In order to maximize your efficiency and actually get all of these tasks done, you might want to create a list of to-dos for yourself. Here is a brief list of tasks to maintain your home, on a monthly, bi-annual and annual basis.
- Clean kitchen sink disposal.The handiest and best all-around solution seems to be vinegar ice cubes. Put some vinegar in an ice tray and let it freeze, then run the ice cubes through the disposal.
- Inspect your fire extinguisher(s) : This inspection doesn’t require much: ensure it has easy access (not being blocked by a garbage can or anything else), such that the gauge shows adequate pressure, and that it has no visible signs of wear and tear.
- Run water and flush toilets in unused spaces.This mostly applies to guest bathrooms, or any other sinks/water sources you don’t use on a regular basis. The idea is to prevent grime or any other kind of build up. Regularly running a little bit of water will prevent this.
- Give your house a deep clean.Take one Saturday every six months with your whole family, and give the whole house a proper scrub. Appliances, windows, dusting every nook and corner, etc. Keeping things clean and not letting dirt/grime accumulate over years will help keep your home in top shape.
Inspect the exterior of your home. Is any paint chipping? Is any siding damaged from winter? Are there any holes in your brick? Take a close look all around your house, and make any repairs as needed. Also be sure to check the foundation for any cracks.
- Get your air conditioning system ready for summer; consider having it serviced.
- Repair/replace damaged window screens.
- Inspect roofing for damage, leaks, etc.Repair as needed; you may need a professional.
- Take care of any insect problems you may have: Ants, spiders, moths, etc. are all common, and fairly easy to take care of. Keep cobwebs clear, have ant poison handy, make sure all doors are tightly closed, etc.
- Tighten any handles, knobs, racks, etc.Go through the house and inspect anything that could have a loose screw.
- Check all locks and deadbolts on your doors and windows.If anything doesn’t work right, replace.
An amnesty scheme has been launched by Noida Authority to waive penalties on investors defaulting in paying regular instalments against plots allotted to them. The scheme is expected to benefit hundreds of outstation and overseas investors.
“The scheme has been devised primarily to provide relief to investors who reside outside,” said Rama Raman, chairman and CEO, Noida Authority. The Authority would forgo fines if investors make advance payments of instalments due by them after clearing old dues.
Apart from overseas investors, the Authority had been receiving requests from several quarters for a scheme aimed at relieving the burden of penalties from defaulting allottees.
New Delhi: The commercial office segment of India’s top cities is expected to see fresh supply addition of more than 150 million sq.ft by end-2017. According to CBRE Research, the next four to five years (including the concluding months of 2013) are slated to see the completion of a number of under construction and planned commercial office projects—almost comparable to the existing Grade A office space of India’s National Capital Region (NCR) and its financial capital put together.
The top seven cities in the next few years, could, therefore, potentially see completion of office space worth the market size of yet another Mumbai and Delhi NCR. At this stage, it would be interesting to consider the exponential growth of India’s investment grade commercial office footprint over the last ten years. From a total Grade A office space stock of about 42 million sq.ft across the top cities in 2003, to the current market space of more than 400 million sq.ft—the sector has witnessed growth in excess of 800% over the last decade.
With respect to Asia Pacific, although Tokyo clearly sets the benchmark for office space development in the region, the supply growth anticipated in the commercial markets of Hong Kong and Singapore will nearly double that of Tokyo in the coming years.Going forward, however, the commercial Grade A office markets of Bangalore, Mumbai and the NCR are likely to observe some of the highest growth rates in the region.
These three metropolitan centers—together with the tier-II locations of Chennai, Hyderabad, Pune and Kolkata—have more then 150 million sq.ft lined up for completion within the next four to five years. Bangalore, in fact, would be comparable to the development patterns of Shanghai’s office market, while those of Mumbai and the NCR would be comparable to Kuala Lampur and Bangkok, respectively. Substantial opportunity, however, lies for further growth as the commercial office real estate space in the country’s major hubs continues to be lesser than other developed global cities, such as New York and London.
The three major metropolitan centres of Bangalore, Delhi NCR and Mumbai are slated to account for nearly three quarters of this planned supply, with Bangalore and the NCR alone expected to contribute to more than half of the total upcoming office space addition by 2017-end. Most of these are planned and under-construction IT/ITeS spaces. Gurgaon and Noida are likely to attract the maximum number of these projects in the Delhi NCR; and quite a few micro-markets in Bangalore too are expected to follow suit. While the Outer Ring Road (ORR) stretch is anticipated to witness more than half of the supply set to hit Bangalore in the next four years, the rest of the city’s upcoming office space will come up in the North Bangalore area, followed by Whitefield and Electronic City.
