current scenariowhere the rupee has depreciated, NRI investments are boundto increase significantly," says Sanjay Khanna, director of KailashNath projects.

“We got many queries from NRI cus-tomers from UAE, Singapore, the UK andthe US. We have observed that demandfrom the NRI segment has increased by25 to 30 per cent in the past few months,”says Gaurav Mittal, managing Director ofCHD Developers. The fall of the rupeeagainst the greenback in the past twoyears has resulted in the price of real es-tate falling by a corresponding 25 percent in notional terms, assuming that theNRIs are paying in dollars. “If a residentialunit was available for Rs 1 crore beforethe slide of the rupee, the same is nowavailable for Rs 75 lakh for NRIs,” adds Mittal. “It goes withoutsaying that NRIs are thinking of investing in realty because ofstrong dollar. Strong dollar has given them increased capacityto pay. I feel that it is high time that realty firms with swellinginventories should also attract cash rich NRIs and PIOs so thatbuy their flats,” says Kamaljeet Singh, managing director ofUtkarash Developers with residential and commercial projectsin Neemrana.

Sukhvinder Singh, an NRI based in Dubai, says, “I am goingto invest in either Mohali or Zikarpur as it makes a lot of senseto invest in real estate now as appreciation of the investmentis far higher here than most parts of the country. I feel that NCRwill also serve my cause.”

Market watchers say that NRIs prefer to book apartmentsin projects which provide the latest amenities. Even if theywant to book a flat for investment or for giving on rentals theirpreference is for the projects which provide amenities such asquality flooring, latest and high quality of electrical and sani-tary fittings along with equipment that ensure proper securityin place. Recently, there has been significant increase in en-quiries from NRIs for property in India. Mahesh Sharma, man-

aging director of NCR-based VeerHanuman group feels that NRIs are alsoreturning back to India and that is whythey are investing in realty sector and fortheir own use.

According to experts, the ReserveBank of India (RBI) through the Foreign Ex-change Management Act (Fema) regu-lates how NRIs can buy property in India.NRIs can only buy residential and com-mercial properties and not agriculturalland, plantation property and farmland.However, properties falling under thesecategories can be inherited. If any NRI hasalready held properties falling under

these categories before becoming an NRI, he can continueholding them. Of course, such properties can only be sold toresident Indian citizen. NRIs can buy multiple residential andcommercial properties in India. Also, no prior permission is re-quired for such transactions. NRIs can hold the property in jointnames with another NRI but not an Indian resident or a foreignnational. It goes without saying that the realty scene of Punjabto see better days if the mood at the PBD is any indication.n


Mr. dujender bhardwajdireCtor, abCZ buiLders Pvt. Ltd.

Mr. Pawan jasuja direCtor- FinLaCe ConsuLtinG

Mr. satyendra toMarjoint Md- ProPLarity GrouP

68

'Lakeside Heights' at Lakegrove City

TDI Infracorp Performs Bhoomi Poojan

TDI Infracorp, one of the leading real estate develop-ers of North India, shaping memorable stories for last25 years, performs the Bhoomi Poojan of its architec-tural marvels Lakeside Heights, at Lakegrove.“Lakegrove” is an integrated township built around

artificial lake in Kundli-Sonepat. The world-class township en-dows lavish lifestyle compete with Skyscrapers, High rise,Water Side Floors; Independent Villas & Plots which offers anunparalleled level of magnificence and serene view of the lake.In Lakeside Heights the company will develop 416 beautifullyplanned apartments with 2 and 3 BHK Apartments, Homesthat epitomize affordable Luxury, Lakeside Heights will be thedream homes for all middle income groups’ buyers.

Speaking during the occasion, Mr. Nitesh Kumar, COO, TDIInfrastructure Ltd said, “We are delighted to have an over-whelming response for Lakegrove. As a responsible real estatedeveloper we always believe to enhance your life style with

world class amenities. We are proud to perform Bhoomi Pujanof Lakeside heights apartments. Lakeside heights will be anexample of modern life style and the choicest destination forsmart home seekers.”

“The project has been master planned by the leading ar-chitectural firm of London, HOK which has earlier designed theDelhi Airport (T3 terminal) and Lavasa Township. HOK hasbeen associated with some stunning architectures of theworld like Barclays World Headquarters, UK; Zagreb Mall, Croa-tia and many other architectural and engineering marvels, toname a few” Mr. Kumar added.

