Blog Archives

Global brands entering the uber-luxury homes in NCR

Delhi/NCR

The National Capital Region (NCR) has seen a slew of luxury apartment launches.

A number of such high-end projects with world-class specifications were launched in the last one-year; these come with the promise of high-quality after-sale services and, in some cases, with an assured provision of 5-star living experience.

Developers are tying up with 5-star hotels and renowned brands, which are eponymous with luxury in the world, to provide 5-star room services to their customers after the delivery of the apartments.

The major players who have already launched such projects are Supertech (with JW Marriott and Le Meridien), Ireo (with Grand Hyatt), and 3C with Four Seasons. In all these projects, room services will be provided by the hotel group in the tie-up to the occupants of the apartments.

Supertech has also launched super high-end projects with global luxury brands like Armani, Swarovski, and Disney. Similarly, as shown in the chart, a number of developers have launched super-premium projects in other cities like Mumbai and Bangalore.

The super-premium apartments in the NCR come with a price tag that is upwards of Rs 15,000 per sq ft.

Some of the developers have indicated that the price of their projects will be upwards of Rs 25,000 per sq ft. At the same time, as the size of luxury apartments varies between 4,000 sq ft and 8,000 sq ft, their net cost, too, varies in the range of Rs 6 crore to Rs 20 crore.

So far, these luxury apartments used to be constructed in Gurgaon—that too, most of them on the Golf Course Road—in the NCR region.

Most of these super-luxury condominiums like Aralias and Magnolia, which are currently quoting at Rs 20,000 per sq ft to Rs 30,000 per sq ft, are by DLF. But the company, which is the largest real estate firm in the country, is not following the latest trend of launching superluxury projects in collaboration with global luxury brands.

And now, a number of such projects have been launched in other parts of the NCR, with even cities like Mumbai and Bangalore seeing a spurt in such launches.

Jones Lang LaSalle, a global consultancy firm, in a report cautioned that ‘luxury’ is by far the most abused word by residential project developers in India. Any project offering basic amenities is classified as ‘luxury’ in marketing materials, advertisements, and sale pitches.

The interpretation of luxury in the Indian context, the report said, also includes an element of exclusiveness. In other words, the buyer of a luxury apartment—apart from superior amenities and facilities—also expects to live in a project which offers a certain socioeconomic standard as a neighbourhood.

JLL says that one of the most crucial parameters while selecting a luxurious flat is the location of the project. Though a central location is certainly an important qualifier for the luxury tag in India, a project that stands at a city junction beset with traffic congestion does not provide a luxurious experience. Buyers need to look at many other locational parameters, like whether the project benefits from approach roads that allow for convenient vehicular entry and exit.

Also, noise and air pollution makes a project that much less desirable for those who are ready to spend Rs 5 crore on a house. If the project lies in a chronic traffic gridlock zone, it cannot be termed as a premium project, irrespective of its price. Besides, the residents of such projects must have ready access to markets, schools, colleges, hospitals, and their offices. The report also pointed out that the most spectacular edifice of luxurious living falls flat on its face as an investment bet if it is located in a crime-ridden area.

The view available to the project’s occupants is also very crucial. A project may be genuinely luxurious in its internal specifications and amenities. However, if it overlooks a slum or congestion-prone highway, a graveyard or a hospital, the rental and resale potential take a beating.

Floor-to-ceiling height is also one of the most important parameter in evaluating a project’s true ‘luxury’ value. If the floor-to-ceiling height is less than 12 feet, the luxury feel is severely compromised. Moreover, apartments with low ceilings do not lend themselves optimally for tasteful interior decoration, JLL report said.

Project density is the number of people living in a project. There is no ideal thumb rule for this parameter—however, it is generally understood that a one acre project should not house more than 60 families, the report said. Anything more means that the project does not qualify as ‘luxury’.

This is because the available amenities are shared by too many people, destroying the project’s ambience, exclusiveness, convenience, and charm.

However, there is no specific yardstick to measure parking sufficiency. The commonly followed norm is that the number of bedrooms in a project should equal the number of available car parks, JLL says. A 3BHK apartment should therefore have three parking spaces within the project.

The mere provision of branded elevators does not suffice in a luxury project. The project must also have service elevators with separate entries, to ensure that domestic help and external suppliers do not populate the elevators and lobby being used by residents. Investors must also ensure that the elevators are spacious enough to accommodate a stretcher.