IT/ITeS development being fairly recent in Mumbai, in comparison to the other two major Indian cities, the metropolis accounts for lesser supply addition. The fact that the core city does not offer much scope for additional space creation, also adds to a comparatively conservative supply plan for office space. The peripheral business districts of Thane and Navi Mumbai are expected to witness maximum supply in the next four to five years, followed by the suburban Bandra-Kurla Complex (BKC), and the commercial micro-markets of Malad and Goregaon.
The period 2014–15 is likely to see the maximum share of this upcoming supply, since projects slated for a release during this period are both spill-overs of pent up supply from 2013–14, as well as planned projects already under-construction. With a considerable level of supply lined up for 2014–15, rental values of select micro-markets—such as Gurgaon, ORR, Thane and Navi Mumbai—are likely to remain under pressure.
While the total office space shares of the three main cities are anticipated to see a rise in the coming years—Bangalore is likely to occupythe maximum share, followed equally by Mumbai and the NCR—the tier-II locations of Kolkata, Pune, Chennai and Hyderabad are actually going to see a comparative slide, albeit slight; in the total share of commercial office space. In the long run, such a top-heavy growth pattern may prove unwieldy for India’s commercial real estate sector.Another indicative trend worth noting is the growth of urban sprawls across the top Indian cities, with commercial development spiralling outward from existing urban centers towards peripheral locations. Land value is usually considered to be the chief driver of development patterns; and when property values are lower on the periphery of urban centers,land is consumed at a faster rate as populations and businesses shift from urban cores to suburban fringes.
This projected expansion of India’s real estate sector, however, is subject to an effective utilization of the potential opportunities for growth, and implementation of relevant policy measures to resolve bottlenecks plaguing the industry.
The Delhi NCR realty market is still a favourite destination for affordable, mid-, and high-end housing segments. A K TIWARY writes
The Delhi NCR residential market is still a favourite destination for affordable, mid-, and high-end housing segments, even in this period of economic slowdown.
A recent report says that with increasing demand of housing cutting across segments in the Delhi NCR realty market, nearly 9,600 units were launched in the third quarter of this year. This is on a par with the number of units launched in the second quarter, and constitutes 22% of the total launches across Top 8 cities in the country like Bangalore, Ahmedabad, Pune, Chennai, Hyderabad, and Kolkata.
The NCR saw a total absorption of 35,000 units in the first half of 2013, showing an increase of 18% from the same period in 2012. Increase in sales can also be ascribed to the high number of project launches in the affordable category. While sluggish buyer sentiment has discouraged sales in some areas, locations like Dwarka Expressway, Noida Expressway, and Greater Noida continue to lure investors.
The affordable, mid-end and high-end segment contributed almost equally to the total launch activity during the quarter. The NCR market registered the highest contribution, 33% of all the high-end launch activity, among the Top 8 cities of India during the third quarter of the year. The majority of the high-end launches in the NCR were located in Gurgaon while the affordable units were concentrated in Noida. The twin cities of Noida and Greater Noida have together contributed nearly 55% of the total number of units launched while Gurgaon accounted for 44% during the quarter.
Reason for demand in the NCR
Realty experts say that over the past two years, the NCR market saw a fall in launches-by nearly 40%-compared to the peak levels of 2010. Short term and long term moving average of launches confirm a plummeting trend.
However, demand has recently stabilized and improved in the last few quarters, which indicates a healthy residential market scene for the NCR-and, if the supplydemand gap tapers further, the region is likely to face an upward pressure on property prices.
Shishir Baijal, CMD of Knight Frank India, says: “The NCR residential market indicated signs of stability in the first half of 2013. Nearly 49,000 units were launched in this period showing a marginal increase of 11%, compared to the first half of 2012. However, a comparison with the first half of 2011 and 2010 reveals a dip of 33% and 59%, respectively. It is quite evident that developers are keeping new launches in check in order to bridge the supply and demand gap.”
Developers have been cautious and remain focused on selling their existing projects rather than launching newer ones. Also, there are great opportunities in the secondary market for projects under construction because investors want to liquidate and reduce holdings. In fact, discounts are being offered in the range of 15-20% depending on the project size and the location. So, overall, this is a good time for people to buy as developers are willing to negotiate the right price and ready to close transactions. Cushman & Wakefield, global real estate consultants, says in a report that the Top 8 cities have seen an estimated residential unit launch of 1,32,000 units between January and September, 2013, which represents an increase of 5% over the same period in 2012.