Strategically located, in north of Delhi on main NH 1 inKundli-Sonepat, TDI Lakegrove is just 15 minutes away fromthe posh and upmarket residential hubs of North and North-west Delhi like Pitampura, Rohini and Punjabi Bagh throughthe signal-free Mukarba Chowk. With improving infrastructureand upcoming fast connectivity, Kundli-Sonepat is emerging

BHOOMI POOJAN


as the new hotspot for end-users and buyers. The upcoming135 km long Kundli-Manesar-Palwal (KMP) Expressway couldmake the real estate projects on Kundli-Sonepat zone more vi-able for investors. The much awaited Kundli-Manesar-Palwal(KMP) Expressway (also known as the Western Peripheral Ex-pressway) which inter-connects for national highways NH-1, 2,8 and 10 in Haryana will be fully operational soon while workon Kundli-Ghaziabad-Palwal (KGP) stretch is also underprogress.

The infrastructural developments will be buoyed by settingup of a 5000 acre Rajiv Gandhi Education City of which IIT Delhiwill be a part of the first phase development of 2000 acres,apart from this Ashoka University, Asian Educational Society,Foundation for organizational research and education (FORE),

ManavRachna University, N.C. College of engineering and re-search, Hindu School of Architecture, RIMT Technical Campus,Shri Balwant Institute of Technology and Research, Bhara-tiVidyapeeth University, Pune, SRM University Haryana and Na-tional Law university are also starting their operation. Otherprojects like Hospitals, Education Centres, Resorts and Recreational amenities are also brimming with growth in theregion.

There is a full pace infrastructure development in the formof a 100 metre wide road from Narela to IGI Airport too. Otherdevelopments in the vicinity include SEZ, the Rai IndustrialArea, a Proposed Cyber City, extended Metro, and Rapid RailTransit System (RRTS), linking Kundli from Delhi in just 20 minutes.n

REAL-ESTATE


GREATER NOIDA WEST AND NH-24

with passing time, rental value and demand have increased at these locations across all categories.

If you talk about Real Estate projects in NCR, Noida and Ghaziabad are two of the locations that enjoy the proxim-ity to the capital city not only in the category of residentialbut also in commercial and retail space. There are numer-ous projects coming up in this sector which establishes

this fact. After the residential growth, Ghaziabad has becomethe new commercial hub followed by the demand in officespace that emerged in the form of EDM mall, Pacific mall, AnsalPlaza, Shipra mall, Opulent mall, Aditya mall, Jaipuria Mall andmany more. Similarly Noida has emerged as the biggest loca-tion of retail and commercial destination in the form of Sec 18Atta Market, Centrestage Mall, Great India Place, Shopprix Mall,Sab Mall and some upcoming ones like; Mall of India, Galleria etc.

With passing time, rental value and demand both has in-creased at these locations across all categories. No need to saythat in coming years it would be difficult to find commercialand office spaces at these locations. This will cause corporate,professionals and business giants to find out new locations tooperate well and continue in touch with industry.

Mr. Pawan Jasuja, Director of Finlace Consulting, who dealsin real estate segment, says, “In future, demand of office spaceand retail is likely to rise since people will shift here and mostprofessionals will avoid traffic to save time and money both.Strategic location of Greater Noida West, just adjacent of NH24 will give it more pace. As per the development, Gr. NoidaWest will be one of the most populated location in the regionand this will require their local shopping centers, entertain-

The EmergingCommercial andRetail Destinations


ment zones, mall, office space, hotels etc. NH 24 is also anemerging location after Waves city and other projects. The pro-posals of expressway and highway at NH 24 are supporting de-velopers to come up with innovative ideas around this area.No doubt available land bank and low rental will pull morebuyers towards locations.”

In this scenario, Greater Noida West and NH 24 (in Ghazi-abad) have emerged as the most suitable destination becauseof its cost effectiveness in comparison to Noida and Ghaziabad.Moreover, it offers a juxtaposition of open land, retail space,corporate suits, and lockable space in both furnished and un-furnished options.