Security is another major issue in luxury apartments. Inhabitants of a luxury project would not expect to install ugly security grills over their front doors and windows. They expect to have the assurance that their families and property are safe in all respects. A genuine luxury project has uncompromising human security as well as electronic surveillance and safety measures firmly in place.

As is evident, it takes more than a mere word like ‘luxury’ to place a project head and shoulders above the rest—and thereby making it a worthwhile investment option, the report said.

While one cannot stop developers from misusing the luxury tag, it is certainly possible to understand what true luxury—even in the Indian context—really is.

Source:magicbricks.com

 For more Information Sanjay Rastogi,     Real Estate Developers in Delhi NCR      Builders in Delhi NCR       Email Us Or SMS :SAVIOUR at 53030

Advertisements

Realty connects with retail

ndonesia, China and India are set to experience the highest rates of B2C e-commerce sales growth by 2017. A new report from Jones Lang LaSalle, ‘E-commerce boom triggers transformation in retail logistics – Driving a global wave of demand for new logistics facilities’ highlights the crucial role that the logistics property sector will play in the Asia Pacific region and how it must adapt to changing consumer demand. Global online sales currently account for four per cent of total retail sales and are growing at a rapid pace. In fact, global online sales grew at 14.8 per cent per annum, from 2007 to 2012, compared to total retail sales, which increased by just 0.9 per cent during the same period.

Realty connects with retail

Although developing economies currently lag behind developed economies in their e-commerce infrastructure, they may see stronger e-commerce sales growth in the future. As a result, the global e-commerce landscape will change rapidly over the next five years and beyond. By 2017, the highest rates of B2C e-commerce sales growth are predicted to occur in Indonesia, China, India and Mexico. Growth rates in mature markets will be measured.

Retailers are in a quandary about their international e-commerce expansion plans. Do they invest resources into developing countries with poor logistics infrastructure knowing that they may not see ROI for five years, or concentrate on mature markets, where there is already strong competition for both, e-commerce users and premium industrial space, but an established logistics infrastructure?

E-commerce in developed countries

For developed countries, omni-channel retail strategy is driving major changes in e-commerce logistics models. In an omni-channel strategy, which seamlessly integrates sales channels such as the store, web and/or mobile, consumers can choose the most convenient way to order, receive and return their purchases. Models differ across the globe.

• In the UK, and other developed markets, ‘click and collect’ is the fastest growing component of many retailers’ online sales, driven by consumer preferences for the convenience of collection over home delivery.

• Germany is Europe’s secondlargest e-commerce market by turnover after the UK. E-commerce growth has led to significant new demand for large e-fulfillment facilities, driven by pure-play retailers.

• As the Australian e-commerce sector matures and automation increases, ‘specialised’ or ‘purpose-built’ real estate will become common. Parcel lockers are becoming more widespread, as well as companies offering easy deliveries and returns using existing infrastructure for drop-off points.

• In the US, it is estimated that 30 per cent of industrial big box warehouse demand is correlated to e-commerce. Retailers continue to open large e-fulfillment centres in close proximity to major markets; they are also opening mid-sized warehouses operated by third-party logistics providers in secondary markets to meet same day delivery needs across the country.

E-commerce in emerging economies

In emerging markets, e-commerce supply chains are evolving in highly divergent ways, influenced by regulatory, economic and cultural factors.

• In China, the first wave of e-commerce warehouse space was concentrated in tier-one cities such as Beijing, Shanghai and Guangzhou but since 2011, major e-commerce firms are setting up distribution centres in emerging inland retail markets too.

• With more than 100 million internet users in Brazil, the boom in ecommerce has created new demand for warehouses, particularly in São Paulo, Brazil’s main logistics hub. Logistics clusters are emerging on the major roads that lead to the city in locations such as Barueri, Cajamar and Guarulhos.

• In India, online retail accounts for less than one per cent of total retail spending. E-commerce-related warehousing is designed to serve tier-one cities. The country’s multiple tax structure has encouraged decentralised warehouse networks, with small state-based facilities. However, the soon-to-be implemented Goods and Services Tax (GST) will encourage consolidation of distribution networks and will fuel demand for larger distribution centres.

Eventually, emerging markets may surpass mature markets in pure volume owing to the size of their population. E-commerce gives retailers the potential to reach new customers that physical locations cannot, particularly in remote, rural locations. As more and more consumers embrace e-commerce as a safe and convenient way to purchase goods, retailers in developing countries will invest in logistics models exposing new products to new populations.

