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Kolkata’s only dedicated real estate magazine I Vol 10 I Issue 3 I October-December 2014
THE MAGIC OF GATED COMMUNITY LIVING! What makes new home buyers want to move out of standalone buildings and stay in large gated residential complexes? What is the magic of living with hundreds of families in a large facility? real-ties explores‌.
Elita Garden Vista New Town, Action Area III Land area: 24.70 acres
Open space: 87 percent
Number of blocks: 16
Completion time: First phase ready, second phase – four years from the date of commencement
Number of floors: G+14, G+32 Number of apartments: 1,549
Location: New Town, Rajarhat Action Area – III, Kolkata, West Bengal Unit sizes: 1,040 – 1,742 square feet Developer: Sureka, Merlin, JB
The developer speaks: “Elita Garden Vista brings New York to New Town. Its 6.8 acre ‘Central Park’ is surrounded by 16 to 30-storey towers. The signature project is jointly developed by a consortium of respected developers - Sureka, Merlin and JB Group - who are known for their track record of landmark projects such as South City and Urbana, which have changed Kolkata’s skyline. Elita Garden Vista (lifestyle referred to as EGV) is a gift to New Town and set to become the ultimate benchmark.”
Contact: 033 4040 1010/6620 1010
Email: sales@nkrealtors.com
COVER STORY
N. K. Realtors (P) Ltd.
9, Elgin Road (4th Floor), Kolkata 700020, India Tel: 033 6638 1030 Web: www.nkrealtors.com For feedback, write to us at editor@realties.net.in
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‘THE AGE OF GATED COMMUNITY LIVING’ Mudar Patherya analyses why the age-old dream of living in a standalone bungalow has yielded to the magic of living in modern gated residential complexes
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Home Loan Partner INSIDE Editor: Biplab Kumar Coordinator: Sanjay Adhikary Proof reader: Sandip Das Distribution: Abhijit Kar and Bandhu Sundar Ghosh Database management: Sonti Nag Advertising: Anuraj Dhar (+91 9674107979) Editorial support and design: Photographer: Roman Chakravorty
DO YOU KNOW THE REAL PRADEEP SUREKA? Prominent Kolkata real estate developer Pradeep Sureka engages in a candid conversation........................... 14
10 THINGS THAT CONTINUE TO EMPHASISE THE HERITAGE VALUE OF THE LALIT GREAT EASTERN Amrita Ray, explains what has helped sustain the heritage value of this 174-year-old property........................ 16
DISCLAIMER The publisher, contributors and editor are not responsible in any way for the actions or results taken by any person or organisation on the basis of reading information, stories or contributions in this publication. The views expressed are their own. For all real estate queries, please call the customer care at: 033 4040 1010 / 6620 1010 anytime between 8 a.m. to 10 p.m. (IST), 7 days a week. Content published in real-ties is an exclusive intellectual property of the Department of Public Relations and Corporate Communications – N. K. Realtors Pvt. Ltd.
TAKING PEOPLE INTO ANOTHER ORBIT Mr. Basant Parekh speaks about the Group’s CSR activities inclined towards employing the unemployed.............. .37
N.B. For private circulation only, not for sale.
October-December 2014 /real-ties Kolkata /2
JAGO GRAHAK JAGO! Consumer Grievance Redressal Cell’s awareness campaign............................ 38
WHAT MAKES THE KEVENTER WEST WIND REAL ESTATE PROJECT ONE OF THE BESTMAINTAINED IN KOLKATA? Partha Pratim Kundu, explains the investments that have made the Jadavpur complex one of the best maintained in the city........................ 20
REAL ESTATE MARKETING JUST GOT MORE PERSUASIVE! Highlighting the innovative marketing strategies by successful real estate players in Kolkata............................... 40
EDITORIAL
‘Changing lifestyles’ is something that we keep hearing more often these days. What does it entail? More cocooned than social? More vulnerable than secure? More insecure than assured? It is these realities that are bringing to the forefront the importance of a gated community. An increasing number of new home buyers are turning to gated complexes – for various reasons. For security, for quality, for value-for-money and for a sense of community. This issue of real-ties explores this trend in Kolkata by speaking to various new-age residents.
This issue also draws attention to the challenges of urban living manifested in low aesthetic standards by drawing attention to simple ideas that can be transplanted from international countries (France, in this case). We are carrying a feature on how the management of the Lalit Great Eastern Hotel has transformed a khandahar into a modern showpiece without diluting its heritage. The issue also focuses on how the Consumer Grievance Redressal System is helping protect homeowners. Hope you enjoy what we have put together! TEAM NK
SERVICED APARTMENTS NEW TOWN, RAJARHAT TO MAKE THEIR DEBUT IN What makes this the fastest growing KOLKATA integrated township of Eastern India?... Sudarshana Ganguly explains why the 22 proposed JWMarriott Hotel on the EM Bypass will break new ground ..........26
INSPIRATION Mudar Patherya shoots pictures of urban concepts in France waiting to be transplanted in Kolkata ..................... 42
IS IT POSSIBLE TO KEEP AN ENTIRE NEIGHBOURHOOD CRIME-FREE? William Barno, explains how the concept of security in Kolkata needs to extend from standalone buildings to comprehensive neighbourhoods......46
GREENFIELD CITY, BEHALA. WHAT MAKES THIS AN IDEAL INVESTMENT? The 3,500-apartment Greenfield City is Behala’s largest residential project and a virtual township in itself ...................28
COMMERCIAL SPACE IN RESIDENTIAL BUILDINGS The real-ties brings to you an emerging Kolkata trend – commercial spaces inside residential buildings...............48
CAN KOLKATA MAKE REAL ESTATE AFFORDABLE FOR ALL? The real-ties talks to prominent real estate builders Amit Jhunjhunwala, Harsh Jain, Chaitali De and Rana Gupta about addressing the needs for affordable housing in Kolkata .......... 34
FREEWHEELING Mudar Patherya on the most glossedover member of his extended family – the durwan..........................................60
October-December 2014 /real-ties Kolkata /3
NEW LAUNCH
Silver Oak Estate Prive Kalipark, Rajarhat Land area: 3 acres (Approx.) Number of villas: 50 (Approx.) Number of floors: G+2 Open space: 50 per cent
Completion time: 36 months from commencement of construction
Unit sizes: 2,601; 2,714 and 2,753 square feet (built up area)
Location: Kalipark, Rajarhat Main Road, Kolkata-700136
Developer: Salarpuria Group & Simplex Infrastructures
Contact: 033 4040 1010/6620 1010
Email: sales@nkrealtors.com
C OV E R S TO R Y
THE AGE OF G COMMUNITY L Mudar Patherya analyses why the age-old dream of living in a standalone bungalow has yielded to the magic of living in modern gated residential complexes
GATED LIVING
‘N
EEJER BAARI!’
These two words have fired the imagination of middle-class Kolkatans for the last number of decades.
Traditionally, the concept of one’s own house comprised a standalone bungalow, irrespective of the nature of the neighbourhood. If one could afford to buy (or even partfinance) one, then it was assumed that the objective of one’s existence was achieved. Times have changed since. Those who lived in bungalows wish they lived in sprawling apartments in gated communities. Those who lived in standalone multi-storeyed buildings quietly consider the options of moving into residential complexes. Suddenly, what used to be considered an anonymous residential option – just too many of the same kind of apartments - is now being considered hip. The age of the gated community living has arrived in Kolkata – and it has been about time.
An idea whose time has come
There are a number of reasons why the age of gated community living is here, but if there were to be just one reason, it would possibly be ‘lifestyle’. And if there is one thing this word were to mean it would be the way how one gets to spend is his/ her leisure time with the aid of a collaborative immediate environment.
The three things that have made modern gated complexes attractive – swimming pool, security and a gymnasium
“I used to live in a multi‑storeyed building on Harrington Street, just next to the sprawl of the Maidan where it would be cooler than the rest of the city during the summer and nice and chilly during the winter,’ says Rajesh Agarwal, an affluent Kolkatan. “We bought an apartment at South City purely for investment’s sake since we had some surplus fund in hand. Then one day we went to see
our place, the wife decided that we needed to get it done a bit so that it wouldn’t just remain like a shell, then one day she said let us at least go and live in it for a couple of days a month so that the house is used and once we began to acquaint ourselves with the residents, we began to like the place well enough for us to move in full-time a few months later. Remember, what we had bought for investment is now our first home!” The big question: why? “There is no one reason but
October-December 2014 /real-ties Kolkata /8
a number of reasons for this,” says Shashi Nowlakha, resident of Udita, one of Kolkata’s first modern gated complexes. “One, there is a growing fascination with gated community living because in a country where the quality of public life is one of the poorest in the world, the gated community represents a kind of escape where a number of variables have been controlled to provide a superior lifestyle quality. For one, the interiors of large gated communities provide a sense of serenity – no traffic noise, no smoke
Clockwise from right: Recreational space for the elders, best-in-class gymnasium, state-of-the-art swimming pool in a gated community.
“The prospect of returning home in a gated complex provides a welcome escape and the closest to the kind of peace and quiet one would get in a semi-urban or rural environment.”
Some prominent reasons why gated complexes score highly Child development
from someone’s chulha – that most standalone buildings cannot provide. So after a daylong exposure to a noisy world, the prospect of returning home provides a welcome escape and the closest to the kind of peace and quiet one would get in a semi-urban or rural environment.”
A bridge
The other reason that makes the prospect of living inside a gated community attractive is the bridge that it provides between the middle-class and the upper-class. “There
used to be a time when the upmarket amenities would be reserved for only the rich,” says Somit Gupta. “The gated community complexes proved to be the game-changer in this regard. Because these complexes possessed the advantage of scale, they possessed the space, funds and intending users that justified investment in these amenities. The result is that over the last few years, we have experienced the biggest improvement in residential lifestyle standards than at any other time in the country’s existence.”
Better amenities
And just what are these amenities? The club probably figures highest on the list. “In Kolkata, there is a magic about the word ‘club’. It is something that only the affluent went to, where they could play indoor and some outdoor sports, where they could have a drink in the evening, and where they could entertain their guests. It was entirely an aspirational thing – and suddenly here was a real estate offering that provided you with a modern club membership at
Community living is the best answer to the parental worry about their children turning couch potatoes. Gated complexes provide a base for extensive peer friendships, which promotes caring and sharing. -Pinaki Nandi, Siddha Pines
Wider connectivity A gated community is like a small country with people from diverse communities, which enriches cultural exposure. - Anujit Mukherjee, Diamond City West
October-December 2014 /real-ties Kolkata /9
The various amenities being provided in gated complexes your doorstop without being screened by a committee. This was the icing on the cake,” says Pinaki Nandi, resident of Siddha Pines. The club in itself combines a number of amenities. A number of residential facilities offer outdoor sports like tennis and even large playing grounds. Most offer indoor facilities like a gymnasium, library, café, laundry, home theatre, banquet hall a guest house
too. Free bus services (at a particular time), swimming pool, crèche, pet care takers, maids, playhouse, home delivery systems, in-house electrician, plumber and carpenter have become a major cause of attraction in the gated community living. One can add to this a list of facilities like medicines, grocery, dairy products and tutors. “You needed to be privileged to enjoy these facilities even
as recently as a decade ago,” says Mousumi Nag. “Now this is routine. The result is that we can now provide a better lifestyle quality and opportunity to our children, which is the principal reason why a number of people are keen to move into gated complexes.”
Family away from family
If one would think that living in a gated complex was about the tangible advantages, then
that wouldn’t quite be true either. “Community living is more enriching than the para adda sessions because residents respond to your worries selflessly while refraining from intruding on privacy – a balance that is remarkable,” says Pinaki Nandi. Mousumi Nag who stays in Sherwood Estates agrees. “Whenever, my daughter is alone or at a place where she isn’t supposed to be, either the
Some prominent reasons why gated complexes score highly Collective celebration
A gated complex provides for collective festive celebrations where residents come together like an extended family – beyond status, discrimination and barriers (social). Each occasion is considerd special - Diwali, Holi, Id or Christmas. Some organised an iftar party during Ramzan for their Muslim residents. Pinaki Nandi from North Kolkata (Shyambazar) conducted his barir pujo for 47 years but assumed control at the Siddha Pines pujo when he moved in. “Aamar barir pujo bondho hoye geche kintu ekhon eitai aamar jogot!”