Projects at Gr. noida westGr. Noida West is well connected with Delhi, Noida and Gr.Noida and as decided by NCRPB in Master Plan, Bodaki will oneof the biggest railways junction and will be strategically con-nected with Industrial corridor. ‘Upcoming Industrial Township’is expected to create job opportunity for millions. Days are notfar when metro or mono rail will be realty for the region andcommuters will have another mode of transportation apartfrom road. To support such huge population of Gr. Noida West,govt. will definitely bring hospitals, educational institutions,community centers, clubs, banks and ATM, strong sewage sys-tem, water supply system, power supply and internal trans-

Mr. Pawan jasujadirector- Finlace

Mr. satyendra toMar- Director- Proplarity Group

Mr suresh GoGiaCMd- ascent buildtech


portation etc. If we see current status, there are mul-tiple commercial projects are coming up like; PremiaCorporate City, Intellicity, NX One, Trustone, Imperia,Regal Imporio and others. Most of them are based onmix land use and offering retail, commercial, hotel,office spaces, corporate suites etc. Sarvottam Group is coming up with their commercialproject, NX One at Greater Noida West. Mr. Vikas Jain,Director of Sarvottam Group talks about exclusivityof projects and says, “This locality is going be themost desirable commercial hub in coming years be-cause of most affordable rental and desirable spaceavailability. We have launched NX One to cater the re-quirements of the professionals, families and corpo-rate. Apart from commercial and retail, we are offering spacefor IT & ITES services, furnished and non furnished lockablespace, 3 star hotel and studio apartment. Being near to the pro-posed metro plan, easy conveyance is going to be one of thefavorable and convincing traits of this project. The heteroge-neous land usage has enhanced the significance and deliver-ance of the project.”Measuring the future prospects, the developers are coming upwith integrated city concepts to offer better opportunity forbuyers in future. Huge land bank is attracting developers to ex-periment something new and pull buyers from India andabroad. Intellicity is similar type of concept from Airwill offeringmix of residential, retail, office and hotel in the same premisesof 25 acre. Promising most intelligent city of Gr. Noida West,the group is proposing advanced features in offices and apart-ments and dedicatedly named very innovative like; Cerebrum-IT Park, Spine- Office Spaces, Smart Ville- Luxury Villas, Chord-Club, The Front Lobe- Retail space and ThinkPad- Studio Apart-ments. Similarly Onyx from Imperia is also offering home to of-fice concept.

Projects at nh-24 Similarly NH 24 has very bright prospects in coming years anddevelopers have shown their interest at this location. Aditya

Highstreet, Waves City, Ascent Arcade have launched project offering new age shopping and office space with world class infrastructure. Connectivity of Waves City, Aditya World City, Shauraya Puram at NH 24 is undoubtedly superb with Ghazi-abad, Noida and Gr. Noida. Now upcoming Link Road andwidening of NH 24 is about to rewrite growth history of the re-gion that already has dozens of residential projects.

Aditya Builders and Developers are coming up with unique concept of “High Street” market to provide ultra modernintegrated state of the art amenities near NH 24. Having closeproximity with High Tech Township and other proposed town-ships, this will redefine the philosophy of high streets like; KhanMarket, Atta Market, Janpath and Central Market of LajpatNagar. Developing on international standard that ideally suitsto house big corporate and multinationals, the seven storeybuilding will be a comprehensive unit having shops & offices,conference hall, gymnasium & cafeteria etc.

aditya builders and developers are coming upwith unique concept of “high street” market toprovide ultra modern integrated state of theart amenities near nh 24. having close proxim-ity with high tech township and other proposedtownships, this will redefine the philosophy ofhigh streets like; Khan Market, atta Market,janpath and Central Market of Lajpat nagar.

REAL-ESTATE


Waves group is also offering Central Business District and Shop-cum-Office plots in Waves City. This will be offering highstreet mall and luxury office spaces along with ample space of accommodation, park keeping all leisure at work. At the sametime, Ansal API is also coming up with Ansal Plaza at NH 24near proposed metro station and in vicinity of newly built res-idential complex and offering mix of shops, offices, retail space,exclusive showrooms etc. Spread over 5.5 lakh sq. ft , area hasgot state of the art design and is part of one of the biggest in-tegrated township Sushant Aquapolis and claims to emerge aslargest retail destination of Delhi NCR.