Source:magicbricks.com

For more Information Sanjay Rastogi,     Real Estate Developers in Delhi NCR      Builders in Delhi NCR       Email Us Or SMS :SAVIOUR at 53030

What makes an ordinary home luxury!

What makes an ordinary home luxury!

Understanding the definition, context and meaning of luxury in the Indian residential real estate sector along with the the investment dynamics of luxury homes.

In Indian real estate, ‘luxury’ is by far the most-abused word by residential project developers. Any project offering basic amenities is classified as ‘luxury’ in marketing materials, advertisements and pitches.

In the first place, luxury living in any context must necessarily involve generous living spaces. Going by that alone, a 1BHK cannot qualify as ‘luxury’ by any stretch of imagination. Secondly, the interpretation of luxury in the Indian context also includes an element of exclusiveness. In other words, the buyer of a luxury apartment – apart from superior amenities and facilities – also expects to live in a project which offers a certain socio-economic standard as a neighbourhood. Therefore, when a project offers one-bedroom apartments, it automatically disqualifies itself from the ‘luxury’ classification.

Buying a luxury apartment for self-use involves the need for multiple checks and validations. When it comes to buying such an apartment for investment, the need for 360-degree due diligence is even higher. After all, the final objective is returns on investment. If one is considering investing in a luxury apartment, one must understand what the hallmarks of genuine luxury in residential real estate are:

Location

This is one of the most crucial parameters. Though central location is certainly an important qualifier for the luxury tag in India, a project that stands at a central city junction beset with traffic congestion does not provide a luxurious experience.

Very few people buy luxury homes and then hide them from the rest of the world. Most owners want others to see and admire their property. Noise and air pollution apart, this purpose is not achieved if the project lies in a chronic traffic gridlock zone. Finally, the owners themselves must have ready access to markets, schools, colleges, hospitals and offices.

The view available to the occupants is also very pertinent. A project may be genuinely luxurious in its internal specifications and amenities. However, if it overlooks a slum or congestion-prone highway, a graveyard or a hospital, both rental and resale potential take a beating.

Floor-to-Ceiling Height

This is one of the most important parameter to evaluate a project’s true ‘luxury’ value. If the floor-to-ceiling height is less than 12 feet, the luxury feel is severely compromised.

Project Density

There is no ideal thumb-rule for this parameter – however, it is generally understood that a one-acre project should not house more than 60 families. Anything more means that the project does not qualify as ‘luxury’. This is because the available amenities are shared by too many people, destroying the project’s ambience, exclusiveness, convenience and charm.

Parking

Again, there is no specific yardstick by which to measure parking sufficiency. The commonly followed norm is that the number of bedrooms in a project should equal the number of available car parks. A 3-bedroom apartment should therefore have three parking spaces within the project.

Elevators

The mere provision of branded elevators does not suffice in a luxury project. They must also have service elevators with separate entries, to ensure that domestic help and external suppliers do not populate the elevators and lobby being used by the residents.

Security

Inhabitants of a luxury project do not expect to install ugly security grilles over their doors and windows. They expect to have the assurance that their families and property are safe in all respects. A genuine luxury project has uncompromising human security as well as electronic surveillance and safety measures firmly in place.

It takes more than a mere word like ‘luxury’ to place a project head and shoulders above the rest – and thereby make it a worthwhile investment option.

Source:magicbricks.com

For more Information Sanjay Rastogi,     Real Estate Developers in Delhi NCR      Builders in Delhi NCR       Email Us Or SMS :SAVIOUR at 53030

Neemrana – The next big real estate destination

Neemrana – The next big real estate destination 

Delhi NCR

It has been proposed that Neemrana, Shahjahanpur and Bahrod be included as three sub-metropolitan cities in the National Capital Region (NCR). Surprised?

Not all deserve enough to be included in the Delhi-NCR and hence, there would be strong rationale for that. Here, we will discuss what has led to this being proposed. Our analysis is for the perspective of the retail real estate investor, hoping to make decent returns over a tenure, with some odds in his favour.

In the current recessionary scenario where property prices are heading towards the downward spiral across cities, everyone is scouting for the best option to invest in the real estate space. In this scenario, there are two aspects that a real estate investor should keep in mind – ‘the price point of entry’ and ‘location & type of property’.