October-December 2014 /real-ties Kolkata /10
security calls to inform me or members of my gated community take her to their house or escort her back once I return from work. This makes Sherwood a family beyond my immediate family.” Basabdutta who lives in Diamond City, Behala highlights the convenience of knowing that her aged in-laws will be safe even when she is away at work. Shashi Nowlakha who lives in Udita recalls how her 14-year son broke his hand and was rushed by neighbours to the hospital even before she could arrive. A single mother at Sherwood Estates indicates that she had a tough time addressing the para gossipmongers but that changed after she moved into her new environment where ‘I was embraced with open arms and didn’t even need to ask for help during griha pravesh.”
The advantage of 24x7 security And to top it all is the security.
In a country where people are generally looking over their shoulders all the time
to be assured that they are safe, the gated complex comes like a breath of fresh air. Most complexes are secured by dedicated personnel 24x7 coupled with a CC camera providing 360-degree coverage. “The window grill is the most unproductive investment that one can make in a gated complex,” says Ms. Basabdutta, who stays in Diamond City West. “Not only does such a grill impede the view, but the high security makes it virtually useless.” A Sherwood resident concurs. “The taxis and maids are screened before they leave, minimising the possibility of a theft on the premises. This saves us from the hassle of doing verification checks of our domestic assistants because the security department takes care of this.” This worked well for Kristine Pedersen of California who arrived to work in Kolkata. “My friends and parents were surprised to learn about the security at Upohar, putting their fears to rest about my safety.”
How gated complexes are more human
The best thing about living in a gated community… “It doesn’t matter who wins in competitions organised during the festivals (Durga Pujo). The best part is that while Siddha Pines organises the pujo, The Telegraph covers it and it is we the people, who are the winners.” - PK Chatterjee, Siddha Pines “Residents share their joys and sorrows.” - Shashi Nowlakha, Udita “Residents go to great lengths to bail you out of a crisis without expectation.” - Pinaki Nandi, Siddha Pines “The whole community is my child’s guardian.” - Mousumi Nag, Sherwood “The fact that the complex is beautifully maintained even well after it is handed over.” Somit Gupta, Udita “The security here is most extraordinary.” - Kristine Pedersen, Upohar “The fact that children get excellent exposure. My daughter and other children created an installation sculpture from coffee mugs in an exhibition within our complex. I was astonished to see my child growing so extensively.” Somit Gupta, Udita
“A group of six kids were injured. Almost 30 people from the gated community rushed the kids to Apollo. Among the kids was a one-and-a-halfyear old child whose father is a marine engineer and stays with his mother. Her mother was panic-stricken but the residents of the gated community came to her rescue and a tragedy was averted.” - Pinaki Nandi, Siddha Pines
“The fact that everything is a beck and call away.” - Reeta Nag, Sherwood
“It was at the pujo celebrations at Diamond City that I discovered the poet in me. Being a Gujarati by heart and Bengali by birth, we incorporated Dandiya and Garba into our puja celebrations. We celebrate 12 religious festivals, which sums up the essence of ‘unity in diversity’.” - Anujit Mukherjee, Diamond City West
October-December 2014 /real-ties Kolkata /11
NEW LAUNCH
DTC Southern Heights Joka
Land area: 9.52 acres
Number of apartments: 1,066
Location: Joka, Kolkata
Number of blocks: 28
Open space: 70 per cent
Number of floors: G+9
Completion time: 2018
Unit sizes: 2BHK and 3BHK (890 1,370) square feet Developer: DTC Group
The developer speaks: “DTC Southern Heights is a one-of-a-kind residential project coming up in the Joka area. Equipped with world-class facilities and all modern amenities, this is a place to discover a new lifestyle. Spread over 10 acres of land, the project has been meticulously planned and is minutes away from the upcoming Joka metro station and IIM Calcutta on Diamond Harbour Road. The upcoming Joka – BBD Bag metro route will enhance accessibility and connectivity. With many educational institutes, hospitals and transportation facilities in its vicinity, the site has a unique locational advantage of being close to the commercial hub of the city while being nestled away in an arbour of greenery.”
Contact: 033 4040 1010/6620 1010
Email: sales@nkrealtors.com
Shreshta Garden Rajarhat Main Road
NEW LAUNCH
Phase III
Phase IV
Land area
11 cottah
22 cottah
Open space: 55% approx
Number of blocks
1
2
Number of floors
G+6
B+G+5
Number of apartments
30
60
Location: Rajarhat Main Road, Near Kalipark, Kolkata - 700136
Completion time
Dec 2015
Dec 2016
Unit sizes
2BHK – 797 square feet
1BHK – 599 square feet
Developer: Shreshta Construction Pvt. Ltd.
3BHK – 1,087-1,224 square 2BHK – 672-1,005 square feet feet 3BHK – 870-1,504 square feet The developer speaks: “Shreshta Garden is a multi-storied commercial-cum-residential complex with all modern amenities and facilities on Rajarhat Main Road, near to City Centre II and is being developed in Phases. Phases I and II comprising of 138 flats is already complete and possession has been handed over while the construction for Phase III and Phase IV is well under way. Special emphasis is given on designing and quality of construction and with Shreshta’s track record of completing projects on time reassures that its list of happy customers grow by the day. Shreshta is taking up many more projects in the near future and it is its endeavour to provide quality and affordable housing to the people.”
Contact: 033 4040 1010/6620 1010
Email: sales@nkrealtors.com
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DO YOU KNOW THE REAL
Pradeep Sureka? Pradeep Sureka is Managing Director of the Kolkata-based Sureka Group, which enjoys a diversified presence across the real estate, manufacturing, IT and hydroelectric power generation businesses. The two largest Sureka Group entities comprise Sureka Properties and Hartex Rubber Private Limited (India’s fourth largest cycle rubber tyre and tube manufacturers).
Your favourite book.
Atlas Shrugged by Ayn Rand. Possibly Rand’s most extensive statement of objectivism. Simply unputdownable.
Your role model.
My father. He is three-in-one – friend, philosopher and guide.
Your proudest moment. My daughter’s wedding.
The one person you would be willing to trade your place for a week with Can’t think of anybody!
Your favourite architect.
Herzog & de Meuron. The process of collecting and organising materials has been at the heart of Herzog & de Meuron’s work since their breakthrough project for the Ricola Storage Building in Laufen, Switzerland (1986–87). They continue to inspire!
October-December 2014 /real-ties Kolkata /14
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FAVOURITE HANGOUTS IN KOLKATA 1 Royal Calcutta Golf Club 2 Saturday Club 3 Home!
Victoria TWO PROPERTIES Memorial. IN KOLKATA For its IndoYOU WISH YOU Saracenic OWNED. revivalist
Victoria Memorial
architectural style using British and Mughal elements on the one hand with Venetian, Egyptian, Deccani and Islamic architectural influences. Raj Bhavan. Neoclassical style with distinct Baroque overtones. An inspiration for every architect.
Raj Bhavan
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THINGS YOU LOVE ABOUT KOLKATA
1 The food (mouthwatering kathi rolls, sandesh and jhaal muri). 2 The down-to-earth people. 3 The rich colonial legacy of the city.
INSPIRING FILMS
Gandhi: An exhaustive 188-minute, Oscar-winner that is a must for every Indian. Fiddler On The Roof: Classic 1971 American musical comedy-drama that one can never be tired of watching. The Poseidon Adventure: I get goose bumps each time I watch a rebellious preacher attempting to lead survivors to safety. Aarakshan: Prakash Jha’s socio-political film, based on castebased reservations in jobs and education, is an eye-opener. THREE GLOBAL STRUCTURES YOU ADMIRE THE MOST Taj Mahal: The finest example of Mughal architecture (combining Islamic, Persian, Ottoman Turkish and Indian architectural elements). Sheer timeless beauty. Sansad Bhavan, New Delhi: An area of nearly six acres with a circumference spanning a third of a mile.
Taj Mahal
Burj Khalifa
Sansad Bhavan
Burj Khalifa, Dubai: Quite simply the most successful showcase of large-scale, mixed-use development. October-December 2014 /real-ties Kolkata /15
H E R I TA G E
10 THINGS THAT CONTINUE TO EMPHASISE THE HERITAGE VALUE OF THE LALIT GREAT EASTERN AMRITA RAY, ASSISTANT MANAGER, MARKETING & COMMUNICATIONS, THE LALIT SURI HOSPITALITY GROUP, EXPLAINS WHAT HAS HELPED SUSTAIN THE HERITAGE VALUE OF THIS 174-YEAR-OLD PROPERTY 1 The hotel has been redesigned to converge the three different eras - Victorian (1835-1901), Edwardian (1901-1910) and Contemporary across the Heritage Block I, Heritage Block II and New Block respectively. 2 The Bakery boasts of a 174-year-old oven (billed previously as the ‘bread basket of Calcutta’), restored and placed strategically. 3 A wall in a section of the Bakery has been left untouched as a tribute to the bygone era. 4 The hotel has revived the legendary bakery; the grand staircase October-December 2014 /real-ties Kolkata /16
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AN EIGHT FEET CONCRETE REPLICA OF THE CUP THAT EX-CHAIRMAN A.L. BILIMORIA RECEIVED FROM QUEEN ELIZABETH II DURING HER VISIT TO THE CITY IN 1961 STANDS AT THE SECOND LEVEL OF THE LEGACY TOWER. has been retained; the new night club will still be Maxim’s. 5 The hotel has sustained the use of antique glasses, ironware and ice-buckets to adorn its interiors. 6 The architect selected to retain the use of iron pillars and framework except that in the refurbished hotel these will be exposed and visible for all, enhancing a sense of grandeur. The iron used was probably the first set of forged iron imported from England; the same iron was used in the construction of the old Howrah Bridge in 1910. 7 Whatever furniture or artworks that the management found on the premises following acquisition have been preserved, used or displayed.
8 A 100-year-old German grand piano (M.F. Rachal & Co.) sits prettily in the lobby. 9 Three 100-year-old bird cages have been reused and placed above gazebos in the atrium accompanied by simulated bird sounds. 10 The central idea behind the revival of the property was balancing the vintage and the modern; the property provides modern facilities without compromising the old world charm (through the use of period furniture like hat hangers, closets, side tables, tables and chairs).
The Lalit Suri Hospitality Group owns and manages 17 five-star hotels. A number of the Group’s properties (The Lalit Grand Palace Srinagar, The Lalit Great Eastern and an upcoming London property) are heritage structures.
October-December 2014 /real-ties Kolkata /17
P R OJ E CT M A I N T E N A N C E
What makes the Keventer West Wind one of the best-maintained residential project in Kolkata? Partha Pratim Kundu, Secretary, West Wind Residents Welfare Association, explains the investments that have made the Jadavpur complex one of the best maintained in the city
Project reality
The 4.54 lac square feet project provides around 350 square foot per person at peak availability, higher than most housing projects in the country. What makes West Wind distinctive from a leisure point of view is a 25,000 square feet roof, which covers nearly 10 tennis courts and is perhaps the biggest in Kolkata. So if there is a relevant recall for the project, it is ‘space, space and more space.’
The project management
One of the first things that the promoters at West Wind recognised was the need of a management team (18 members) drawn from among residents for the competent day-today management of the facility. Out of these, four are prominent office bearers (President, Treasurer, Secretary and Assistant Secretary) while 14 form subcommittees (Purchase, Maintenance, Security, Arts and Culture, Sports and Housekeeping).
October-December 2014 /real-ties Kolkata /18
Our quality standards
One of the problems encountered in a number of real estate projects is that following handover there is a decline in quality standards. This is one point that West Wind has consciously protected itself from. The Maintenance Committee engaged a dependable facility management company which roped in competent security personnel, house-keeping staff and maids. Moreover, a specialist company assumed control of the gas connections,
maintenance; the result is when our residents sit near the water bodies (in the garden) with their laptops or books, they are completely unwound and immersed in nature.
security force comprises 28 trained personnel, translating into one guard for every 72 residents, which is lower (so better) than other communities. We have made a provision of one female guard to check women visitors and maids. Supplementing all this are 32 CCTV cameras installed strategically through the premises with live feeds displayed on television screens in the security room, entrance and exit gates. Each maid entering and leaving the premises is checked by a woman security member. If the maid is found carrying extra cash, the concerned flat owners are immediately informed. If anybody has gifted something to the maid, a written confirmation of the same is expected. The premises is fully illuminated till 9 PM following which we moderate it to 50% coverage.