Ascent Buildtech Pvt. Ltd. has recently launched their firstever commercial project, Ascent Arcade, at ‘Shaurya Puram’ ad-jacent to NH 24 which is going to cater to a big population ofnearby localities. Mr. Suresh Gogia, CMD of Ascent Buildtech,says, “Before this we have been in residential projects and thisis our very prestigious and first commercial project in Ghazi-abad. NH 24 is soon going to be the next hub for residential

purpose and at the same time it will require well establishedcommercial locations to meet the needs of the residents. Dur-ing this tenure, we have faced many hindrances and challengesbut fortunately managed to combat them with our hard workand determination. Ascent Arcade is actually results of thosesweet and sour experience and we are very hopeful with futuredemand of this area. In construction field, we have no compe-tition but this is an opportunity for us to create something dif-ferent.”highly beneficial investment Mr. Satyendra Tomar, the Joint MD of Proplarity Group, says,“for any development, location and infrastructure matter a lot.Gr. Noida West and NH 24 both are one of the best location forrealty growth and available huge land bank will create oppor-tunity for better infrastructure. In entire NCR, these two loca-tions have got immense possibilities since projects are comingup under mixed land use that has unique offering for all typeof buyers! Existing and upcoming industrial development

around NH 24 and Gr. Noida West will surely makeit a highly beneficial investment zone too, just weneed a sustainable and planned growth.”

“As a buyer I can see whole lot of options in Gr. Noida West since developers are coming upwith projects having unique propositions. Chang-ing the concept of traditional commercial space,many projects are offering office spaces, retailfloors, corporate suites, hotels, separate food andentertainment zones, IT & ITES space and studioapartments in the same premises based on MixedLand use. Surely it could be a game changer forcoming projects. For NH 24, it is little early to saysince the best is yet to come.” Says Reetesh Singh,a prospect buyer who is looking for suitable office space. n

aditya builders and developers are coming upwith unique concept of “high street” market toprovide ultra modern integrated state of theart amenities near nh 24. having close proxim-ity with high tech township and other proposedtownships, this will redefine the philosophy ofhigh streets like; Khan Market, atta Market,janpath and Central Market of Lajpat nagar.

TREND


Real Estate Trends in Tier I and II Cities

Today the real estate sector is focusing on providingall amenities and comforts in both tier I and tier IIcities. It has come to acquire many aspects of de-velopment across its subsectors. Commercial realtysector have turned into smart and eco-friendlystructures. The retail sector is rapidly growing with

dense show stores at high-end market locations.

They differentiate their stores by investing in innovative for-mats ranging from Food, discounts to convenience stores. Theresidential property resources are also changing along the pat-tern of fast urbanization and commercialization in the urbanareas of the country. Buyers are looking for individuality anduniqueness in their design with high aesthetics sense.

The tier I cities include Mumbai, Delhi and NCR,Kolkata, Chennai, Hyderabad and Bangalore

while cities like Lucknow, Chandi-

A s the tier i cities in india reach their limits in development, buyers and investorsare showing a great interest in entering the tier ii cities.

due to barriers like irregular growth of city fa-cilities, quickly increasing functional costs, areascarcity and excessive property prices, the focusmoved towards the so called “emerging hubs”or the tier-ii places of the country. as the tier icities in india reach their limits in development,buyers and investors are showing a great inter-est in entering the tier ii cities.


garh, Bhopal, Jaipur, Kochi, Indore, Coimbatore, Mysore,Raipur, etc. constitute of the tier II cities in India. The tier Icities are the big cities or the metro regions where devel-opment took place a long time ago where as tier II citiesare in fact the extension of these metro cities.

India has witnessed a tremendous growth in its econ-omy through the real estate. Over the last few decades, de-velopment have been taken place majorly in the tier Icities. These cities witnessed rapid growth and a spurt inurbanization that fuelled the inflow of massive popula-tions from the countryside and smaller towns. Multi storiedbuildings, sky scrappers; mega townships, luxury malls, ho-tels, premium residential properties and industrial growthhave already taken place in these cities.

Due to barriers like irregular growth of city facilities,quickly increasing functional costs, area scarcity and excessiveproperty prices, the focus moved towards the so called “emerg-ing hubs” or the tier-II places of the country. As the tier I citiesin India reach their limits in development, buyers and investorsare showing a great interest in entering the tier II cities. Withthe current stagnant state of residential real estate in tier Icities, investors are looking towards these cities to invest dueto the benefits which they offer; planned development,chances to grow, new opportunities, better hygiene, relativelyless congestion and pollution.