Gurgaon in the Delhi-NCR space has always been on a real estate investment destination map. However, lately with the rising real estate prices and recessionary environment it may no longer be an ideal investment option available or even qualify for being in the first three choices for real estate investments. Amid such a scenario, a real estate investor has to take an objective and long term view of the real estate investment.

From an investment perspective, it is better to identify satellite towns or cities that are coming up around Delhi-NCR with promising prospects. We have heard about the Gurgaon-Manesar-Bhiwadi-Neemrana-Jaipur belt being developed. These satellite cities/towns can be seen as the Dwarka-Gurgaon Expressway of yesteryears, providing an ideal price point of entry. Here, I would cover Neemrana, the least heard about as an investment destination.

Till a couple of years back, Neemrana was known as the tourist destination only with Neemrana Fort attracting foreign and domestic tourists. However, change in the state government policies with respect to setting up of businesses and attracting foreign companies to set up businesses, turned the tide for Neemrana. This was also because the place was marked by the government for setting up of business and supporting residential units, not to speak about necessary infrastructure support that will come up to support both of them.

Here, we are considering the DMIC (Delhi-Mumbai Industrial Corridor), wherein it has been decided to include Neemrana and Kushkheda, in the first phase, with development of industrial townships here on the lines of Noida, Faridabad and Gurgaon.

 Source:magicbricks.com/

For more Information Sanjay Rastogi,     Real Estate Developers in Delhi NCR      Builders in Delhi NCR       Email Us Or SMS :SAVIOUR at 53030

Real estate investment in India

Real estate investment in India

Nowadays coffee conversations with friends have changed. Being in the personal finance industry, friends always tend to ask – Suggest a good place to invest? Should I invest in Real Estate now? How does Real Estate look? Or, “Did you hear, she sold that flat recently? She had bought it for Rs 80 lakh and now sold it for Rs 2 crore! What an investment that was?

Being a financial planner has its upsides and downsides. The upside is that one can see and understand that real estate is a growth asset just like other growth assets. It will behave just like other growth assets i.e. move in a non-linear fashion as regards both, returns and risk. Essentially, returns from growth assets will be lumpy and will not show predictable behavior like bank fixed deposits that grow year-on-year. The downside on being a financial planner is trying to explain this concept of lumpy returns to friends and family, especially when residential real estate has been pretty much a one way street of positive returns year-on-year for the last decade.

A whole generation of Indians has grown with the experience that Real Estate prices cannot go down. The belief is Real Estate is not risky as prices only go up.

In behavioral finance, this generation is going through what we call recency effect. The euphoria that we have seen as far as Indian real estate prices are concerned, is seeming to blur the fact that the prices today may not really be going up but just staying stagnant. Given the way inflation has been in India recently, that by itself means that your investment is losing money.

So, how does one really look at Real Estate as an investment? What would be the factors to keep in mind?

Real Estate should be a part of your portfolio and not the whole

Do not put all your eggs in one basket. In our client interactions, very often we find that a lot of clients put most of their life’s savings into real estate. This would be challenging, if this sector does go through a downturn. Investment in real estate therefore, should be a part of your portfolio. How much? – would be something that your financial advisor would be able to guide you on.

Real Estate has its risks – liquidity, no easy exit routes

The recent liquidity crunch and falling sales faced by developers are bringing to fore the illiquid nature of this investment avenue. The National Housing Bank’s Residex, which shows housing prices across India, points to a drop in prices in the Apr-Jun 2013 quarter, across 22 cities as compared to the previous quarter.
Due to the supply glut in the market, investors looking to sell would find it tough to do so. While investing in real estate, make sure that liquidity is not a feature that you need for this investment.

Real Estate investments tend to be big ticket, thereby adding risk to their nature

Uptil now for most Indians, investing in Real Estate meant that they have to put in all their life savings, and all other investments into this one big investment they make. It also meant that all other life goals and investments towards the goals would be in jeopardy. This big ticket investment again is usually being made without much professional help.
This could be addressed once REITs (Real Estate Investment Trusts) come in.

The Securities and Exchange Board of India (SEBI) has recently proposed introducing REITs in the country. These REITs would use investor’s money to buy real estate for capital gains and rental income. The proposed REITs would provide the Indian investor an avenue to invest in Real Estate which is both professionally managed and also has exit routes, as they would be listed.