Our sustainability agenda
We have replaced our lighting system (common and public areas) with LED lights resulting in an energy efficiency of 80%-90% over traditional bulbs. Our rainwater harvesting system recharges water bodies and the ground water table. We plan to use recycled water to wash 400 vehicles parked within our complex. We approached Bengal Engineering and Science University to help us install solar panels on our building roofs with corresponding requests to the KMC and government departments for relevant concessions to facilitate the installation.
Our hygiene factor
fire systems, alarms, generators and water pumps with the objective of minimising downtime.
Measurement culture
One of the things that West Wind believes in is a culture of measurement. The committee documents a variety of things which leads to proactive maintenance. Each fortnight the committee meets once to resolve issues. One of these resulted in the volunteering by committee members to engage in supplementary night patrol, which immediately raised night patrol standards.
Our security standards
One of the things that we have ensured is security supervisors familiarising with each resident by name across seven blocks comprising 360 apartments and 1,200 residents to screen strangers. Our
We believe in ‘Prevention is better than cure’. We feel that there is just no utility in hanging banners and sticking posters on walls that preach not to litter or spit. Household garbage is collected by housekeeping at 8:30 AM. Once this garbage is collected, inorganic and organic waste, solid waste, broken bottles and glasses and plastic items are segregated in the garbage room, after which they are transported in completely covered vehicles to the Municipal Corporation van. We have a staff strength (housekeeping) of 18 boys and one supervisor. The cost for keeping the premises completely clean at all times is around Rs. 1.25-1.5 lac per month.
Senior citizen initiatives
Our complex is young – in age and heart. Our oldest citizens belong to the 45-50 age bracket. We have a senior citizens’ club that organises recreational activities (picnics and education tours), among others. We also have a dramatics group, which arranges skits and plays during Poila Boisakh, Durga Pujo and Kali Pujo.
Our growth agenda
We intend to build a bigger club house with a swimming pool that should enhance delight among the large number of residents staying at our facility.
Our landscaping standard
The Agri Horticultural Society of India declared West Wind’s garden as the best in Kolkata for nine straight years. Our three gardeners (skilled and trained) are continuously engaged in maintaining the garden under the direct supervision of three executive committee members. What will surprise most people is that our members devote about three hours a day in rotation to achieve a high gardening standard. We invest around Rs. 20,000 each month on the garden’s
“WE INTEND TO BUILD A BIGGER CLUB HOUSE WITH A SWIMMING POOL THAT SHOULD ENHANCE DELIGHT AMONG THE LARGE NUMBER OF ODD RESIDENTS STAYING AT OUR FACILITY.”
October-December 2014 /real-ties Kolkata /19
NEW TOWN, RAJARHAT WHAT MAKES THIS THE FASTEST GROWING INTEGRATED TOWNSHIP OF EASTERN INDIA? Will Rajarhat take off? Why should people shift there? Who would want to live so far? The questions are explored by Shweta Prakash on Eastern India’s biggest real estate play
T
HERE WERE A NUMBER of reasons they said why Rajarhat would never take off. The location was too far in a city where people liked to live close. The place would never attract commercial investors because no one would travel 20 kilometers from the city centre to buy anything. The location would never get connected to the city for easy travel.
The increased infrastructural development speaks about the growth of New Town
Seems like the cynics got it hopelessly wrong. Because New Town, Rajarhat, is emerging as one of the fast-growing realty destinations in Eastern India. Need proof? Look no further than the appreciation in capital values. Even as recently as 2008 residential space in New Town was available for no more than Rs. 2,500-3,500 per square feet; in exactly six years, the average benchmark for new property is no less than Rs. 4,000-5,500 per square feet. Evidently, people are willing to place higher bets on space in New Town – most plots in Action Areas I and II have been sold, commercial space is getting
New Town when seen from the air
October-December 2014 /real-ties Kolkata /20
based amenities being provided in Rajarhat were not being provided anywhere in Kolkata. There was also a recognition that the location was attracting social infrastructure, which usually precedes residents. Transport convenience will be improved through 10-lane major arterial road to be built up. The Airport – Garia metro railway is also under construction. Similarly, the monorail connectivity with rail and road terminals, pollutant free last mile connectivity, best street art and furniture, original sculptures dotted along the major arterial road are also being planned. The growth of IT and ITeS offices gradually translated into a willingness to stay close which created a critical mass of residents. And lastly, the construction of the metro rail to pass through New Town was the kicker that the pocket needed.”
leased and people are actually moving in to live in what was once even recently being dismissed as another ‘ghost town’.
Transformation
Just what was responsible for the transformation of a space that few wanted to look at into one of the fastest growing neighbourhoods of Eastern India’s largest city? Mr. Hemant Sikaria, Founder and Chief Managing Director of Mounthill Realty, a realty company with extensive interests in Rajarhat, feels a number of reasons converged at the right time to catalyse the growth of the location. “First and foremost has been the arbitrage opportunity,” he explains. “The existing real estate prices in Alipore and Ballygunge Circular Road are considerably higher, so Rajarhat began to appear considerably cheaper. Besides, there was a growing appreciation of the fact that the complement of complex-
Mr. Apurva Salarpuria, Founder Director of the Salarpuria Group, agrees. “The fact that this was the first planned area being offered in Kolkata after Salt Lake immediately attracted attention,” he says. “Besides, what people often overlook is that New Town has been planned around robust infrastructure, which is really the foundation of a mini city. In view of this, the long-term development potential of New Town is assured.”
Planned infrastructure
Interestingly, one of the things that the government appears to have got right is the planned overlay of social infrastructure. “It would have been simplistic for the government to provide roads, water and electricity and walked away,” explains Mr. Debasish Sen, Chairman of HIDCO. “Today’s environment is far more sophisticated. As a result, we have built possibly the largest urban park in Eastern India in New Town, which will take vistors more than a single day to cover. Additionally there are wide roads, metro connectivity, parking space and a huge central grass lawn in the central area. There is a convention centre with a guest enclave being constructed on a 10-acre plot; the arterial roads will provide Wi-Fi
RAJARHAT PROJECTS DEVELOPER MOUNTHILL REALTY THE RAINFOREST Near Chowmatha • 1,850 apartments with a retail wing • 80% open • Target audience includes NRIs, IT professionals, upper middle-class and middle-class families • 2, 3 and 4-BHK apartments
THE PYRAMID Near New Expressway (Rajarhat) • Branded homes • Target audience includes upper MIG families • 1,000 apartments • G+10 flat with 20-22 towers
DEVELOPER SALARPURIA GROUP SILVER OAK ESTATE PRIVE Behind City Centre 2 • Three acre property • 50 exclusive row houses • More than 65% open space • 4-BHK homes only • Awaiting LEED certification • Target audience includes HIG families
SILVER OAK ESTATE 2 G+12 towers • 2,3,4-BHK apartments • Multiple towers; best-in-class amenities
INFRASTRUCTURE CREATOR HIDCO Wi-Fi connectivity along the arterial roads • Piped water intake from Hooghly River • Large solar canal-top projects with net meterings • Third bridge over Bagjola Canals • Market complexes, convention centres, iconic towers, gardens, central plaza, Museum of Modern Art, Wax Museum, Metro and monorail and pedestrian subways
DEVELOPER SIDDHA GROUP SIDDHA GALAXIA 24, G+14 towers • 2,500+ apartments • Total land area 11.37 lac square feet • Target audience includes upper middle-class families
October-December 2014 /real-ties Kolkata /21
connectivity and hotspots; the optical fibre cable ducts will facilitate high-speed internet; there will be a football ground, cricket stadium, tennis court, swimming pool and jogging paths for residents. This will be the way a futuristic smart city in India will be.”
The commercial surprise
One of the biggest surprises has been the entry of commercial realty. For long it was assumed that even as people lived in Rajarhat, some of the biggest brands would not shift to New Town in the absence of a critical mass of revenues. This is where the prophets of doom got it completely wrong. “One of the biggest advantages of Rajarhat for any commercial brand is the provision of plug-and-play infrastructure,” says Mr. Debasish Sen, Chairman of HIDCO. “Single window clearances for most services and online business plans have significantly reduced the turnaround time for commercial brands to move in. Besides, commercial brand owners enjoy a superior price-value proposition in New Town on account of the lower rentals on the one hand and the spillover of consumers coming in from Sector V and from Dum Dum. Suddenly, there is a lot more interest in going to New Town because the time to commute is lower on account of traffic-free roads.”
The second wave of commercial properties is reflected in the growth in investment in Tata Memorial Centre, the largest cancer treatment hospital in Eastern India. The launch of Kolkata’s largest hotel Novotel in New Town has been a wake-up call for all who had written off the region. A proposed mall for automobiles in New Town makes eminent sense in view of the fact that most city showrooms have limited space in which to showcase a growing range of vehicles. The launch of the financial hub (including prominent anchor tenants) is expected to enhance the star-rating of the region, kickstarting the second phase of the location’s maturity. The addition of government offices is expected to enhance the areas of visibility even further.
Attractive appreciation
One of the most visible manifestations of the considerable interest in the region has been in appreciation in real estate values over the last few years. “In just three years, Rajarhat prices have appreciated by more than 50%,” says Mr. Sanjay Jain, Managing Director of Siddha Group. “An apartment that was selling at around Rs. 2,100 per square feet in February 2011 is now being offered at Rs. 3,400 per square feet even as most Kolkata real estate values remain stable. What we have discovered is that HNIs like this pocket on account
of its proximity to the airport and the large open expanse. More than 5,000 units have been sold and more under construction are ready to be delivered in three years. Sub-pockets like the Rajarhat Main Road (211 bus route) and the major arterial road have emerged as the ideal locations for real estate investment and appreciation.”
Democratisation of home ownership
One of the big changes to have transpired in the last few years has been the democratisation of home ownership in Rajarhat. What used to be considered as the preserve of a select few is gradually turning into the fulfillment of the middleclass dream. “There has been a huge shift in demand,” says Mr. Hemant Sikaria, Founder and Chief Managing Director, Mounthill Realty. “Some 50,000 units have been put into construction or sale in just three years and while one would have predicted that this would cause real estate
The Airport – Garia metro railway which is under construction will enhance transportation and connectivity.
Must-visit places in New Town, Rajarhat VEDIC VILLAGE Spacum-resort rivaling the world’s finest in luxury and holistic wellness. Shikharpur, P.O, Bagu, Rajarhat 700135. AQUATICA 75,000 square feet water theme park. Kochpukur, Hathgachchia 700059 ECO PARK 480-acre park; 100-acre water body. Major Arterial Road (South-East), Action Area-II, New Town, Kolkata 700157.
October-December 2014 /real-ties Kolkata /22
CITY CENTRE 2 5-lac square feet. Shopping plaza, food court, entertainment arena, multiplex and over 240 retail outlets. IID/5, JL No.-11, Action Area, Mouza Nowapara, Rajarhat, Kolkata 700157
RABINDRA TIRTHA Housing Rabindranath Tagore’s paintings, archives, research centre, auditorium and dormitories for students researching Tagore. DG-17, Major Arterial Road (East-West), Action Area-I, New Town, Kolkata 700156
values to decline, there has been a sharp increase from a 2010 benchmark of Rs.2,200-2,500 per square feet to Rs. 4,200-4,700 per square feet in Rajarhat today. Obviously, there is a huge pent-up demand that most people probably missed.”
PROPOSED COMMERCIAL PROJECTS • Ecosuite Business Tower (Ambuja Realty) next to City Centre 2 • Dream Excellency (Jain Group) near the 211 bus route • Shrachi EK Tower near City Centre 2
Mr. Apurva Salarpuria, who launched Silver Estate Oak, echoes the feeling. “The pocket has become more affordable today in real terms due to the transportation linkages being proposed even though the capital values have appreciated,” he says. “So even as three years ago it may not have been considered desirable to move into Rajarhat, the various options and spots have made this a happening place.”
• The annual maximum average temperature is 38.5ºC and minimum average is 17.4ºC. New Town is comparatively cooler than the central part of the city where the maximum temperature can reach up to 43.9 degrees Celsius in summer and can drop to 5 degrees Celsius in the winter. The annual rainfall of the study area is 1,029 mm. • The area is located 7 kilometres from Kolkata and only 2 kilometres from the Netaji Subhas Chandra Bose International Airport.