Tier II cities market are also booming due to the hugegrowth of industrial sector and overall high rate of develop-ment, both in commercial and residential terms. Residentialsectors in these cities attracts the buyers and are selling fast,due to its cleaner environment and slower pace of life, also withnew job opportunities which are as good as those found in themetro due to the relocating of many BPO centers, IT and Man-ufacturing companies.

Being the extension cities of the booming metro cities thedevelopers have been investing in these cities for quite some-times. Residents as well as non-residents are showing interestin making investments in tier- II cities. Apartment culture isgrowing in these cities, for which many peo-ple are buying housing units in townshipsand gated communities as their secondhome. Educational, retail store, entertain-ment options, health care and recreationalzones interests the customers within theresidential areas that provides all the ad-vantages which can be aspired by the cus-tomers. Due to their wide field, thetown-ships are being developed on largepackages of land. Real estate developersare catering interconnected well plannedand organized living experience to thehome buyers.

Real estate firms are shifting to thesecities for cheaper real estate and

manpower. Clearly, there

are many factors which led to the growth of real estate in thesecities - walk-to-work concept, quality lifestyle, media exposure,the emergence of software companies and an increased affinity to retail. Cities like Noida, Gurgaon, Chandigarh, Patna,Mohali, Nagpur, Lucknow, Agra, and Udaipur have significantlyimproved in the real estate option. These cities offer an opportunity to developers for the concept of low cost housingor affordable houses.

These cities also provide the builders several other advantages such as lesser salary expectations, lesser price fluctuations, a comparatively low labour cost and low operation cost. The return in investment is higher and muchmore stable as compared with the metros.

With the increase in employment opportunities, home buyers are increasingly becoming more interested in the properties. Many people have been investing in these cities fortheir second homes for aged parents for whom the fast pacedlife of metros is a deterrent. With the government support inupgrading the urban infrastructures and the improvement inconnectivity, these cities have become more accessible andhassle free. International airports are a part of cities like Chandigarh and Amritsar.

These cities also provide great opportunities forinvestors like NRI's who prefer a bungalowspread over large acres of land. Also theseplaces minimize the drawbacks that are associated with metros - of a reduced personallife, high living costs, costly transport, huge traffic and travel time, costly house rent and education.

sumit bharanaDirector of ADEL Landmarks Project Limited(Formerly known as Era Landmarks), the real estate arm of the Era Group is an ISO 9001: 2008certified company that was incorporated in2005. A premium and leading real estate company; it has a diverse product portfoliospread across Residential, IT Parks, Commercial,Malls & Multiplexes. n

Mr. suMit bharanadirector of era Landmarks

real estate firms are shifting to thesecities for cheaper real estate and man-power. Clearly, there are many factorswhich led to the growth of real estatein these cities - walk-to-work concept,quality lifestyle, media exposure, theemergence of software companies andan increased affinity to retail.


the 8th Mostexpensive Location

In the annual survey by global realestate consultant Cushman &Wakefield, New Delhi’s ConnaughtPlace fell four notches to settle as8th most expensive location in the

world. The report ranks locations acrossAmericas, Europe, Asia Pacific, MiddleEast & Africa to compare the most ex-pensive office destinations across theworld. London’s West End emerged asthe world’s most expensive office mar-ket retaining its position ahead of HongKong in second place.

Of the top ten markets only London(+5%) and New York (+17%) have seena rise in rental values, while most othertop ten markets recorded a slowdownin rental values over previous year.Moscow and New Delhi recorded nochanges in rental values. Despite astronger performance against most of

the top markets, the Connaught Placefell from fourth position to eighth dueto an appreciation in both the US dollarand euro against the Indian rupee in

2013; this caused a shift in New Delhi’sposition in terms of global occupancycosts when measured on a dollar oreuro basis. Connaught Place has wit-

OFFICE MARKET

2013 2014 Country City LoCation oCCuPanCy oCCuPanCy ranK ranK Cost Cost

(€/sQ.M/year) (us$/sQ.Ft/year)

1 1 uK London west end 2,122 271.612 2 hong Kong hong Kong Central 1,432 183.326 3 russia Moscow Cbd 1,092 139.807 4 China beijing Cbd 1,027 131.485 5 japan tokyo Cbd (5 Central 1,003 128.34

wards)8 6 usa new york Midtown 993 127.09

(Madison/5th av.)

3 7 brazil rio de Zona sul 991 126.87janeiro

4 8 india new delhi Connaught 959 122.73Place

10 9 France Paris Cbd 895 114.589 10 australia sydney Cbd 844 108.05

toP 10 Most eXPensive LoCations by Country

G iven that it is one of the oldest established office centers in india and is in proximityto other establishments like government organizations, trading centers and retaillocation, demand for quality office space continues.


nessed stable rentals at INR 403/sf/month. Limited activities in the lo-cation has led to the rentals remainstable and may continue to at similarlevels as the market may havereached its peaks rental backed bythe still prevalent and positive de-mand for office space in the area. Thelocation continues to remain high onpriority for sectors such as BFSI, con-sulting, trade, media etc. Given that itis one of the oldest established officecenters in India and is in proximity toother establishments like govern-ment organizations, trading centersand retail location, demand for qualityoffice space continues.

Mr. Sanjay Dutt, Executive ManagingDirector, South Asia, Cushman & Wake-field, said, "The weakening of the IndianRupee against the dollar / euro has officemarkets in India favorable for Interna-tional occupiers whilst domestic occu-pies have not seen any significantchange in rental values. ConnaughtPlace has remained favourable with of-fice occupiers due to its inherent posi-tives of location and legacy and withlimited Grade A supply expected in thenear future, the location will continue toto command high rentals. However,

going forward, the supremacy of Con-naught Place may be challenged withnewer corporate offices locations in Gur-gaon that may provide better alterna-tives to New Delhi CBD. The trend maybe similar to that in Mumbai where theplanned location of BKC and the rede-velopment of Lower Parel as new officedestinations have been able to replaceNariman Point in terms of demand foroffice space.

Kolkata CBD recorded the highestrental growth in India at 4.35% in 2013driven by the positive demand from sec-tors such as BFSI, services / consulting

etc. With many older office spaces goingfor renovations to enhance the quality ofoffice space offered, the location hasbeen able to command better rentalsowing to this positive trend.

Mumbai’s Bandra Kurla Complex(BKC) with rentals of INR 285 / sf/ mnthemerged as the second most expensiveoffice location in India and 8th most ex-pensive across APAC. The location hasremained stable in terms of rental valuesover the last year due to a large upcom-ing supply which is estimated to be ap-proximately 3.3 msf in the next twoyears. This is also expected to ensurethat values remain at their current levelsfor a few more quarters. Demand for of-fice space in this location has beendriven by front office operations of BFSI,consulting, government and semi gov-ernment organizations etc. With an in-creased trend of consolidation,relocation and collocation being ob-served in the office sector, demand is ex-pect to remain positive albeit at similarrental values. n

ranK City Micro Market % increase in rentals/sf/ rentals (y-o-y) yr (us$)

1 jakarta Cbd 20.35% $60.062 bangkok Cbd 20.04% $32.983 singapore Cbd 19.29% $102.844 Manila Makati 11.78% $25.275 taipei Cbd (Xinyi 9.60% $64.87

Planned area)6 shenzhen Futian 8.58% $60.597 seoul Cbd 5.59% $40.268 shanghai Lujiazui (Pudong) 4.88% $106.749 auckland Cbd 4.65% $41.2910 Kolkata Cbd 4.35% $38.52

asia PaCiFiC: LoCations with LarGest rentaL Growth)

source: Cushman & wakefield research

Country City submarket rent annual rental growth 2013

india new delhi Connaught Place 414 0%india Mumbai bandra Kurla Complex 285 0%india Mumbai Cbd 275 0%india Kolkata Cbd 133 4%india bengaluru Cbd 85 -3%india Pune Cbd 80 -4%india Chennai Cbd 76 0%india hyderabad Cbd 41 2%

Most eXPensive oFFiCe sPaCe LoCations in india 2013

source: Cushman & wakefield research

NEW HORIZON


Supertech Entered into Bengaluru with ‘MICASA’

S upertech launched its first project, Micasa, in southern india. Projectwas inspired by ‘spanish architectural style.’


Supertech Limited, North India’s leading real estatedeveloper is now entering to the Southern part ofIndia with its first project, Micasa in Bengaluru. Su-pertech announced its first residential project in thecity which will have ‘Spanish Styled apartments’ at

Thanisandra Road in North Bengaluru.Spread over an area of 1.75 acres, Micasa will provide aes-

thetically designed apartments in 2 & 3 BHK options. The areaof these units will range between 1100 sq. ft. to 1735 sq. ft.These lavishly furnished apartments are planned according tothe Spanish grandeur which is spread all across the township.This spectacular project will offer around 200 residential unitswithin the price range of Rs. 3790 per sq. ft.