Therefore, it is crucial to align your Real Estate investment strategy with your overall financial plan.

 Source:magicbricks.com

For more Information Sanjay Rastogi,     Real Estate Developers in Delhi NCR      Builders in Delhi NCR       Email Us Or SMS :SAVIOUR at 53030

New road linkages to boost real estate in Ghaziabad: GDA

Delhi NCR

Can signal-free high-speed transport links boost Ghaziabad’s real estate prospects? Santosh Kumar Yadav, chairman, Ghaziabad Development Authority (GDA) has a slew of transport links which he feels will boost the city’s profile and therefore its prospects. Many of these, such as NH 24, Vaishali, Crossings Republik and Indirapuram already house major real estate growth corridors.

New road linkages to boost real estate in Ghaziabad: GDA

Northern Peripheral Road (NPR)- The four-lane 20-km NPR, the construction on which may start soon after elections, is expected to ease the traffic on the three national highways that pass through the city – NH-24, NH-58, and NH-91. This will result in a free flow of traffic on the northern side of the city. The road will cater to the heavy traffic originating from Delhi and going towards Meerut, Kanpur and Lucknow. Such infrastructure development is expected to boost realty in residential pockets of the city in Vaishali, Indirapuram, Wave Hitech City and Integrated City. “With an estimated investment of Rs 700 crore, the construction on this project will start after the general elections in 2014. GDA, being the nodal agency for its development, will build it on Public-Private Partnership (PPP) mode. About 13 renowned construction companies have bid for the project so far,” informs Yadav.

Metro extension towards Ghaziabad – In Ghaziabad, the Delhi Metro line is up to Vaishali. It is the need of the hour to extend it into the other parts of Ghaziabad. For this, GDA has proposed a couple of extensions to the government. “We have planned the extension from Dilshad Garden to New Bus Stand in Ghaziabad. Once approved, this will improve the connectivity from Delhi to the main parts of Ghaziabad. The investment in this project is about Rs 1800 crore, it will be 10 km stretch and will have 10 metro stations. The talks on this are at the advanced stage. An extension to Noida sector 62 is also planned, which will further boost connectivity to Indirapuram, Vaishali and Vasundhara, which will be about 3-5 kilometres away, across the National Highway 24,” says Yadav.

Hindon Elevated Road – The GDA plans to develop the four-lane Hindon Elevated Road on a Transit-Oriented Development (TOD) basis. This road will start from NH-24 connecting NH-58 with Loni. The 18-km long road will help in smooth traffic flow from Delhi and will increase the internal connectivity between eastern areas of Ghaziabad with west. Since the stretch of the elevated road will pass through Raj Nagar Extension, it is expected to push the realty growth in the area.

Apart from this, GDA has also planned Ghaziabad-Meerut Expressway, Eastern Peripheral Expressway and multiple flyways and flyovers that will improve the connectivity of Ghaziabad to Delhi, Noida, Meerut and other adjoining cities.

 Source : Magicbricks

 

For more Information Sanjay Rastogi,     Real Estate Developers in Delhi NCR      Builders in Delhi NCR       Email Us Or SMS :SAVIOUR at 53030

Possessory title independent of Proprietorship

Possession of a property is a right recognized by law.

A person in actual physical possession of a property or any person entitled to its possession is said to possess the possessory title of the property.

This possessory title is independent of the proprietary title of the property. Possession by itself is a substantive right recognized by law and has legal advantages attached to it apart from the true owner’s title.

The right to possession is a heritable right and a transferable right. Even the equitable relief of declaration and injunction are available to the person in possession, as against any person threatening to infringe on it. Suits of possession are generally classified as based on proprietary title and on possessory title. Section 6 of the Specific Relief Act 1963 even treats possessory title in a way better than the proprietary title, in matters where the person in possession is dispossessed without his consent, otherwise than through due course of law.

In such matters, the person in possession or any person claiming through him may, by instituting a suit within six months of dispossession, recover possession of the property, notwithstanding any other title that may be set up in defence, in such a suit. If the person holding a possessory title is sought to be dispossessed, without his consent but in due course of law, the person holding possessory title is likely to succeed as against all people except the true owner.

Article 64 of the schedule to the Limitation Act 1963 recognizes that a person holding possessory title, that is while in possession of the property, on being dispossessed, can institute a suit for possession of the property within 12 years of the dispossession. This, the person holding the possessory title can do, even if he does not have the proprietary title.