The high-end property launches in the first three quarters of 2013, which was recorded at 23,500 units, has seen the highest growth at 142% over the same period last year, while launches
in the luxury-housing category recorded a decline of 10.5% between January and September, 2013, over the same period last year.
Shveta Jain, executive director (residential services) of Cushman & Wakefield, says: “Contrary to b y tradition, there has been a decline in new launch activities in the third quarter of 2013, as economic conditions have not been encouraging for developers. The slowdown in demand is largely owing to the low confidence of the consumer, who is put off by increased and consistently high pricing in key cities. Having said that, the demand from first-time buyers and end users has been consistent, as genuine buyers with adequate capital look at this phase as ideal to enter the property market on account of stable capital values.”
Apart from the Delhi NCR, Ahmedabad, Bangalore, and Chennai have seen a quarter on quarter increase of 41%, 25%, and 28% respectively till the third quarter. Though Hyderabad saw the maximum decline of 56% in launches compared to the second quarter of 2013, it however saw one of the highest rises in y-o-y (year-on-year) appreciations. The number of launches in 2013 more than tripled in Bangalore, to nearly 35,000, till September, 2013. Bangalore, the NCR, and Mumbai, contributed 27%, 23% and 19%, respectively, of the launches across the Top 8 cities in 2013.
Rentals have remained stable across most of cities, except Ahmedabad, which registered 4-10% decline in rentals across segments. Gurgaon in the NCR also registered a 4-12% dip in rental values for high-end spaces. Bangalore saw the maximum appreciation,
4-12%, q-o-q (quarter-onquarter) across a few submarkets in the mid-end segment capital values due to persistent demand from working population.
Kolkata registered 5-7% appreciation in capital values of prime areas, due to growing demand for high-end projects in these locations. Capital values across segments in Chennai, Hyderabad, and Pune remained stable during the quarter due to sluggish sales, subdued demand and rising construction costs.
High-end segment capital values in locations like Lower Parel and Worli in southcentral Mumbai declined by 2%, while in Gurgaon, they fell by 3-5%, which is likely to boost demand and push transaction activity in an oversupply scenario. Ahmedabad registered the maximum price correction of 4-8% across the majority of the markets for both mid-end and high-end segments in the third quarter of this year.
After a slow start in the first half of the year, the launch activity seems to have picked up in Ahmedabad, with 2,100 units launched in the third quarter of 2013. This was an increase of 41% q-o-q and exceeded the total number of launches during the first half of the year. Despite the sluggish market, significant pick up in the launch activity over the last two quarters could majorly be attributed to the fact that some planned projects can no longer be delayed further. Nearly 51% of the launches in this quarter were in the affordable segment and a majority of the launches were concentrated in the peripheral areas of SG Highway and Bopal.
Bangalore saw 13,200 units launched, accounting for the highest share of 30% launches across the Top 8 cities during the third quarter of the year.
It was the only city to cross the 10,000 units mark in launches for the third consecutive quarter in the year.
Despite the higher number of launches, the mid-end segment saw an appreciation of 5-12% in capital values across select sub markets. This was been primarily due to the growing demand of residential units in proximity to IT hubs and the paucity of new launches in certain central areas of the city.
A majority of the launches in the midend segment were concentrated in areas like Sarjapur Road and Bannerghatta Road in the south, Whitefield in east and Yelahanka and Jakkur in the north of Bangalore. The realty market of Chennai has continued to register an upsurge in the number of new launches for residential units in the third quarter of this year with more than 4,100 units launched. Nearly 94% of these launches are in the mid-end segment, followed by 4% in the affordable, and the remainder in the high-end segment. Compared to the last quarter, the high-end segment registered a decline of 41% in the number of new launches in the third quarter of 2013. It is expected that the next quarter will see the completion of 6,000 units, which will infuse new residential supply in the Chennai market.
Hyderabad saw nearly 1,945 units launched this quarter, a decline of nearly 56% compared to the second quarter. With Hyderabad contributing only 4% of the total launches across the Top 8 cities, activity in the residential market continued to be sluggish here. The mid-end segment contributed to more than half of the total launch activity in the quarter with Kukatpally registering the maximum activity in the segment. The affordable segment comprised 33% of the total demand followed by high-end segment at 11%.
Mumbai, the commercial capital of India, has seen nearly 7,200 unit launched in the third quarter of 2013. Though this was a decline of nearly 34% q-o-q, it was an increase of 19% for the first three quarters of the year, and was on a par with the average number of quarterly launches in the city over the past two years.
The decline in launches over the second quarter could mainly be attributed to slow sales in the market and the delay in regulatory approvals, as a result of which the fourth quarter might see a slight increase in launch activity. Panvel in Navi Mumbai contributed 64% of these unit launches in the third quarter with major contribution from a single large project. Central suburban areas like Mulund, Powai, and Wadala contributed 13% of the launches followed by Thane at 10%.
Nearly 3,850 units were launched in Pune this quarter out of which two-third came from the mid-end segment and rest from the high-end segment. Amidst sluggish sales, piling up inventories and soaring construction costs, the launch activity saw a decline of nearly 13% q-o-q, as developers adopted a wait-and-watch approach.
Source:Time of India
तय हो रहा योजना में श्रेणीवार आरक्षण
नोएडा। प्राधिकरण के 866 फ्लैटों की योजना दिसंबर के पहले सप्ताह में आने की उम्मीद है। प्राधिकरण अभी आरक्षित श्रेणी के अनुसार फ्लैटों की संख्या तय करने में जुटा है।
दरअसल, प्राधिकरण की आवासीय योजनाओं में उद्यमियों, व्यवसायियों, किसानों और प्राधिकरण कर्मचारियों को आरक्षण मिलता है। इस हिसाब से करीब 50 फीसदी फ्लैट आरक्षित श्रेणी में आ जाते हैं। उसके बाद बचे हुए फ्लैटों पर सामान्य लोग आवेदन कर सकते हैं। इसी आरक्षण के हिसाब से फ्लैटों की संख्या तय की जा रही है। यह काम सप्ताह भर में पूरा कर लिया जाएगा। योजना का आवेदन पत्र तो एक होगा, लेकिन श्रमिक कुंज, ईडब्ल्यूएस, एलआईजी, एमआईजी और एचआईजी फ्लैटों में से किस श्रेणी के लिए आवेदन कर रहे हैं, इसका जिक्र करना होगा। इसी श्रेणी के हिसाब से ड्रॉ होगा।
गौरतलब है कि 866 फ्लैटों में से 485 श्रमिक कुंज, 150 ईडब्ल्यूएस, 143 एलआईजी, 41 एमआईजी और 47 एचआईजी फ्लैट हैं। श्रमिक कुंज सेक्टर-66, 73, 93, 110 और 122 में स्थित हैं। ईडब्ल्यूएस फ्लैट सेक्टर-73 और 99 में, एलआईजी फ्लैट सेक्टर-99 व 135 में, एमआईजी फ्लैट सेक्टर-100 में और एचआईजी फ्लैट सेक्टर-99 में स्थित हैं। प्राधिकरण ने एचआईजी फ्लैट की कीमत एक करोड़, एमआईजी की 59 लाख, एलआईजी की 35.51, ईडब्ल्यूएस की 9 व 10 लाख और श्रमिक कुंज की कीमत 4.70 लाख रुपये तय की है। डीसीईओ अखिलेश सिंह ने दिसंबर के पहले सप्ताह तक योजना को लॉन्च होने की उम्मीद जताई है।
India’s real estate market is on an increasing growth curve. It is speculated that the industry will be growing in the near future. Evaluating from a bigger lens, the impact of recession seems like a hiccup. In 2012, the prospects for retail real estate in Delhi NCR were devastated by a slowing new supply along with inferior quality of the supply that was quite prevalent then . NCR’s property market, which is currently passing through a setback phase is all set to regain its lost momentum with the revival in economy. Government is attempting for all required initiatives to capitalize on the inherent capabilities of the real estate and infrastructure sector to bring back the lost glory and deliver better opportunities to its citizens. The impact of the subdued economic sentiment and the rising inflation rate on the realty market and the attractiveness of a city’s business environment can largely be gauged by evaluating the health of commercial realty in that city. The top real estate companies in the delhi ncr region are back to their actions. Re sales and new projects can also be traced in the northern part of India. The impact of recession has undoubtedly eased.
Veterans say real estate developers were Developers were caught in a trap — of ambitious expansion, decelerating sale, hardening interest rates, and weakening cash flows,’’. Or does the problem lay elsewhere, far more structural? Let’s understand this problem via simple Economics. Most of us understand how demand and supply affects prices of any commodity and real estate is one such commodity. As per available data, India is facing a shortage of over 24 million housing units. So, the demand is there and supply has not kept pace with it. Housing is not a scarce commodity, unlike gold, where the prices keep increasing disproportionately to its actual need. From 2005 to 2013, the average salary of an Indian has increased 2.5 times. On the other hand, property prices in the major Indian cities have gone up nearly 5 times. Now add in inflation over the same period and the net salary increase is less than 100 per cent. Now factor in the hardening interest rates along with the fact that the banks today, lend on an average a maximum of 80 per cent of the property price compared to 90 per cent during the boom years. Even if we were to discount the current bleak economic scenario, the math is pretty clear about the affordability of present day properties.
One of the leading real estate companies in India ,Saviour Group, incorporated in 18 December, 2006 have been leaving its mark in the real estate firmament through its lavish constructions. Being placed in the capital of the country it has been equally active in the NCR region. Saviour builders have lately launched their new project Greenarch . The project is a joint venture by Saviour Builders Pvt Ltd. and New Way Homes Pvt Ltd. Greater Noida is a fast-growing region and is connected to Agra by the six-lane Yamuna Expressway especially when it comes to absorption or sale of residential units and project launches. Over the past 5 Years, it’s become one of the prestigious locations for investors.
Golf Course Road continues to dominate Gurgaon’s suburbs as the prime address for both residential and commercial property. It is followed closely by Golf Course Extension Road, which is emerging as yet another zone for luxury real estate and golf-themed projects.
Sohna Road is being considered for investment opportunities in the medium term but it is Dwarka Expressway that is drawing maximum interest owing to its future potential. While the expressway evokes optimism over its profile, it is drawing skeptic remarks over its timelines-but it is creating waves in real estate market, nevertheless. Its great prospects and connectivity through a very wide 150 metre road makes it an attractive option, also due to slow payments at the moment.
Rajat Mahajan, a consultant, says: “Gurgaon is the place for high net worth investors. DLF recently launched Camellias here-a project in the league of Aralias and Magnolias-an ultraluxury, golf property. Apartment sizes range from 7,400 sq ft to 9,500 sq ft and penthouses come in sizes between 13,000 sq ft and 16,000 sq ft; at Rs 25,000 per sq ft, they cost between Rs 20 and Rs 25 crore.”
Broadly, the minimum ticket size of an average three bedroom flat at Golf Course Road is Rs 3 crore plus, Rs 2 crore onwards at Golf Course Extension Road, Rs 90 lakh onwards at Sohna Road, Rs 1.2 crore onwards at Dwarka Expressway, and Rs 75 lakh onwards at New Gurgaon. The next emerging micromarket is Sohna Road where values are in the ranges of Rs 5,000-8,500 per sq ft while the values are in the range of Rs 4 , 5 0 0 – 6 , 5 0 0 per sq ft in New Gurgaon. But the area to watch out for in the medium term is Dwarka Expressway.
The 18km-long Dwarka Expressway has construction on both sides of the expressway. At present, there are 50,000 units in various stages of construction and the prices of these are in the range of Rs 5,500-9,500 per sq ft. Nearly every developer has something here: Vatika, DLF, BPTP, Ramprastha, Sobha, Raheja, ATS, among others. Some of the noteworthy projects are Diplomatic Greens by Puri Construction at Rs 8,500 per sq ft, Sobha Developers’ project at Rs 9,500 per sq ft, and Raheja’s Vedas at Rs 5,700 per sq ft.
Interestingly, the prices go up for projects located closer to Delhi and taper down as you move away from Delhi and towards Gurgaon. While the quality of projects is good, the issue here is that the expressway has been delayed and is eighteen months behind schedule. This was supposed to have come up by October 2013. One of the reasons for the delay has been the dislocation of 500 families at Palam Vihar. The other issue is that it’s now becoming an investor-driven market; off-take has also been slow due to the slowing down of the economy.
Nikhil Jain, CEO of Ramprastha Group, says: “Reality is now weighing heavy over perception for Dwarka expressway. The state government has made huge strides in developing physical infrastructure in Gurgaon. Reputed and trusted developers are still getting good response from investors as well as first time house hunters, as delivery of projects is becoming the key for consumers. At Ramprastha, we are gearing up to deliver three of our projects—The Edge towers, Atrium, and The View—in the next three-six months.”
As physical and social infrastructure fails to keep pace with the oversupply of residential units, investors are turning wary; while this is becoming an investor’s market, caution is advised owing to the oversupply.
Microtek Infrastructure is set to launch an ultraluxury project, Microtek Greenburg, in Sector 86 on Dwarka Expressway, and has five other projects lined up here. Ajay Aggarwal, MD of Microtek, says: “Despite hurdles in some quarter, we expect the expressway to be the leading property market, not only for high-end users, but also in the affordable and commercial segments. Infrastructure hurdles are part and parcel of realty markets globally, but property market around Dwarka Expressway has registered price appreciation of more than 206% in the last five years—this speaks for the expectations, and value placed, upon this destination.”
Builders in Delhi NCR are hopeful that the festive season will stoke demand and give the much needed fillip to sales in the real estate industry. Harindra Nagar, MD of Paras Buildtech, says: “The last five-six months have been tough for developers owing to the overall slowing of the economy. On the one hand, end users seem to have postponed their plans to buy property due to the slowdown impacting their earnings, as well as due to the high rates of property. On the other, investor activity has also been impacted—they are not buying as much as six months earlier.” Paras Buildtech has projects in Noida, Gurgaon, and Punjab.
Harinder says the current festive season has injected some momentum into the market as there are positive signs visible in the market— “we are hoping for the return of the good run”.
Nikhil Jain of Ramprastha says: “Sohna Road commands a higher price than some bigger and better projects on Dwarka Expressway, owing to its proximity to developed sectors of Gurgaon. We can vouch for its potential after the forthcoming DMIC corridor comes through—this is one of the most ambitious infrastructural projects undertaken in India since Independence. The long-term growth potential of Dwarka Expressway is better than that of any other location in the NCR region.”
Source: Times Property, The Times of India, Delhi/NCR
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.
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.
For investors, the returns on serviced studio apartments are far higher compared to those in commercial office spaces.
The upward revision in repo rate by the Reserve Bank of India is likely to increase pressure on real estate developers to offer discounts in the upcoming festive season as they struggle to clear their inventory at a time when demand is tepid and interest rates are rising.
HDFCBSE -1.24 %, ICICI Bank BSE -2.36 % and Axis Bank BSE -0.44 % raised interest rates on home loans last month while State Bank of India BSE -1.24 % did so on Thursday and the RBI on Friday raised the rate at which the central bank lends money to commercial banks by 25 basis points.
“Discounts are now inevitable,” said Sanjay Dutt, executive managing director of South Asia at real estate services firm Cushman & Wakefield. This festive season is likely to see just a tenth of last year’s new project launches, according to an estimate by the Confederation of Real Estate Developers‘ Associations of India (Credai).
“Developers will want to sell their unsold inventory instead by using innovative schemes and discounts. Rising interest rates, though, will lower sentiments and could impact sales,” said Credai chairman Lalit Kumar Jain.
The festival season usually generates about 20% of the annual home sales. But demand has been severely hit this year due to the economic slowdown, higher inflation and job cuts in several sectors. The spike in interest rates can only add to the industry’s woes, developers said.
“If interest rates go up, demand will be impacted slightly,” said National Housing Bank chairman RV Verma. Home prices fell in 22 of the 26 cities in the quarter to June, according to the National Housing Bank’s residential housing index, Residex,
“If developers really reduce prices, some sales should happen this festive season. This is an opportunity for them to clear their inventory pile-up,” said a senior SBI BSE -1.24 % official, who did not wish to be named.
DLF’s group executive director Rajeev Talwar termed the increase in repo rate a missed opportunity. “There was a need to lower rates to stimulate demand,” said Talwar.
According to property research firm Liases Foras, close to 670 million sq ft of stock is lying unsold with developers as home sales have fallen over the past few quarters.
“We will not be launching new projects this festive season. Instead we will focus on delivering old projects and will offer schemes and discounts to get rid of our inventory,” said RK Arora, managing director of Noida-based developer Supertech.
Several developers are poised to launch new schemes for existing projects and also offer innovative payment structures, said Ankur Srivastava, chairman of GenReal Property Advisers. “They are also repositioning parts of existing projects to stir sales,” Srivastava said.
Freebies are now Inevitable.
DEMAND has been severely hit this year due to the economic slowdown, higher inflation and job cuts in several sectors.
BUILDERS will want to sell their unsold inventory instead by using innovative schemes and discounts.
MANY DEVELOPERS are poised to launch new schemes for existing projects and also offer innovative payment structures.