Speaking on the occasion of launch of Micasa, Mr. MohitArora, Director, Supertech Limited said, “We are thrilled to haveour first venture in Bengaluru with Supertech Micasa with itsinnovative features and unbeatable location. The IT hub astone’s throw away, virtually assures capital appreciation. Withvibrant Spanish architectural designs, Micasa will be an epit-ome of opulence, luxury and elegance, with the world classluxurious modern conveniences.”

Micasa is a Spanish word that means ‘My Home’ in Englishand is the first project of Supertech Ltd in Bengaluru city. Ben-galuru being a topper of the list of major Indian cities and isone of the most popular real estate destinations in SouthernIndia, is one major reason that the group chose the city forlaunching this project. Spread across 76,230 sq ft of land par-cel, Supertech Micasa is inspired from ‘Spanish architecturalstyle’ and is offering opulent 2/3 BHK apartments. Located onThanisandra Road, North Bengaluru the venture has total of200 units in 4 towers. The entire project once completed willoffer some of the best in class amenities and facilities to its res-idents. In short the residents at Supertech Micasa can enjoyblissful living that will come equipped with international stylefeatures with a hint of Spanish flavor.

Located at a posh locality of the ‘Silicon Valley’, these ex-ceptional homes are discerningly carved out to offer a nichelifestyle to its residents with international standard and aSpanish tint. The Thanisandra Road region where Supertech

Micasa will be located remains to be a serene situated area,with all prime locations connected to it and all major facilitieslocated in its neighboring locale. The region has got enormouspotential and the city has also seen a great raise in immigra-tion of professional from other cities, thus creating a huge gapin demand and supply for luxury houses.

Strategically located near Yelahanka the project is in closeproximity with Kempegowda Worldwide International airport.Moreover, six lane roads give an advantage to the residentsfor congestion free movement and better connectivity fromthe main business region to Manchester International.

Artistically designed, the project will be well equippedwith all the necessary and high tech facilities which a modernhome demands. The amenities will include a swimming pool,clubhouses, gymnasiums, pool tables, table tennis arenas, etc.Apart from this, the campus of the project will have cleangreen- manicured lawns, kids’ play area, reserved parkingspaces, Wi-Fi connectivity in campus, CCTV Surveillance cam-eras, fire safety measures etc.

Supertech Limited has successfully completed 25 years inthe real estate business and today it has revolutionized thereal estate arena. The company has to its credit a customerbase of 50,000 clients. Supertech is scaling new heights con-stantly on the strength of engineering techniques, innovativedesigning, architectural finesse, quality and timely completionof the projects undertaken.

Supertech has led to creation of various landmark projectsin the fields of residential, commercial, townships, retail andhospitality. The company has already converted more than 33million sq. ft. of residential and commercial entities. With proj-ects worth Rs. 18,000 Crores in hand, the company has over90 million square feet under construction. It has presence inNoida, Greater Noida, Gurgaon, Ghaziabad, Meerut, Morad-abad, Haridwar, Rudrapur and Bengaluru.

The landmark projects of the company are Supernova,ORB, North Eye, Emerald Court, 34 Pavilion, Cape Town andEco Citi in Noida, Eco Village I, II & III at Greater Noida West(Noida Extension) Upcountry and Golf Country at Yamuna Expressway.n


Noida has always been considered as one of themost prominent market for real estate invest-ment. The kind of location advantage thatNoida gets is unbeatable. It has got threeentry/exit options from Delhi; DND, MayurViharside and finally NH 24. This acts as a boost and

an attraction for the investors coming from Delhi and nearbyareas. After the development of initial sectors of Noida, sectorsstarting from NH 24 are the current hit.

Starting sectors from 62 – 70 had witnessed a massive de-mand few years which now has shifted to mid sectors of 70.Sectors 74, 75, 76 and 77 have seen a tremendous grow in the

Sector 74-77 noidaThe Next Realty Destination

80

NEW HORIZON

observer dawnlMay 2014

demand for the past few months, and looks togrow even more. With brands like JM Housing,Prateek Group, Ajnara India Ltd. Supertech, Am-rapali, Maxblis, etc. the demand is sure to roar.

Mr.Vikas Chawla, Director, Maxblis says“There is a great amount of work taking place inthese sectors. The location and connectivity isexcellent. The best feature about this place isthat most of the development started simulta-neously and will also see the completion nearabout the same time in the coming future.There are a lot of residential and commercialspaces available for the customers to choosefrom as well.”

JM Housing one of the first developers togive possession on time in the region deliveredits residentialproject ‘JM Orchid’ offering 2 and3 BHK apartments. Mr.Rupesh Gupta, Director, JM Housingsays, “This region already looks very different from other sec-tors of Noida. The kind of development that is being done herewill make these adjoining sectors, the key sectors of Noida.There is a lot of commercial and residential development tak-ing place which will provide this place with an overall fivestars”.

Prateek Group, one of the realty majors of NCR is also com-ing up with a residential project in sector 77, Noida offering2,3 and 4 BHK apartments along with wonderful modernamenities. Mr. Prashant Tiwari, CMD, Prateek Group says “Thehighlights of these sectors are location, connectivity, price ap-

preciation and general development. The developers herehave also come out with one of their best ideas as the area de-mands so. Already in the last three four years the price of thisregion has doubled. It is very clear that this region has wit-nessed one of the best appreciations as well.”

Mr. Ashok Gupta, CMD, Ajnara India Ltd. says “Looking intothese sectors is like looking at the next real estate hub ofNoida. These sectors have shown signs of tremendous growthand opportunity for both, investors and end users. The majorgrowth drivers for these sectors are the location advantagesand connectivity. Also, prices at these sectors are still lesser ascompared to other sectors of Noida”.n

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COVER STORY

82

REAL ESTATE

Paradise Infrasolutions Pvt. Ltd. has created its namein the real estate industry since 1996, making 2014 asthe 18th year of their operations based out of Gur-gaon. The Group is led by the pioneering efforts of Mr.J. S. Rana, Chief Managing Director of the Groupwhose visionary leadership and unwavering dedica-

tion have helped the group in successfully carving out a niche foritself. Paradise Infrasolutions Pvt. Ltd. Visions to become the leadingReal Estate developer, known for enriching lifestyles of residents orsociety as a whole.

Their Mission talks about creating sheer customer delight bydeliver unrivaled services at the most competitive prices withinstipulated time, while maintaining the best standards of innova-tion, transparency and professionalism.

Paradise Infrasolutions Pvt. Ltd. is a name synonymous withquality, customer delight, reliability and excellence and believesin delivering innovative projects, combined with contemporaryarchitecture, strong execution and path-breaking construction.This has helped them transform into a brand to reckon with and earn a spotless reputation in the arena of Property Dealsrelying on their Honesty, Transparency and Professional Philoso-phy.

Today they command a long list of satisfied and happy cus-tomers. The Group has been successfully involved and workedwith reputed builders all across Bhiwadi. After gaining adequateexperience in the industry they have embarked upon its maidenproject The Cadence, a unique project first of its kind in Bhiwadi.The company with its innovative philosophy aims at serving the

end users, keeping in mind the Affordability , Accessibility and Au-thenticity being key factors when considering real estate options.

Their marketing strategy is based on principles of Honesty,Transparency and Professionalism. Their business model is simpleand easy to understand- To deliver Asiana along with all the pos-sible amenities required as well as desired by the users in timekeeping in mind the various concerns like Security, Safety, Peaceand Harmony.

The Cadence, one of the major projects of Paradise group, talksabout celebrating the rhythm of life.

“Nature’s every creation is a masterpiece. When such creationis further reinvented through man-made innovations, excellenceis born.”

Shelter creation for the common folk of the great country isour inspiration. Innovative technology, ethical principles, transpar-ent term and condition, all are put together to conceive ourmaiden project - The Cadence. Spread across 15 acres of land pro-viding 72% greenery and the perfect serene environment every-one is looking for in their fast paced lives.

‘Cadence’ has its dictionary meaning as rhythm, the essence ofany creation with intensive value of ‘Harmony’ in all respect. It’sthe brainchild of our visionary director. Welcome to the nature-led-innovation, a picture perfect setting that will help you andyour loved ones discover a joyous living.

The Cadence enjoys a flourishing location of Bhiwadi. SinceGurgaon is rapidly reaching the saturation point in terms of realestate development, price rise and nature-rich living, Bhiwadi be-comes the realty hotspot. n

Bring in “ The cadence”


Observerdawn e magazine 2014 layout 1

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