Possessory title is nothing but a title derived from possession and is good against all except rightful owner and as held by the division bench of Bombay high court in the case of Mariumbi Aslam khan vs Vithoba Yeshwanta-such possessory title has all the features of an estate in land and like any other estate, it can be transferred inter vivos [literally, between the living. It identifies a gift made during the donor’s lifetime.] and can also be acquired by inheritance.

Possession has a two-fold value—it is evidence of ownership and is itself a foundation of right to possession.

Source: Times of India (Property), September 2013
For any informations on Saviour Builders in Noida, Email us or SMS: SAVIOUR at 53030.

Studio-cum-Service Apartments in The NCR

The shift to studio-cum-service apartments in urban localities has become a global phenomenon—top Indian realty firms are now emulating the major cosmopolitan centres of the world in catering to this niche market.

Top realty players like DLF, JP Group, Wave Infratech, Paras Buildtech, Eldeco, Assotech Realty, Supertech, Amrapali, etc, are following in the footsteps of New York and London where fashion designers, musicians, and artists use such space for their studios.

Professionals like lawyers, CAs, architects, doctors, etc, are now using them as smart offices, while corporate houses find these very convenient as guesthouses.

Why studio-cum-service Apartments:
Studio-cum-service apartments have emerged as smart economical investment options in India, as several top developers have started offering them across the country. The anticipated demand for studio apartments is far outstripping its existing supply, generating high rental income, property appreciation, and offering opportunities to high-value business tenants.

Arjun Puri, director of Puri Constructions, says: “Studio apartments have a great future in Gurgaon, as a lot of single professionals working there prefer them over the traditional 2- and 3 BHK format. We are in the process of planning a couple of studio apartment projects to cater to this market and will be launching them there in the near future.”

Realty experts say there is a higher demand for studios apartments in and around Noida as the city has exceptional infrastructural facilities in the NCR, some in place while others under construction, like an adventure park, IT park (which would hostnine IT companies), the F1 international racing circuit, Yamuna Expressway, FNG Corridor, the proposed cricket stadium, and the proposed 102 hectare night safari.

The concept of fully-furnished serviced studio apartments is here to stay and is arguably the best economical alternative to 5-star hotel accommodations, experts say.

In this line, JP Group has the Buddh Circuit Studios apartments at Jaypee Greens Sports City along the Yamuna Expressway. Over 3,500 units were launched in two phases at two separate locations in the Sports City. These beautiful and spacious apartments come in two options-1 BHK (560 sq ft) and 1 BHK and study (725 sq ft), with the price starting from Rs 18.42 lakh. The project is likely to be completed in three years, a spokesman of the firm said. The Buddh Circuit Studios are part of Jaypee Greens Sports City on 1,012 hectares. This urban integrated township is a holistic complex merging sports, entertainment, and culture within an environment-friendly ambience. The integrated township will also comprise world-class educational facilities, medical centres, and recreational facilities. The Sports City provides a variety of residential and commercial offerings along with breathtaking view of perennial lakes and canals.

Vidya Basarkod, president (sales and marketing) of Jaypee Greens, says: “The tremendous response to the emerging trend of studio apartments is a validation of Jaypee Greens’ continuous endeavor to create right products at the right prices. We consciously created the product for the first time buyers keeping the price, specifications, and amenities in mind.” These developing studio apartments are close to India’s first Grand Prix Circuit, which has successfully hosted two editions of Formula One events. Buddh Circuit Studios are located close to the world-class motorsports arena.

Realty giant DLF has followed this emerging trend by launching My Pad, a studio project located in DLF City Centre in Vibhuti Khand, Gomti Nagar, in Lucknow. Here, My Shop, a retail project, offers a ready catchment to various brands, cafes and many other funfilled places.

My Pad offers nearly 600 contemporary studio suites spread over 4.9 acres. While the upper floors of the complex provide studio suites, the ground and first floors are earmarked for high street shopping area, My Shop. The project is designed to cater to a potential population of 25,000 people residing in and around My Pad.

Lucknow is a major market and trading place in northern India and an emerging hub for producers of goods and services. My Shop, being in the heart of the state capital, offers many opportunities in the business and service sector with self-employed professionals also burgeoning in the city.