The ‘open’ factor
So is Rajarhat doing well simply because it is addressing the growing appetite for real estate among Kolkatans? “Not really,” feels Hemant Sikaria. “The fact that almost 60 % of New Town will remain open will always be its biggest recall. People will always feel that they have been invigourated in Rajarhat after a hard day’s work.” Apurva Salarpuria is more realistic. “The growing popularity of Rajarhat is also a result of the gradual shift of commercial Kolkata – from BBD Bagh to Chowringee to Park Street to Rajarhat – with worldclass amenities at considerably lower prices. The place doesn’t just make aesthetic or logistic sense, it makes commercial sense as well.”
Appropriate zonal division of New Town area as on 31.05.2011 Sl.no.
Action areas
Land areas (Ac.)
1.
Action Area-I
1,674
2.
Action Area-II
3,237
3.
Action Area-III
1,935
4
Action area-IV
1,149
5.
CBD
449
Total
8,444
6.
Water treatment plant
111
7.
Garbage disposal centre
222
Grand total
8,777
TARGET PROFILE
AVERAGE RENTALS
NRI investments in the area have gone up considerably in the past few years. “Around 35 percent investors are not locals. Most of them want to invest because of the potential this area has,” says Shveta Jain, Director, Residential Services, Cushman & Wakefield India. (Source: Economic Times)
The average rental value in Rajarhat is between Rs. 30 and Rs. 50 per square feet while the average capital value of residential property ranges between Rs. 4,000 and Rs. 5,000 per square feet (Source: Economic Times)
The monorail connectivity with rail and road terminals, pollutant free last mile connectivity, best street art and furniture, original sculptures dotted along the major arterial road are also being planned.
Major commercial establishments in New Town Hyatt Regency
Delhi Public School
Wipro office
IT companies (Wipro, TCS and IBM)
Health (Sankar Nethralaya and Tata Medical Centre)
School, IISWBM and Techno India)
Developers (DLF, Unitech and Shapoorji‐Pallonji)
Entertainment (Priya Entertainment, INOX, City Centre 2 and Axis Mall)
Research institutes (ISRO, Central Forensic Science Laboratory, Variable Energy Cyclotron Centre and DRDO)
Manufacturing companies (Coal India) Telecom companies (Ericsson, Vodafone and Airtel)
Hospitality (Swissotel, Hyatt Regency, Novotel and The Pride) Education (Delhi Public
Banking and finance (ICICI Bank, CSE, Peerless and Allahabad Bank)
ALREADY DEVELOPED INFRASTRUCTURES 1 6‐lane Bridge over Krishnapur Canal 2 Major Arterial Road of 59 metres in width and 10.75 km long 3 Bridge over Bagjola Canal on existing MAR alignment 4 2nd bridge over Bagjola Canal on North – South Corridor 5 Fly over on the MAR and VIP Road junction 6 Bailey Bridge over Bagjola Canal 7 Three small bridges over Link Canal 8 Bridge over pass khal at Mission Bazar 9 Fly over on MAR in Action Area –I October-December 2014 /real-ties Kolkata /23
SERVICED APARTMENTS TO MAKE THEIR DEBUT IN KOLKATA
The standing glory - Vivara
SUDARSHANA GANGULY SENIOR GENERAL MANAGER - MARKETING
Sudarshana Ganguly explains why the proposed JWMarriott Hotel on the EM Bypass will break new ground by becoming the city’s first hospitality offering to launch serviced apartments
October-December 2014 /real-ties Kolkata /24
On the concept
Serviced apartments represent a prudent extension beyond the usual five-star rooms in hotels. When business executives or couples come to a city for an extended stay, they often need the convenience of a kitchenette and other amenities that provide them with a fully-contained quasi-residential experience within a hotel – like infrastructure. In a number of business-driven cities, these serviced apartments have come to play a distinctive role, which in turn has helped enhance the business-friendliness of those cities. This is something that we feel will do the same for Kolkata.
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FLOORS: G+28 APARTMENTS PER FLOOR: Two APARTMENT TYPE: Two simplex apartments per floor (third to the 26th); two duplex apartments (27th and 28th floors)
The interior view of the serviced apartment
APARTMENT SIZE: Simplex apartments (7,752 – 8,455 square feet + triple height sky balcony); duplex apartments (14,576 square feet + sky balcony) USPs: Open on three sides, presence of a private lift-lobby, premium apartments with finished flooring, wall surfaces and false ceiling, fully-automated lighting controls, imported premium sanitary ware, CP fittings and shower cubicles in bathrooms, geysers in all bathrooms and fullyair-conditioned with imported VRV/VRF system with temperature control arrangement in each room
On the need for serviced apartments The Vivara luxury serviced apartments being proposed at the JW Marriott Hotel are targeted at a premium niche of the urban residential property market. These serviced apartments will be designed for the modern global citizen and discerning customers who not only desire to live a five-star luxury life, but can afford to do so as well. This is then clearly an idea whose time has come.
On our offering
The 56 room Vivara premium residential tower will be a part of the campus that will house the JW Marriott Hotel. We are
optimistic that these twin towers will make an indelible mark on the city’s Eastern skyline. They will be marked by planned spaces, best-in-class styling, world-class materials and inspired finishes. In view of this, Vivara will emerge as a luxurious, elegant and exclusive offering.
SERVICES: Concierge, housekeeping (daily/weekly), laundry/dry cleaning, engineering (plumbing, electrical), room service and flower arrangement/touch-up painting, among others CLUB: Aeon on the second floor podium level offers an exclusive club experience to Vivara residents with a range of leisure (indoor and outdoor) and recreational facilities A view of the glamourous ground floor lobby
On our prospects
Vivara will be the first offering of its kind in Kolkata comprising apartments servicesupported by a branded international hospitality major. The two popular service apartments from the house of JWMarriott are situated in China and Dubai.
Marriott International, Inc. is an American diversified hospitality company that manages and franchises a broad portfolio of hotels and related lodging facilities. Founded by J. Willard Marriott, the company is now led by President and Chief Executive Officer Arne Sorenson and J. Willard Marriott’s son, J. W. Marriott, Jr. is the Executive Chairman. Marriott International is the largest hotel company with more than 4,087 properties in over 80 countries and territories around the world, over 697,000 rooms (as of July 2014), and additional 195,000 rooms in the development pipeline.
October-December 2014 /real-ties Kolkata /25
Greenfield City, Behala. What makes this an ideal investment? The 3,500-apartment Greenfield City is Behala’s largest residential project and a virtual township in itself. Mr. Sanjay Ganguli, Senior Manager-Finance, Ashok Leyland, explains why he selected to buy an apartment in this facility Q. Why did you choose to live in Greenfield City from numerous available options in Kolkata? A number of things appealed to me. One, the large playground that would be ideal for our child. In most Kolkata buildings, we do not let our children play in the streets for fear of their safety. Here, thankfully, we experience the other kind of problem: of getting them indoors! Besides, having lived in a standalone building, we quite looked forward to living within a community of 3,500 residents. Our decision was vindicated; the entire acquisition process proved hassle-free without any third party involvement and everything was completed by the book.
Q. Why did you select to live out of Behala? For one, Behala chowrasta is close to the residences of a number of my relatives, so the location made sense. Besides,
Behala offers excellent connectivity to important Kolkata locations and with the proposed metro coming up it will be even more convenient to get to most Kolkata locations.
Q. What were some of the upsides of selecting to live in Greenfield City? Whenever anyone buys into an apartment complex, a lurking apprehension is a probable increase in maintenance costs beyond one may have calculated. In this case, our fears were put to rest as we were required to deposit maintenance fees for two years @ Rs. 2.5 per square feet, which locked the costs for this tenure, ensuring a complete peace of mind.
Q. What is the message that you would like to share with those living in standalone apartments? The time has come for families to contemplate moving into gated communi-
ties – for a number of reasons. Gated facilities provide a considerably higher lifestyle standard (core and leisure) over the prevailing urban average; in a number of cases, as we have seen in Greenfield City, the standard is in line with what one would get abroad. Besides, there is a growing sense of community in such complexes, which is welcome following the relative breakdown of the para culture. And lastly, planned complexes like Greenfield City provide a better option for our children. We owe them a better life!
Q. This must have been an expensive decision. We were prepared to pay Rs. 35-45 lac for the 3-BHK apartment and eventually paid Rs. 50 lac (1,306 square feet @ Rs. 3,650 per square feet) all told. But the remarkable thing is that we were able to get possession within just two months of paying!
“Planned complexes like Greenfield City provide a better option for our children. We owe them a better life!” Greenfield City is promoted by Bengal Greenfield Housing Development Company Limited and Srijan Realty Limited
October-December 2014 /real-ties Kolkata /26
GOSSIPWALLAH housed the Metcalfe family. It is said that the spirit of a pernickety Lady Metcalfe sneaks up on unsuspecting readers who don’t return books to their proper shelves. The urban legend continues… (Source: Business Line)
TOLLY’S NULLAH TO GET A MAKEOVER The Tolly Nullah was inspected by two World Bank officials for a project to overhaul the waterway. The Kolkata Municipal Corporation (KMC) will be the implementing agency of the project. As part of the project to revamp the 27 kilometer long Tolly’s Nullah, which has been approved in-principle by the World Bank, the authorities plan to dredge the canal, improve its water quality to ensure that aquatic life can survive in it, stop dumping solid waste and discharge of untreated effluents into the water, beautify the banks and convert the waterway into a navigation channel. The concept plan of the Nullah revamp — prepared by the Kolkata Metropolitan Development Authority (KMDA) — has pegged the project cost at Rs. 632 crore, which includes operation
and maintenance costs for 15 years. (Source: The Telegraph) ASSET-LIGHT MODEL FOR REAL ESTATE DEVELOPERS Godrej Properties and Tata Housing, relatively new entrants into real estate, are forging alliances with landowners to reduce their capital cost and strengthen margins. This asset light model requires lower investment from developers and provides higher returns to landowners who get a part of the revenue. It helps developers de-risk their portfolio, allowing them to grow faster with a lower capital investment. Currently, 60 per cent of Tata Housing’s projects are based on this model. (Source: Business Standard) URBAN LEGEND The horror stories doing the rounds at the famed National Library are an open secret. The 250-year old edifice
October-December 2014 /real-ties Kolkata /30
ASHIANA HOUSING’S EXPANSION PLANS IN THE SENIOR CITIZEN HOME SEGMENT Realty player Ashiana Housing is planning to expand its retirement housing segment in three more cities – Bhiwadi, Chennai and Kolkata – in three years due to an upsurge in the housing demand for senior citizens. According to property consultant Jones Lang La Salle, the number of elderly citizens is expected to grow to 173 million by 2025, which is now being looked at as a potential real estate market. (Source: Business Line) CHOOSE CM’S FAVOURITE COLOUR CODE FOR HOUSE, GET PROPERTY TAX WAIVER CM Mamata Banerji’s favourite colour scheme will get a property tax waiver. The proposal, which has mayor Sovan Chatterjee’s support, has been accepted in the mayor-in-council meeting.
Mamata Banerjee’s favourite colour scheme will therefore make it to private dwellings after transforming flyovers, bridges and government buildings across the city. The chief minister believes the colour code will lift the city’s spirits. The Kolkata mayor’s initiative has a precedent in far-off Albania. When Edi Rama became mayor of Tirana in Alabania, he got shabby communist-era buildings painted a vibrant orange to provide citizens hope for the future. (Source: The Times of India)
UBER TAXI SERVICE In its biggest launch spree, Uber rolled out services in four Indian cities - Ahmedabad, Chandigarh, Jaipur and Kolkata – marking 10 cities in the country on 19th August 2014. With the launch, India is now the biggest market outside of the United States in terms of cities where the service is available. Like always, Uber has started with a limited pilot launch with promotional fares. In Chandigarh and Kolkata, the base fare would be Rs 40 followed by Rs 12 per kilometre and Re 1 per minute. The minimum fare would be Rs 80. In Ahmedabad and Jaipur, the base fare would be Rs 20 followed by Rs 11 per kilometre, Re 1 per minute and
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a minimum fare of Rs 80. In terms of cars, Uber will have a mix of Toyota Innova, Honda City, Skoda Rapid and Tata Aria among others. Valued at $18.2 billion in its last round of funding, Uber is growing at a rapid pace across the country. (Source: The Telegraph)
HIDCO LEASES OUT PLOTS IN RAJARHAT FINANCIAL HUB The Housing Infrastructure Development Corporation (HIDCO) will be leasing 23 plots covering 35 acres, aiming to further the development of the financial hub in Rajarhat-New Town. The expression of interest (tender) for plots of varying sizes will be floated and leased for a period of 99 years. The National Insurance Company (NIC), West Bengal Financial Corporation (WBFC), UCO, UBI, West Bengal Infrastruc-
ture Development and Financial Corporation (WBIDFC), Union Bank, Bank of Baroda, Bank of India, Corporation bank and Shriram Capital have already accquired plots or are in the process of taking over plots in the financial hub of New Town. Besides, Allahabad Bank has also taken a plot in the hub area. In the second phase, the authorities have invited tenders for six plots covering 12.5 acres. Work is also on to construct a multi-storied structure that will be one of the tallest buildings in the city. (Source: Times of India) A DEGREE TO CREATE LEADERS FOR SUSTAINABLE CITIES. The University of Strathclye has launched a Master’s Course to equip students with the skills that will help shape and deliver the cities of the future. The Leadership
for Global Sustainable cities Master’s degree has been developed to create vibrant urban centres with thriving economies, rich cultures and low environmental impact. It will focus on problem-solving using real-world city situations. Richard Bellingham, director of the University’s Institute for Future Cities, said, “with over half the world’s population in cities, we have an opportunity to improve the quality of life for people, and to achieve sustainable futures for cities. This degree will help graduates to understand cities from multiple perspectives and create solutions that tackle big urban sustainability challenges”. (Source: The Financial Express)
KOLKATA TURNS A BIG DRAW FOR HOTEL MAJORS Hospitality giants comprising names like the Carlson Rezidor, Mariott International, Accor and Starwood are seeking a foothold in Kolkata through brands like Radisson Blu, Country Inns & Suites, JW Marriot, Courtyard by Marriott, Novotel and Westin. As per the industry sources, at least 1,500 rooms at an expected investment of Rs. 2,250 crore are likely to be added over the next three to five years by four international chains. Kolkata has 2,100 upscale hotel rooms. This includes three international brands, 480 rooms shared by Swissotel, Hyatt and Carlson Rezidor’s Park Plaza. The rest are owned by Indian chains, Taj Group’s
Taj Bengal and Gateway, ITC, Park, The Lalit Great Eastern and Oberoi Grand. Over the last 18 months, three major hotels added 370 rooms. Another 170 keys will be readied in a phase-wise manner. (Source: Hindu Business
Line)
THE GROWTH STORY Measures taken by the West Bengal Government to usher urbanisation 1 Flyovers at Garden Reach, Chandannagar and Siliguri 2 Extension of Kalyani, Raghunathpur and Baruipur townships 3 Recent flyovers connecting EM Bypass to VIP Road, the Vivekananda Road Flyover and Park Circus Paroma Flyover, among others, aimed at making people spend less time on roads 4 BBD Bag being renovated with heritage conservation 5 A Japan-assisted project in Hooghly district is looking at scientific solid waste management 6 Under the National Ganga River Basin Authority (NGRBA), sewerage networks are being laid in Bhatpara, Gayeshpur and Kalyani 7 Drainage pumping stations are being commissioned in water-logging-prone areas (Source: The Times of India)
October-December 2014 /real-ties Kolkata /31
CAN KOLKATA MAKE REAL ESTATE AFFORDABLE FOR ALL? What does ‘affordable housing’ connote? Amit Jhunjhunwala (Director, Atri Group): In Kolkata it entails a floor area of 700 to 1,100 square feet comprising 2-BHK and 3-BHK apartments costing around Rs. 30 to 40 lac. Harsh Jain (Managing Director, Arrjavv Group): I would have put it in the range of Rs. 10-12 lac a couple of years ago, but would now be inclined to revise it to about Rs. 20-25 lac per apartment. Chaitali De (Marketing Executive, Greenfield Projects): I would slot the price range between Rs. 25-35 lac targeted at the MIG and upper-MIG segments.
Rana Gupta (Vice President, Sukhobrishti, Shapoorji Pallonji): In India, affordable housing is based on incomes, apartment size and cost. If one takes the mid-income segment into account, then a 600-1,200 square feet apartment addressing the needs of a target segment with incomes of Rs. 3 to 10 lac per annum would correspond to apartment cost of Rs. 12-50 lac.
What is driving the demand for affordable housing in Kolkata? Amit Jhunjhunwala: Clearly the escalating prices of prime properties and the easy availability of home finance. Harsh Jain: Easy home loan availability and affordable interest rates (following
October-December 2014 /real-ties Kolkata /32
tax breaks), which explains why a number of builders are selecting to create low-cost apartments pitched at the middle-class. Chaitali De: Here I have a slightly different opinion. I don’t think demand has increased substantially. Rana Gupta: In Kolkata, the demand for affordable housing is considerably higher than supply. For instance, during the launch of SP Shukhobrishti, around 17,000 people applied for 409 MIG units and 11,000 people applied 1,100 LIG units.
What is the prevailing price range for these apartments? Amit Jhunjhunwala: I would put down
Arrjaav Group - Sonar Kella
anything within Rs. 2,500 to Rs. 3,500 per square feet as within the affordable segment. Harsh Jain: We offer a living roomcum-dining room, three bedrooms, two washrooms and a balcony (around 1,200 square feet) for around Rs. 25 lac in the affordable segment. Rana Gupta: Our SP Shukhobrishti apartments were launched at the absolutely unbeatable Rs. 4.51 lac per unit for the low income group and Rs. 10.12 lac per unit for the midincome group.
Which are preferred areas for affordable apartments? Harsh Jain: Pockets like Baruipur, BT Road and Diamond Harbour are becoming increasingly popular because land is still affordable. Chaitali De: South Kolkata and Rajarhat are becoming popular in the affordable segment due to a growing IT population. Rana Gupta: I would say that land parcels on the city’s periphery are attractively priced and well-connected
via metro rail, bus and train.
What are the basic requirements of most customers? Amit Jhunjhunwala: Most customers look at adequate water availability coupled with security and community requirements (gym, swimming pool and community hall, among others). Harsh Jain: Easy connectivity, bestin-class security, vibrant community, social infrastructure and long-term appreciation potential. Rana Gupta: To what the others have mentioned, I would add healthcare, and educational institutions in proximity, adequate landscaping and low maintenance cost.
What is the difference between affordable housing apartments and those addressing HIG and MIG customers? Amit Jhunjhunwala: The quality of flooring material, bathroom fixtures, electrical fittings, doors and windows. Harsh Jain: Generally, the difference has been in terms of the available space, Shapoorji Pallonji - Sukhobrishti
October-December 2014 /real-ties Kolkata /33
which is lower than in HIG housing complexes. While high-end projects offer Italian marble and cutting-edge fittings, affordable housing complexes offer vitrified tiles and CP bathroom fittings. While HIG housing complexes offer sky decks, yachts and world-class clubs, affordable housing complexes offer upgraded clubs, swimming pools and community halls. Understandably, high-end projects usually cost around a crore while affordable housing comes at a fourth of that cost. Chaitali De: HIG housing complexes offer Italian marble and world-class amenities, while MIG complexes offer vitrified tiles with common amenities. Rana Gupta: For the MIG section, tiles, bathroom fixtures and other variable cost items are comparatively lower priced when compared with the HIG section’s use of branded marble, tiles, bathroom fittings and wood.
How are the major players optimising their costs? Amit Jhunjhunwala: Since the cost of land and construction have increased, margins have tended to moderate.
Harsh Jain: Even as cost optimisation is a priority, we never compromise on material quality. Rana Gupta: Most developers are developing projects on the outskirts where the price of land is comparatively low; besides, they restrict unit sizes. The use of value engineering and modern technologies are helping reduce time and construction cost.
What are the major challenges? Amit Jhunjhunwala: Real estate players have limited access to finance. Most environmental challenges have been overcome due to available technologies. The present income tax and registration laws with respect to market valuation pose a threat. Harsh Jain: Land procurement, legal clearances and pollution clearances are big challenges.. Chaitali De: I would put the challenges down to land purchase as well as legal and other clearances. Rana Gupta: The increase in construction costs by 40% in two years as well as an increase in government taxes and premia.
Ongoing projects Atri Green Residency Location: Malancha, Rajpur Price: Rs. 19.23 lac to Rs. 26.77 lac Unit details: 96 units Type: 2 and 3-BHK Floor area: 840 Square feet to 1,120 Square feet Possession: March 2017 BCT Sonar Sansar Location: Sonarpur Price: Rs. 17.95 lac to Rs. 39.95 lac Unit details: 143 units Type: 1,2 and 3-BHK Floor area: 630 Square feet to 1,402 Square feet Possession: July 2015 Dream Exotica Location: Madhyamgram Price: Rs.11.45 lac to Rs. 33.41 lac Unit details: 155 units Type: 1,2, and 3-BHK Floor area: 425 Square feet to 1,240 Square feet Possession: April 2015 Greenfield Oasis Location: Thakurpukur Price: Rs. 21.75 lac to Rs. 35.55 lac Unit details:144 units Type: 2 and 3-BHK Floor area: 888 Square feet to 1,451 Square feet Possession: September 2016 MBPS Waterview Location: Malancha, Rajpur Price: Rs. 17.98 lac to Rs. 31.84 lac Unit details: 112 units Type: 2 and 3-BHK Floor area: 799 Square feet to 1,355 Square feet Possession: June 2017 Primarc Sukriti Location: Harinavi Price: Rs. 20.75 lac to Rs. 30.76 lac Unit details: 67 units Type: 2 and 3-BHK Floor area: 830 Square feet to 1,183 Square feet Possession: April 2017
Atri - Green Residency
October-December 2014 /real-ties Kolkata /34
C O R P O R AT E S O C I A L R E S P O N S I B I LT Y
Taking people into another orbit
Transforming the local unemployed into formal construction support teams – the basic idea of CSR by the Orbit Group
T
HE ORBIT GROUP IS one of the most renowned real-estate project developers in India with a track record comprising more than 29 residential projects. The Group is headed by Mr. Basant Parekh, an experienced real estate developer engaged in the business since the early Nineties. Mr. Parekh explains the Orbit Group’s social responsibility initiative: “You can give a poor man a fish for one day but if you teach the person how to fish you liberate him for a lifetime. This is the philosophy that inspired my company to play a meaningful role in the area of corporate social responsibility.” “When I entered the business of real estate development, we encountered local residents who would be recruited for petty jobs and paid nominally. We
decided to make a difference in the following ways: • We transformed the local unemployed into formal construction support teams • We spoke to each member one-to-one; we gave them the broad picture of how they could transform prospects for their family through a positive work attitude and refined speech • We created a demolition team, settled on a fair remuneration package and incentivised quicker delivery • We made ourselves available to any worker any time; they could call me directly • We treated every worker as equal, which is unusual for a group of people that has for long been discriminated against The result is that all those who would while away their time playing cards
at street corners and looking for the next scuffle now live busy lives at construction sites, managing raw material or workflow.” “Similarly, when we moved into our office on 1 Garstin Place, we could have asked all adjacent stall owners to shift; instead, we checked if they need assistance in evolving their professions.” “We had another instance in Keyatala where some families needed to be relocated for the sanctioned project to begin. When we discovered that there were 15 families with children on the site, we took an internal call and preferred to sell out rather than proceed.” “My learning across the years is that if you only as much as respect the dignity of people and take an interest in their lives, you can transform them and their families.”
October-December 2014 /real-ties Kolkata /35
Magazine sponsor
Consumer Grievance Redressal Cell’s awareness campaign
JAGO GRAHAK JAGO!
There is a growing emphasis being laid on the protection of consumer rights facilitated by modern technological developments
West Bengal. The department redresses consumer grievances in line with the provisions of the Consumer Protection Act, 1986, in various consumer courts including the National Consumer Dispute Redressal Cell. The big question: why is there a need for the Consumer Dispute Redressal Cell when the Consumer Forum was already in existence? Simple. No long waiting. No locational boundaries. The CRC works around mutual understanding through pre-litigation settlements, as a result of which cases related to a Rs. 10 cold drink to issues entailing Rs. 39 lac have been resolved - effectively and efficiently. So why a Consumer Redressal Cell for the real estate sector? There are a number of reasons for this. The housing sector contributes 5-6 per cent of GDP, is the second largest employer after agriculture and is slated to grow at 30 per cent over the decade. Following a large inflow of resources, there has been a growing incidence of forgery and embezzlement. A big reason for this has been low consumer awareness. The Consumer Redressal Forum assists customers in understanding basic realities with the objective to protect their interests.
The complainants
There are three major parties in a real estate business comprise the following: the land owner, developer and purchaser. The Consumer Redressal Forum can be accessed by various parties:
T
he Consumer Redressal Cell (Mirza Ghalib Street, Kolkata) is one-stop service provider that protects the interests of those who put in their hard-earned
savings into the purchase of a property. The CRC is legally empowered, operating under the aegis of the Consumer Affairs Department, Government of
October-December 2014 /real-ties Kolkata /36
• A purchaser of an apartment under construction is a consumer, where the developer and the land owner are the service providers. A purchaser may resort to the Consumer Protection Act (CP Act), 1986 for dispute resolution. • A land owner, who entered into a development agreement with an
individual or a company, is a consumer and that individual or the company is the service provider. The land owner in case of any dispute can file a case under the CP Act, 1986.
• Read the ‘sale of agreement’ before signing.
The land owner and developer sign a ‘development agreement’ while the developer and the purchaser sign a ‘sale agreement’ and ‘deed of conveyance’ The sale of the property can be divided into three parts - sale of vacant land yet to be developed, sale of under-construction flats/ apartments and sale of completed flats.
• Ask the developer to provide the ‘occupancy certificate’. This certificate is issued by the municipal authority with regard to the complete availability of power, water and sewage system in the flat.
Verification
If a comprehensive due diligence is made at the initial stage, almost 50 per cent of the issues can be resolved. While selling vacant land, the land owner should verify the following: • The development agreement should be signed after scrutinising the developer’s credibility • The land owner should check the authenticity of the ‘developer’s certificate’ issued by the Housing Department, Government of West Bengal While purchasing finished/ready flats, the following documents need to be verified: • The ‘title report’ needs to be verified carefully to ascertain the proprietor’s name. • Occasionally, these deeds represent false ownership, a problem that can be solved by asking for a ‘search certificate’, which is issued by the municipal committee after a thorough check in any upgradation on the sale or purchase of the land in 13 years. • Ask for the ‘completion certificate’ before registering the flat. The completion certificate is issued by the municipal authority, assuring that the concerned property has been built in line with norms and rules issued in accordance with its geographical location.
A critical difference in words
• Check for the updated payment of the property tax for your flat till the date of the ownership transfer.
Protecting against underconstruction
Since the sale of under-constructed flats is an area where major defaults occur, the protection safeguards comprise the following: • Check the ‘developer’s agreement’ carefully.
Sale agreement: What the buyer will get after the construction of the flat Deed of conveyance: What the buyer receives after the flat is completed.
A complete no-no • Approving the registration before receiving the ‘completion certificate’ • No verbal commitments to be accepted for the registration or ‘completion certificates’ or any other legal deeds
• Study the ‘sanctioned plan’ in the ‘titled deed’ and learn about the proposition of the residential and commercial space to protect oneself. • Verify the approval of the proposed construction/extension received from the competent authority. • ‘Non-encumbrance certificate’ or the ‘searching certificate’ has to be asked for to be sure about the proprietor’s name. • Order permitting the ‘land conversion’ in case of conversion of agricultural or other land by any competent authority. • Up-to-date land tax receipts or building tax receipts issued by the competent authority to be verified. • Payment schedules along with proper disclosure of total considerations and break-ups. • Power of attorney issued by the land owner in favour of the developer. • Asking for the ‘occupancy certificate’, which ensures that the flat is ready for habitation.
ABOUT 40 PER CENT OF THE CONSUMER GRIEVANCES REGISTERED ANNUALLY ARE SOLVED THROUGH PRE-LITIGATION SETTLEMENTS.
October-December 2014 /real-ties Kolkata /37
REAL ESTATE MARKETING JUST GOT MORE PERSUASIVE! HIGHLIGHTING THE INNOVATIVE MARKETING STRATEGIES BY SUCCESSFUL REAL ESTATE PLAYERS IN KOLKATA DEFERRED PAYMENT SCHEME When real estate values become sluggish and a developer cannot be seen reducing prices for fear of antagonising those who might have already bought into a given property from the developer earlier, the deferred payment scheme works conveniently. The Kolkata trendsetter was Eden City Maheshtala where it offered buyers the option to purchase apartments based on 20 per cent down payment, the rest to be paid by the bank to the developer. Following apartment handover, the buyer begins to pay the rest of the installment. The result: 83 per cent (700 apartments) of the property was
successfully marketed under the Empower scheme. HOMEGAIN When buyers move into an apartment they experience a cash squeeze on account of having paid a hefty sum to buy the apartment, leaving them with precious little to invest in the interior decor. To address this issue, the management at Eden City Maheshtala proposed a differentiated idea: the EMI would be paid by the developer for a year following apartment handover. This made it possible for the owners to enhance their lifestyle quality and then gradually liquidate
their installments. The revolutionary strategy generated a sale of more than 50 apartments. RAIN FOREST Mounthill Realty was positioned around the concept of a rain forest abounding with trees that helped minimise noise levels. The project is being designed to accommodate a canal surrounded by tall trees. The central gate of the property will open to a drive way skirted by trimmed royal palm trees leading to a Gothic fountain. The marketing proved effective; 55 per cent of 1,850 apartments were sold during the soft launch.
YACHT OWNERSHIP
The Forum Group offered those who bought into Atmosphere the ownership and use of a 60-foot, three-bedroom yacht worth USD 3 million – at no extra cost. Kolkata enjoys the unique advantage of being situated on a river, permitting the use of the yacht through the year. The yacht ownership will make it possible to host private celebrations or simply enjoy lazy Sunday evenings on the river.
DISNEY! Team Taurus positioned its The County residential project around Disney, complete with Disney-inspired bedrooms, clubhouse, Mickey Mouse swimming pool, dancing musical fountain, Winnie the Pooh jungle gym and a wishing well. The project earned a four-star rating (out of five) from India Homes.
October-December 2014 /real-ties Kolkata /38
DEYA, ‘THE JELLYBEAN’
Atmosphere’s principal attraction is its Deya, an engineering marvel suspended between two towers at a height of 400 feet. This 3,000-tonne club facility will house a modern club comprising a sixhole putting green, virtual golf simulator, basketball court, squash court, cinema hall, 250-seater banquet, kids’ crèche and a games pavilion coupled with seven-star spas, conference rooms, gyms, jogging tracks, swimming pools or hot tubs, party decks, private dining lounges and libraries. Phew.
SKY DECK
The Mounthill Essence offers Kolkata residents their first taste of a sky deck - a home with a private sky garden, sky and turf. The sky deck catalysed project offtake; approximately 90 per cent of the offering was sold in the first year of launch.
SINGAPOREAN THEME The Jain Grouppromoted Dream Exotica offered Singaporean architecture comprising an island with a wooden deck, swimming pool, spa and pergola roof. The result was that Dream Exotica was awarded the ‘Best Residential Project – Mid Segment’ in 2013 by CNBC Awaaz and was listed among ‘India’s Top-100’ projects by CRISIL and Realty Plus.
MEDITERRANEAN THEME Dream Palazzo by the
Jain Group offers a Mediterranean-themed property with landscaping reminiscent of Italian - gardens with bold sculptures, gurgling fountains and a brick stone pathway. The strategy worked; 85 per cent of the 192 apartments were sold out within a couple of months.
BUY INTO MERLIN AND GET A FREE AUDI A6: The Merlin Group has already made a name for themselves by effectively catering to the premium market segment which constitutes the HIG and prestigious individuals. Its latest coup in the real estate market
scenario involves an Audi A6 offered as a complimentary gift to those who intend to buy into Merlin, Tollygunj (price range of Rs. 4.0 and Rs.5.5 crore). This for certain will make the project more lucrative and add value to the
brand identity of the developers. The developers expect this will increase the number of footfalls into the project site and enhance visibility among the target audience.
October-December 2014 /real-ties Kolkata /39
INSPIRATION WHAT KOLKATA CAN LEARN FROM FRANCE MUDAR PATHERYA SHOOTS PICTURES OF URBAN CONCEPTS IN FRANCE WAITING TO BE TRANSPLANTED IN KOLKATA
At first glance, this looks like an ordinary picture. But look closer. While the railings and some of the latticed doors are real, the others have been painted onto the building faćade. With the singular objective that the building’s architecture stays in sync with the adjacent buildings. So that it enhances heritage respect for the neighbourhood. Ah, another point. No billboards, no banners of commercial offices. This signage regulation in Nice (as in other French cities) is one reason why heritage is still such a big draw in France
October-December 2014 /real-ties Kolkata /40
Shot this in a small Provence village called Loumarin. The tree may have gone but its appeal remains and the location stays protected.
This was one of the most endearing features of French streets. The bouquet of foliage and flowers across most electrical poles in central city areas is something that can be so easily replicated in Kolkata
Each window sill, however, humble, is adorned by a box or tray that hosts colourful flowers. Reflects the owner’s pride.
This door in the backstreets of Marseilles was an interesting instance of how residents prided in keeping things old rather than send for the painters and polishers. The door seems to be holding out a message: there’s beauty in decay!
This pole close to the Maritime Museum in Marséilles has become a magnet for the museum’s used tickets. What could have been a litter headache has now become a tradition – and a location for pictures!
Not just another street signboard. Attitude and aesthetics make all the difference.
October-December 2014 /real-ties Kolkata /41
Where have all the great fountains of Kolkata gone? And more importantly, where has the good old tradition of keeping fountains and parks accessible to the public – without forbidding grills – vanished? Shot this in Paris at one end of the Champs de Elysees.
The Grand Casino, Monte Carlo. See through the reflection of the iconic convex mirror. Not the kind of investment that is going to bleed a government department dry. But think of the number of tourists who kept clicking pics! Best part: the stainless steel mirror was designed by someone of Indian origin. Anish Kapoor!
October-December 2014 /real-ties Kolkata /42
Kolkata is often referred to as India’s cultural capital but try finding someone with a musical instrument trying to earn a living on the streets… the musician in Paris must have hauled his piano from home!
Simple motif of Marseilles. A block ‘M’. Why not a block ‘K’ across ten locations in Kolkata?
Modern France has recognised that one of the most effective drivers of its economy is tourism; heritage lies at the heart of its tourist attraction. One of the easy ways in which the French have protected their heritage is through the use of cobbled streets, signifying that the location enjoys a sense of history. In Kolkata’s Rabindra Sarani we replaced smooth black bricks – witness to the street’s rich century-old history - with anonymous concrete!
Centre of Nice. Vast open space. Pedestrian-friendly. Differentlypatterned floor. No hawkers!
October-December 2014 /real-ties Kolkata /43
IS IT POSSIBLE TO KEEP AN ENTIRE NEIGHBOURHOOD CRIME-FREE? William Barno, Managing Director of ASI Services, a prominent Kolkata security-cum-facility management company, explains how the concept of security in Kolkata needs to extend from standalone buildings to comprehensive neighbourhoods The need: There is a broader consensus that one security guard (or two) at the entrance of a standalone complex cannot suffice any longer. Most lack adequate training and presence of mind. The time has come for a comprehensive neighbourhood security solution comprising a radius of, say, 5-10 kilometers in addition to a buildingcentered solution. This multi-tiered solution will make security tighter and deter criminal activity.
warrants patrol guards and a control room. One of the things that we are now insisting is the use of CCTVs placed at street intersections, which can be monitored from a centralised location. The question is not whether the CCTV will be effective enough; the reality is that the very presence of a CCTV network acts as the most effective deterrent to criminal activity because once detected the criminal knows that sooner or later he will be apprehended.
What this warrants: The neighbourhood security solution
The process: Neighbourhood security warrants a combination of 24x7
October-December 2014 /real-ties Kolkata /44
control room monitoring and manned patrolling (two men on a bicycle or motorbike). It is recommended that each guard be equipped with a mobile phone. The technologies could depend on the level of security required and the investment capacity of the residents. I feel that basic hand equipment (lathis, batons and flashlights) should be available at all times. A mandatory check of all building guards by the neighbourhood guards could serve as a check-and-balance bonus at no extra cost. The system does not make
conventional building security redundant but provides collaborative vigilance solution. Emergency preparedness: In the event of an apartment break-in, our alarm system can alert every guard in the neighbourhood. Besides, those manning the CCTV screen can alert those closest to the scene of the break-in. A single guard may not be adequate to apprehend a thief but a wellknit group can make the difference. It is our conviction that a neighbourhood security can effectively minimise the incidence of crime simply by the virtue of being there! Ideal neighbourhoods: I can easily think of Lake Gardens, Ballygunge, Lake Market, Mudiali, Alipore and Bhowanipore as ideal upmarket locations where such a solution can be implemented. The cost: This could be one of the most cost-effective urban security solutions simply because neighbou rhood security is not as people-intensive as building security is and when you spread the cost across a large number of buildings, the trickle-down cost per resident can be really negligible.
THIS COULD BE ONE OF THE MOST COST-EFFECTIVE URBAN SECURITY SOLUTIONS SIMPLY BECAUSE NEIGHBOURHOOD SECURITY IS NOT AS PEOPLE-INTENSIVE AS BUILDING SECURITY.
Crime rates in Kolkata (in percentage) 87.50
73.21 66.67
63.89 56.25
59.82
54.63
53.57 42.86
Level of crime
Crime Breaking Car theft increasing in and entering three years
If the value is 0, it means it is perceived as very low, and if the value is 100, it means it is perceived as very high
Cases when things were stolen from cars
Drug peddling
40.18
Vandalism and theft
Assault and armed robbery
Walking alone during daylight
Walking alone during night
(Source:http://www.numbeo.com/crime/city_result.jsp?country=India&city=Kolkata)
October-December 2014 /real-ties Kolkata /45
Magazine sponsor
Jog down to the fitness studio. Walk up to a leisurely dinner. Run 15 steps down to reach your office.
Commercial space in residential buildings This real-ties brings to you an emerging Kolkata trend – commercial spaces inside residential buildings. We speak to owners, tenants and residents about the joys and inconveniences.
NEERAJ SURANA Tenant I got space off Southern Avenue for a fitness studio but had to be screened by the residents first. These are some of the points that I communicated to them: One, gym timings (early morning and late evening) are during non‑rush hours so they minimise resident inconvenience. Two, gyms cater to a niche clientele and not the locals, minimising potential objection. Three, much of the interiors of a gym are like that of a residence so not many changes have to be effected. Four, residents can use the gym within the building to lead healthier lives. Five, the gym can help enhance building aesthetics, enhancing capital-appreciation prospects. Six, the building maintenance costs can be shared by the commercial property. The result: within 10 minutes, I received their approval!
KAVITA SINGHANIA Owner Generally when there is an office on the first floor of a residential building, it can be painful. There could be all kinds of visitors coming at odd hours. However, we have been fortunate; the
communication consultancy on the first floor of our building is knowledgedriven with respectable gentry. Besides, we have different entrances into the actual building for the office employees and residents. Our other advantage is that the owners of the company live in the adjacent building and are approachable. Interestingly, we enjoy the comfort of knowing that at any given time a number of people are working within the building and can be called to assist in an emergency.
GEETI SEKSARIA Tenant When a restaurant was established on the ground and first floors, residents had major concerns about safety. However, the promoters had advocated the use of state-of-the-art fire-fighting and hazard management systems in compliance with all regulatory norms and guidelines. Moreover, the building is equipped with close-circuit cameras to prevent safety breaches with guards manning the premises 24x7 at individual entry and exit points for the restaurant and building. Since this upscale restaurant caters to well-to-do patrons there is no possibility of trespassing. While the restaurant space has been
October-December 2014 /real-ties Kolkata /46
rented, the promoters contribute to the maintenance of our premises.
AMITAVA DUTTA Tenant There was a commercial office on the first floor of our residential building and while they did not pose any major inconvenience since their visitors did not use our building lifts, the residents decided that to prevent this phenomenon from proliferating, the office should be asked to vacate. If we had not taken a stance on this, we would have had offices on the fourth, seventh or tenth floors of our building, as a result of which the security of the building could have been compromised. The office vacated and found a commercial facility close by to shift into.
Neotia Medi Plus Multispecialty Clinic: Near 228 Bus Stand, Garia Main Road
HUSAIN SIDDIQUI Tenant I live in what used to be a fine residential building in Central Kolkata. Over time, residents began to shift to South Kolkata, vacating their rented premises in favour of offices belonging to chartered accountants and transporters. In the space of just a few years, the character of the building was completely altered. During the day, you have various unknown faces walking into our building (which could have an implication for the security of our building considering that most menfolk are away at work). In the evenings, the building becomes deserted. There are no faces left to talk to. In a few months, we will be shifting out of the building as well.
Habib’s Salon – Diamond Park, Joka
Samsung Service Centre – Salt Lake City
Neeraj Surana is owner and trainer at Fortius Strength Studio that operated out of a residential building in South Kolkata. Geeti Seksaria is a resident in a prominent lake-facing building of South Kolkata which comprises a multi-cuisine restaurant on the ground floor. Kavita Singhania is the resident of posh South Kolkata residential building with a knowledge-driven communication business on the first floor. Amitava Dutta is the president of a residential high-rise in South Kolkata. Husain Siddiqui lives on the sixth floor of a Central Kolkata residential building
October-December 2014 /real-ties Kolkata /47
NUMBERS
BOOKS ON KOLKATA
12.5
The investment (Rs trillion) required to address India’s housing needs – at current prices.
95.6
The percentage of Indians from economically weaker sections and low income group households who cannot afford homes priced above Rs. 15 lac.
2.68 million
The estimated shortage of homes likely in West Bengal by 2030.
1 Calcutta by Geoffrey Moorhouse 2 City of Joy by Dominique Lapierre 3 Calcutta: The Living City Volumes 1 & 2 by Sukanta Chaudhuri
800
Number of refugee families in Bonhooghly who will be given apartments at Siddha Eden Lake Ville (comprising park, swimming pool and community hall).
80 The percentage decline in retail space supply in shopping malls in the first half of 2014 across seven major cities to nearly 0.3 million square feet.
35,000
Units need to be built each day for a continuous eight years to address the housing shortage in India. (Source: KPMG Report)
90,000
The estimated investment (in Rs crore) that Indian REITS can attract in the first year.
43
1 3.45 30
$ 43 billion is the worth of the real estate decisions taken as more and more Indian log online to seek information about real estate investments, with $ 31 billion for residential and $ 12 billion for commercial. (Source: http:// timesofindia.indiatimes.com) The quantum of investment (in billion pounds) by Indian billionaires in buying luxury homes in the heart of London in just 18 months (second only to Britain-based buyers). The quantum of proposed spending (Rs lac crore) by the Finance Ministry under the National Gramin Awas Mission. The number of million houses to be built for the homeless under the National Gramin Awas Mission by 2022.
4 Calcutta - City of Palaces: A Survey of the City in the Days of the East India Company 1690-1858 by Jeremiah P. Losty 5 Calcutta 1981 by Jean Racine 6 City of the Dreadful Night and American Tales by Rudyard Kipling (which mentions the Great Eastern Hotel) STRANGELY BELOVED: WRITINGS ON CALCUTTA EDITED BY NILANJANA GUPTA
C
alcutta’s wealth is not in ancient monuments, medieval courtrooms or modern skyscrapers. It is in its stories. Perhaps no city in India has inspired the responses of love and disgust as sharply as Calcutta, now Kolkata, where the old and the new, the beautiful and the squalid coexist side by side. Once a global city second only to London, it has often been written off as a dying city. But despite perhaps because of all its problems, Calcuttans love the city with the illogical passion of true love. In his 1971 book on the city, Geoffrey Moorhouse wondered why Calcutta is so strangely beloved. This collection of writings brings out the essence of the attractions this city has to offer its food, music, theatre, art, politics by weaving together history and personal experience, social commentary and political critique. Sharing the experiences of renowned writers and poets, academics and historians, who have all loved the life of this city, Strangely Beloved provides a rare and heart-warming glimpse into the heart, mind and soul of one of the greatest cities in the world. (Courtesy: Amazon) Hardcover: 372 pages • Publisher: Rupa/Rainlight Publications (September 1, 2014) • Language: English
FUN ZONE 1 Which building occupies the largest number of address in the city? 2 On which building would you see the inscription in Persian: “May your prosperity be perpetual”? 3 What is the name of the bird market in New Market ? 4 If the Museum is the jadu ghar, what is the Birla Planetarium? Send answers to editor@realties.net.in and we might just feature you in the next issue of real-ties.
October-December 2014 /real-ties Kolkata /48
IN THE MEDIA WHAT THEY SAY
THE WORLD’S FIRST TEMPERATURE-CONTROLLED PEDESTRIAN CITY!
D
ubai is all set to build the biggest mall on the planet, complete with climatecontrolled streets, a theme park, five miles of covered streets and 100 hotels and apartments spread across an area of 48 million square feet. The mall will also contain health resorts, theatres, a celebration street modeled on the Ramblas boulevard in Barcelona and ‘retail streets network’ that will stretch over four-and-a half miles. The grand project is a part of Dubai’s bid to become a year-round tourism destination,
despite soaring temperature in summer that can reach nearly 50 degree Celsius. The shopping mall itself will occupy eight million square feet, housed below a glass dome. In the cooler winter months, the dome will open, allowing people to shop in the fresh air, closing as the summer heats up. It is thought the huge construction will attract 180 million visitors a year and developers hope it will secure Dubai’s futures as a tourism hub. (Source: www.dailymail.co.uk)
ANCIENT ‘AIR-CONDITIONING’ COOLS BUILDING SUSTAINABLY degrees cooler inside than out – by drawing on Rajasthan’s ancient architecture.
A
t the height of summer, in the sweltering industrial suburbs of Jaipur, Rajasthan in North Western India, the Pearl Academy of Fashion remains 20
T
he Wat Pa Maha Chedio Kaew temple has found a way to bottle-up Nirvana, literally. The temple, which sits in Thailand’s Sisaket province, roughly 370 miles northeast of Bangkok is made of more than a million recycled glass bottles. True to its nickname, ‘Wat Lan Kuad’ or ‘Temple of Million Bottles’ features glass bottles throughout the premises of the temple, including the crematorium, surrounding shelters, even the toilets. There’s an estimated 1.5 million recycled bottles built into the
While the exterior appears very much in keeping with the trends of contemporary design, at the base of the building is a vast pool of water – a cooling concept taken directly from the step well structures developed locally over 1,500 years ago to provide refuge from the desert heat. The whole building is raised above the ground on pillars and the walls are made from a heatabsorbing material that ensures that the warmth is released slowly at night when the temperature drops. Centuries ago, latticed screens or jaali filtered direct sunlight into the palaces helping reduce heat. The success of the academy’s design has had a palpable impact. Regulations – based on these passive cooling techniques – were introduced last year for all new Indian government buildings. (Source: www.edition.cnn.com)
T
“
he price in most of the country’s residential markets have touched the bottom and are currently stable. There is an excellent opportunity for buyers to lock in property deals.” -
Sanjay Dutta, Executive Managing Director, South Asia, Cushman &Wakefield
P
ay heed to the economic drivers of growth in a locality. The place that witness job creation also see a higher appreciation in real estate prices.” -
“
Anshuman Magazine, CMD, CB Richard Ellis, South Asia
W
“
hat you are seeing is the return of three confidences – consumer, corporate and investor. These are the biggest drivers of the market.” - Abhay Laijawala, Managing
Director –Research, Deutsche Equities
T
“
he smallest patch of green to arrest the monotony of asphalt and concrete is as important to the value of real estate as streets, sewers and convenient shopping.” - James Felt, New York Times
R
“
eal estate is an imperishable asset, ever increasing in value. It is the most solid security that human ingenuity has devised. It is the basis of all security and about the only indestructible security.” - Russell Sage, American Financier and Politician
BOTTLE-UP NIRVANA! temple. The bottle-collection-turned-building started in 1984, when the monks used them to decorate their shelters. The shiny building material attracted more people to donate more bottles, until eventually they had enough to build the temple standing today. Bottle caps are also integrated as decorative mosaic murals. Going beyond use of glass as a sustainable building material, the bottle bricks don’t fade, let natural light into the space and are surprisingly easy to maintain. (Source: inhabitat.com)
October-December 2014 /real-ties Kolkata /49
PREVAILING PROPERTY RATES A COMPARATIVE STUDY ABOUT THE PAST AND PREVAILING RATES OF THE COMMERCIAL AND RESIDENTIAL SPACE
COMMERCIAL SPACE – OTHER CITIES
75-140
COMMERCIAL SPACE – KOLKATA
80-100 60-80
40-42 30-42 Harish Mukherjee Road, Hazra, Ballygunge
Mallick Bazar Park Circus Dalhousie, Park St., Camac St., Elgin Road, Minto Park, Chowringhee, AJC Bose Road, Theatre Road
Kasba
New Town, Rajarhat
City Centre
Garia Boral Narendrapur Sonarpur Jagaddal Baruipur Kamalgazi EM Bypass, Kumrakhali Bansdroni Kudghat Naktala Kasba Picnic Garden Behala Thakurpukur Joka Maheshtala
4000-4800 2700-3100 3500-4500 2200-2800 2400-2600 2100-2300 4000-4300 4800-5000 5500-6500 5200-5700 5500-6000 4500-6000 4300-5100 3200-3700 2400-3000 2300-2700 2650-3100
4300-5200 2950-3250 3400-4500 2200-2850 2500-2800 2290-2650 4250-4900 4900-5100 5500-6500 5200-5900 5500-6000 4500-6000 4400-5200 3500-3900 3000-3500 2800-3000 2600-3100
October-December 2014 /real-ties Kolkata /50
Rs. 32 – 40 Rs. 16
Rs. 30
Rs. 30
Rs. 90
Rs. 90
Rs. 200 230
Rs. 200 230
Rs. 180 200
Rs. 180 200
A+
Gurusaday Road, B.C.Road, Mayfair Road, Ballygunge Park Road, Ballygunge Park, Queens Park, Sunny Park, Ironside, Alipore, Theatre Road, Southern Avenue, Camac Street, Elgin road. Ballygunge Place, Palm Avenue, Palm Place, Ballygunge Phari, Gariahat, Mandeville Gardens, Bhowanipore, New Alipore, EM Bypass, Kankurgachi, Tollygunge, Prince Anwar Shah Road, Jodhpur Park, Topsia
Rs. 4 crore and above
A
SOUTH KOLKATA Present Rate (in September)
Rs. 32 – 40 Rs. 16
Current Prices
Lease rate in September 2014
Past Rate (in April)
Rs. 26 – 28
Location
THE RATE COMPARISON LIST FOR AREA-WISE RESIDENTIAL PROJECTS. Location
Sept ’14
Rs. 26 – 28
Category
Lease rate in April 2014
Topsia
Rate per square foot April ’14
THE CURRENT RATE LIST FOR HI-END RESIDENTIAL
Salt Lake Sector V
Gariahat
Ruby
Durgapur
28-35 28-38
70-80
65-85 60-70 65-75 60-70
85-100
0
Burdwan Road
Zoo Road
Category Business Park
0 0
60
30
Burdwan
GT Road Nr Gopalpur GT Road, Murgasol Rambandhu Talab Guwahati GS Road
Category SBD
30 30
Location
Asansol
Category CBD
60 60
75-85 60-75
90
65-75 65-75
60-85
90 90
120
60-70
Rate per square foot (in Rs.)
120120
Cities
150
70-110
150150
Rs. 1.5 4 crore
NORTH KOLKATA Location
Past Rate (in April)
Present Rate (in September)
Khanna Hatibagan Laketown VIP (near Haldiram) Sealdah Barasat Keshtopur Madhyamgram Kaikhali BT Road, Dunlop Birati Dumdum Nagerbazar Baguiati Khardah Barrackpore
6000-7000 6000-7000 5400-5800 5500-6500 6000-6500 2000-2400 3200-3400 2500-3200 3250-3350 3330-3600 3000-3200 4500-5000 3000-4500 2200-2300 3000-3200
6200-7200 6200-7200 6000-6500 5500-6500 6000-6700 2000-2700 3200-3500 2500-3300 3595-3800 3400-4000 3000-3200 4700-5800 3500-5000 2200-2500 3300-3400
SHIFT IN DEMAND FOR RESIDENTIAL UNITS OVER A SPAN OF ONE YEAR
THE RATE COMPARISON LIST FOR AREA-WISE RESIDENTIAL PROJECTS. CENTRAL KOLKATA
HOWRAH AND HOOGHLY
ZONE-WISE DEMAND
9500-12500 9500-13000
6000
5000
4000
6000
South Kolkata 29
Central Kolkata
3000
25.39
2000
3000
Total sample size Inner circle: 27,927 (April 2014 – September 2014) Outer circle: 21,983 (October 2013 – March 2014)
1000
0
Tangra
Park Circus
Topsia
0
Howrah Uttarpara
EAST KOLKATA
3975-6500
71
49.
2 B/R
1
42
3 B/R
1.8
1
4 B/R 3800-4100
4000-4200
4300-4600 4500-5100
4000-4200 4000-4500
3650-4250 3800-4500
2800-3300 2800-3300
4000
2800-3500 2900-3750
5000
4100-4500 4200-4700
7000
(%) OF ENQUIRIES 5400-6500 5500-6700
4200-7500
UNIT-WISE DEMAND
8000
6000
17
18
15.8
Rajarhat
3000-4500 3200-4550
5500-6100 5600-6300
7000
3
North Kolkata
42
9000
8000
10.81
5.9
Howrah/Hooghly
33
12000
4500-6600 4700-8700
15000
8500-9500 8500-9500
(%) OF ENQUIRIES
29 57
.48
48 Total sample size Inner circle: 27,927 (April 2014 – September 2014) Outer circle: 19,971 (October 2013 – March 2014)
3000
2000
BUDGET-WISE DEMAND
0
New Town Action Area III New Town Action Area I
Kochpukur 211 Bus Route Rajarhat Chowmatha 91 Bus Route Chinar Park
Rate in April 2014
Rate in September 2014
13.7
4
5.9 36
14
Below Rs. 30 lac Rs. 75 lac above Between Rs. 30-50 lac
16.29
Mahishbathan (Near Sec V)
Between Rs. 50-75 lac
23
New Town Action Area II
(%) OF ENQUIRIES 5.9
1000
57
44.68
Total sample size Inner circle: 21,983 (April 2014 – September 2014) Outer circle: 26,473 (October 2013 – March 2014)
(Source: NK Realtors)
October-December 2014 /real-ties Kolkata /51
ANNUAL GET-TOGETHER, 2014 1
2
6
7
(1-11): The felicitation of the team members who have served the organisation for decade or more.
3
8
12
13
14
18
19
20
24
25
26
(12-29): Recognising the contribution of the team members.
October-December 2014 /real-ties Kolkata /52
4
5
9
10
11
15
16
17
21
22
23
27
28
29
19
th September 2014 was a red-letter day at NK Realtors as members of the NK family got together to celebrate the annual get-together at 36 Chowringhee Road. What made the event special was that all the Directors were there to grace the occasion and their speeches launched the programme. This was followed by the members being felicitated for their good show during the year gone by.
October-December 2014 /real-ties Kolkata /53
freewheeling THIS COLUMN IS DEDICATED TO THE MOST GLOSSED-OVER MEMBER OF OUR EXTENDED FAMILY – THE DURWAN.
A
NY CHAIN is as strong as the weakest of its links and the weakest of our links is probably the man who is empowered to ensure our security. The durwan. Over the last few decades, the institution of the durwan has undergone a change. In the good old days, durwans were married to buildings and generally lived out their existences in cramped rooms allocated to them under a stairway (which inevitably became the first point of call for all those from his mulook, as a result of which 170 square feet became ‘home’ to eight people living rib-to-rib). This institutionalised durwan in our building in Sarat Chatterjee Avenue was someone whose name none of the residents knew, except that we referred to him as ‘Raaaaambhajo’ because that is the name he would utter every 30 minutes on his nocturnal patrol to send out the impression to intending infiltrants that he was awake, alert and well. Rambhajo expired; his dog Friday followed him and since then the building’s security has been delegated to his sons and nephews who live within the building and who the residents are comfortable with having around because there is nothing better than a second generation to trust with their well-being. Interestingly, over the decade, a new manifestation has emerged: the paid security
agency. From the tried and trusted ‘I have known his family for three generations’ model to the ‘I don’t know who you are as long as I know your company’s owner’ approach. There are pros and cons to both, but permit me to tell you what I have seen over the last number of years of living in one building and working in the adjacent one (lucky, no). The building where we have direct multi-generation employees is far more secure than the one in which we have our office. If one drives towards the residential building, the gateman (Shyam) is generally up on his feet towards the collapsible gate and lock even before one has braked for entry; in the office building, we have to draw close to the gate as early as 11.30 pm, flash the headlights on the face of the guard already asleep and thereafter interrupt his sleep with a brief honk. Over the years, we have reconciled ourselves to the fact that there would be nothing worth robbing from our office, but this is an escapist’s response. The affluent residents of the building where we have our office, appear as undaunted (surprisingly), which is really why one is writing this piece. These are the questions that I would like to ask all those reading this column. How is it that we spend years and most of our waking time on collecting a decent earning but secure ourselves with absolutely laughable means? How it is that we are willing to
October-December 2014 /real-ties Kolkata /56
be assured that our security is in safe hands only because the person who stands at our gate wears a uniform?
Why don’t we create teams between guards of different (and proximate) buildings so that they don’t work in silos?
How do we assume that any intending criminal would be daunted by a security guard who is aged and unfit?
Why don’t we pool funds and recruit just two guards to patrol street-ends?
Why is that most of us recruit security agencies without even checking the background of those who will actually be guarding our premises? Do any of the guards have a provisional weapon with which they can defend themselves when threatened? What is the guarantee that a security guard would not be tempted to flee when intimidated (and then produce the classic ‘Bhool holo’)? Why do we trust security agencies that show us how duplicitious they can be while copying the uniforms of competing agencies but cannot even design something remotely original? Why don’t we even bother to acquaint ourselves with those guarding our gates by asking for their names and where they come from? Why don’t we have something as simple as a familiarisation meeting between our building residents, our security guards and agency owner? How many of the demanding building residents even bother to have a periodic training (or orientation) session for durwans and guards? Why don’t most of our buildings invest in a time-card punching system that ensures that guards don’t doze on duty?
Why don’t we invest in a simple electronic surveillance system instead of buying jaali after jaali to fortify our doors and windows? Why don’t we put pre-emptive notes outside our buildings – ‘beware of dog’ and ‘this building is under electronic surveillance’ – instead of the cynical ‘ei diye kichhu hobey naa’? Why don’t we pool info on what goes missing in our building instead of a resigned ‘How will that help get us things we have lost’? Do any of us know the value of taking the security guards by surprise and thanking them publicly for a job well done? When was the last time you had a party and told the durwans not to bring their lunch/dinner in advance so that you shared your food (not leftovers!) with them? How many of us have building residents who have been allocated the ‘security’ portfolio so that the subject gets more attention than just the usual administrative chores that a building secretary must address?
If you have interesting feedback, send them to mudar@trisyscom. com
Elita Garden Vista New Town, Action Area III Land area: 24.70 acres
Open space: 87 percent
Number of blocks: 16
Completion time: First phase ready, second phase – four years from the date of commencement
Number of floors: G+14, G+32 Number of apartments: 1,549
Location: New Town, Rajarhat Action Area – III, Kolkata, West Bengal Unit sizes: 1,040 – 1,742 square feet Developer: Sureka, Merlin, JB
The developer speaks: “Elita Garden Vista brings New York to New Town. Its 6.8 acre ‘Central Park’ is surrounded by 16 to 30-storey towers. The signature project is jointly developed by a consortium of respected developers - Sureka, Merlin and JB Group - who are known for their track record of landmark projects such as South City and Urbana, which have changed Kolkata’s skyline. Elita Garden Vista (lifestyle referred to as EGV) is a gift to New Town and set to become the ultimate benchmark.”
Contact: 033 4040 1010/6620 1010
Email: sales@nkrealtors.com
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