Ananta Singh Raghuvanshi, director (marketing and sales) of DLF Universal Ltd, says: “Subsequent to the launch of My Pad, we look forward to a similar response for My Shop. After Lucknow, we plan to introduce this international concept of living to various other cities like Ludhiana, Goa, etc.”

Supertech Group is offering studio apartments in its township projects like Upcountry and Golf Country along the 165 km-long Yamuna Expressway. The group is also offering studio-cum-service apartments in some of its highrise projects like North Eye in Sector 74 and Supernova in Sector 94, on Noida Expressway, Eco City in Noida and ECO Loft project in Greater Noida West (Noida Extension). These studio apartments are priced between Rs 4,000 per sq ft and Rs 10,000 per sq ft, based on location, specifications, services provided, and payment plans on offer.

R K Arora, CMD of Supertech Group, says: “Studio apartments are proving to be good investment opportunity for small investors wanting immediate return, as studio apartments are considered better than costly hotel accommodation by those seeking continuous outstation stay for weeks and months on business tours.”

Wave Infratech, a leading realty player, has recently launched a world-class multi use studio project, Edenia, at Wave City Center in Sector 32, Noida. Edenia offers air-conditioned studios with a commercial licence. This is a place where young and ambitious entrepreneurs can work and live at the same place without any legal or regulatory hassles. Edenia also offers services with superior social infrastructure and ample options for entertainment and retail options in the neighbourhood. The project is expected to be completed by 2016.

Edenia offers units in sizes ranging from 422 sq ft to 678 sq ft, priced between Rs 35 lakh and Rs 66 lakh. The services offered include concierge service, travel desk, housekeeping, laundromat, etc, on demand. There will be a total of 558 units, a few of which will be fully furnished and managed by a hospitality service provider.

R K Panpalia, MD of Wave Infratech, says: “Taking into consideration the market fundamentals in the real estate sector, we are looking to slightly revise our strategy for Wave City Center in Noida. We will be offering products in the range of 1,000-1,250 square feet, which will suit more pockets than only a few. Our new launches like Vasilia and the multiuse Edenia have received tremendous response from the market.”

Eldeco Infrastructure has three projects with studio apartments – Eldeco Hillside and Eldeco Eden Park at Neemrana and Eldeco, The Studio in Sector 93A in Noida. These projects offer 192, 60 and 52 studio apartment units, respectively, in the size of 550 sq ft, 565 sq ft and 800-895 sq ft, which are priced in the range of Rs 15-77 lakh.

Paras Buildtech has two studio apartment projects, Paras Tierea and Paras Square. Paras Tierea is on Noida Expressway in Sector 137 and offers 672 furnished units; the current offer price is Rs 5,800 per sq ft onwards. Paras Square on Golf Course Extension Road in Gurgaon offers 147 units, priced at Rs 11,000 per sq ft onwards.

Pankaj Bajaj, MD of Eldeco Infrastructure, says: “Studio apartment products are very attractive for out-of-city buyers, NRIs, corporates, etc. Some investors like to buy them and give them on rent to students or corporate executives. But these are not really serviced apartments in that there is no housekeeping, or pre-furnishing of the apartment. Unlike abroad, they are not available for short leases like a week or a month. The reason is that as soon as the developer starts running them as a hospitality product, the authorities deem it to be a commercial use of land, which is not allowed in residential projects.”

As a part of the integrated business park, Assotech Business Cresterra in Sector 135 on Noida Expressway, Assotech Realty launched Sandal Suites. These are a set of luxurious studio-cum-serviced apartments on 1.75 lakh sq ft, with nearly 142 units in sizes ranging from 775 sq ft to 975 sqft.

Neeraj Gulati, MD of Assotech Realty, says: “Entrepreneurs, professionals, and corporate travellers are turning to serviced studio apartments as these are affordable; besides, for investors, the returns earned on serviced residences are far higher compared to those in commercial office spaces. Keeping in view the recent five-year trend, the returns are estimated to be between 17-18% with occupancy rate of 80% , while for the commercial sector, it is likely to be around 7-9%, almost half in comparison. Once the economy is back on rails, the service sector will open up, especially in the ITITeS sector, which translates into a good demand for these products.”

Ajnara India Ltd has launched studio apartments, Vice Royal, in Ajnara Panorama, located along Yamuna Expressway. Ajnara Panorama F1 is a mini township, which will have high-end luxurious villas called London Square, studio apartments called Vice Royal, and highrise apartments called Panorama; the project also has a modern clubhouse.

Cosmic Group has launched corporate studio apartments in their Cosmic Corporate Park in Sector 154 and Sector 140, Noida. Cosmic Corporate Park in Sector 140 offers studio apartments of 300 sq ft while at Cosmic Corporate Park in Sector 154, the studio apartments are 360 sq ft. The company also plans to build modern studio apartments in Cosmic Cruise, a project in Greater Noida West.

Sushant Muttreja, MD of Cosmic Group, says: “Today’s high-flying executives are accustomed to good lifestyle and they demand the same kind of facilities at work place. Looking at such things we designed the corporate studios where one can work and also stay, enjoying all the modern facilities.”

KRASA Group has also plans to launch studio apartments in its project in Sector 129. The project will have office spaces and studio apartments, which will complement each other.

Earth Group has launched fully-furnished studio apartment in Techzone, Greater Noida; the project will have 375 studio apartments of 465 sq ft.

Quick Bites:
For investors, the returns on serviced studio apartments are far higher compared to those in commercial office spaces.

Source: Times of India (Property), September 2013
Wish to purchase Apartments in Delhi NCR, Email us or SMS: SAVIOUR at 53030.

Four things to consider before buying distressed property

Buying a distressed property in the resale market could be a profitable deal for you. However, there are certain aspects which you must consider before entering into the transaction. A slight negligence on the matters related with the transfer could turn a profitable-looking property deal into a nightmare.

Distressed properties are ones for which a buyer defaults on the payments as per the schedule and agrees to sell the asset in order to facilitate recovery. A number of times, short-term investors book properties during the early stages, in expectation of quick profits. However, when the market goes slow and the asset does not get sold, they default on payment if they do not have sufficient funds to sustain the transaction.

On the other end, there are several genuine buyers who due to some reason or the other are not able to make payment and have no choice but to exit from the transaction through resale.

There is no harm in buying a distressed property, as a buyer is in a much better position to negotiate and gain. Here are some aspects to consider before buying such property:

Record of Payments:
A buyer must take a complete record of all the payments made by the defaulting party. The statement of payments may come from the seller but it should be verified by the developer’s office in black and white.

“A buyer must also check details of the service tax payment,” says Suneet Pratap Singh, sales head, Finlace Consulting.

Penalty Charges:
Generally, there is a clause of penalty charges in the contract in case of default in payment. These charges must be paid by the seller or if you tend to pay them as part of the total cost, then the amount should be finalised, keeping both reseller and developer in the loop.

Transfer Charges:
The developer may have put a condition of transfer charges as well. Factor-in this cost before you arrive at the total price of the property. “These charges may or may not be there, but it is always good to confirm from the developer to avoid surprises later,” states Manish Agarwal, secretary, Confederation of Real Estate Developers’ Associations of India (CREDAI), National Capital Region (NCR) and managing director, Satya Group.

No Objection Certificate:
After all the negotiations, you must obtain the No Objection Certificate (NOC) from the developer as well as from the bank which may have provided home loan to the reseller.

Source: Magicbricks.com, September 2013
Wish to purchase Residential Properties in Delhi NCR, Email us or SMS: SAVIOUR at 53030.

Greater Noida authority launches industrial plots scheme

The Greater Noida Industrial Development Authority has launched a scheme offering industrial plots of sizes greater than 2,100 square metres.

Industrialists who want buy the plots need to fill up a form and submit it to select banks, along with a registration and processing fee, project reports and other statutory documents, as per the terms of allotment.

The sale of application forms will start from September 21. Forms will be available at select bank branches on payment of Rs 1,100. These are the Bank of Baroda branch at Gamma II, HDFC Bank at Alpha commercial belt, and Indian Bank at Jagat Farms – Gamma I.

The forms can also be downloaded from the authority’s website. For downloaded forms, a demand draft of Rs 1,100 in favour of authority has to be submitted along with the application form.

GNIDA will scrutinise the applications and ask applicants to appear before the allotment committee. The final approval will be done after seeking nod from the GNIDA board.

GNIDA Chairman Rama Raman said: “The scheme is open ended. It will remain open till authority announces closure.”

Source: Magicbricks.com, September 2013
Want to buy Commercial Property in Delhi NCR, Email us or SMS: SAVIOUR at 53030.

%d bloggers like this: