INDIAN
REALTY
YEARBOOK Indian Luxury Real Estate
INDIAN
REALTY
YEARBOOK Indian Luxury Real Estate
THE TEAM
Publisher Atul Pandey
Editorial Head Namrata Kohli
Project Head Shivani Tripathi
Marketing Team Prachi Tandon Reema Behl Bhavya Singh Anisa Kapoor Garima Kapoor Prachi Rastogi Manasvi Bansal Charvi Saraf
Design Director Book Details
Graphic Designer
Printer & Publisher, Atul Pandey, Published From: 1/6, LGF, Sarva Priya Vihar, New Delhi-110016 Tel: 011-46080332. Email: info@100communications.com Printed at Sangat Printers Pvt. Ltd., C-115, Naraina Industrial Area, Phase -I, New Delhi - 110028
Kavitha Shenoy
Copyright@ Hundred Communications Pvt. Ltd. All right reserved reproduction in any form is strictly prohibited. All images are used on good faith & we do not take any responsibility of the copyright of the same & that shall rest exclusively with the provider / source.
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Madhu Kashyap
ISBN No. 978-81-910523-4-3 Volume : 1.0/ Year : 2013-14 Price : INR 5,000/-. US $100
Manoj Kumar
Copy Editor
Production Manager Pritam Singh
Technical Advisor Manik Gulati
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ABOUT THE BOOK Indian Realty Yearbook (IRY) takes you on a voyage around the universe of luxury real estate in India. Presenting a snapshot of the Indian luxury market, the book takes you on a guided tour of key projects in the luxury and branded home segment; cruising along the latest trends and introducing to you the best in class luxury accessories, gadgets and gizmos. Objective and subjective in the same breath, the book has everything to aid and abet the investor in his business of finding a home. The book alerts the investor on legal, taxation, regulatory aspects, while also throwing light on the buzzwords of green homes, home technology, branding, customer experience management, security in residential real estate. There is a directory of premium service providers such as channel partners, architects, interior designers and lawyers operating in this exclusive space. Delving into insights that go beyond just ‘facts’, the book deftly captures the ‘facets’ and the essence of luxury. It tries to define luxury in the Indian context, where the luxury residential market in India is headed and the distinguishing characteristics of the Indian luxury home buyer. Informative, insightful and perceptive this coffee table book is supplemented by impactful images that make it a visual treat. But the highlight are perspectives shared from globally acclaimed names on several aspects of luxury real estate – the world’s best have converged onto one exclusive space ‘By Invitation Only’. Their views ‘quote unquote’ on design, architecture, construction, engineering aspects add value and appeal to the book. Today, global leaders are betting big on India’s luxury real estate marketSwarovski is seen lending its shine to Indian homes; the world’s most successful real estate brand, Trump, has given its trademark to Indian projects, Armani and Versace designing interiors of Indian homes, Greg Norman creating premier signature golf courses, Philippe Starck making its foray- we can confidently say that India is where the best minds in luxury space are converging today. Nobody wants to miss a chance of being in India after China, which went from Mao suits to Armani and a ‘luxeplosion’ of sorts in the last decade.
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PUBLISHER’S NOTE The economic boom in India over the last 20 years has resulted in tremendous wealth creation - resulting in new entrepreneurs as well as traditional business families both having been catapulted to a higher quality of life. Over this phase, India has added millionaires at one of the fastest rates in the world - people who have the money, and have been exposed to the best in luxury the world has to offer - and they want their life to be at par with the global elite. We find ourselves in an interesting zone to capture the many aspects in unveiling of the Indian luxury real estate story. On one hand, the best global minds are looking at India as the next ‘great opportunity’, on the other they have to negotiate challenges in mindset, processes and efficiency. Indian buyer is lavish in taste, as well as discreet and value conscious. Luxury products do not sway him off his feet so easily - as someone said jokingly the other day- the person who buys a rug worth Rs 1 lac will still be bargaining on delivery charges. We may import the best global products and technologies but our local guy still needs to be trained to handle the material and technology and deliver the high quality finish that the buyer is paying for. But we are changing fast, and learning fast. Like a jar has pebbles which if shaken can produce out of the box ideas, likewise the luxury residential real estate space is abuzz with ideas galore.. ideas which may fail, boomerang, go thud but also ideas which will transform the Indian real estate landscape from what it is today to something which is at par with the best in the world. Best wishes,
Atul Pandey
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EDITOR’S NOTE Luxury is when we move from the realm of need and functionality to desire, and fantasy. Purchasing decisions in luxury space are driven often by emotion and ambition, rather than a rational utilitarian approach to life. A society begins to embrace luxury once it has evolved to a level where its citizens have grown beyond the challenges of basic survival and enter the domain of the aspirational. For us, in India, to be talking and discussing luxury homes, is a moment of great celebration and pride. There is demand, and hence there is supply. This is the story of new India- struck by what social scientists term as ‘affleunza’, meaning affluence going viral. And the first thing, that gets an upgradation, is the living space. Never before, had an Indian in one lifetime, managed to make multiple shifts, across categories of homes- the journey beginning with a starter home, graduating to a lifestyle home, to a multigeneration home, and even a trophy/marquee home. Home today, has been redefined from a living space that takes care of just functional needs, to one that caters to higher order needs and desires of individuals. Often, it is an extension of one’s personality- Intimate, comfortable, exclusive. The new Indian is both affluent and aspirational – he demands a living space that comes with the promise of an exclusive lifestyle. Each project continuously raises the bar of superior luxury living, pushing the envelope on design, architecture and construction.. India’s global citizens certainly want futuristic homes, which are both exclusive and inclusive, at par with the best the world has to offer. Best wishes,
Namrata Kohli
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CONTENTS
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14 W HEN LUXURY COMES CALLING 16 Trends Around The Globe rand Hyatt: 22 G The India Opportunity warovski: 26 S Sparkling Living Spaces
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132 Smart Spaces
lending Conservative and 136 B Contemporary 142 Securing Homes 144 The Science Of Selling Luxury uxury: A Marriage Of Form And 148 L Function 150 Legal Realities
62 The Pull Of A Quality Life
160 Attention To Intimate Spaces
66 Investment Hotspots
164 The Value Of Recall
oni Chi: Soul Stirring Luxury 46 T
eading Luxury Residential Projects In 68 L India By CBRE South Asia Pvt. Ltd.
olonising The Hours Of Darkness 166 C
WDI: Weathering Weather 52 R Inconsistencies
170 The Third Dimension: Advantage 3D
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The Finer Side Of Life
174 Managing Experience
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An Aid To Good Life
176 Regulatory Analysis
38 Buro Happold: Firming Up Structures rabian Construction Company: 42 A High Life Of High Rise
oster + Partners: 56 F Bringing Working & Living Together
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126 Green Homes That Breathe Health
60 BUSINESS OF EXCLUSIVITY: THE BIG PICTURE
32 y oo: Luxury Is An Individual Experience
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124 T HE WORD OF THE WISE
98 Designing Interiors 102 Turning A House Into A Home
156 Being Tax-Wise
180 G lobal Best Practices In Real Estate: RICS Exclusive Compilation
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188 N EWSMAKERS OF THE YEAR
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226 READY RECKONER 228 Legal Firms 232 International Property Consultants
190 Developers Of The Year
233 Architects & Interior Designers
204 Leaders Of The Year
235 Umbrella Bodies
212 Projects Of The Year
238 Channel Partners
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01 WHEN LUXURY COMES CALLING
‘Quote unquote’ views By Invitation of global leaders keenly eyeing the Indian real estate market.
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TRENDS AROUND THE GLOBE As the only real estate network owned by a fine-art auction house, Christie’s International Real Estate (CIRE) has unparalleled access to the HNIs (High Networth Individuals) around the globe who procure assets such as art, wine, jewelry, and luxury real estate. Together with the collective knowledge of its 125 affiliated real estate brokerages in 41 countries, CIRE encapsulates the key characteristics and trends of this market. Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
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GLOBAL TRENDS Location, lifestyle, provenance, are the hallmarks of value and often equally as important as price, when *HNIs consider a property purchase. Luxury residential real estate values are more likely to follow trends in luxury goods and not the general housing market. While general real estate trends remain driven by global economic and political trends, the luxury property market remains relatively impervious to these trends and more closely follows the luxury goods market.
Although the art and real estate markets are different, high-value art and property purchases are both about passion and investment. PAUL PROVOST Deputy Chairman, Christie’s International Real Estate
Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
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The luxury housing market remains insulated from money flows and political shifts, as these concerns are less likely to determine the purchase of a trophy home for the ultra HNI population around the globe. Political stability and transparency, however, is critical for attracting foreign capital. Cash transactions predominate at the higher end of the market, with both domestic and foreign buyers. The large sales by non-local purchasers suggest that HNIs are becoming increasingly global in their outlook. The luxury market pricing is not entirely internationally fueled; it also results from the spending habits of local entrepreneurs. HNIs seek non-consumable luxury investments in locations that not only offer security and lifestyle benefits, but also afford them the comfort of knowing that their investments are (moderated perhaps by the impact of government intervention) part of a trend that is unlikely to fall out of fashion. The multi-millionaires and billionaires generally purchase property for leisure purposes. They do not purchase these homes in order to ‘flip’ their investments; rather, they may purchase a spectacular home to enjoy the region’s wealth of available cultural and leisure pursuits. The right micro-location is imperative for HNIs purchasing a luxury home in each of th.e 10 surveyed cities. For instance luxury residences in Paris are situated in prime locations, with city views and high ceilings. It is important that a luxury home be finished to exceptionally high standards. In Toronto, HNIs are looking for “architectural excellence in prime locations with the latest finishes”. IRY
*HNI: High-Networth-Individual with more than US$1 million/INR 6Cr+, in financial assets
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Residential real estate is a tale of two markets – luxury and everything else. BONNIE STONE SELLERS CEO, Christie’s International Real Estate
The ‘Christie’s International Real Estate (CIRE) Index’ is the first truly global indicator of luxury residential real estate. Photo: Sanjay Puri Architects
Global in scope and exclusively reflective of luxury markets, the index reviews world’s top cities- of London, New York, Paris, San Francisco, Los Angeles, Miami, Toronto, Dallas, Hong Kong.
CIRE index takes into account several factors while analysing the 10 cities. This includes: (1) city GDP; (2) number of billionaire residents; (3) AT Kearney Global Cities Index; (4) UBS Most Expensive Cities Ranking; (5) S&P Case-Shiller Index (US cities only); (6) Globalisation and World Cities Research Network rankings; (7) number of Fortune 500 companies headquartered in a city; (8) Christie’s International Real Estate affiliate offices.
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KEY FINDINGS FROM THE INDEX London’s US$121 million (£75 million) sale and New York’s US$88 million sale have pushed both cities to the top of the Index with the highest record sale prices.
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In New York, the prognosis for luxury residential real estate is robust owing to strong demand from both local and international buyers, combined with a strong local economy.
61 59 58 54 53 52 51 32
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London market remains attractive given the short supply in the luxury segment, and this outstrips any negative impact that the stamp tax might create.
Market Record Sale Price Average Price Per Square Foot(luxury listing) Number of Sales Over US$1 Million Number of days on the Market (luxury listing) Number of listings over US$1 Million Relative to Population Percentage of international and Non-Local Buyers (luxury home purchases) Percentage of secondary and additional home purchases AT Kearney Global Cities index and Emerging Markets outlook Jones Lang LaSalle Transparency Ranking
Hong Kong’s Property market has high liquidity and remains a strong investment choice for mainlanders who wish to diversify their assets. Hong Kong has the second-highest average price per square foot for luxury properties of US$2,958. Paris ranks above average in many of the Index categories, with a strong average price per square foot (US$1,830), The Côte d’Azur continues to be Europe’s highly prized second-home destination. It records the highest percentage of international and non-local buyers (90 percent) and the highest percentage of secondary and additional home buyers (95 percent).
In Los Angeles, almost 100 percent of luxury transactions are purchased with cash, and the city records robust scores across all Index categories. San Francisco’s extraordinary record square foot price of US$9,549 – a Pacific Heights hilltop mansion, sold by Pacific Union International for US$28.5 million – has driven up its average persquare-foot price. Toronto’s real estate market, which has remained buoyant in recent years of global market turmoil, experienced its first step toward a buyers’ market in 2012, with sales declining in the second half of the year as a result of stricter mortgage lending guidelines. The city reported the lowest average number of days on the market for luxury properties (46 days). Miami has a high percentage of both international and secondary and additional home buyers and this is fueled by strong interest from South American buyers. Dallas, home to nine Fortune 500 companies and 17 billionaires, is a regional power. But, unlike other cities with a high concentration of wealth, HNI Dallas residents tend to spend below their ability on a residence and spend money instead on other tangible assets such as car collections. Interestingly, this has spurred a strong demand for underground parking garages to house the car collections. IRY
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GRAND HYATT: THE INDIA OPPORTUNITY Hyatt group is a global hospitality company with a tradition of innovation developed over fifty years. Grand Hyatt is its distinctive brand with a presence in nearly every major city and resort locales, right in the centre of action. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. The Company’s worldwide portfolio consists of 500 properties in 46 countries. Grand Hyatt makes its debut in Indian residential real estate with the super luxury “Grand Hyatt Branded Residences”, in the Ireo township in Gurgaon’s Golf Course Extension road.
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GRAND HYATT SPELLS GRAND LIFE Hyatt has been in India since 1983 with the opening of Hyatt Regency Delhi. With more than three decades of experience in serving the Indian customer, we have earned a strong brand following. The booming demand for luxury residences in Indian cities that are the prime corporate hubs, and our long standing association with the country has created the right ground for launching our luxury residential projects in this market.
Indians love to socialise and entertain guests at home and prefer expansive living spaces. JOHN BURLINGAME Global Head of Residential Development, Hyatt Hotels Corporation
Among Asian markets, Hong Kong, Singapore, Shanghai and Beijing are well-established and reflect prices similar to mature European markets. In upcoming markets such as India, there is huge potential for growth. With the increase in the number of HNIs, the demand for luxury residences has been created, and we believe it will only increase over the years. Cities like Mumbai, Delhi, Bangalore and Gurgaon, the business nerve centers of the country, have seen a strong growth in residential prices as these are attracting HNIs, NRIs, entrepreneurs and top management professionals from across India and globe. These individuals are exposed to the finest living standards across the world, and they look for similar top-notch facilities and services comfort back home. Apart from a home that complements their financial and social standing, they also want a convenient ecosystem with close proximity to corporate hubs and access to premium facilities for leisure and recreation. Luxury residences in India are now matching up with their global counterparts to cater to the aspirations of this upwardly mobile business class. There are specific traits of the Indian homebuyer.
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Indians like to entertain friends and guests at their homes. They look for expansive living rooms with large balconies. Therefore, one of the definitions of luxury is closely associated with the size of the living spaces and generally the overall apartment. In comparison to their European and American counterparts, Indians have more demand for services, partly due to their cultural influences where a typical affluent home employs a fairly large number of assistants. Also, Indians have strong family ties and often three generations can be seen living together, which means the requirement of three to four bedrooms. At our debut project, the smallest configuration of apartment is a 4 BHK unit and apartment size in excess of 4,600 square feet. Globally, the Grand Hyatt brand is synonymous with opulence and grand life. These standards will be replicated at Grand Hyatt residences in design, facilities and the level of services. We strongly believe that every Grand Hyatt Residences project should uniquely represent a sense of place. Keeping in mind that Indians love to socialise at home, at Grand Hyatt Gurgaon Residences, we are introducing in-residence catering. There will be many lifestyle amenities such as a large club house,restaurant, banquet facility, indoor sports, pool, library lounge, tennis, barbeque cabanas, children activity center, where owners will be pampered by Hyatt’s legendary services. Grand Hyatt will manage the upkeep and maintenance of complex and residents will enjoy a host of other services such as Concierge, Valet Parking. IRY
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SWAROVSKI:
SPARKLING LIVING SPACES Founded in 1895 in Austria, Swarovski delivers a diverse product portfolio of crystals, gemstones, finished products such as jewelry, accessories and lighting. Globally recognized as the leading luxury crystal brand, Swarovski inspires cutting-edge architecture, lighting and interiors of unmatched quality, craftsmanship and creativity. Now run by the fifth generation of family members, Swarovski Crystal Business has a global reach, with over 2,350 stores in 170 countries, 25,135 employees and a revenue of 2.38 billion Euros in 2012. Presently, Swarovski offers premium decorative lighting that unites the mastery in cut crystal with state-of- the-art lighting technology. The brand is partnering with developers to add sparkle to people’s life and value to the complete living experience. Swarovski recently collaborated with Pune’s City Corporation Ltd for their Amanora Gateway Towers project at Hadapsar, Pune.
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DAZZLING INDIAN HOMES India is a vibrant society with an increasing influence on the rest of the world. As India continues to thrive, the people of India are increasingly interested to invest in their overall wellbeing. Indians are open to new styles and brands that add quality to their lives. Swarovski, known for superior quality, lends the expressive, emotional, and transformative power of crystal to create luxurious interiors.
The people of India have an extraordinary appetite for luxury in their homes. ONDREJ PATKA Regional Director - Middle East, Subcontinent, Africa, Swarovski
The people of India have an extraordinary appetite for luxury in their homes. The opportunity to bring addedvalue to luxury residential projects in India is on the rise. India is a very exciting and interesting market, with brand connoisseurs who hold a deep appreciation for beauty and luxury. As India evolves, we expect Swarovski lighting and retail products to emerge as a perfect fit for discerning Indian customers who want to celebrate their success with beautiful, exclusive designs for their personal spaces. As a leading global fashion and lifestyle brand, Swarovski sees this as an opportunity to bring luxury to a higher level and to offer Swarovski premium lighting and crystalline applications for interiors to Indian home-owners. From the runway to boutiques all over the world, Swarovski brings this knowledge and experience to marvel the finest sparkling residential interiors. There has been amazing improvement
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in the Indian luxury residential market in recent years. Branded residences offer a place to not only socialise with family and friends, but also a luxurious sanctuary to reward their hard-earned success. It’s essential that these spaces balance a modern living experience with traditional Indian values. We believe that this improvement is attributed to the travel experiences of home owners who expect the same level of luxury, as seen in other parts of the world. Developers are quick to react to this very demanding marketplace. It seems only natural that Swarovski, an expert in design innovation and creativity with crystal, stimulates this marketplace by contributing to the luxury home experience. Our enthusiasm for creating luxury interiors is complemented by the excitement of the Indian real estate developers. Indian developers are most knowledgeable of their target audience which is very important. Swarovski relies on this local knowledge of the Indian market to perfectly match Swarovski products with Indian values, tastes, lifestyle, and culture. Luxury is about passion for details and Swarovski favourably engages those who expect nothing less than the highest quality for their homes. IRY
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JOHN HITCHCOX FOUNDER yoo
yoo:
LUXURY IS AN INDIVIDUAL EXPERIENCE It was John Hitchcox’s innovative and out-of-the-box thinking which led to the creation of yoo. Co-founded in 1999 with the renowned designer, Philippe Starck, yoo offers developers services in interior design, architecture, marketing and branding, to create extraordinary and inspiring living spaces. With creative directors who are star designers in their own right, Philippe Starck, Marcel Wanders, Jade Jagger and Kelly Hoppen, yoo is a brand name to reckon with globally and has implemented projects in 33 cities across Asia, Africa, Australia, Europe, North & South America, Middle East and most recently India.
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YOO: BRINGING ‘YOU’ TO LIFE Luxury housing, is not about creating expensive homes. At yoo, we define luxury by the experience an individual has, in a space where all their needs are fulfilled, through exceptional design. Our trademark , Human Luxury™, is the idea of creating a space which is designed to validate your every whim, so that you feel satiated. Our design is all about a wholly personalized experience based on meeting whimsical desires with the practicalities of the real world – adding dimensions to the expected hotel / living experience. Each project fulfils our passion to create inspirational spaces and urban communities for residents, or as we like to call, a collection of likeminded individuals. With each design, comes yoo’s signature public and common spaces encouraging interaction among residents in otherwise closed urban environments. We hope to always make something fresh and unexpected, but as part of an interactive process, building on the success of our previous work. We try to avoid fixed concepts and believe in being always aware of, but not blindly follow, the current fashion or trends. At yoo we are fortunate to work with amazing designers; Philippe Starck, Jade Jagger, Kelly Hoppe, Marcel, Wanders, along with our development partners we collaborate to create a vision. We only work with the best quality materials and products to create someone’s dream home and hope to do this in a time efficient manner. With every project we design, it is always born out of a combination of our international expertise, and local culture. This is key to making a scheme part of the wider community. We look to incorporate local arts and customs, suiting the local market. For example when working in certain parts of Asia, we work with Feng Shui masters when creating layouts. In India, we are always inspired by the vibrant
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We are inspired by colours of India. JOHN HITCHCOX
colours which surround us, we try to incorporate these colours into our design ethos. yoo is an international company and we are constantly looking for new markets to expand into. We instantly recognized what an exciting, vibrant country that India is and it seemed like the right fit for the yoo way of living. The luxury residential market in India is certainly coming of age. We have three projects in India- one in Mumbai and two in Pune which demonstrates the increasing demand in the market for high quality residences. Globally, there is space for branded residences and this is a space that yoo is filling in India. Working alongside developers, we understand this and create designs that are both appealing and aspirational. I love Mumbai where we have projects. The infusion of colours and senses matches perfectly with the yoo brand and in particular Jade Jagger’s style which resulted in Lodha Fiorenza, a development which really brings yoo to life. IRY
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BURO HAPPOLD:
FIRMING UP STRUCTURES Buro Happold is a professional services firm providing engineering consultancy, design, planning, project management and consulting services for all aspects of buildings, infrastructure and the environment, with its head office in Bath, Somerset. Known for its structural consultancy, Buro Happold is associated with prestigious projects. The company is delivering structural, MEP and traffic management solutions to Supertech Ltd in its mixed use development in Noida, and providing the MEP, security and IT services at the World One project by Lodha.
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Structural engineering is the backbone of skyscrapers. ANIL HIRA Regional Director & Partner, Buro Happold ON SOLID GROUND At the luxury end of the market, especially in tall buildings, engineering aspects are just as important as architecture. For these new generation buildings reaching 200 to 300 meter in height and beyond, structural engineering is the back bone of the building and MEP (Mechanical, Electrical and Plumbing) engineering is the life blood to the building. Furthermore, vertical transportation engineering to ensure efficient and timely transportation of the building occupants, and façade engineering to provide an attractive and energy efficient skin for the building is also of prime importance. With super-tall towers, the structural engineering is dominated by lateral loads caused by seismic activity and extreme wind load conditions. It is important to ensure structural safety against extreme wind loads as well as check the acceleration levels. Design wind loads and acceleration levels can only be assessed accurately by deployment of advance wind tunnel testing, a technique that addresses the complex and dynamic interaction between wind and structure. India lies in a moderately strong seismic zone, and hence seismic considerations must also be studied. The most effective line of defence to resist seismic forces for tall towers is to ensure that conceptually the architectural and structural form is seismic “friendly”.
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Contrary to popular perception, tall buildings behave significantly better during an earthquake situation, as compared to shorter structures. Structural engineering for high-rise towers in India, with the assistance from the influx of foreign consulting firms, has ensured that the standards of design are reaching international standards. Fire and life safety considerations are also important for tall luxury building. The Indian codes are prescriptive, strict and generally conservative. Code compliance alongwith right application of advance fire engineering techniques sourced from the developed countries, ensure that the towers in India are very safe. Globally, the MEP systems including building management systems, vertical transportation and façade technology, are advancing with the exponential advances in information technology. This is one area where India has some catching up to do to meet international levels. The degree of technological advancements applied to the Indian projects is greatly dependent on the corresponding developer’s willingness to invest in higher initial capital costs. This higher initial investment often leads to substantial reductions in the future operating costs. Buro Happold is currently working on many challenging and exciting luxury high end projects. We are excited by the potential of working on many more challenging projects in India to meet the demands of luxury living in the years to come. IRY
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ARABIAN CONSTRUCTION COMPANY:
HIGH LIFE OF HIGH RISE Renowned contractors, Arabian Construction Company (ACC) have extensive experience in high-rise construction. ACC has executed a number of skyscrapers in the Middle East such as the 80 storey 333 meter tall Rose Rotana Suites Tower, which is the highest furnished apartment tower in the world and DMCC’s 70 storey 360 meter tall Almas Tower. But their most illustrious project has been the Princess Tower - a 101 storey, 413 meter tall residential skyscraper located in the Marina district of Dubai which made its way to the Guinness Book of World Records as the world’s tallest residential building. Recently, ACC was awarded Rs 650 Cr contract to build the iconic 80-floor 300 meter Spira in Noida, a mixed-use building with luxury flats, two five-star hotels and commercial space.
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Health, Safety, Environment (HSE) are watchwords for great construction, where quality is a given. ANI RAY Managing Director (India), Arabian Construction Company
BUILDING TALL & SAFE They say in real estate the watchwords are location, location and location. But when it comes to building construction, our watchwords are Health , Safety, Environment (HSE). These are important in any project but for super high rises, these are the prime considerations. Needless to mention, quality is paramount both in terms of quality assurance and control. In high rise building construction, planning is the most important stage and this is where maximum time should be spent. During the initial planning stages, any world class construction company should be able to evaluate design and decide upon the construction methodology, the HSE as well as quality issues. During design stages, one should fix all the strategies and during actual construction phase, only meticulously follow the agreed plan. Planning is the most critical stage for a building construction project - it’s almost impossible later to rectify mistakes, if any. It is imperative to introduce technology in construction of luxury buildings. It helps in enhancing the level of safety and security as well. With cutting edge technology, one can even remote sense one’s premises from another continent. It’s a myth that going high has a conflict with going green. After all, the ground area is limited so you can maximize
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green areas by accommodating people vertically. Asian cities in particular have a high density of population- the only way to leave open spaces is go high. Another myth is that high rises are very expensive. The world over the trend is that a high-rise project is also a high-end project, more luxurious than the common low rise building and that is why they are more expensive. Compare a high-rise luxury with a 10 floor building with same level of luxury and you will find that the prices are hardly different. For luxury residential market in India, it’s just the beginning and obviously market needs players who not only know the requirement, but can deliver. Indians demand luxury real estate to live and work. And I foresee this development will spread from Metros to Tier II cities, where people have capacity and desire for better living spaces. European markets are mature and they can’t swell rapidly. Asian markets are young with varied degrees of growth with some world class luxury projects but the biggest opportunity in Asia is India with China. These two countries are the brightest spots for the next few decades. We have some iconic references and experiences in Middle East. We see opportunity in India given the enormous size of the market, growing income and awareness level of world-class standards of quality. IRY
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TONY CHI Founder Tonychi & Associates
TONY CHI: SOUL STIRRING LUXURY Internationally renowned Lifestyle Designer Tony Chi has executed projects across the United States, Europe, South Pacific Asia and Middle East, including exclusive residential projects in Beverly Hills, Hong Kong and the Fiji Islands. Some of the most noted projects include the opulent Park Hyatt Shanghai and stylish Andaz 5th Avenue in New York City, Rosewood Hong Kong. Tony Chi has been recognised with innumerable prestigious accolades, including Hall of Fame award, Global Excellence award and International Interior Design Association’s Best of Interior Design. His debut project in India is envisioning the interior design of Grand Hyatt residences in Ireo township at Gurgaon.
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DESIGNING TO AWAKEN CONSCIOUSNESS “In today’s society, luxury is a word that is so often mentioned that its true meaning has become lost and clichéd. Many people identify luxury through a visual representation identifying a good design or a space based exclusively on a striking look or a trend. However, what some may see as beautiful or striking, others may see as imposing, bland, ordinary. Have you ever heard the common saying “beauty lies in the eye of the beholder.” The Webster’s Dictionary defines “luxury as a condition of abundance of great ease and comfort; an indulgence in something that provides pleasure, satisfaction or ease.” This straightforward definition clearly identifies luxury as an emotional response. Our lives are influenced by changes in our society whether these are brought about by technology, the decreasing boundaries between our work and private lives or the increasing urbanization- they tend to encroach upon our personal space. Finding that desire within our own consciousness, much less defining that desire, feels ever so distant and obscure. I see design as a vital opportunity to awaken within us that emotional need from within our subconscious, stirring a desire or need that we did not even realize was ever there, or somehow lost in a distant memory. I have defined this desire from within ourselves through what I have defined as “invisible design” - what touches you, rather than what you see. Our day to day lives are a journey through both public and private spaces. Our public spaces serve our interaction with our community, city and culture while our private spaces reflect our intimate lives touching on our thoughts, feelings, desire for privacy, relationships with family and loved ones and entertaining with friends. By understanding this context and applying subtleties that will bring these desires, we can then finally grasp what is the real meaning of a luxurious space. Although my experience as a designer and creative developer, may eventually require an intimate knowledge of a local culture and society, there are certain universal qualities that do not require such an involved expertise. These would include some of the following: a crafted entrance as a gradual detachment from the outside world bringing you into your own private and intimately familiar space and forming spaces that embrace nature while retaining a sense of refuge and quiet. Applying art to create
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It is the legacy of heritage that will primarily define the context of luxury unique to India. TONY CHI a sense of wonder and possibility; and decoration of antiques and furniture collections to form a connection with the past while embracing the present and future moments which are yet to be experienced. The separation of servant’s quarters from the mainstream, including separate entrances, to bring the sense of privacy. Instilling a sense of formality in the movement and operation within a property that is not imposing in today’s casual culture, but rather instills an understated elegance. Some of my recent collaborations recall an interpretation that inherently defines the meaning of luxury, unique to its location and culture. Park Hyatt Shanghai’s “vision of silence” as a detachment high above the chaotic urban streets of Shanghai, the tribute to the comfort and elegance of New York apartment and brownstone living at Andaz 5th, the embrace and yearning for Switzerland’s abundant natural landscape at the Intercontinental Geneva. As my journey becomes ever more intimate with India, I am captivated by the rich cultural heritage and historical legacy that pervades this magnificent country which I learn more and more about, each and every day. While I foresee the homebuyer will also possess the subconscious desire to have serenity and the sense of quiet, formality and elegance in a luxury property, it will be this same cultural legacy of heritage that will primarily define the context of luxury, unique to India. IRY
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Photo Credit: Supertech Ltd.
RWDI: WEATHERING WEATHER INCONSISTENCIES
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Established in 1972, Wind Engineering Firm, Rowan Williams Davies & Irwin Inc. (RWDI) is a specialty consulting engineering firm. The RWDI group of companies has over 275 employees with offices in Canada, USA, United Kingdom, India and the Middle East. The company leverages the world’s most sophisticated engineering, computing and scientific techniques to help create healthy environments and high performance structures and meet the world’s most complex wind and weather-related challenges. RWDI’s experts collaborate with architects, engineers, planners and developers on issues such as sustainable design and operations, wind, sun, snow, sand, ventilation, cooling, air quality, noise, acoustics, vibration, energy, day lighting, alternative / renewable energy, structural dynamics, and motion control. RWDI has worked on iconic structures such as Burj Khalifa in Dubai, Taipei 101 in Taiwan, Petronas Towers in Kuala Lumpur, Mega Tower in Hong Kong, Freedom Tower in New York City, Tacoma Narrows Bridge in Tacoma, Washington. At present they are working on Supernova in Noida.
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Wind assessment averts damage and promotes safety of the hi-rises by giving preventive treatment. K. SURESH KUMAR Managing Director, RWDI India
WIND WARNING Tall buildings hinder the free flow of wind and as a result, the wind pushes the building. This is one of the important lateral loads acting on a building. It is important for the designer to know the expected wind load on the building, so that they work out appropriate resistance systems, to counteract the wind load. As the buildings grow taller, wind load seems to be governing the design, compared to other important lateral loading case of earthquake. Expert wind-induced response assessments are mainly carried out to accurately evaluate the wind loads/motions of the structure. This helps in designing the structure for safety and serviceability. Sometimes, saving is a byproduct when the derived loads are lower than those based on codes. Basically, the intent of the detailed wind engineering assessment is to confirm safety of the structure and prevent damage. Whether it is a luxury project or an economy project is only secondary. Emphasis on safety and security is the hallmark of a truly iconic structure. The awareness of the wind engineering requirements while designing the wind sensitive structures such as tall buildings,
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long span roofs, bridges and other special structures is gradually gaining acceptance among architects, structural engineers and developers in India. In our opinion, strong support in the form of codification and standardization, is required in India to help the design community make informed decisions with regard to design of structures for wind. We have done knowledge sharing in the past seven years through seminars, technical publications and workshops and will continue until the industry becomes standardized like US or Europe. RWDI is glad to be part of the iconic structures developed by Supertech around the Noida region. Few of these towers are non-typical in shape and are oval and circular. Most of these towers are fairly tall in height and therefore, the wind loads have governed the design. Considering the oval/circular shape, the design has been optimized based on our wind tunnel tests. Considering the potential for exponential growth in the infrastructure sector in India, RWDI has started an office at Trivandrum, India in 2006. Since its inception, RWDI has been heavily involved in many projects dealing with tall buildings, airports and bridges throughout India. IRY
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FOSTER + PARTNERS: BRINGING WORKING & LIVING TOGETHER Foster + Partners is one of the most innovative architecture and design practices in the world. Over the past four decades, the practice has pioneered integrated, sustainable design solutions through a strikingly wide range of work- from city master plans, infrastructure, cultural buildings and offices, to private houses and product design. The extensive residential portfolio includes some of the world’s most prestigious addresses, such as the Albion Wharf and Chesham Place developments in London, residential towers in Sydney and Kuala Lumpur, and exquisite private houses in the UK, Europe, Singapore and Japan. Foster + Partners is now designing Ireo township in Gurgaon.
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Working from outside in and inside out, equal attention is paid to the finer details as to the overall master plan. CHRIS CONELL Partner, Foster Associates
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MACRO DOWN TO MICRO DETAILING In the creation of luxurious residential communities, everything is considered, from the macro down to the micro – from the shape of a building to the quality of finishes in a kitchen. Working from the outside in and the inside out, equal attention is given to the finer details as to the overall master plan.
offer residents a unique combination of urban and country living. Designed in harmony with the natural landscape, Ireo City’s rich mixture of uses, elegant entertaining spaces, parks and luxurious residences will set new standards in quality, establishing a thriving new community within easy reach of New Delhi.
We approach housing as a way to bring living and working together, along with public spaces and social amenities, to create successful mixed-use urban quarters, which are full of life, both sustainable and enduring. For example, the Murezzan development in the heart of St Moritz, combines new building with the adaptive reuse of two former hotels to provide a range of apartments together with shops, galleries, a bar and restaurant. Located within a two-minute walk of the ski slopes, and the town’s restaurants and evening social venues, it offers a vision for sustainable Alpine urban living, with no need to use the car once there. Designed from the outside-in, as much as from the inside-out, the refined, minimal design of the living spaces are complemented by more traditional alpine elements, such as fireplaces and wooden floors, and deep bay windows accentuate the lake views and draw inhabitants into the alpine landscape.
At the beginning of the site, stands a 32-storey office building - its design responds to the local climate, balancing sunlight with natural shading, and the offices are punctuated by sky gardens, which draw the surrounding greenery into the building. A central pedestrian high street runs through the development, stretching from City Square in the north to the Grand Hyatt Hotel in the south. Smaller paths extend from this central axis like the veins of a leaf, each with a distinct character – Ireo City features almost two kilometers of pedestrian routes, lined with a wide variety of shops, cafes and restaurants. The upper level of the retail spaces extends to form a colonnade, providing protection from the sun and monsoon rains and integrating external cooling devices. In addition, the streets are landscaped with water features and planting, to create a comfortable microclimate. The shopping and entertainment area has a dedicated approach, drop-off and underground car park to the west of the site. The Grand Hyatt Hotel is located in the south of Ireo City. The east and west facades project to provide shade from the midday sun, while panoramic glazing to the north and south allows guests spectacular views of the city and landscape.
In Foster + Partners’ high-rise project at Vancouver, Canada- Jameson House, the building brings together offices and luxurious residences, while drawing the focus to the surrounding landscape. This is articulated in the building’s profile – in contrast to the smooth facade of the offices, the apartment floors curve outwards in four wide bays, which step vertically to provide shade and mountain views. The plan supports a variety of apartment types, with the living spaces focused on the window bays. The sense of place, local climate and culture inspires our design sensibilities. And this is true for our India project- Gurgaon’s landmark Ireo City development. Ireo is a very special city within a city- it is well connected to Delhi and the new airport via metro and the recently completed expressway. While benefiting from the convenience of these links, the large, tranquil site is able to
Entrance to the hotel is via a soaring lobby, 17 meters wide, 44 meters long and 11 meters in height – large enough to house a super yacht – which frames the longest continuous vista across landscape within the masterplan. The Hyatt Residences are located to the east of the city and take the form of five ‘L-shaped’ towers, elevated above the lush green landscape and orientated to maximise the best possible views from every apartment. Some of the levels are joined together to created larger ‘connected’ apartments. At the very top, the towers are connected by a garden deck, on top of which sits five penthouses, each with their own pool and garden terraces. IRY
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02 BUSINESS OF EXCLUSIVITY: THE BIG PICTURE
Overview of Indian luxury real estate market-Projects, Investment Hotspots, Trends, Gadgets & Gizmos, all in the universe of luxury.
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THE PULL OF A QUALITY LIFE Luxury residential has been redefined from a swanky address in the heart of the city or close proximity to the CBD (central business district) to a high quality house that comes with the promise of an exclusive lifestyle. What is luxury? Is it just a high priced product, or one that evokes a sense of belonging to an elite group or something that appeals to all senses, at once. Luxury is all of the above, and more‌ Attention to detail, originality, exclusivity and above all, a quality of life and living. What drives buyers to go for luxury- the answer is simple- it’s the yen for exclusiveness. The demand for luxury homes is driven by the niche segment of growing Indian HNI population and the NRIs. That is why, it is believed that luxury housing is resilient to recession. The target audience itself is not dependent on home loans, but operates largely with personal funds.
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What are the attributes of a luxury home? Address may not be in the heart of the city, but location in the key micromarket is still essential. Density is another factor. Compare a thousand families staying within five acre with just hundred families staying within five acre. Luxury means smaller community and lesser number of people to share amenities and facilities with. Other attributes include lifestyle amenities, brands associated in design and architecture as well as the quality of construction. It is desirable to select a good developer with a track record of building quality and delivering on time. Luxury is not just about large living spaces embellished with ultra-modern luxurious amenities but lies in everything- from macro to micro details. There is also value in the view and whether the house is sea/ mountain facing, or opens into a golf view or a green view. Besides, surrounding physical and social infrastructure such as school, healthcare facilities and retail options influence the value. Selling luxury homes requires a different set of skills than traditional selling. Clients have high expectations for the service they receive and base their purchasing decisions more on emotion and desire than practical need. Customers expect the best service before, during, and after the sale and hence consistency in delivering excellent service throughout the lifecycle of home buying becomes necessary. How is luxury priced? It’s all about identifying the market’s sweet spot i.e. the least a seller will accept and the most a buyer will pay. Value of a luxury home is eventually about putting a value on the human need for status, uniqueness and exclusivity.
Photo : InFORM Architects, Bangalore
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The cities responsive to luxury housing are Bangalore, Chennai, Mumbai, Delhi NCR, Kolkata.
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INVESTMENT HOTSPOTS AN OVERVIEW OF THE CURRENT AND EMERGING INVESTMENT HOTSPOTS ACROSS KEY METROS.
BANGALORE Current Investment Hotspots Whitefield (4,500-8,000 Rs/sq ft), Bellary Road (5,500-10,000 Rs/sq ft), Sarjapur Road (5,0007,000 Rs/sq ft) Prominent Developers Sobha, Prestige, Brigade, Mantri, Purvankara, Embassy, Salarpuria, LGCL, Phoenix Mills Emerging Investment Hotspots Thanisandra Main Road (4,0005,500 Rs/sq ft), Yelahanka (4,200-6,000 Rs/sq ft), Yeswantpur Circle (5,500-9,500 Rs/sq ft), Hennur Road (4,0005,500 Rs/sq ft), Kanakpura Road (4,000-6,500 Rs/sq ft) Prominent Developers Sobha, Mantri, DLF, Hiranandani Upscale, Purvankara, Brigade
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CHENNAI Current Investment Hotspots OMR (4,500-8,000 Rs/sq ft), GST Road (3,500-5,000 Rs/sq ft), Velacherry (5,500-7,500 Rs/sq ft), Adayar (12,000-15,000 Rs/sq ft)
MUMBAI Current Investment Hotspots Western Suburbs: Bandra to Andheri (18,000-40,000 Rs/ sq ft), South Central: Worli, Mahalaxmi, Parel, Lower Parel (18,000-45,000 Rs/sq ft)
Prominent Developers Akshaya, Appaswamy, TVH, Olympia, Hiranandani Upscale, Sobha, VGN, DLF, Ceebros, Navin
Prominent Developers Lodha, Omkar, DB Realty, Lokhandwala, Parinee, Rustomjee
Emerging Investment Hotspots Mt Poonamalee high Road (4,000-6,500 Rs/sq ft, Oragadam (4,000-5,000 Rs/sq ft) Prominent Developers Prestige, Tata Housing, Godrej, Purvankara, Vijayashanthi, ETA Star, MARG, KG
Emerging Investment Hotspots Wadala (16,500-23,000 Rs/sq ft) , Goregaon (14,000-18,000 Rs/ sq ft), Malad (12,000-16,000 Rs/ sq ft), Chembur (14,000-18,000 Rs/sq ft) Prominent Developers Lodha, Omkar, Bombay Realty, Kalpataru, Oberoi
GURGAON Current Investment Hotspots Golf Course Road (7,500-12,000 Rs/sq ft); Golf Course Extn / SPR (6,500-9,000 Rs/sq ft); Sohna Road (5,000-8,500 Rs/sq ft) Prominent Developers Golf Course Ext - Emaar MGF, Ireo, Pioneer; SPR- DLF, Unitech, Tulip, Era Emerging Investment Hotspot Dwarka Expressway (5,5009,000 Rs/sq ft), New Gurgaon (4,500-6,500 Rs/sq ft) Prominent Developers Vatika, DLF, BPTP, Ramprastha, Sobha, Raheja, ATS
DELHI Current Investment Hotspots South-West: Shanti Niketan, Westend, Anand Niketan, Vasant Vihar (35,000-65,000 Rs/sq ft) NOIDA Current Investment Hotspots Noida Expressway (4,500-10,000 Rs/sq ft) Prominent Developers ATS, 3C, Jaypee, Supertech Emerging Investment Hotspots: Noida Extension (3,000-3,500 Rs/sq ft), Sector 74-78 (4,500-5,500 Rs/sq ft) Prominent Developers: Supertech, Amrapali, Gaursons
Prominent Developers Uppals, DLF (GK-II), Private Developers (Builder Floors) Emerging Investment Hotspots North West / South West Clusters of Delhi – Nazafgarh, Narela, Rohini (Land to be released for private development under new land pooling policy of Delhi Master Plan) Prominent Developers DLF, Emaar MGF (Large Aggregated Land Holdings)
KOLKATA Current Investment Hotspots Rajarhat / New Town (2,8006,000 Rs/sq ft), EM Bypass (4000-4500 Rs/sq ft), South Kolkata – Prince Anwar Shah Road, Prince Gulam Md. Shah Road (6,500-10,000 Rs/sq ft), Ballygunge (10,000-15,000 Rs/sq ft) Prominent Developers Hiland Group, Ideal Group, South City, Bengal Ambuja, Vedic Realty, Merlin, Avani, Mani Group Emerging Investment Hotspots Rajarhat / New Town (2,8005,000 Rs/sq ft) Prominent Developers Vedic Realty, Unitech, Bengal Ambuja
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LEADING LUXURY RESIDENTIAL PROJECTS IN INDIA by CBRE South Asia Pvt Ltd PROJECT
DEVELOPER
CITY
LOCATION
AREA
VALUE
PROJECT USP
PROJECT
DEVELOPER
CITY
LOCATION
AREA
VALUE
PROJECT USP
Omkar 1973
Omkar
Mumbai
Worli
2,500 - 18,200 sq ft
9.5-69 Cr
Prime Location & Overall project
Sunteck Island
Sunteck Realty
Mumbai
BKC
4,549 - 11,000 sq ft
23-55 Cr
Prime Location, Exclusivity & Overall Project.
Oberoi Oasis
Oberoi Realty
Mumbai
Worli
7,800 - 9,800 sq ft
39-49 Cr
Exclusivity, Prime Location & Prominent Developer
Lodha Fiorenza
Lodha Group
Mumbai
Goregaon
1,215 - 5,400 sq ft
2.2-15 Cr
Designer Tower - Jade Jagger
Bay One
Hubtown
Mumbai
Prabhadevi
1,646 - 2,666 sq ft
6.5-10.75 Cr
Prime Location & Views
Raheja Metal Box
K Raheja Corp
Mumbai
Worli
4,500 - 5,500 sq ft
23-38 Cr
Prime Location & Prominent Developer
Abov
Akshaya
Chennai
OMR
6,700 sq ft
6.5-8 Cr
Prime Location, Exclusivity & Overall Project
Raheja Vivaria
K Raheja Corp
Mumbai
Mahalaxmi
3,200 - 4,460 sq ft
12-16 Cr
Prime Location, Lifestyle Amenities & Prominent Developer
The Art
Vijay Shanti
Chennai
Nungambakkam
5498 – 5969 Sq.ft
10 Cr
Prime Location, Super Luxury Villas
D B Crown
D B Realty
Mumbai
Prabhadevi
3,275 - 5,500 sq ft
13.5-22 Cr
Prime Location
Prestige Golfshire
Prestige Constructions
Bangalore
Nandi Hills
5,896-9,905 sq ft
6-10.75 Cr
Exclusivity & Prominent Developer
Avana
Kalpataru
Mumbai
Parel
3000 sq ft onwards
10 Cr +
Prime Location, Project & Prominent Developer
Kingfisher Tower Residences
Prestige Constructions
Bangalore
UB City
8,000- 9,000 sq ft
25 Cr Onwards
Landmark Project In Bangalore
Kalpataru Sparkle
Kalpataru
Mumbai
Bandra
1940 – 3900 sq. ft
7.5 cr onwards
Prime Location, Lifestyle Amenities and Prominent Developer
Four Season Private Westcourt Real Residences Estate Pvt. Ltd
Bangalore
Bellary Road
1,800-6,300 sq ft
4-16 Cr
Luxury Apartments
Lodha Gold Moon
Lodha Group
Mumbai
Worli
2,016 - 2,412 sq ft
7.05-9 Cr
Designer tower - Donald Trump
Queen's Court
DLF
New Delhi
GK II
5,500-9,000 sq ft
20 Cr +
Prime Location, Exclusivity & Overall Project.
Imperial Edge
SD Group
Mumbai
Tardeo
4,120 - 4,288 sq ft
16.5-17.2 Cr
Prime Location, Project, View
Ireo
Gurgaon
Golf Course Extension Rd
4,000 sq ft +
12 Cr +
Branded Residences
Minerva
Lokhandwala Infrastructure
Mumbai
Mahalaxmi
2,250 - 5,350 sq ft
7.2-17.2 Cr
Prime Location & View
Grand Hyatt Branded Serviced apartments Marbella
Emaar MFG
Gurgaon
4.5- 8.5 Cr
Spanish Style Luxury Villas
Bombay Realty
Mumbai
Dadar
2,610 - 3,990 sq ft
6.26-9.60 Cr
Prominent Developer & Overall project
Golf Course Extension Rd
250-500 sq yd
Island City Centre
The Camellias
DLF
Gurgaon
Golf Course road
Ultra Luxury & Golf Property
Avighna India Ltd.
Mumbai
Lower Parel
3,400 - 6,500 sq ft
12.58 Cr 24.05 Cr
Exclusivity & Prominent Developer
7400 & 9500 sq ft; Penthouses of 13000 & 16000 sq ft
20-25 Cr
One Avighna Park Indiabulls Sky Suites
India Bulls
Mumbai
Lower Parel
3,302 - 7,369 sq ft
7.5 Cr - 16.60 Cr
Luxury apartments, Prominent Developer & Prime Location
Supernova
Supertech
Noida
Sector 94
3,000-4,200
5-7 Cr
Branded Residences
Lotus 300
3Cs
Noida
Sector 107
4,300 sq ft
3.7 Cr
Exclusive Apartments
Indiabulls Blu
India Bulls
6.26 Cr -16.39 Cr
Luxury apartments, Prominent Developer & Location
Castle Royale
ABIL
Pune
Bhosale Nagar, Khadki
5,660-15,000 sq ft
4.5-12.5 Cr
Exclusive Luxury Apartments
One North
Panchsheel Realty
Pune
Hadapsar
3,100-4,600 sq ft
3- 4.6 Cr
Exclusive Luxury Apartments
Mumbai
Worli
1,252 - 3,278 sq ft
Indiabulls Forest
India Bulls
Mumbai
Lower Parel
3,692 - 6,258 sq ft
11.07 Cr 18.77 Cr
Exclusivity & Prominent Developer
Windermere
Pune
Koregaon Park
3,300-6,600 sq ft
5.60- 11 Cr
Indiabulls Sky
India Bulls
Mumbai
Lower Parel
3,396 - 8,228 sq ft
11.88 Cr 28.79 Cr
Luxury apartments, Prominent Developer & Prime Location
Vascon Developers
Prime Location, Exclusivity & Overall Project
Myst
Tata Housing
Kasauli
Kasauli
2,500-4,500 sq ft
3.3 Cr +
Premium Independent Villas
Samavan
DLF
Kasauli
Kasauli
4,400-5,000 sq ft
1.65 -8.53 Cr
Premium Independent Villas
Samatara
DLF
Shimla
Shimla
2,700-3,100 sq ft
6 Cr
Premium Independent Villas
Lodha World One
Lodha Group
Mumbai
Lower Parel
3,000 - 5,500 sq ft
13.50 Cr - 25 Cr
Designer tower - Armani & Prime Location
Lodha World Crest
Lodha Group
Mumbai
Lower Parel
3,000 - 4,500 sq ft
10.5-17.5 Cr
Designer tower - Armani & Prime Location
Ahuja Towers
Ahuja Group
Mumbai
Prabhadevi
5,600 - 12,000 sq ft
24.5 -52 Cr
Prime Location
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Disclaimer : We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. We shall in no way be liable for any and all claims arising out of reliance on such projections, opinions, assumptions or estimates.
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THE FINER SIDE OF LIFE Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
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Snapshot of key trends dotting the Indian residential real estate. Indian Realty Yearbook
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Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
RISE IN HNI POPULATION Indian is producing more millionaires and the country registered the second highest growth of 22.2 percent in its HNI population in 2012, second only to Hong Kong. According to World Wealth Report 2013, released by Capgemini and RBC Wealth Management, the Indian HNI growth is more than double of the global average of 9.2 percent. Going forward, the global HNI wealth is forecast to grow by 6.5 percent annually over the next three years with the Asia-Pacific region projected to grow at one and a half times the global average at 9.8 percent leading global growth. The rising HNI population in India is an encouraging sign for the numerous brands aiming to tap the Indian market. The luxury market is poised to expand three fold in next three years and the number of millionaires expected to multiply three times in another five years.
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WOMEN: HOMEMAKER & HOMEBUYER Investment in real estate is no longer an exclusive male province. The rise of the woman investor in Indian real estate is noteworthy. Women may be a small percentage of the total investor pie but hers is a growing percentage and one to reckon with. From being indirectly involved in influencing decisions of buying property, to being direct purchaser and selecting, choosing, financing the property, women are looking at real estate investment like never before. One fifth of home buyers today are single women. Financial independence, greater access to information about projects and developers and also the wisdom to form an opinion after doing all research. Property investment has become a way of building long term security and stability for themselves and their family. Ask developers what are the prime concerns of women and they enlist security, convenience, storage and aesthetics.
LUXURY HOMES HAVE A DEFINITE NICHE The luxury home segment is not a huge contributor to the overall real estate demand in the country, but it has a definite niche, though limited clientele. The market for luxury homes is just five percent of the country’s total residential market. Led by prime metros of Mumbai, Pune, Bangalore, Delhi, Gurgaon and Chennai, the luxury home market is growing steadily on the back of rising aspirations and higher disposable incomes. The typical luxury home buyer is a person who has arrived in life, is in his forties and aspires to live life king-size. This aspirational buyer ranges from entrepreneur, to hi ranking professionals such as CEOs (Chief Executive Officer) and senior management in the services sector.
INDIA RISING HIGH WITH HI RISE How different it is to stay in a hi-rise? Does it spell class, exclusivity and style to stay, on the ‘top of the world’, literally; enjoying ravishing views of the mountain, sea, or just a panoramic aerial view of a city. And flaunt an address that reads 50th storey of a skyscraper. Hi rise living is both magical and mechanical – it’s really all about staying exclusive, elusive, energy intensive and expensive. India saw the launch of Supertech’s North Eye in Noida (66 floors/255 meter) or the Michael Schumacher World Tower in Gurgaon (MSWT 99.5 meter tall), Raheja Group’s Revanta in Gurgaon (56 floors/195 meter), or Ireo’s 51 storey Victory Valley. So far, in India, the most spectacular announcement of skyscrapers have come from Mumbai based Lodha group, which claims to be doing the tallest residential tower in the world, with ‘World One’ at 450 meter and Supertech, which is working on North Eye, so far North India’s tallest residential development.
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NEW AGE MARKETING TECHNIQUES Real estate marketing is continuously evolving and developers are looking at targeted mediums to reach out to their customers. The focus of new age marketing is not just on demographics but psychographics as well. Developers are trying to understand their customer’s background, tastes and preferences, cultural affiliations and planning real estate products tailored to their target segment. Developers today realize the importance of consumer research and are using various tools and research agencies to identify consumer needs and expectations to design products. Digital media has really transformed real estate marketing and is an extremely engaging platform. Digital platforms such as Google Adwords and Search Engine Optimisation (SEO) help developers in identifying potential customers from highly targeted geographies, causing minimum spillover. The online medium can be measured efficiently and tracked on real time basis so any changes to marketing strategies can be incorporated. Social media is extremely relevant for real estate marketers as it helps them engage the prospects and build confidence in their product over a period of time Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
Luxury projects are marketed and advertized in premium magazines and exclusive events such as golf tournaments, polo events, fashion shows and automobile shows. Direct mailers are also sent to the HNI database. Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
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TECHNOLOGY- THE GAME CHANGER Use of technology in designing and construction, in marketing and customer service is clearly becoming a differentiator in real estate business. With so much riding on the future of real estate companies, developers are turning to advanced technology as a tool for optimising the value of their businesses in the marketplace, and to manage information on brokers, customers, property databases, marketing, campaigns. CRM (Customer Relationship Management) software applications, for instance, can play a significant role in enabling the organization to deliver a truly differentiated customer experience. Technology is a critical enabler for sharing customer data and analytics across the business.
Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
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CELEBRITY HOMES What’s in a name? The Bard would never have guessed just how wrong he got it. Consumers today swear by brand names for everything, from toothpaste and mobile phones to home. Which name is endorsing your project and the use of celebrities as brand ambassadors is gaining popularity. Some of the biggest stars from film world and sports are associated with the Indian real estate industry. ShahRukh Khan is the face of Mahagun, Michael Schumacher Homestead, MS Dhoni Amrapali, Karishma Kapoor endorses Avalon. For a simplistic definition, celebrity homes are homes endorsed by celebrities. It gives the project visibility and acceptability among buyers who associate their homes with their favourite celebrity.
BRANDED HOMES Branded homes are lifestyle homes which have branded partners in core values of the house such as design, construction, architecture, landscaping or project theme. Often the project’s uniqueness is inextricably linked with the partners or the branded affiliates. For instance, a golf course designed by Greg Norman or a Philippe Starck for yoo in Pune or Armani Casa interiors for World One are branded partners. The premium riding the category of branded homes vis-a-vis the ‘non-branded’ ones ranges from anything between 25-50 percent. THEME HOUSING Developers are seen developing projects with distinctive themes to differentiate their offerings. The themes range from location themes such as Spanish, Mediterranean; Sports themes such as Golf township, Polo housing, Cricket townships or even themes based on age group such as offerings for kids, senior citizens. Homes designed for the children is the latest in theme based housing. Developers in three cities have tied up with Disney India for Disney homes-Sunteck Realty in Mumbai, Team Taurus in Kolkata, Supertech in Greater Noida. These homes will have Disney inspired interiors and exteriors.
PROPERTY BELIEFS OF INDIANS For Indians, home ownership, has the most positive and uplifting effect. The house is not just a house - it stands for safety, security and there is great deal of pride in ownership of this unique asset for an Indian. Owning a house is a keystone of financial and emotional security. India with its unique social landscape is driven by numerous religious beliefs and people are sentimental about them. To approach the Indian market, one has to be mindful about these social realities. One significant trend is of buying during Navratras and Deepawali. On an average, the festive season stokes up real estate transactions by 25-35 percent. On the contrary the “Shraadh” period typifies stalemate and a complete lull in the industry. The real estate market operates on trust, and brokers have a great deal of influence on the decision buying process and house hunting without a broker here, is the same as fighting a legal battle without a lawyer. The other important emotional driver during house purchase is the family. Strong family ties play a pivotal role and today also if a person is buying a house he consults his full family for the final decision. Family often lends financial support, without any ‘interest’ and, at times, without any expectation of return of their money. So whether it is parents, in laws, siblings, family is the real engine or driving force of Indian real estate market. Vastu compliance and east facing property are other beliefs. IRY
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AN AID TO GOOD LIFE Luxury accessories aid and abet good living. These tools for enhancement of life provide the perfect setting for the drama of luxelife to unfold. Accessories mean the same to a home what jewellery means to a woman. Indispensable or not, these may not be in the ‘realm of necessity’ but still integral to identity. The latter accentuate the sense of power and feminity in a woman, while the former emphasises the aspect of safety, comfort and convenience in a home. They may be ‘pure indulgences’ but still vital to the sense of being and become the defining factors to the art of good living. Luxury accessories range from products and solutions in the space of home security, technology, kitchen accessories and modular kitchen, bathroom accessories, lights and fixtures as well as furniture. Many of today’s luxury homes are intelligently structured, and homes are being pre-cabled with the best-in-class wires and sockets that support the latest technology and hi-tech appliances. This smart wiring network includes CAT 5 and parallel cabling, high speed fiber optic connectivity, TV raceway and IPTV ready.
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It is possible to customise gadgets according to your routine and lifestyle. Entrance Management, mood lighting, curtain control, gas leak sensor, in-house entertainment, smart living - a tap on the tab and things spring to life. Imagine everyday at 8 pm when the family sits for dinner, the air conditioner and the softer lights are turned on, the curtains draw and the television stops beaming the programs – all providing the perfect setting for intimate chat. Or when the doorbell rings, the video footage of the visitor is streamed to your smart phone, alerting you on who is entering your home whether you are physically present or not. One can pre-set and adjust configurations on the smart phone or I-pad to different situations in a day and then the drama unfolds the way you want.
Illumination is yet another vital element in a home. Well executed lighting—by way of dimmers, LED lighting and old-fashioned DIY—can jazz up a dull space, provide a splash of chic and enhance the ambiance of an entire home. Luxury lighting with table lamps and recessed lighting, decorative and accent lighting is available in different textures, colours and patterns go a long way to personalise the home. Kitchen is the heart of the house and hi-end modular kitchen is a must-have for a luxury home. The modular kitchen market in India has been growing at a rapid rate, albeit from a low base. According to PwC estimates, the
market is expected to grow threefold from INR 21 billion in 2012 to nearly INR 60 billion 2016. Modular kitchens account for an estimated 20 percent of the organised home interior market and the recognized names in this space are Kaecker, Sleek and Veneta Cucin. Kitchen accessories too are offered in the hi-end of the market by brands such as Fisher Paykel, Art d’Inox, Hafele, Kohler and Gilma Bathrooms have evolved from the space of cleansing to a zone of relaxation, rejuvenation and therapy. Famous brands in luxury bathroom accessories include Grohe, Kohler, Devon & Devon, Hindware, Dee ESS and Omen. Due to the rising popularity of concept washrooms and coordinated sanitary-ware, fittings and accessories, some manufacturers are offering a one-stop shop solution for all sanitary-ware and fittings requirements. The in-store experience has grown in importance, and manufacturers have established ‘Experience-Centers’, which are one-stop shops where a customer can view a virtual version of their bathrooms. Last but not the least, security in today’s environment has become a standard feature in high end homes. Rise in crime and increasing sophistication of criminals has led buyers to invest in modern and intelligent security solutions to protect the safety of their loved ones. Security cameras, home safes, video door phone, e-swipe, Push Video alarm system are all products in this segment. Key brands operating in this space include Godrej Security Solutions, Honeywell, Zicom and Bosch Security. IRY
Photo : InFORM Architects, Bangalore
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BATHROOM SECURITY
LIGHT
LED TAPES Philips LED Color Changing tape opens up new lighting possibilities and the light strip is a virtual rainbow with 16 changeable colours, that can be installed in any shape or space and colour. The LED tapes are fully customizable due to its pliable nature and it's perfect to fit behind furniture or along the corridors.
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CIELO LAMP IN BRONZE AND BLACK COLOUR This distinguished product has a pendant light that uses the latest LED technology and is a classic example of how design meets engineering. The absence of an obvious light source creates a surprising ‘wow’ effect as the pendant lamp is completely hollow. This product has won both iF and Red Dot Design awards for outstanding product design.
WINE COOLER Philips Lumiware Wine Cooler is powered with a LED light. The product adds appeal, creates the perfect ambience and enhances the overall dining experience.
FLOWER VASE The LED lit vase from Philips Lumiware range add colour to flowers. You can actually pick the colour to compliment the colour of your flowers.
QUADRA The product has asymmetric and delicate squares with softened corners to create floating light squares that are pure and modern but still homely. The pendant version is a clean circular ring of light floating in mid-air. Quad and Orbit are available in three different styles. The LED Quad range comes with Varilume technology that enables you to adjust the light intensity.
MATRIX WITH I-WARN TECHNOLOGY: Matrix is one of the strongest home safes available in the market. It is ideal for storing cash, jewellery, watches, silver, documents and other valuables, as it has an in-built vibration sensor that triggers off an alarm when it is being tampered with. It sends out sms-es to registered numbers alerting about the break-in.
SEE U V8 DOME See U V8 Dome is a GSS’ surveillance product. The Dome camera is the latest in the range of CCTV cameras and can be accessed over an IP network through a tablet, smartphone or any other mobile device from anywhere in the world. The Dome camera in addition comes with IR technology that helps you view crystal clear images even in pitch dark.
GROHE SPA™ F-DIGITAL DELUXE This turns the bathroom into an exclusive private home spa. From energising your body in the morning to relaxing your mind after a busy day - the flexible choice of head and side showers, light and sound as well as steam allow for a wide range of personalised combinations.
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P’7340 (PORSCHE DESIGN)
KITCHEN FURNITURE
+MODO
+MODO +SEGMENTO +ARTESIO P’7340 (PORSCHE DESIGN) Founded in 1892 in the heart of Germany, Poggenpohl is the oldest and best-known kitchen brand in the world, present in more than 70 countries around the globe. Reinventing life in the kitchen, Poggenpohl has been the first to introduce many transformative innovations in the kitchen such as white lacquer furniture, the first wooden kitchen, and the first island kitchen.
Jumbo Collection has been promoting one of the fastest growing sectors: Customised Furniture
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+SEGMENTO
+ARTESIO
MILANO _DESIGN PROSPERO RASULO Milano celebrates freedom of thought and expression. It is an attempt to reconstruct and design for a flexible, ergonomic and fully customisable kitchen. Horizontal modularity is increased by the introduction of suspended vertical elements or floor units that are broken down into sizes, complemented by an increasingly varied colour palette.
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bathrooms the project also offers French windows, glass realigns and flexible structural grids. Kalpataru Sparkle provides scalable home automation to accord its residents with the privilege of customizing their dream castle as per their needs and desires.
R
KALPATARU SPARKLE INDULGE IN LUXURY
Kalpataru Sparkle by Kalpataru Limited has been envisioned as the finest abode to let you experience the epitome of luxury in midst of Mumbai’s most sought after commercial business district. Designed by renowned architects GA design & Eco-ID, Singapore, Kalpataru Sparkle is a magnificent and beautifully designed structure with a perfect blend of tranquillity and lively living. It offers the most advanced urban living with contemporary
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designed multi-storied towers with great emphasis on natural lighting and optimum cross ventilation. Dotted with soaring palm trees and ornamental waterfalls with over 50,000 sq ft of landscaped gardens, Kalpataru Sparkle is one of the greenest buildings in Bandra. The sprawling airconditioned 3, 4 and 5.5 bedroom residences are adorned by imported marble flooring and expansive spaces in the living room and bedrooms. With designer fittings in the kitchen and
Kalpataru Sparkle by Kalpataru Group is a plush complex with super premium and world class homes for connoisseurs of luxury living. From amenities like state-ofthe-art gymnasium to an indulgent clubhouse, swimming pool, relaxing spa with steam and massage rooms, unique alfresco rooftop party lounge, peaceful alcove for senior citizens plaza among others, there is something for everyone to indulge in at Kalpataru Sparkle. Whilst its magnificent exteriors leave the people yearning for more, it is the interiors of Kalpataru Sparkle that truly redefine luxury by offering some of the most regal facilities that spell unadulterated indulgence while staying cocooned in the serenity of the luxurious project. It is destined to be super premium residential addresses of Mumbai city. IRY
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Nova – East & West are the two inspiring landmark towers in the project, having world class luxurious high-end 2 & 3 BHK apartments with a premium and luxury shopping mall in the same premises.
SUPERNOVA
Astralis, designed to suit the modern offices, provides a highly advanced working environment with landscaped terraces, rooftop garden and exclusive private terraces. There are also
restaurants, cafes, gymnasium, indoor swimming pool, Business lounge, Cigar lounge and library and other leisure features for rejuvenation.
Aurora is the retail tower in the premises of Supernova, dedicated only to the shoppers who can enjoy shopping of the world’s finest brands.
Hotel Tower – This 50 storyed tower has branded residences and a 5-star hotel. Supertech has tied-up with Armani/ Casa, the home and interior design division of the Armani Group to design ultra luxurious high-end residences – “Residences by Armani Casa”.
Divided into Three levels, Radiance Place is a combination of high street fashion, global brands, food outlets and entertainment zones, exclusive dining and podium rooftop gardens.
Supernova, the grandeur landmark is all set to take shape at Sector 94, Noida. Graced with luxurious modern conveniences, this LEED Platinum certified fully integrated urban oasis is designed to be the nerve centre of NCR. Supernova is India’s largest mixed-use development spread across 5 million sq. ft. of area, located in Sector 94, Noida, Uttar Pradesh. The project has five towers – Spira, the Iconic Tower, which is India’s tallest mixed use development of 80 floors standing at 300 meters, Nova East, Nova West, Astralis and a hotel tower. Spira, the tallest tower consists of modern highend luxurious branded residences, suites, serviced apartments, a 5-star hotel, premium and luxury malls, futuristic offices and ultra luxurious condos topped off by a world class restaurant and bar. The 80 floor tower has 13 floors dedicated to residences which will be an epitome of super luxury and comfort with unmatched world class amenities and features. The residences also provide ultra fine taste of living with Seimatic kitchen, Interlubke wardrobe, Grohe & Duravit fittings and above all an iconic address to flaunt urban lifestyle. Spira also has a Helipad, an Observatory deck, an Exclusive club house and automated elevators. The project is strategically located which connects to the 45m wide Noida Expressway, upcoming 8-lane Kalindi Kunj and the proposed Metro Station connecting to Jasola commercial hub.
CONSULTANTS & CONTRACTORS To fulfill the commitment of delivering the best, the company has tied-up with the world’s best names in the fields of architecture, design and technology.
Concept and Architecture - Benoy, London Geo-technical Engineer - Golder Associates, Australia
Structural Consultant and MEP - Buro Happold, United Kingdom
Indian Realty
Engineers and Contractors – B.L. Kashyap, India Consultants: RWDI, Canada
Consultancy - Knight Frank, London
Landscape Consultants – Cracknell, Dubai
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Construction Contractors – Arabian Construction Company, Dubai
The 300 mtrs. high and 80 floors building structure foundation is designed based on piled raft method, having approximately 200 ft. deep and 4 ft. Dia. The Building is designed as per NBC-2005 and as per the requirement of Seismic-4 Zone prescribed therein. Geotechnical investigations have been done by Golder Associates of Australia. For the construction, the company has hired Brookfield Multiplex – a renowned and experienced Australian based Contractor, in association with B.L. Kashyap Ltd. The Company has designed jump form shuttering for construction of Supernova which repeat a floor within 6 days. IRY
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TATA HOUSING – MYST FIRST BIO-PHILIC DEVELOPMENT IN INDIA
At the foothills of the Himalayas, an elegant and thoughtful getaway is taking eco-conscious living to glamorous new heights. Myst, an exclusive gated community, blends contemporary design seamlessly with the unique ecology of the area. The eco-luxury residences, born from a joint venture between Tata Housing and Impact Projects Easily accessible, Myst is located on a high promontory — a hill top with gradient — and is a mere 65 kilometres from Chandigarh, the city of Le Corbusier. Surrounded by the lush indigenous foliage of a pine forest, Myst is a way of life — in harmony with natural beauty that is both pleasurable and sustainable. India’s first residential development, created using biophilic architecture, has been designed by world-renowned names in sustainable architecture — Llewelyn Davies Yeang. Biophilia is a design ethos to create grand living spaces that are invigorating, inspiring, and comforting. Human beings are hard-wired to need a connection with nature and other forms of life. Biophilic design lessens stress and enhances well-being as our minds and bodies gravitate towards certain configurations and natural layouts. With flowing water and airy open living spaces, Myst eliminates stark distinctions between built up structures and natural surroundings. Tucked at the foothills of the Himalayas, next to Kasauli, Myst enjoys salubrious mountain air and mild, lovely summers and cool winters, with occasional snow-fall carpeting the hills in a sheet of white. Eco-features such as non-intrusive lighting, bird habitats, moon garden and magical butterfly gardens create a way of life for the residents, which is both delightful and sustainable At Myst, each expansive dwelling is designed with an open-plan interior, enjoying stunning panoramic views from the glazed windows, opening to projecting balconies and decks. The architecture of each residence uses a hybrid vocabulary of contemporary and rustic materials, endemic to the locality. Select residences have double-height green walls in master bathroom. With a fireplace, Jacuzzi and plunge pool in select residences, Myst provides every luxury possible, yet is deeply entwined with nature. Take a dip in the heated indoor swimming pool, depending on the weather. Work-out at a state-of-the-art gym. Spend family time at the multi-purpose village hall. Supper at one of the fine dining facilities enjoying exotic views from the property. When you’d like to let your hair down, you can retreat to the plush lounge bar. Living in Myst, in breathtaking Kasauli, is way of living in harmony with natural beauty that is both pleasurable and sustainable. IRY
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Experience fine luxury in the heart of Gurgaon, where comfort meets elegance, with awe inspiring aesthetics and minimalistic designs blended with flamboyant grandeur. In other words, in each of these palatial villas, every little detail has been meticulously taken care of. Every villa has been thoughtfully designed, built with great precision and adorned with tasteful interiors from the finest brands from across the globe. These fully furnished villas are enriched with uber luxurious facilities, second to none, giving the residents an unparalleled luxury living experience!
VILLAS
BY MEET SAWHNEY & CO.
DESIGNING INTERIORS Developers focus on exterior of the building and hand over the house to the customer. The homeowner retrofits it according to his tastes and preferences, connecting the dots, and making the transition from a house to a home. Developers feel that by their experience, the final product becomes best when they leave the interior designing part on buyers. There is uniformity from the exterior but people want to do their own interiors. So whether it is wall paint, textures, wall tattoos, furnishing, furniture, dĂŠcor pieces, lighting fixtures- there are many elements to play around with to create a home. Interior design styles are usually categorized into two broad categories- the traditional or classic and the modern and the contemporary. While classic usually includes heavier style furniture or patterns that are slightly more detailed, the modern interior decorations constitute cleaner, simpler lines and an uncluttered look.
Photo: ZZ Architects
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Luxury homes in India can be classified into two heritage luxury and global luxury homes. The latter are modern habitats, which are a testament to space optimization and luxury amenities, evocative of prototypical condominium in a developed country. They come with floor to ceiling windows, fully equipped kitchens, bathrooms with fit outs, modern gadgets and gizmos, while the Indian heritage homes have everything from building material to décor pieces reminding of the yore, past culture and history.
As architects, we work with our clients to create houses and apartments that unfold almost cinematically, not just for largescale entertaining, but also for the simple moments of everyday life. In designing the best residences, we lift the utility of home to the art of living.
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Photo: Sanjay Puri Architects
PAUL L. WHALEN AIA, Partner at Robert A.M. Stern Architects
There is no dearth of ideas when it comes to creating the design of a opulent home. For an interior designer, the important thing is to first understand what the client wants. Translating client’s idea of home interiors and blending with his own creative expression is what interior designing is all about. A lot of the times, interior designers have to look at the client, how they live, what they want, what they yearn for..and this may be the main inspiration for the project. While some people have the time, patience, taste and money for creating very specific customized, luxurious and unique interiors, there are others who outsource this capability. So whether home interior is selected painstakingly by the customer or services of an expert hired, the fact is that today’s urban elite wants home to become an ‘indulgent zone’, customized to his tastes and he does everything to make it the pad he can call his own. IRY
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A triple height sculpturesque and uniquely designed staircase, by the architect Kohelika Kohli, comprises of many materials like different stones, wood, structural glass and steel. From the topmost ceiling are hung varying lengths of stylish Italian lights, ‘Bond’ by Terzani which provide defined illumination at all levels of the stairwell; these and the Frank Gehry lights are procured from ‘Suryaveer Kohli Home’.
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KOHELIKA KOHLI Architect, Interior Designer & Furniture Manufacturer; CEO/Creative Head of K2INDIA
TURNING A HOUSE INTO A HOME An architect from the ‘Pratt Institute of Design’, New York, Kohelika Kohli interned with ‘Foster+Partners’ in London and later worked for the renowned ‘Oliver Cope Architects’. She returned to India to start her own company, Kohelika Kohli Architect, in October 2004. Kohelika speaks about how a designer of luxury homes translates client’s dreams into reality.
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A designer threads together a story and a dream, as if conducting a symphony. KOHELIKA KOHLI
The designer of homes is the designer of dreams! As varied are the clients, equally varied are their dreams, desires, aspirations, wants, needs and ideas. But, all clients have a common hope.... to have as perfect a home as possible....one that fulfills their needs and pleases them aesthetically. A designer has to act like a filter---taking in all the information, processing it and then deleting, editing and discarding that which is irrelevant to the context and the eventual brief. The ‘client brief’ is also something that often lacks clarity. Sometimes, especially in larger families, the brief can itself be contradictory and rather confusing. A designer has to achieve clarity by better defining the brief in short and crisp sentences so that this may become the backbone of what converts and concretizes into the reality of the designed spaces. We, as individual people, are a result of our past and our current environment, our culture, upbringing, education, travels and experiences. We thread together a story and a dream by some of the things we might have seen and would want in our own homes. A designer then plays along, as if conducting a symphony, where each instrument has a specific location and must come alive at a specific moment in time....tying all the notes together in perfect harmony. However, interestingly, each designer would conduct the same symphony differently! This is completely determined by their own personal and professional skill sets, their own visual vocabularies. In a South Delhi Residence, designed by Kohelika Kohli, in the foreground the architect has placed a cluster of Frank Gehry’s iconic hanging lights, ‘Clouds’; Art Deco furniture is by Sunita and Kohelika Kohli; old Turkish kilims lend quiet luxury and ground these contemporary living spaces.
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Houses are probably the most complicated to design. They are so close to a client’s heart that, for obvious reasons, it requires their personal involvement. They usually require a professional engagement that is longer than eight months. This makes a
designer hugely involved with the client’s wants and desires, their lifestyle and their evolution process. Today, a designer has to constantly stay updated and wellinformed...from reading up about new technologies, to visiting Design fairs all over the world. Take lighting as an example. Today it has become the fourth dimension of architecture and design. Even though one would work with professional lighting consultants to help design the lux levels and assist in the selection of the final fixtures, as architects and designers we have to have a good understanding of how lighting changes the emotions and ambience of a space, how artificial lighting will converse with natural light, so that the end product appears like a seamless effort and there is a perfect marriage between the elements used. Today, lighting is integrated with sound and all automated together and played off one’s iphone! Designers have to have futuristic designs that can evolve with the client and take on the additional infrastructure that today’s fast-paced and constantly changing world may have to offer to tempt the architect and the client. It is usually the former who is best able to decide what is most appropriate for a client’s specific needs and life-style. A house could be in any continent and country, but a welldesigned home should always ultimately be a reflection of the client and the place. Today’s homes have become repositories for items of furniture, lighting and accessories from all over the world, picked and selected for that specific client, for a specific place. The selection is often based on things that the client has desired. The market is flooded with Italian and German brands from the west and a number of local suppliers are also selling beautiful items brought in from the East. Specifically and judiciously selected...these items make a house into a home. IRY
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Be inspired by perfect design, solid materials and attention to precise craftsmanship. Enjoy the lasting value of the unique and contemporary interior fittings. We invite You to visit our specialists of the bulthaup kitchen architecture.
Top Products India Pvt. Ltd Exclusive Distributors for India. www.bulthaup.co.in
K Raheja Construction House A Off Linking Road No 24 Khar West, Mumbai 400 052 Tel: +91 022 6131 1411 Mobile : +91 99676 39393
Splendor Forum Shop No 9 District Center, Jasola New Delhi 110025. Tel: +91 011 4242 5959
www.formitalia.it - info@formitalia.it
Headquarters: via Corticella 5/7/9, 51039 Valenzatico (PT), Italy Luxury Interiors and Accessories for Exclusive Homes, Hotels, Executive Offices & Yachts tel: +91 9885032211 - email: india@formitalia.it
Mercedes-Benz Style
tel.: +39 0573 790066 - email: info@formitalia.it
www.formitalia.it
Mercedes-Benz Style
mod. VALENCIA
Produced and distributed by Luxury Group spa Luxury Interiors and Accessories for Exclusive Homes, Hotels, Executive Offices & Yachts
tel: +91 9885032211 - email: india@formitalia.it
Luxury Interiors and Accessories for Exclusive Homes, Hotels, Executive Offices & Yachts Headquarters: via Corticella 5/7/9, 51039 Valenzatico (PT), Italy tel: +91 9885032211 - email: india@formitalia.it tel.: +39 0573 790066 - e-mail: info@formitalia.it www.formitalia.it
MADE IN ITALY
BIOPHILIA COLLECTION by Ross Lovegrove
Formitalia Luxury Spa The name Formitalia has become synonymous with furniture that adorns the most prestigious villas in the most exclusive places, hotels and cultural centers across the globe. Boutique Collection, the first design collection that FORMITALIA created in 1991, characterized by prints of profiles of Arabian horses made of pure silk from Como and by works on metals and leather that Florentine craftsmen carry out, is still a success of the production by Formitalia.
Roda Golf Beach Club, Murcia
In 2005 the brand Tonino Lamborghini started the partnership with Formitalia Luxury Group in order to develop a luxury home collection with fine pieces of home and office furniture. In 2011 the collaboration with the prestigious English motor company Aston Martin started for the exclusive production and marketing of the new furniture collection Aston Martin Interiors. Characterized by a clearly design mark, often futurist and strictly made in Italy, this collection represents a synthesis between industrial advanced technologies, such as the ones used for components made of carbon and kevlar, and the use of extremely valuable materials such as hides, boiled wool and cashmere. The collaboration with Mercedes-Benz in 2012 brings the reality of research and material quality that is inherent in automotive products into the home: metals, wood bucket, coatings and finishes of exceptional quality craftsmanship.
www.vondom.com - +91 98850 32211 - india@vondom.com
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Meet Sawhney & Co. Armani Casa B&B Italia
Meet Sawhney and Co. brings together the finest in home décor and the art of exquisite home construction. With over half a decade of experience in state of the art construction, home development and ethereal interiors, Meet Sawhney and Co. have been associated with styling interiors of prestigious hotels and building magnificent villas.
Molteni & C Baltus JNL Emmemobili XVL PH Collection Van Hamme Armani/ Dada Ernestomeda
In 2012, they launched an exclusive 2 level outlet in Gurgaon, spread over 25000 sq. ft., with the finest home décor brands from across the globe. With this exquisite outlet, Meet Sawhney and Co. have helped their clients achieve greater levels of luxury and have redefined the very concept of bespoke living. Meet Sawhney and Co Level 3 & 5 JMD Regent Arcade M.G Rd, Gurgaon Ph: 0124 430 7777 Email: ms@meetsawhney. com Website: www. meetsawhney.com
Meet Sawhney, a young entrepreneur, chose not to join the family business and worked dedicatedly towards establishing his name in a new work domain. While designing his house, Meet faced challenges of aesthetics, utility, colour, textures, spatial adjustments et al. This made him realize that the final outcome while designing a house had to be an expression of the residents’ personality, which was the most challenging part of it all. In the whole process, he developed a passion for putting together beautiful spaces, which started from the most basic of inspirations and finally came to life in an extravagant manner.
Iconic design. Enduring quality. Superior performance
Top Products India Pvt. Ltd Exclusive Distributors for India. www.subzero-wolf.com sales@subzero.co.in
K Raheja Construction House A Off Linking Road No 24 Khar West, Mumbai 400 052 Tel: +91 022 6131 1411 Mobile : +91 99676 39393
Splendor Forum Shop No 9 District Center, Jasola New Delhi 110025. Tel: +91 011 4242 5959
Lighting Technology and Lighting Design plays a pivotal role in creating individual or collective identity of built environments.
Country’s largest Experience Centers: 112,500 sq feet in Delhi 7000 sq feet in Mumbai Offices in New Delhi, Mumbai and Bengaluru
From private interiors, commercial facades to urbanscapes, creative design and innovative technology offers the ultimate tool to render unique identity in the urban fabric.
Conceptual displays of Retail, Art/Museum, Workspaces, Hospitality, hiend Residences and Façade & Landscapes demonstrate our philosophy that’s driven by Perception, Emotion and Science.
vis a vis: Lights endeavors to put on a platter the best of the technology from global brands like ERCO, Deltalight, ALDABRA, Louis Poulsen, Castaldi and Lucifer Lighting. These brands have been pivotal in creating iconic buildings within India and Globally.
Contact: vis a vis Experience Center, New Delhi 2, North Drive, DLF Chhattarpur Farms, Chhattarpur, New Delhi-74 Ph: 011 26809377/78/79 E: info@visavislights.com; info@visavisliving.com W: www.visavisindia.com
vis a vis: Love addresses the softer side of lighting, providing a large portfolio of decorative luxury lighting for Landscapes, clubhouses, hospitality and hi-end private residence. vis a vis: Living facilitates living out-of-doors in utmost comfort, luxury and style. A collection of brands like Tribu, Roda, Gandia Blasco, Paola Lenti, Emu, dedicated to outdoor furniture and accessories.
Midipoll LED Bollard, ERCO Germany Offers effective illumination of areas or paths Compliant to DARK SKY Sculptural form acts as a defining element during day and night. The cross-shaped profile elegantly formed of four parabolas.
Pipe Bridge Be er Sheva, Israel Arch. Rami Marash Lighting Design Amir Brener Photo: ALDABRA, Italy
vis a vis Experience Center, Mumbai Gouri Kunj, Kishore Kumar Bungalow, off Juhu Tara Road, Mumbai-49 Ph: 022 26612501/02/03 E: info@visavislights.com; info@visavisliving.com W: www.visavisindia.com
03 THE WORD OF THE WISE
Domain experts across diverse fields of regulatory, legal, taxation, security, interiors, smart living, green homes, design technology, transactions.. share perspectives.. tune into India’s sharpest minds, as they speak on pertinent issues related to the Indian luxury residential landscape.
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VIDUR BHARDWAJ Chairman - IGBC (Indian Green Building Council), Delhi Chapter
GREEN HOMES THAT BREATHE HEALTH In the niche luxury segment, green features augment the project’s brand value and provide customers with high aspiration lifestyles, while promoting physical and mental well-being, says Vidur Bhardwaj Luxury projects have always enjoyed their own niche. Nevertheless, green norms enhance their overall appeal. The extra price is no bother for the target audience comprising corporate folks and HNIs. What such people primarily seek is exclusive homes, amenities and social community that cater to the mind, body and spirit, price being no bar.
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GREEN – OLD TRADITION, NEW MANTRA Today, the concept of luxury projects is augmented by green buildings – which denotes a healthy habitat that is more attuned to the environment, promotes energy efficiency and blends latest technology with passive designs. Being in sync with nature and climate, these homes are healthier for inhabitants, consume lower amounts of energy, water and other resources, and generate less waste materials, making them economical in multiple ways. Our ancestors built dwellings that were naturally climate responsive. They used low embodied energy materials of wood, bamboo, mud and stone. Ancient homes were naturally ventilated, controlling extreme temperature variations throughout the year. Even in medieval times, Indian architects built homes that were cool in summers, but retained internal warmth during winter months. Unfortunately, the secrets of many ancient practices have been lost in the mists of time due to fast growing urbanisation. Naturally, green norms in luxury projects help position them as premium products for the environmentally conscious, who also care about the wellbeing of their family. The value, that going green imparts, to luxury realty projects is immense. Residents are provided spacious, well-ventilated homes with more natural lighting, along with designs that improve indoor air quality, playing a big role in ensuring people are healthier, happier and fighting fit. BENEFITS OF GOING GREEN The spread of green buildings has been impacted by misconceptions that such buildings come at hefty premiums. In reality, construction costs of green buildings are only about 3-5 percent higher than conventional buildings. Considering the immense benefits, it’s a small price to pay. Besides, higher spends are recouped within three to seven years via
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lower maintenance and operating costs, ensuring substantial savings over the years. To illustrate, “Wipro Campus” Gurgaon, built across 1.85 lac sq ft in 2005, cost about five percent extra to construct. But this was recovered within two-three years; the building saves immensely for its occupants through lower bills, apart from safeguarding their health. Over its entire life cycle, the total savings of green buildings, surpass the extra initial costs.
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against 8-10W per sq ft in conventional buildings. Energy-reduction is achieved via simple measures like proper building orientation, optimum window wall ratios insulated envelop (i.e. wall, windows, roof) and using energy efficient equipments. Heat absorption via walls and windows is minimized by insulating walls, using light paint colours to control heat absorption, shading walls and windows as well as using high performance double-glazed windows.
Wipro made an attempt to minimize the negative impact of building construction on surrounding areas. The project strives to be an exemplary energy-efficient building. Notable features include reduced overall conductance for the envelops, terrace gardens, high-performance grass with optimum visual light transmittance, exterior light shelves and over hangs for all windows, efficient chillers, efficient lighting using lamps and ample daylight spaces with photo sensor controls.
Another standout structure is Patni Knowledge Centre in Noida, where passive (architectural) and active (mechanical/electrical) strategies minimize energy consumption. Apart from features that maximise daylight capture and minimise ambient temperature, the Patni Campus is a zero-discharge development, with all rainwater collected and transferred to harvesting tanks. Sewage is treated 100 percent and recycled water used for tower cooling, gardening and flushing.
BEST GREEN BUILDINGS The developers nowadays are also adopting techniques to address carbon-trail issues by developing projects which are low in carbon footprint. The main drivers of the sustainable movement are large public corporations and the government. Both groups view ‘green’ as a way to reduce their costs, as well as a social responsibility.
Worldwide, some of the best green buildings include King Abdullah University of Science and Technology in Thuwal, Saudi Arabia; Kroon Hall, Yale University, Connecticut, USA; and Manitoba Hydro Place, Winnipeg, Canada. In India, Raintree Hotels, Chennai; Rajiv Gandhi International Airport, Hyderabad; and Nokia’s corporate office in Gurgaon are some noteworthy green structures.
On similar lines, our design team has developed a working model of net-zero energy home, Shunya. Its structure uses optimum energy from sun, wind and other renewable forms of energy, and can operate independent of any electricity grid. The focus in such homes is to curb peak energy demand, to as low as 1.5W per sq ft as
With climate change considered the 21st century’s greatest threat, it is imperative developers walk the talk on sustainable development. Conscientious developers must make every effort to utilise sustainable techniques that mitigate the deleterious effects of global warming on our planet. IRY
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JEBY CHERIAN
Vice President & Managing Partner, IBM India and South Asia
SMART SPACES
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GuoZhongHua / Shutterstock.com
While green buildings are constructed using sustainable materials, smarter buildings are designed to run more efficiently and, more importantly, communicate with and about their various systems, says Jeby Cherian The good news is buildings are talking - and it’s time for us to listen. As people move into city buildings at record rates, city planners all over the world are infusing life into the building aided by advanced technologies. Unlike the past, many of the systems that constitute a building such as heat, water, sewage, electricity, and managed independently, are getting integrated. With the unprecedented proliferation of smart sensors and control systems over the last decade, many buildings across the globe have the ability to measure, sense and see the exact condition of practically everything in them.
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Increasingly, buildings are fast evolving like living organisms, they don’t just coexist with nature, but they also complement the nature. A heating and cooling system is akin to the respiratory system; elevators and corridors are a circulatory system; and a building’s smart sensors with sophisticated computer monitoring are the nervous system. And, they are evolving smarter.
Buildings are talking - and it’s time for us to listen. JEBY CHERIAN
When we look at buildings holistically, with end-to-end visibility across all systems, we can see the live connections, the interactions, and opportunities for efficiency among the various systems. Each system affects others: water meters in bathrooms work together with security systems to analyze occupancy, affecting how quickly the building breathes in fresh air. Lighting, by heating a space, affects how much power is used for cooling. With the right data, an owner can decide whether replacing air conditioners makes better sense than a new roof. By adding a layer of intelligence, elements of a building including temperature, electricity, ventilation, water, waste management, telecommunications, and physical security can now be integrated for better management and control. Smarter, more sustainable buildings can quickly sense and respond at every system level possible - in order to protect citizens, save resources and reduce carbon emissions. Smart buildings are not as expensive as one
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might think. It’s not about retrofitting - it’s about looking at the data that already exists, understanding it and using it in new ways. By analyzing this data and creating new applications to access it, we can identify and squeeze out building inefficiencies to reduce cost, improve energy usage, extend the operating life of the associated equipment and make buildings better places in which to live and work. Advanced metering and monitoring can enable a real-time view into actual usage. This transparency also allows facility managers to make adjustments and repairs before issues appear. This has the greatest impact at large facilities, campuses and cities where the potential for cost-savings is enormous. By far, live, smarter buildings are the building blocks of smarter cities and are vital for building a sustainable future for mankind. There is a tremendous opportunity to help organizations ‘listen to’ and make sense of facility data from lighting, heating, air conditioning, manufacturing and computer usage by applying a real-time, analytic approach, regardless of a building’s age. Indeed, the ultimate goal is to create buildings, bases, campuses, industrial complexes, and even museums and cities that are more efficient, productive and healthy. Let’s seize the opportunity to harness intelligent technologies, cement the information wisely, and breathe life into our buildings. And, the time to act is now. IRY
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Lobby of a contemporary house in Jorbagh in New Delhi by the architect and designer, Kohelika Kohli. On the focal charcoal grey granite wall is placed a commissioned sculpture, ‘Life of Buddha’ which consists of twenty-five superbly and minutely carved panels by R. Mahapatra, in buff coloured Orissa sandstone.
SUNITA KOHLI interior designer, furniture manufacturer & architectural restorer
BLENDING CONSERVATIVE & CONTEMPORARY India today desires a design aesthetic that combines the best elements of eastern and western styles, says Padma Shri awardee, Sunita Kohli
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Entrance to a contemporary residence in the Lutyens Bungalow Zone, New Delhi, designed by Sunita Kohli. A series of miniaturised temples, in black granite, are set in the reflecting pool. These are reproductions of the temple in the tank of the great Lingaraj Temple in Bhubhaneshwar and are carved by the celebrated traditional sthapati, Raghunath Mahapatra who was recently conferred the Padmavibhushan by the President of India- the first and only traditional sculptor to receive this honour. Also placed in the reflecting pool are sculpted lotus leaves in bronze, by S. Radhakrishnan. Seen in the foreground is an antique bronze urli from Kerala, a traditional bronze vessel for payasam made by the lost wax process.
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A close-up of the exquisite ‘Buddha’ sculpture with its plethora of human figures, animals and flora and fauna.
Luxury is primarily a subjective notion. In India, the concept of luxurious living has been understood as something, that is sensual and tactile, and one, which should assail all the five senses, often simultaneously. But, in modern India, how does our heritage and our inherent and inherited sensibilities, which are a product of our great composite culture, translate itself into luxury contemporary residential living spaces? In the ultimate analysis, modern India desires a residential product that is original and individualistic, and also takes into account our heritage and love of fine detailing, whether seen in the opulent architecture of a residential palace or in a finely crafted rabbari hut. Today, modern Indian architects and designers are creating residential spaces that enhance the quality of life. For instance, we are driven by the pursuit of excellence, and a strong belief that our surroundings directly influence the quality of our lives - whether in the work place, at home, or the public spaces, in between. We are concerned with the physical context of a project and sensitive to its cultural and climatic milieu. We believe that the job of an architect/interior designer cannot be simply based on one’s credentials, but an equally important role is played by one’s experiences and exposure to people, places and the plurality of our culture. Only then is it possible to create luxury residential spaces that are modern and yet also respectful of our heritage. India is a country which celebrates diversity. It is rich in tradition and craft skills, with the past still palpably alive in the present. In India, it would be difficult for contemporary design to exist without also its traditional ones. Today’s India desires a design aesthetic that combines the best elements of eastern and western styles. Ideally, contemporary India is a dialogue between our heritage and global innovations and culture, between traditional craftsmanship and cutting-edge contemporary
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technologies that make for a new architectural and design language in today’s luxury homes. A residential space could be minimalist, but the crafting of it would use not only our inherited skills of fine hand-made detailing but also be aware of our traditional building sciences which were always attentive to our climate, our flora, our spaces and the local materials available to us. This would result in meaningful architecture and design that would take into account not only global trends but also our own vernacular idioms. As Michael Freeman states in his book ‘Indian Modern’, “…contemporary Indian design is born out of the cultural influences of its time and place to become the reference of its own culture……the timeline of India’s architecture and design is oddly compressed. Some five thousand years of indigenous styles, dating back to at least the Indus Valley cities of 2500 to 1000 BC, were interrupted by a century of colonial ideas; then followed by half a century of a mainly rough-and-ready international style, and now within only the last decade, a distinctive modern Indian voice is finally being heard. This is an expression that is conscious both of its place in global culture and of its traditional forms.” This makes for a remarkable presence of the past in modern India, where ingenuity and beauty go handin-hand with cutting-edge technologies and structural innovativeness. “Today a new generation of architects, interior designers, product designers, painters and sculptors are looking for forms that are both modern and unique – seeking an identity that is distinctly Indian and one which strikes a balance between submergence and slavish imitations of international movements and which yet also escapes the conservatism of the expected and traditional. This is design in progress…the beginning of a distinct period of creativity” (Michael Freeman) in luxury residential spaces in India. IRY
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SECURING HOMES High tech security solutions are fast becoming an integral part of modern day lifestyle, says Dara Byramjee, Executive Vice President & BusinessHead, Godrej & Boyce Mfg Co Ltd. Godrej Security Solutions (GSS) is one of the divisions of Godrej & Boyce Mfg. Co. Ltd. and part of the US$3 billion (Rs. 14,400 Cr) Godrej Group. A pioneer and leader in the business, Godrej Security Solutions division is the largest manufacturer and marketer of Security Solutions in India.
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Along with increased luxury, aesthetics and comfort, customers are now demanding a secure lifestyle. DARA BYRAMJEE Security is still a low involvement category in our country. People tend to be more reactive than pro-active towards the use of security products The penetration of safes and lockers in India is a mere 1 per cent as compared to the US which is 25 percent. Security in India traditionally meant installing a safety door outside the main door or hiring security guards or a watchman to secure the building. Though these techniques do come handy, they are no match for the sophisticated tools and techniques that criminals adopt nowadays. Statistics show that burglaries and other criminal activities are on the rise in urban areas. The proliferation of nuclear families and working parents, rise in urban income levels, dependence on external domestic help have meant that there is an increased need for equipping homes with adequate security systems to ensure the safety of one’s family and valuables. Consumer research has shown that there is a definite need to migrate to better security solutions that are electronically controlled and are not susceptible to human errors. Home security products have a huge potential but the problem lies in adopting the category. This is where real estate developers come in as game changers. The real estate sector has evolved over the years and has witnessed great technological advancement. Along with increased luxury, aesthetics and comfort, customers are now demanding a secure lifestyle. People who buy luxury homes, expect the best security devices. Home automation systems, state of the art security devices are now part of
Indian homes. India has been seeing an uptick in interest from home security buyers who are looking for modern and intelligent security solutions that give them complete peace of mind of being secure in their home. Some developers have already started to sell this component as ‘technology per square foot’ as part of home automation systems, which is a smart move and allows them to command a premium for these services. Very soon, integrated home security systems will be made industry compliant for large buildings and manual monitoring may soon become redundant as a result in such cases. Moreover, luxury real estate in India is growing at a healthy clip where excellent facilities such as cutting edge security technologies will become an essential part of home automation in residential projects. The market size of the security industry in India is around INR 7800 Cr and is increasing by around 25-30 percent every year. The market for home automation systems installed in housing societies is currently at approximately Rs. 150 Cr (this figure does not include the systems installed at standalone properties, the market for which is expected to grow at approximately 20 percent) and is expected to grow at 15 percent. With increase in spending power and awareness of high end luxury and security products, accelerating affluence of the consumer, the real estate sector is witnessing a boom. Through insightful research, the industry must keep pace with aspirational needs of the consumer to be able to deliver on a luxury brand experience. IRY
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SAMARJIT SINGH MD- Indiahomes
THE SCIENCE OF SELLING LUXURY The business of selling luxury is both a science and an art. It requires the sterling ability to deal with the most discerning and value conscious customer, says Samarjit Singh
In a short period of time, Indian luxury housing market has come a long way. Premium luxury housing took decades to evolve, as an asset class in mature markets, while in India, in a matter of a few years, a host of options are available to the luxury home buyer, in the super-premium segment. Many people would argue that the process of selling luxury real estate is akin classic aspirational sales, where one has to sell a dream. However, here one deals with a buyer who is most careful, prudent and does exhaustive due diligence before making a purchase. Photo : InFORM Architects, Bangalore
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The level of due diligence and information that potential customers require before buying at the top end of the market is extreme in nature. SAMARJIT SINGH
With the volatile nature of our economy, there are additional challenges for the buyer and seller of luxury real estate. The fluidity and dynamism in pricing at the top end, has added to the complexity of making real estate sales. So far, the transaction of luxury real estate has been largely dependent on either the International Property Consultants (IPCs) or limited transaction advisors/brokers who have the expertise and the network to deal with high net worth customers.
Photo : InFORM Architects, Bangalore
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The Indian HNI buyer is someone who is very aware of the fact that these properties are a once in a life time investment and are likely to have huge commercial ramifications, if the purchase turns out to be sub-optimal or inappropriate for the individual or family buying them. So, the level of due diligence and information that potential customers require, before buying at the top end of the market, is extreme. Queries cover everything from the obvious detailing around floor plans and quality of finishes, to further greater detail about the quality of the neighbours that they may expect in the development, the actual quality of material used in the construction, actual plan for upkeep of the property; the nature of materials used vis-Ă -vis their ability to withstand the ravages of wear and tear in the passage of time, the developing areas around a particular luxury development and how they are going to contribute or detract from the whole experience of owning a luxury home. All
these factors are brought into play while making a purchasing decision in the luxury segment. The last few years has seen a broad base of luxury developments that caters to people with specific wants and needs. Luxury homes for some HNIs is defined by high-level of home automation, while for others it could be the quality of finishes, the actual layout of the apartment and they may not be so concerned with frills, gadgets and gizmos. There are other luxury buyers who entirely base their purchase decisions on the location of luxury development and want an address in an upmarket location. The key to successful sales process of luxury real estate is to gauge and understand the requirements of each customer, have an in-depth analysis of what is the particular nuance or the flavour of luxury that a particular customer is looking for, and is more geared towards, and then being able to offer that customer that particular kind of luxury which would better appeal to their own personal individual taste. This customisation of the sales process is the very essence of most luxury sales. So be it sales of real estate, automobiles or watches and jewellery, the ability to comprehend the actual taste and preferences of a customer and then offer a product that meets it, makes for successful conclusion of sales at the luxury end of the market. IRY
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AMIT BAGARIA Founder Asipac Group
LUXURY: A MARRIAGE OF FORM AND FUNCTION Luxury is not just in form but in function as well, says Amit Bagaria, Founder Chairman of Asipac, a multiple award winning real estate development manager and marketing consultancy, which is exclusively marketing residential projects worth INR 4150 Cr in India. For several years, real estate developers in India have believed that large bedrooms and expensive Italian marble is all that is required in luxury homes. In a recent survey, we found that 13 percent of HNIs in Bangalore felt that luxury homes being built today are not very different from the ones built in the 1970s and 1980s. We believe that luxury is not just in form, but in function as well. It is not only the sizes of bedrooms that matter. The sizes of living spaces, especially where residents can entertain guests, are perhaps more important than the sizes of bedrooms. So are the sizes of outdoor spaces such as balconies/ terraces, kitchen, utility, staff quarters, etc. Staff quarters should ideally measure 220-260 square feet, whereas most developers provide just 50-80 square feet. The ideal size for the balcony is 500-1000 square feet, whereas most developers provide just 60-150 square feet. Large luxury homes also need dedicated storage space to store old furniture, appliances, suitcases, etc.
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Most ramps going to basements are just 11-12 feet wide. These are uncomfortable for people driving luxury cars or SUVs and taking a turn. But what is needed, in fact, is a 16 feet wide one-way ramp. Every luxury home should have provision for two mobike parking spots and two bicycle parking spots, apart from three to four, car parking spots. We don’t see most developers doing this. That’s why we see staff mobikes parked in front of luxury villas in gated communities, or kids’ bicycles parked in lift lobbies of luxury apartment buildings. Affluent families in India are going in for pets, so there must be provision for even pet parks in luxury communities. Small things can make a big difference. A truly luxurious home should not have missed any of these - power sockets in each room, concealed door stoppers, thermostatic shower mixers, night footlights, cockroach traps, kitchen sink garbage crushers, edge guards on basement columns, etc. Besides, giving full-height and full-length glass walls in all bedrooms and living rooms allows ample natural
light and ventilation, instead of restricting this through small windows. Technology is fast changing. We will soon have high speed video/movie downloads available in India. Downloaded movies will have to be stored on a server. Are you going to walk over to the server area every time you want to watch a movie? Homes have to be pre-wired with CAT6 cables connected with Ethernet Ports in every room with a TV. This also allows the end user to view live images from security cameras strategically placed outside entry doors. One of the most important factors in luxury homes is the quality and functionality of amenity spaces. We have seen scores of projects where the badminton court or Table Tennis room is smaller than regulation standards – would anyone like their kids’ to practice a sport on wrong-sized courts? Luxury is all about attaining perfection, and in the process one needs to plan meticulously to achieve a fair amount of success. IRY
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ASHA NAYAR-BASU is a partner in S. Jalan & Company, solicitors and advocates
LEGAL REALITIES The devil lies in details. NRI investors should closely assess the risks involved in making investments in hivalue transactions, says Asha Nayar Basu. Luxury real estate may be resilient to recession, but is influenced by other vital parameters. One is location and the other is, government action relating to taxation and lending standards- both of which significantly influence the luxury home buyer. For example, in May 2012, President Franรงois Hollande stormed into office by promising high taxes for the rich, prompting an exodus of HNIs to other countries like Belgium, Russia and UK. This made several citizens hesitant to purchase, with apprehension about the direction of the country.
Photo : InFORM Architects, Bangalore
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One of the greatest challenges Indian developers, working on luxury projects face, is in obtaining a clean, bankable title to a contiguous land parcel of sufficient dimensions to develop projects. In the context of the present laws, it is impossible to get 100 percent clean title for a land parcel of any significant size. The problem is that the law does not have provisions to stop a claimant from approaching the courts at any stage and at any time. The only secure way to get land with a 100 percent secure title in India was through the Government. However, with the issues that have been raised as farmers went to court at Noida West and Greater Noida, even that route has now become suspect.
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The Indian real estate sector has no entry barrier and lacks transparency. The depreciated rupee presents an ideal situation for smart investment in Indian real estate. But often, buyers make investment decision with a limited understanding of the risks involved in parking their hard-earned money in real estate.
Photo: Sanjay Puri Architects
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An NRI should be alert to certain realities of Indian realty. One, several luxury projects have been mushrooming along near “proposed� infrastructure projects. If the infrastructure project, for whatever reason, does not come up or is delayed, the value of the property may remain stagnant or even fall. Second, all land-sale transactions are registered. However, land title records in India are in a very bad shape. Several landrelated transactions such as partition, wills, mortgage, agreement to sell, court order and acquisition are not sometimes registered/or required to be registered. Even when a sale is registered, the history of the title is not completely verified. Unlike most developed nations, which have a system of guaranteeing land titles, India has not even digitized its land records. The lack of clear land titles means all land transactions are risky. If you are buying land, you must trace past ownership to avoid any dispute in the future. Third, delay in getting possession is common in several locations; you can reduce this risk by choosing a developer with a good record of timely delivery. Also, check that all the clearances are in place. Fourth, NRIs must have exit options because they face certain restrictions when selling a property.
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There are certain laws every *NRI/foreign national interested in Indian real estate should be aware of: Under Section 2 (zed) of the **FEMA, 1999 ‘transfer’ includes among others, ‘purchase’. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase. It is also illegal to buy property on a tourist visa. Property cannot be purchased jointly in the name of one eligible person with one non-eligible person. A foreign national who is a ‘person resident in India’ within the meaning of Section 2(v) of FEMA, 1999 can purchase immovable property in India, but the person concerned would have to obtain the approvals and fulfill the requirements, if any, prescribed by the relevant state authority, such as the State Government. The onus to prove his/her residential status is on the individual, if required by any authority. However, a foreign national resident in India who is a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan would require prior approval of the Reserve Bank. However an NRI is not allowed to buy any agricultural land, plantation property or farmhouse in India without specific permission from RBI. Payment for acquisition of property can be made out of: Funds received in India through normal banking channels, by # way of inward remittance from any place of India or Funds held in any non-resident account maintained in # accordance with the provisions of the FEMA 1999 and the regulations made by Reserve Bank Of India from time to time. If the NRI sells his/her house within three years from the date of purchase and makes a profit, then he/she is liable to pay shortterm capital gains tax at the normal rate applicable as per his/her tax bracket. But if the sale occurs after three years from the date of purchase, then he/she has to pay capital gains tax at a flat rate of 20 percent. An NRI has to pay stamp duty and registration fees at the time of purchase. He is entitled to avail all sorts of benefits at par with Indian residents on the interest paid for the home loan. IRY
Photo: Sanjay Puri Architects
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*Non Resident Indian **Foreign Exchange Management Act
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SUBHASH LAKHOTIA Tax & Investment Consultant
BEING TAX-WISE Do your best to minimise tax to maximise investment with taxation tips from Subhash Lakhotia Every individual aspires to get the best of education, job and life style. A great lifestyle is complete with a great home. No wonder, nowadays, we find many new generation executives and entrepreneurs in the thirty plus age bracket, aspiring to become proud owners of luxury homes. The first thing to do for purpose of tax planning is to identify the family member, in who’s name the house will be purchased. While there is no thumb rule for this, it should preferably be bought in the name of the highest income earner in the family, so that the funding is not a problem. Moreover, the funds get invested in a non-income producing asset, thereby keeping you active to reduce your taxes. It is advisable to buy the luxury home in the name of more than one family member. That way each family member enjoys a separate deduction for interest and repayment of loan. However, take note of the clubbing provisions contained in Section 64 of the Income-tax Law. In case, a married lady is a co-owner in the property, she should not receive gift from either husband/father-in-law/mother-in-law. Photo: ZZ Architects
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It’s a good idea to invest in luxurious residential apartment, from the perspective of saving Capital Gains tax on long term Capital Gain. SUBHASH LAKHOTIA
Photo: ZZ Architects
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It is a good idea to take property loan, to be able to enjoy tax deduction on interest on loan up to Rs 1.5 lac per annum and also tax deduction as per Section 80C of the Income-tax Act on repayment of housing loan within the overall limit of Rs 1 lac.
also note that in case, your residential property (luxury apartments/villas), is let out for more than 300 days in a year, then all such properties without any upper limit would be exempt from Wealth-tax.
Renting a luxury apartment comes with a big tax saving. You are entitled to 30 percent standard deduction towards repairs and maintenance without being required to produce any evidence of having incurred the expenditure. The interest on loan taken for the property which has been rented out, is also allowed as a deduction without any upper limit.
From the point of saving your Capital Gains tax on long term Capital Gain it is a good idea to invest in luxurious residential apartment. One luxury apartment or a vacant plot up to 500 square meters is exempted under the Wealthtax Act. Hence, irrespective of the value of your luxury apartment, your property gets a wealth-tax exemption.
It is your choice to buy your dream luxury apartment in India or in the overseas market. Tax benefits are at par, whether you buy the property in India or outside India. The provisions contained in the Foreign Exchange Management Act (FEMA) provides for liberal investment to every individual outside India upto US$200,000 every financial year. However, do remember that in case you buy a property abroad, then the details should appear in your Income-tax Return. Please
From 1st June, 2013 an obligation has been cast on all real estate buyers of property valuing over Rs 50 lacs. Now Income-tax at the rate of one percent of the value has to be deducted by the buyer in respect of payments made to the seller and for this purpose Challan cum Form No 34B has to be filled in. This is one important new tax obligation which must be complied with, by every purchaser of luxury apartment or a luxury villa. IRY
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RENU MISRA VP & MD, Grohe India
ATTENTION TO INTIMATE SPACES Master bathrooms are the new age status symbols. They now have amenities that rival spas in hotels and mean more than even bedrooms, says Renu Misra The bathroom has become the defining space in luxury homes. It is where one spends the maximum time with oneself, in tranquility and harmony, away from all things mundane. Those who love indulgence in their dream homes have gone all out to make this all-important room uber-luxurious. Beautiful bathrooms in luxury homes are fast rivaling amenities in any 5-star spa with “emotional� showers that change colours and aromas, copper tubs, his-and-her water closets, designer faucets, intelligent showers and fixtures. The list of advanced additions to this oasis of self-pampering and relaxation, knows no bounds.
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A room for cleansing and grooming, the bathroom is evolving from being just a functional space to a veritable sanctuary in one’s dream home. RENU MISRA
Opulent bathrooms should be all about indulgence and comfort coupled with streamlined designs. Simple, clean lines reign supreme in hi-quality bathrooms, with an emphasis on modern, transitional and contemporary styles. The exposure to global brands has led to a reinvention of the traditional Indian bathroom with world-class fixtures and modern finishes. Eclectic mix of neutral tones ranging from creams, whites, beiges and browns with brighter colours to accentuate the décor are being increasingly employed. Natural stone and handcrafted tiles are being combined to create nature-inspired interiors. While Chrome remains the most sought-after colour, simple clean lines with metallic tones and gold finishes too are in vogue. Pedestal sinks and vessel sinks that float on solid wood cabinetry, basins made of hand-painted porcelain, carved marble, glass, copper and stone in natural forms like bulbous round and oval are extremely popular globally. Large soaking tubs, claw feet, and vintage-look faucets besides, LEDlit shower heads and oversized spa-like shower enclosures are also very visible in the best luxury bathrooms of the world. Representing technology in water
closets are the toilets with heated seats that deliver a warm water wash with temperature, pressure and pulsation adjustability. Other notable bathroom trends include the lighted bowl that eliminates the need to turn on a light at night, remote control to adjust the seat settings, automatic flush, catalytic deodorizer function and sensor operated automatically opening and closing lid, to name a few. After home gyms and home theatres, it’s now the “home spa” that the stylish consumer yearns for, and is spending on. Be it a Roman Bathhouse-inspired decor, French doors, glass walls, grommeted curtains, fireplaces and so on, gradually the bathroom is evolving from being just a functional space to a veritable sanctuary in one’s dream home. Showering and relaxing in this sophisticated room of well-being is truly synonymous with the good life. No surprise then, that the Indian luxury bathroom has undergone a true revolution and those willing to go the extra mile for that purely lavish life, are leaving no stone unturned to make their haven of personal space exclusive, sensuous and most splendid. IRY
Interior Designer Vinita Chaitanya; Photography by Pallon Daruwalla
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and toothpaste) even though real estate brands are fundamentally different from FMCG brands. (For the record: real estate is not unique in this error. Most other categories fall for the same erroneous belief that advertising equals brand building. For those of you who do not understand how the opposite is possible, all you need to do is study brands like Body Shop and Zara! They have become worth billions of dollars without spending a penny on advertising!) KIRAN KHALAP Co-founder and Managing Director, chlorophyll brand & communications consultancy
1. Error One therefore is releasing full page ads that inform but do not differentiate the brand or flag a consumer who is right for the brand. Fact: At chlorophyll, we interchanged the logos on ten of the biggest real estate ads and showed them to real estate professionals... nobody could tell the original from the new ad!
THE VALUE OF RECALL
Fact: All real estate logos show tall buildings...how then does the customer see the difference between one brand and the other? 2. Error Two is thinking of real estate as a product, not as a service!
What is the role of branding in real estate? Branding expert Kiran Khalap enumerates the common errors and in the creation of brands in Indian real estate industry and how real estate products can be distinguished. Let me first distinguish homes as opposed to houses. Homes are bought by families for themselves; houses are bought by individuals as investments. Buying a home is the most important decision in an Indian’s life; buying a house is a short-term deal. Buying a home involves both rational and emotional issues; buying a house is fundamentally a rational decision. THEREFORE THE BIG QUESTION: WHAT IS THE ROLE OF A BRAND IN THE DECISIONS LEADING TO BUYING A HOME? According to chlorophyll, the two most abused words in the English language today are God...and brand.
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The last research I watched on TV showed that ‘branded homes’ won a premium as high as 14% over unbranded! What was even more interesting was the definition of branded homes created by the respondents: those that lived up to their promises! Simple... but not easy! What then are the errors in the creation of brands in Indian real estate? THERE ARE THREE And all three of them arise because real estate brands are blindly borrowing the outdated beliefs of branding used by fast moving consumer goods (soaps, detergents
Let your home be your mast and not your anchor.
The first-time buyer of a home takes at least one year to arrive at a decision and the entire experience and interaction between customer and brand during this period is critical. It defines the brand! Fact: Having seen a full-page ad for a luxury residence, a prospect landed to see the sample flat (Price tag? INR 30 crores). The executive sent a tea-serving office boy along with him to explain the details...Shocked? But it’s a true story! I guess that was the end of the sale! 3. Error Three is the same as committed by lazy FMCG advertisers: using ‘brand ambassadors’ whose associations are not aligned to the brand associations the real estate brand wishes to own. Fact: When Philippe Starck recommends yoo in
Pune, the associations of Starck (design thinking, high-end French luxury) are aligned to the brand associations of yoo. Ditto with Greg Norman designing a golf-course. But an actor as a brand ambassador is probably good for their career but not for the brand! TO SUMMARISE A. Real estate brands, like hospitality brands, need to focus on their brand’s behaviour rather than just brand communication. For example: When we recently did an audit for a real estate brand we work with, the team came up with 76 points of interaction between customer and brand! The team then decided to fix those that did not reflect the brand. This level of differentiation needs continuous training and unwavering commitment. B. Real estate brands need to understand the mindsets of the customers they are focussed on, rather than just the features of their own product. For example, when we first attempted to understand the needs of customers for Ginger Hotels for the Tatas (launched as indiOne in Bengaluru), we realised a clean bed, well-designed bathroom and lack of noise were the three needs that could differentiate the brand! C. Real estate brands, if they use ‘brand ambassadors’ must think through the brand associations, rather than accept any celebrity that fits their budget. In the absence of a long-term strategy, the real estate brand merely advertises the celebrity rather than advertise its own brand. So remember, while each of us has different notions about God, the meaning of brand is the same for the customer. A brand lives up to its promise. IRY
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AMIT GUPTA, Director, vis a vis
COLONISING THE HOURS OF DARKNESS Today, lighting has gained huge importance in the world of architecture and design. It’s the most powerful tool for creating the right balance between rational and emotional, science and art of spaces, says Amit Gupta ERCO: science of spatial articulation
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But a city is more than a place in space, it is a drama in time. PATRICK GEDDES
Heritage Monuments, New Delhi, mandala forum for design, Luminaires from: ERCO, CASTALDI, ALDABRA
SKYSCAPES TO LIGHTSCAPES Indian real estate sector today is not just providing functional spaces, in either commercial or residential sectors, but it is striving to create a unique identity of every space. This is achieved by lighting that has almost become synonymous with luxury spaces. Lighting technology and design plays a pivotal role in ‘positioning’ the identity. Façade and landscapes are the introduction to any space, the first point of contact, and what the onlooker remembers and recalls. The combination of good lighting design and smart lighting technology, provides for an overall holistic experience of a built environment. Today’s global skyscapes are venturing towards becoming striking ‘lightscapes’. Transition from interiors to exteriors and vice versa is becoming smoother. At night, transparent buildings are transformed into structures that glow from within. Science and design of light effects such as precision lighting lead to energy efficiency and visual comfort. This necessitates a new generation of lighting equipment - highly precise design tools for light in the outdoor area. LIGHT REMINDS, RECALLS & IDENTIFY “Every citizen has had long associations with some part of the Plan/ Public Image. Every citizen has had long associations with some part of the city, and his image is soaked in memories and meanings” says Kelvin Lynch, American Urban planner.
Hiranandani - Roda Meluha, Mumbai, Luminaires from: Aldabra- Italy
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Lighting tools today help create hierarchies, focal points, orientation and spectacle; all put together in a sensitively designed solution is the key to ensure a right balance of rational and emotional appeal.
Differentiated lighting for high rises in urban areas or landscapes at night form reminders of important persons or events. They create focal points at the end of axis on pathways, in squares and in parks or are themselves the centre of attention. The luminance contrast to the surroundings is crucial if memorials are to be perceived from a distance. In a scenic context with little ambient lighting, low levels of illumination are usually sufficient to accentuate buildings. A bright urban environment will require proportionately stronger accentuation. There are various concepts on lighting that can be executed based on the built environment. One is Vertical illuminance which is a critical aspect in designing lightscapes. It helps in spatial articulations. Wall washing effect or grazing effect defines the architectural contours. Orientation and accentuation helps in creating hierarchies. It is important to understand cultural and physiological minds of the habitant and use lighting science in order to balance the perception vis-a-vis experience. Dark sky is the lighting design for outdoor areas, restricted to only that which is essential. This approach requires an effective design concept with a luminaire technology tailored to suit and is built with the combined effort of light designers, architects, landscape architects, building owners, electrical installers and luminaire manufacturers. Sustainability is all about using technology which ensures longer life, less pollution, low cost of ownership and energy efficient without any dilution on visual comfort. Though India has been a late entrant in this segment, it is impressive to see the way lighting concepts are gaining ground in the country’s real estate spaces. IRY
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SUNIL MK, Head Architecture, Engineering & Construction (AEC) Autodesk, India & SAARC
THE THIRD DIMENSION: ADVANTAGE 3D Adoption of 3D- Design technologies will add value to Indian Real Estate sector, says Sunil
Photo: ZZ Architects
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The aesthetic benefits that good design provides is common knowledge but there is relatively lower awareness on the real value of design technology for construction and real estate sectors. While this remains a sector that is “slow-to-embrace technology”, it is important for Indian industry to understand that technology used to create good design can benefit a company’s bottom line across multiple sectors of the industry. This is significant if we consider reports such as Global Construction 2020, by PwC, which state that global construction will grow 70 percent to US$12 trillion by 2020. 55 percent of this will be in emerging markets, including India.
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Unlike plain-vanilla CAD software, BIM software creates a three-dimensional (3D) model full of smart objects embedded with information.
Photo: ZZ Architects
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Photo: Sanjay Puri Architects
SUNIL MK
Whether you are an architect, a contractor, a builder or an owner, your company can derive cost and time savings—and deliver significant ROI— using technology and at the same time promote sustainable structures. Globally, one of the most significant technology trends today is the adoption of Building, Information Modeling (BIM) which goes much beyond traditional CAD software that is popular in India’s real estate sector. Unlike plain-vanilla CAD software, BIM software creates a three-dimensional (3D) model full of smart objects embedded with information. BIM is an integrated process that helps architects, engineers, builders and owners gain valuable insight to improve the way projects are planned, designed, built and managed. BIM makes it easier to integrate architecture with engineering work, avoid clashes of building elements, instantly output lists of materials and labour, and automate valuable tasks like simulating the effects of sunlight on an interior space. With BIM it is possible to simulate behavior of proposed designs and test digital prototypes for resilience before they are even constructed. The adoption of BIM has seen significant increase. According to 2012 McGraw Hill North America BIM SmartMarket Report, the percentage of companies using BIM jumped from 17 percent in 2007 to 71 percent in 2012 in North America. It was used in the design and creation of some of iconic buildings like the Shanghai Tower and Freedom Tower. In the US, companies like Bronson Healthcare Group and Suffolk Construction have implemented BIM technologies and derived significant time and cost savings. Globally, in UK BIM is a central theme in the government’s construction strategy designed to reduce carbon and costs as a part of overall economic development. In Singapore, BIM is an important component of public housing projects. In the future, the shift from desktop to the cloud and mobile platforms will further transform BIM and upend the world of architecture once again. Among the changes that you can expect: Cloud computing will support BIM with detailed analytical tools, zapping answers to directly to client meetings and construction sites in real time. Such technology shifts are already underway in developed markets and Indian industry too should now focus on technology adoption to create more value. IRY
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TANVEER SHAIKH Principal Consultant, Acumen Business Consulting
MANAGING EXPERIENCE Real estate processes, right from the initial planning phase to sales are being professionally aligned and backed by management systems and structures, says Tanveer Shaikh Customer experience, ‘the sum total of all the interactions a customer has with your brand during the customer lifecycle’ has become the critical differentiator in today’s hyper-competitive real estate marketplace. Differentiation based on product innovation is no longer sustainable because competitors can leapfrog feature/ function advantages more quickly than ever. Also, differentiation based on price kills profitability. The transformation of realty firms into customer-focused organizations is yet to happen. Barring a select few real estate developers, most are still in ‘ceteris paribus’ mode. The change has however begun. Corporates like Godrej Properties have, in the last two years, taken extensive steps in building a customer-focused organization. Even niche players like The Wadhwa Group in Mumbai, Puraniks in Thane, Paranjape Schemes, Kasturi and
Nyati in Pune, Brigade Group and Prestige in Bangalore have been taking various initiatives in providing unique and memorable experiences to its customers. For example, companies have started working on mapping each customer touchpoint and establishing innovative methods to give a superior customer experience. Some of these players have started recruiting people from the hospitality industry. Training and development has become a regular affair in some of these companies. There has been a shift in the way payment follow-ups are done and homes are handed over. The major gap between customer service delivered by developers and expectations of the customers is in the area of ‘professionalism’. The sales person promises the sun, the moon and the earth during the booking
Customer service is the unique differentiator point in Indian real estate. TANVEER SHAIKH
the property; the customer is left to deal with other employees who follow-up on payments and yet another set of people who finally handover the property. The customer experience standards drop significantly at each phase of the buying cycle. Another gap is in the area of ‘communication’; quite often there are delays in the project due to various reasons such as approvals, construction issues etc. The customer expects the realtor to keep him/her informed proactively. At most times, the real estate developer’s employees shy away from responding to customer concerns which further aggravates the anxiety. ‘No news is bad news’ for the customer. Today, what the Indian homebuyer seeks from the developer is “Experience.” Today’s customer is used to a certain level of customer service in each product category. Even if you are buying an INR 4 lakh car, the car dealers make it such a special occasion for the customer. Or for that matter, any durable purchase, the buying experience has gone through a sea change. The other important aspect is “Reliability”, and this by far is the single most important factor in the customer’s mind. Transparency issues like delays and information about the progress in construction, land title issues, carpet area calculations are things at the back of their mind always. IRY Photo : InFORM Architects, Bangalore
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SACHIN SANDHIR MD, RICS South Asia
REGULATORY ANALYSIS It is high time that the Indian real estate sector embarks on a focused reform driven agenda, to improve policy environment which enables transparency, regulation and accountability. Sachin Sandhir does a regulatory analysis
Photo : InFORM Architects, Bangalore
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The Indian real estate sector is currently witnessing significant headwinds amidst a sluggish economy, continuing rupee depreciation, rising inflation resulting in increasing input costs and high interest rates. Bank lending has declined significantly to the sector as there are few lenders willing to take a high-risk bet on high-priced development projects or buyers able to pay high mortgage rates.
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Policy reforms need more clarity. SACHIN SANDHIR
It is high time that the sector embarks on a focused reform driven agenda, to improve policy environment which enables transparency, regulation and accountability. Whilst there are some landmark laws such as the real estate regulation bill, land acquisition bill, companies bill being framed, for those to have a positive impact on ground, it is imperative that they have underlying rules and regulations – that lend clarity for implementation. REAL ESTATE (REGULATION AND DEVELOPMENT) BILL 2013 The Bill is a welcome step which provides for appropriate checkpoints in key stages of a property transaction where regulation is most required. Provisions such as restricting launch of projects/advertisements unless all approvals are received, maintaining separate account for customer monies, sale of projects based on carpet area will indeed help bring in transparency. Also stipulation of ‘carpet area’ as the only measurement unit will limit fraudulent practices arising from use of measurement units such as saleable area, super built up area etc. However, a concern that still remains unaddressed is the definition and measurement standards for carpet area. The Bill provides for a ‘central advisory council’, which should ideally be responsible for prescribing national standards and best practices in different areas eg property measurement, builder buyer agreements, brokerage standards etc. The same can also be implemented by state regulators. Similarly, the Bill proposes to set a real estate appellate tribunal, headed by a sitting or a retired judge, for adjudicating disputes. However, the envisaged complaint handling mechanism at the state and the city level is not clear. It is essential for government and key stakeholders to draft the complaint resolution framework along with necessary guidelines.
Photo: Sanjay Puri Architects
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One of the models that may be considered is setting up of state/city level ombudsman who would be responsible for adjudicating all dispute cases.
LAND ACQUISITION BILL Although the well intended bill has gone through lot of deliberation, an area whose importance seems to have been ignored is that of ‘land valuation’. One of the fundamental issues in the bill, is the flawed manner in which “market values” have been defined - which form the basis for compensation. Since ‘market value’ is determined basis registered sale deeds, which are significantly under reported, the bill adopts an arbitrary and flawed approach of using a multiplier to inflate value - four times the market value of land acquired in rural areas and two times the market value for land acquired in urban areas. The Bill must recognize globally used valuation standards (international valuation standards or RICS Red Book standards) and methodology to ensure an independent and objective assessment of land values. An independent valuation mechanism would ensure farmers get a fair price and are not in doubt of over or under valuation of their lands and in due course avoid conflicts and arbitration. STREAMLINING BUILDING APPROVALS PROCESS One of the factors impacting the sector most is the painfully slow, cumbersome and expensive building project approval process. According to a recent World Bank report ‘Doing Business 2013’, the country ranks at 182 of 185 countries in the ‘dealing with construction permits’ category. This indicates the magnitude and urgency with which policy makers in the country need to address the issue of streamlining building approvals, to make India a more viable business and investor destination. One area that deserves urgent action is of building capacity of urban planners, who are competent in town planning laws to be able to award planning permissions; and even building surveyors/ engineers trained in building codes, to expedite building approvals in local authorities. IRY
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GLOBAL BEST PRACTICES IN REAL ESTATE RICS EXCLUSIVE COMPILATION RICS is world’s leading professional body for setting standards in land, real estate and construction industry. Committed to setting and upholding the highest standards of conduct and excellence in the sector, RICS enlists globally applicable and regionally specific standards and best practices. The key issues are as follows: REGULATION REDRESSAL SINGLE WINDOW CLEARANCE BUILDING CODES & CONSTRUCTION STANDARDS PROPERTY VALUATION
Photo: ZZ Architects
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Photo: Sanjay Puri Architects Photo: ZZ Architects
REGULATION OF REAL ESTATE MARKETS ABOUT THE BEST PRACTICE
MODEL EXAMPLE
Regulation is primarily needed in building construction and the process of buying & selling of property (primary/secondary market) Construction of buildings UK’s new-build residential housing conform with standards set down by the National House Builders Council (NHBC) assuring warranty and insurance, covering 80% of new homes built. South Africa’s statutory body called National Home Builders Registration Council (NHBRC) provides mandatory protection to all new housing consumers against defined building defects. Buying and selling of property US: Every state has its own real estate department, board or commission for setting professional practice standards, issuing licenses or certificates to real estate agents. UK - Even though law does not require estate agents to obtain a license to practice, other laws such as Estate Agents Act 1979, the Property Misdescriptions Act 1991, Consumers, Estate Agents and Redress 2007 regulate transactions activities.
THE INDIAN STORY
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Whilst we have many pieces of legislation for the Indian property and construction sector, many of which vary from state to state, there isn’t sufficient regulation or enforcement mechanism for those laws.
RICS RECOMMENDATION FOR COMPREHENSIVE REGULATORY FRAMEWORK Central Advisory Council Advise / Prescribe Construction of Building Standards. Prescribe Standards and Codes of Practice for Developers and Brokers.
Central Regulatory / Consumer Redress Council Consumer Redress in Process of Buying and Selling of Property. •
Appointing State or Metro or City Level Ombudsmen.
Setting Professional Qualification Standards.
•
Empowering Self Regulatory Bodies.
Training and Capacity Building.
•
Setting up Independent Ombudsman Schemes.
Promoting Legal Reforms – Stamp Duty Reforms, Taxation Reform, Rent Control act, etc.
Appropriate Regulatory / Enforcement mechanisms for Central Legislation and Policies.
State Regulatory Body Registration of Real Estate Projects. Regulation and Compliance With Various State Building Laws. Regulating Developers and Brokers through separate Rules and Regulations – may vary from State to State. Consumer Redress for Building Defects.
Promoting Policy and Procedural Reforms – Sharing of Best Practice Across States/ULBs.
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CONSUMER REDRESSAL ABOUT THE BEST PRACTICE
MODEL EXAMPLE
Photo: Sanjay Puri Architects
One Stop Centre
Relevant authorities, departments or utility companies
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Stage1: PreConstruction
Stage2: PostConstruction
SUBMIT APPLICATIONS
SUBMIT APPLICATIONS/ NOTIFICATIONS
REFER APPLICATIONS TO RELEVANT PARTIES
PROCESS APPLICATIONS
BUILDING CONSTRUCTION
HONG KONG
REFER APPLICATIONS TO RELEVANT PARTIES AND COORDINATE JOINT INSPECTION, IF REQUIRED.
PROCESS APPLICATIONS AND CARRY OUT INSPECTIONS
While Regulation is intended to change the pattern of behaviour of firms in general and to improve the working of markets, often by undertaking measures that affect an industry at large in a broad kind of way; Redress is intended to provide compensation for customers who have suffered from unacceptable behaviour, such as cases of financial detriment. In the UK, the Consumers, Estate Agents and Redress Act 2007 (CEARA), makes it compulsory for residential estate agents, and property developers involved in direct sale to customers, to belong to either of these schemes approved by the Office of Fair Trading (OFT). The Property Ombudsman The Surveyors Ombudsman Service (set up by RICS)
Photo: ZZ Architects
BROKER STANDARDS ABOUT THE BEST PRACTICE
Real estate agents are the most important touch point for consumers. Broker standards refers to ethical conduct of brokers by defining basic principles and rules that they must abide by, to ensure customers get fair advice on buying property.
MODEL EXAMPLE
In the UK, a joint initiative by RICS, NAEA (National Association of Estate Agents) and ARLA (Association of Residential Letting Agents) created the Property Standards Board, an independent body representing professionals in the agency field with an aim to establish a framework of standards in all aspects of residential property transactions.
THE INDIAN STORY
Buying and selling of residential property in India through real estate agents has always been a difficult process. Whilst brokers were earlier not part of the real estate regulation bill, given their influence on property transactions, the latest version of the regulation bill requires that brokers are registered with the real estate authority.
These voluntary ombudsman schemes complement regulation. Trained independent adjudicators mediate between agents and consumers. Ombudsman is the final point of a firm’s complaint handling procedure providing independent redress. THE INDIAN STORY
There is no resource available for property buyers in India other than going to consumer courts. The regulator could look at identifying an ombudsman who would be responsible for adjudicating all dispute cases, much on the lines of the SEBI/ Banking Ombudsman Scheme.
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SINGLE WINDOW CLEARANCE SYSTEM FOR BUILDING APPROVALS ABOUT THE BEST PRACTICE
The concept of a ‘Single window’ or ‘One stop shop’ is widely recognized as an effective tool to ensure speedy approvals. Single window concept can be applied to either the entire gamut of departments, processes, approval stages or its scope can be kept limited to certain activities that can be accessed through this single window.
MODEL EXAMPLE World Bank rates Hong Kong SAR and Singapore at first and second ranks respectively in the category ‘dealing with construction permits’. Both have implemented strong IT enabled one-stop shops. With the One Stop Centre (OSC) at Hong Kong, to receive applications and coordinate joint inspections to minimize the compliance costs of applicants, it now takes 6 procedures and 67 days to obtain building construction permits for two-storey projects. THE INDIAN STORY
Photo: ZZ Architects
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Buying and selling of residential property in India through real estate agents has always been difficult process. Whilst brokers were earlier not part of the real estate regulation bill, given their influence on property transactions, the latest version of the regulation bill requires that brokers are registered with the real estate authority.
Photo: ZZ Architects
SAPREP RECOMMENDATIONS - 6 KEY PILLARS TO STREAMLINE REAL ESTATE PROJECT APPROVALS Single Window Clearance Mechanism: Forward & Backward Linkages at Central Govt/State Govt/ULB/Panchayat Levels
1 Compendium of Process and timelines for all Central & State Approvals
2 Review of existing procedures & sharing best practices
3 Single Window or ‘One-Stop Shop’ Enabled by IT
4 Transparency, predictability & accountability to protect consumer interest
5 Special Dispensation for affordable housing
6 Capacity Building in private and public Sector IRY
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04 NEWSMAKERS OF THE YEAR 2013
Limelight earners of the industry, acknowledging the excellence and innovation by some of the best names from Indian realty.
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DEVELOPER OF THE YEAR
GODREJ PROPERTIES PROMISE BEACON: 1990: Year when Godrej Properties was established. 12: Cities in India across which Godrej Properties is present 1000000: In square feet, the area of Godrej Summit, Gurgaon sold in a single day 1: Ranked as No.1 Great place to work in real estate in 2013 84: Million sq ft under development
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Godrej Properties is the real estate arm of India’s leading business conglomerate, the Godrej Group. The 116-year old brand is synonymous with values like quality and innovation. Godrej Properties is currently developing 84 million square feet of real estate across verticals of residential, commercial and township projects, in 12 cities across India. Each development features cutting edge design and technology, green certification and sustainable architecture. The group believes in creating living and work spaces that enhance the quality of life of customers. This is achieved through a strong focus on customers’ needs, tastes and preferences. The brand represents the aspirations of today’s customers- that of new young India. Each development is futuristic in thought and contemporary in design. Godrej properties believes collaboration is the essence of excellence and has brought the best designers, architects and contractors within India and around the globe to deliver exceptional quality and value.
Godrej Properties has executed a series of innovative corporate campaigns. The integrated cross-platform media has helped the organisation reach out to buyers across diverse geographies and product offerings. The group has pioneered the use of iPad apps, a branded YouTube channel and Flicker platforms and cloud CRM tools that allow for realtime campaign management worldwide. Godrej Properties has a strong online presence and has activated several consumer connect initiatives, including live chat for NRIs and global buyers and a 360 degree virtual tour of the projects. The company has received over 40 awards and recognitions for being the most trusted real estate brand in India, for its design and construction quality, Best business practices and corporate governance. The organization’s core proposition is to build imaginative spaces to make life brighter for its consumers. IRY
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DEVELOPER OF THE YEAR
MANTRI EUPHORIA, HYDERABAD
MANTRI DSK PINNACLE, BANGALORE
MANTRI ESPANA, BANGALORE
MANTRI DEVELOPERS PVT. LTD Established by Mr. Sushil Mantri in 1999, Mantri Developers has been the pioneering force behind the rapidly changing skyline of south India, with developments that span the residential, retail, education, office space, townships and hospitality sectors. In just 14 years, the group, with the spirit of innovation at its core, has carved a niche for itself as an industry benchmark for quality, customer focus, robust engineering, in-house research, uncompromising business ethics and the unswerving commitment to timeless values and total transparency in every aspect of its business. These exceptional attributes have made Mantri Developers one of India’s most preferred real estate brands in south India. As part of its diversified portfolio that is cumulatively spread over 1.86 million sq. meter including over 1.03 million sq.meter under various stages of construction in the high-growth urban centres, the company has an enviable track record of having delivered 1.4 homes, every single day. They have many firsts to their credit: The first to get Foreign Direct Investment (FDI) into Indian real estate in partnership with Morgan Stanley in 2006. The first to introduce ultra Luxury homes with a 360 degree view in 2003. The first to introduce the concept of Aqua Gym and individual swimming pool for penthouses.
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MANTRI SIGNATURE VILLAS, CHENNAI
The first to offer customization of interiors and specifications bare shell, they are Bangalore’s leading developers and the pioneers of trends in Indian real estate industry. The company is one of the first real estate companies to receive the International Management Certification for its commitment towards maintaining international standard in four categories of product quality- environmental management, occupational health and safety assessment systems and Social accountability. Mantri Developers early this year won the CII-ITC Sustainability Award 2012, presented by the President of India, Shri Pranab Mukherjee. Mantri Developers’ vision is based on the values of Punctuality, Quality, Reliability, Speed, and Transparency (PQRST). The company plans to focus on the residential sector, retail, hospitality, IT Parks and educational institutions in Bangalore, Chennai, Hyderabad and Pune. The company’s success has been based on a consumer centric approach with six key differentiators: on time every time, highest carpet area, propcare, creating communities, award winning landscapes and attention to detail. The group ventured into education sector in 2003 with the objective to ‘Create leaders of tomorrow’ with ‘Indus International School’. The school today is the number 1 international school in India. IRY For more information, please log on to www.mantri.in
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DEVELOPER OF THE YEAR
PACIFICA COMPANIES
PROJECTS PORTFOLIO
Pacifica Companies, a USD 2.6 billion real estate conglomerate was founded in 1978 with an idea to develop high quality living spaces matching global standards. The group has built a vast real estate portfolio comprising hotels, office buildings, mixed use developments, residential gated communities, townships and senior citizen community.
a sound knowledge and commitment to match the international standards in real estate, while localizing their global expertise and establishing best practices in the industry. With its “dare to be different” approach, Pacifica has chartered its way ahead confidently in any type of market or any type of property. It has consistently delivered superior returns to its investors.
Under the leadership of Ashok Israni, and based on his guiding principles of trust, quality and ethics, Pacifica has grown exponentially and by 1997, established its footprints across 22 states in the United States of America (USA).
Pacifica understands the Indian ethos. In India, a home is not just a home. It’s a temple for those who live in it. The company undertakes studies of the need of its target audience and market sentiments in detail to give true value to its customers.
Pacifica forayed into the Indian real estate market at an opportune time, when the real estate market in India was witnessing a period of boom. The company is currently developing projects in Ahmedabad, Vadodara, Bangalore, Hyderabad, Chennai and NCR region.
Pacifica has a strong presence in digital media. The company uses print and social media for the promotion of its projects, and also advertise on radio and television too.
Pacifica’s inherent strength is its team of professionals who have
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The brand has created environmentally sustainable structures, that guarantee quality and deliver beyond people’s expectations.
Pacifica created ripples in real estate market of Gujarat with their pathbreaking hospitality venture of Courtyard Mariott, the first five star hotel of Ahmedabad. Some of the worth mentioning residential projects are Green Acres and La habitat which have beautiful design and landscaping. Meadows is a 3/4BHK luxury villa project located near one of the most sought after residential locations of Gokuldham in Ahmedabad. Madrid County in Vadodara is a modern township located in one of the fastest growing areas of Vadodara at Bhayli Vasna Road. It offers 15,000 sq ft of clubbing experience with amenities of multipurpose gaming courts, fitness centre, swimming pools, cafeteria, sit outs. Casa Lakeside, a 4BHK luxury Villa Project is poised to breathe new life into luxury living and redefine lifestyle. Set admist lush greenery, this project shall be a perfect get away from the hustle and bustle of the city. This project also boasts of state of the art amenities that shall help you relax and unwind after a hard day’s work. Sanguine Estates is one of the popular residential developments in Sanand - Nalsarovar Road, neighborhood of Ahmedabad. It is
among the ongoing projects of Pacifica companies. It has lavish yet thoughtfully designed residences. Reflections by Pacifica is a product of efficient design and fantastic location with the right mix of 2/3 @ 4BHK luxury apartments on the corner of SG Highway and SP Ring Road in Ahmedabad making it one of the best places to stay in terms of connectivity along with the perfect amount of attention to detail which helps you get a combination of great design, functionality and cost also making it the perfect investment In Chennai, Pacifica has launched Pacifica Aurum, a well planned township that caters to the well-heeled and well-travelled, and those accustomed to fine living. This township spread over 100 acres, comprises luxury apartment and villas on the coveted OMR Road, Chennai. Aurum has a clubhouse spanning 1 lac sq feet called Club Aurum, which is set to establish a gold standard in elite living. Pacifica is upbeat about its latest township project - Hillcrest, Hyderbad which is all set to redefine the standards of luxury living. Hamilton Towers at Bangalore is an exclusive community of just 39 units that reeks of luxury and fine living. IRY
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DEVELOPER OF THE YEAR
PRESTIGE GROUP Brand Prestige is today synonymous with the highest professional standards. Prestige is an ISO 9001:2000 certifed company and the only developer in India to get the Crisil DA1 rating, a rating that indicates the company’s ability to execute real estate projects as per specified quality levels within stipulated time schedules, and ability to transfer clean titles. The Prestige group has delivered 166 projects aggregating to over 49 million square feet, in the last two-and-a-half decades, and today has 58 projects of size 47 million square feet under execution. Prestige has been able to deliver consistent growth in revenues and profitability by implementing well thought out and rewarding business strategies. The group has spread its wings to cover peninsular India and today has operations in major south Indian cities. Today, Prestige properties are dotting the cities and shaping the skylines of Chennai, Hyderabad, Kochi, Mangalore and Mysore. Prestige’s residential developments are among the most sought
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after by home buyers who seek residences of world class quality. Amongst the noteworthy projects are Prestige Golfshire, Prestige Neptune’s Courtyard, Prestige Oasis, Prestige Bella Vista, Prestige Westholme, Prestige Royal Woods, Prestige White Meadows, Prestige Tranquility, Prestige Ferns Residency, and the first successful integrated township developments in Bangalore, ‘Prestige Shantiniketan’. Prestige has given Bangalore several landmark commercial office structures such as UB City, the biggest mixed use development in Bangalore’s Central Business District, and Prestige Dynasty, Prestige Nebula, Prestige Shantiniketan Commercial Precinct, Prestige Atrium, Prestige Meridian, Prestige Towers and Prestige Pegasus. Prestige has expertise in creating spaces for Information Technology sector- prime examples include software technology parks of Prestige Tech Park and Exora Business Park; custom-built campuses for Cisco, Hewlett Packard and Oracle. IRY
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DEVELOPER OF THE YEAR
SUPERTECH LIMITED
PIONEERS IN REAL ESTATE INNOVATION Supertech Limited was founded 25 years back in National Capital Region and since then has been scaling new heights by each passing day. The company has set new trends of architectural finesse in the contemporary global scenario touching the horizons of excellence. Established under the dynamic leadership of Mr. R. K. Arora, Supertech has led to creation of various landmark projects. Supertech is the pioneer to launch the concept of mixed-use development in India and to come up with high rise constructions in North India.
construction time of a brick house. It has also introduced the jump form technology which fastens the construction process of any high rise building.
In North, Supertech has a major presence in Uttrakhand, Uttar Pradesh and Haryana and is constructing a project in Bengaluru. The company is developing projects in different verticals of real estate like residential, townships, commercial, retail, office spaces and hospitality.
Projects across 40 locations
Supertech is the first Indian real estate developer to introduce the precast technology, which is a step further in construction. With the use of this technology, a hindrance-free construction can be carried out in any season saving up to 64% of time as compared to the
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MILESTONES Supertech has to its credit a customer base of more than 50,000 More than 10,000 units delivered, till date 1,000 commercial units has been allocated
Over 2 decades of experience in Real Estate, Hospitality & Construction Over 75 million square feet real estate under construction Projects worth Rs. 14,000 Crores in hand More than 500 hotel rooms are operational in different cities.
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DEVELOPER OF THE YEAR
TATA HOUSING Established in 1984, Tata Housing has evolved into one of the fastest growing real estate development company in India. Tata Housing has pioneered the concept of property development by corporates in India. As a comprehensive real estate developer of choice, Tata Housing straddles across all consumer segments from value housing to luxury housing. By offering products ranging from Rs. 5/- lakh to Rs. 14/- Cr., the company has a diversified portfolio of more than 60 mn. sq. ft. under various stages of development. Besides projects under execution, there is a steady pipeline of projects of over 19 mn. Sq. ft. Tata Housing partners with International
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architects for all its projects. Today with strength of over 650 employees, and presence in Mumbai, Lonavla, Talegaon, Pune, Ahmedabad, Goa, Gurgaon, Chandigarh, Kasauli, Bengaluru, Chennai, Kolkata and Bhubaneswar; the company is now in the process of expanding its footprints to other parts of India across tier I and II cities. The company has also ventured into foreign markets such as Maldives and is actively considering markets such as Sri Lanka, and other South Asian countries. Tata Housing has also received various industry recognitions both in India and internationally. IRY
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LEADER OF THE YEAR
Irfan Razack Chairman & Managing Director Prestige Group
Irfan Razack demonstrates the ability to create opportunities where none exists and the ability to conceive aesthetically appealing and yet wholly saleable real estate products.
With 39 years of hands-on experience in the retail and real estate industry, Irfan Razack steers Prestige Group with keen business acumen and foresight, placing the highest priority on ethical business principles and practices. A visionary, Irfan Razack has demonstrated the ability to create opportunities where none existed and the ability to conceive aesthetically appealing and yet wholly saleable real estate products. Razack has won many accolades, the recent being the coveted Fellowship of the Royal Institution of Chartered Surveyors (RICS) in 2013. He was adjudged “Real Estate Professional of the Year” at the Real Estate Excellence Awards, 2008 and awarded “Entrepreneur Extraordinaire Award” by Builders Association of India and Confederation of Real Estate Developers Association of India (CREDAI) in 2010. The Karnataka State Town Planning Department conferred upon him the Best Developer Award in 2009-10 and Construction Source India bestowed upon him the Commercial Master Builder Award – 2010. He won the Construction World Architect & Builder Award 2010, being ranked among India’s Top 10 Builders. In 2011, at the EPC World Awards, he was given a special award for “Outstanding Contribution to Real Estate”. In 2013 he was presented with the award for “Outstanding Contribution to Real Estate” by CREDAI. Irfan Razack is involved in several philanthropic causes and also actively supports the Company’s CSR initiatives. He has initiated the prestigious Rotary Midtown Prestige Citizen Extraordinaire Award to honour citizens of Bangalore who made significant contributions to society. A thought leader, Irfan Razack has served as the President of Bangalore Commercial Association (BCA), and the Chairman of the Real Estate Committee of CREDAI, Karnataka for four years. IRY
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LEADER OF THE YEAR
Jitu Virwani has entreprenural zeal which is complemented by his keen interest in supporting the communities around him and a strong focus on education. 208 Yearbook
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He has created 30 million sq ft of premium commercial, retail and residential spaces in India and overseas . His company is reckoned as one of the leading providers of world-class workspaces for the Information Technology (IT) and IT Enabled Services sector in India. His company’s tenant profile reads an impressive list of corporate giants - IBM, Microsoft, Fidelity, Nokia Siemens Networks, Mercedes Benz, Yahoo and ANZ. Developer of premium commercial and residential real estate space across Bangalore, Chennai, Pune and Coimbatore in India, and internationally in Malaysia and Serbia, meet Jitu Virwani, Chairman and Managing Director, Embassy Group.
Jitu Virwani Chairman & Managing Director, Embassy Group
Starting his tryst with realty at the age of 19, Jitu Virwani joined the company as a liason executive. He worked his way up, charting his destiny and that of the company through tough times. By 1993, Jitu Virwani was at the helm of affairs of the Embassy Group. From there began the journey of translating his dream of building a world class property development company, into reality, both in terms of size and excellence. Today the Embassy Group stands tall as a pioneer and leader in the Indian real estate industry with award-winning business parks, luxury residential and retail developments. Jitu Virwani’s entreprenurial zeal is complemented by his keen interest in supporting the communities around him and a strong focus on education. In 2008, his vision to build an international school took shape with the opening of Stonehill International School in North Bangalore. Today this is the only school in Bangalore and one among just ten in India to offer all the three International Baccalaureate (IB) programs. A highly trained international faculty spanning 17 nationalities a world class and infrastructure on a 33 acre campus makes Stonehill the most preferred international school in Bangalore today. A committed equestrian enthusiast Virwani owns and maintains an international standard riding academy at Bangalore. The school provides training in equestrian sports and also runs a Pony Club. Virwani has endeavoured to make a difference to the lives around him by participating in several social causes – with rural education being close to his heart. Under his leadership, the Embassy Group’s education and CSR initiatives support the construction of government schools in the city, and has donated land for a junior college. Committed to the development of a village in North Bangalore called Tarahunise village, Virwani has provided employment to almost every family staying there, constructed a school, built a community hall and upgraded the village temple. IRY
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LEADER OF THE YEAR
R.K. Arora Chairman & Managing Director, Supertech Ltd.
Mr. Arora believes that a content livelihood is not only restricted to living in a quality space but is also connected to other aspects of life that complements standard living. 210 Yearbook
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Ram Kishor Arora, being the Chairman & Managing Director of Supertech Limited, the flagship Company of Supertech Group, has been controlling the affairs of the company since 1988. A graduate Civil Engineer, Mr. Arora started the company with a vision of providing completeness to modern standards of living. Mr. Arora has been actively involved with the setting up of all business initiatives and development functions for Supertech Ltd., and its Subsidiary Companies. His belief that a content livelihood is not only restricted to living in a quality space but is also connected to other aspects of life that complements standard living. Mr. Arora, with his business skill, dedication and commitment, entered into construction of shopping complexes, multiplexes, townships, IT Parks and hotels and completed the living of around 12,000 families across the country and took Supertech to scaling heights. The landmark projects – the 66 storied residential tower “North Eye” and the 80 storied mixed use project “Supernova” – both in Noida, are some of the latest projects of Supertech Group under the leadership of Mr. Arora. Under the visionary and dynamic leadership of Mr. Arora, Supertech has achieved mile stones such as alliance with brand name like Radisson Hotels & Resorts, Country Inns & Suites, Leela Hotel, Starwood Hotel, Georgio Armani, Disney and has also launched Hyphen chain of Hotels in Haridwar, Meerut and Noida. He is one of the promoters of Radisson Blu – Haridwar and Radisson Blu – Rudrapur and Country Inn & Suites - Meerut. Mr. Arora is also one of the promoters of “Crossing Republik” India’s first Integrated Global City on NH-24, Ghaziabad inhabited by 25000 families. Mr. Arora was awarded the “Udyog Ratna” in the year 2001 and for his contribution in real estate sector. He is recipient of Real Estate Lifestyle Leadership Award – 2011, Building Industry Leadership Award – 2011, Realty Excellence Award 2012 and Zee News Jewels of Real Estate Award. Presently, Mr. Arora is Vice-President of Confederation of Real Estate Developers Association of India (CREDAI), Western U.P. Chapter. NDTV felicitated Supertech for its excellence and innovation in Indian Real Estate industry. IRY
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PROJECT OF THE YEAR
AAMBY VALLEY CITY
UNSURPASSED LUXURY COMES ALIVE Set in the cusp of pristine Sahyadris amidst spectacular natural biodiversity, Aamby Valley City is Independent India’s first planned Hill city – a creative expression of Hon’ble Subrata Roy Saharasri ji. Comprising of more than 10,000 acres of contiguous land, it is a captivating city of ethereal charm. Aamby Valley is the magnificent architectural fusion of nature and man-made creations - a testimony to the triumph of human ingenuity. An ode to perfection coupled with elegance and responsibility best encapsulates the haven called ‘Aamby Valley’. With almost 91 per cent of open spaces and unending green cover that boasts of over 25 kms of waterfront, three manmade lakes and 11
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water bodies, Aamby Valley is perhaps one of the greenest luxurious destinations in India. Priding in its world of premium living spaces including Palatial Villas in distinctive architectural styles, this valley of peace and happiness also offers the finest of lifestyle indulgences. From a fully functional Aamby Airport, diversified watersports and high adrenaline adventure facilities, gourmet and fine dining restaurants, iconic landmarks including the world’s tallest multimedia fountain show to a host of club class convenience, leisure and recreational amenities the city has it all with its crowning glory being the Aamby Valley golf course that recently won the coveted world title of ‘Best International Golf Course’. Rolling acres of verdant greens, crisp clean mountain air, relatively high comfort index and year-round pleasant weather has a benign influence on human longevity that makes living in Aamby Valley City an experience in celebrating life everyday. In a league of its own, Aamby Valley City is being developed to be amongst top five Destinations in the World.
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PROJECT OF THE YEAR
EMBASSY LAKE TERRACES BY EMBASSY GROUP Built-up Area:
22,66,504 sq ft
Status:
Ongoing
Amenities: Vast landscaped Gardens, Spa, Swimming Pool, Gym, Indoor and outdoor sports, Jogging track, Children’s park, Retail area
Location Advantage: 200 m from Hebbal Flyover, 24 km from the International Airport, 7.5 km from the CBD; close vicinity to social infrastructure such as Columbia Asia Hospital, Canadian International School & Le Meridien. Tech Parks like Kirloskar Business Park & Manyata Embassy Business Park are within an 8 km radius. Website: www.embassylaketerraces.com
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Embassy Lake Terraces, a premium residential development is the home for the connoisseur, where each residence is a haven of peace and luxury. Located off Bellary Road near the Hebbal Flyover, this 22-storey super luxury complex offers spacious 3, 4 and 5 bedroom centrally air-conditioned units measuring 3500 to 9900 sq ft in duplex and single level formats. Each of the 467 condominiums offers a panoramic and breathtaking view of the Hebbal and Nagavara Lakes and the surrounding wooded defense land. The complex has been designed in a unique contemporary architectural style- Sky Block levels are staggered in a fashion that optimize views of the six acre central greens and the lakes giving the project its iconic look. The sky deck on the eleventh level, is sleek
and modern in design, and comprises a jogging track, gymnasium, yoga room and business center, over an expansive area of two acres. The resident will experience the luxury of a villa while staying in this apartment that comes with hi-end specifications and private elevators that open directly into the apartment. This exclusive condominium development is spread over 14.5 acres. Other luxury privileges include a Signature Club Lounge on the 21st floor and a full fledged Club over 50,000 sq ft offering a slew of sport and recreational facilities for residents including bestin-class comforts and amenities, such as membership to one of the world’s leading concierge service providers Quintessentially. Embassy Lake Terraces offers to its residents homes that speak the good life. IRY
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PROJECT OF THE YEAR
PARAS QUARTIER BY PARAS BUILDTECH Exceptional living awaits at Paras Quartier, which is an exclusive address on the Gurgaon skyline. Residential project conveniently situated in a posh location of Gurgaon Faridabad Highway, Gwal Pahari, Gurgaon, highlighted by 3 dimensional Spiral Structure - Iconic Tower and two grand Hi-end Towers. Iconic Tower- Innovatively designed as a 3-dimensional, spiral structure, this sophisticated and sustainable dwelling is home to the lavish amenities and thoughtful details that create fulfilling and rewarding lifestyle for even the most discerning tastes. 4 Bedroom + family lounge A modular kitchen contemporary bedroom separate service corridor balconies with glass all around
Terrace Balconies - With exposure on 3 sides there are magnificent 270° views and abundant natural light. A full perimeter terrace invites fabulous outdoor living for all occasions, further enhancing this exquisite offering, at the foothills of Aravali.
Features include: Living room with 2 facing sides 4 Bedrooms with en-suite bathrooms Separate Service Entrance
Amenities Concierge Service State-of-Art Business Centre Private Elevator access Rooftop Infinity Lap pool
Club HouseParas Quartier’s unique private club house delivers a stunning modern design. Surrounded by lush greenery, the building further reflects the lavish setting. Inside the clubhouse, residents are free to participate in an unlimited array of activities.
LUXURY SOARS HIGH Elegant linear apartment blocks designed with wings are distinctly modern. Each unit has cantilevered balconies off the living rooms and bedrooms, creating outdoor spaces with the spectacular effect of an urban precipice.
Sports Center, Squash Court, Table Tennis, Card / Billiards, Badminton, Recreation Areas, Full sized meeting / banquette room with pre-reception lounge Entertainment room, Coffee Shop, Health Facilities, Rooftop Lap Pool, Gymnasium, Aerobics & Yoga Room, Spa, Salon
ROOF TOP INFINITY POOL
Name of the Project: PARAS QUARTIER Address: SECTOR 2 GWAL PAHARI, GURGAON Development: RESIDENTIAL Area: 10.069 ACRES Units: 148 NOS.
The Verticals We are operating in residential, retail and commercial. We have six residential projects (Paras Panorama, Paras Tierea, Paras Seasons, Paras Irene, Paras Dew’s and Paras Quartier); one retail project (Paras Downtown Square Mall), four commercial projects (Paras Twin Towers, Paras Downtown
DRAWING – DINING ROOM
Paras Buildtech is one of the most iconic names in real estate that has earned an impeccable reputation amongst its business partners and conglomerates alike. Today, Paras Buildtech is known to be one of the leading names in Indian real estate development and has done so by assuring its clients and business partners a sense of utmost quality and reliability. IRY
Centre, Paras Trade Centre and Paras Trinity) and one mixed use project (Paras Square) The Presence We are currently doing projects in NCR – Noida & Gurgaon and have already delivered projects in Gurgaon, Zirakpur and Mohali (Punjab).
Vision and philosophy We have a vision of “Building landmarks”. We are working towards that vision by setting standards of service through best practices with a thrust on unmatchable quality and on-time delivery. For us, quality is an obsession and commitment to hard work binds us together.
Disclaimer: All images are an artistic conceptualization.
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PROJECT OF THE YEAR
PRESTIGE OASIS A luxury villa gated community, spread over 33 acres located near the Bangalore International Airport Off Doddaballapur Road, Prestige Oasis is a haven away from the hustle bustle of the city. This exclusive community has only 182 villas, and each home has high-end home automation system for the tech savvy client/ owner. Catering to the upper crest, the design of this community is contemporary with clean and straight lines that avoid clutter. Engulfed in lush green countryside with trekking trails and Angsana Spa next door for peace and rejuvenation, Prestige Oasis draws its inspiration from the principles of Thai architecture as well as Vaastu. The essence of the project is hi-quality community living and the abundance of open spaces and landscaped gardens, complement this aspect. The project is for the well travelled cosmopolitan residents from different communities and backgrounds. Prestige Oasis has been designed to adhere to the highest standards of safety and security for its residents. All balcony and staircase railings have been designed to be 1200 mm high from the finished floor. The entire community has manned security as well as world class electronic systems, for surveillance and fire protection. Prestige Oasis also incorporates several measures to help conserve energy and water and create sustainable environment. To conserve fresh water and to reduce the water demand, Sewage Treatment Plant has been established and STP treated water is reused for secondary purposes of flushing and gardening. Energy is conserved through non conventional energy usage like solar water heater, solar lights for landscape, walkway and common areas. IRY
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PROJECT OF THE YEAR
PRESTIGE SHANTINIKETAN Prestige Shantiniketan, a sprawling township spread over an area of 105 acres, is Bangalore’s first integrated township. Located in Whitefield area, the township has been constructed by Prestige group, in association with Chaitanya Properties Pvt. Ltd. It has distinct zones- the residential precinct called ‘Soul Space’ and office zone ‘Commercial Crescent’ will have separate entrances to enable easy access and privacy. A Global Lounge, right next to the Commercial Crescent, is designed to set standards in retail, entertainment and leisure spaces. A brand new Forum Mall, a posh multiplex with five screens and a world class convention centre are other highlights of this township. An internationally acclaimed five star hotel which is known for its fine cuisine and elegant interiors, and for setting world class standards in hospitality, will be integral part of this cityscape. Soul Space will feature 3002 apartments of two, three and four
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bedrooms each, in 24 high rise towers. This will come with continuous supply of drinking water, 100% power back-up and high speed elevators. The residents will be able to enjoy lifestyle amenities with provision of badminton court, squash courts, a tennis court, a table tennis room, health club and sauna, to a party hall, pool table, lounge library, ATM, a coffee shop, a jogging track and a children’s play area. The commercial zone will have the 12 level Crescent tower along with another 16 level Signature tower, offering a mind-boggling 3.6 million plus sq. ft. of office and commercial space. In keeping with Prestige’s pledge of contributing to a greener Bangalore, the 67 acres residential precinct will include a 4.56 acre park. The Central Park is modeled on the lines of New York’s Central Park. The landscape being done by an artist from Singapore, is a work of art. IRY
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PROJECT OF THE YEAR
S.I.S ACROPOLE
BY SOUTH INDIA SHELTERS PVT. LTD
India’s Answer to Greek Acropolis
Just like Acropolis, a settlement built upon a citadel, S.I.S Acropole in Trichy too stands tall on higher ground, quite literally!
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This urban sprawl of a township, built over 6.63 acres is home to 680 apartments in a unique three block format. This township has abundant open spaces that constitute 70% of the total area that gives you a sense of living in the lap of nature rather than a concrete jungle. Lifestyle amenities that aptly complement the lifestyle of its privileged members include a club house spread over 20,000 sq ft, an indoor swimming pool, a recreation room, a gaming room, a ceremony hall and an air-conditioned gymnasium. The township also has a hyper market to cater to shopping needs of its residents. The project enjoys easy connectivity to key transport hubs of central Bus Terminus, International Airport, the Railway Junction and Trichy Downtown. S.I.S Acropole draws its inspiration from ‘Acropolis of Athens’ which had buildings of great architecture and historical importance such as the Parthenon making it a first of its kind project in Trichy embracing architectural and design elements of Acropolis and indeed is India’s answer to the magnificent Greek structure. No. 90, Madurai Main Road, Edamalaipatti Pudur, Trichy-620012 Website www.acropole.sis.in
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South India Shelters Pvt Ltd, a ISO9001:2008 accredited company, has successfully delivered more than 1 million Sq.ft of apartment area till date and are on the successful and ambitious growth path towards delivering 10 million Sq.ft by the year 2020. IRY
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GRAND LOBBY AT THE GROUND FLOOR
2 B LOCK A
ELEVATION
3 A MENITY BLOCK
4 R ESPLENDENT INDOOR SWIMMING POOL
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05 READY RECKONER
Listing of the best names of Channel Partners, International Property Consultants, Legal Firms, Architects & Interior Designers.
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LEGAL FIRMS AMARCHAND & MANGALDAS & SURESH A SHROFF & CO. Year of Establishment: 1917 Mumbai: Amarchand Mangal Das, Peninsula Chambers, Peninsula Corporate Park Ganpatrao Kadam Marg Lower Parel, Mumbai- 400 013, Maharashtra, India Tel.: 022-66604455, 022-24964455 Email: am.mumbai@ amarchand.com Delhi: 216 Okhla Industrial Estate, Phase 3, New Delhi-110 020, Delhi, India Tel.: 011-4159 0700 Email: am.delhi@amarchand. com Website: www.amarchand. com Offices: Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Chennai, Ahmedabad,Pune ANAND & ANAND Year of Establishment: 1923 First Channel Building, Plot 17A, Sector16A, Film City, Noida–201301, Uttar Pradesh, India Tel.: 0120-4059300 Email: email@ anandandanand.com Website: www. anandandanand.com Offices: Delhi, Mumbai, Chennai, Noida
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AZB & PARTNERS Year Of Establishment :2004 Express Towers, 23rd Floor, Nariman Point Mumbai–400 021, Maharashtra, India Tel.: 022-6639 6880 Email: mumbai@azbpartners Website: www.azbpartners. com Offices: Mumbai, Delhi, Bangalore, Pune, DESAI & DIWANJI Year of Establishment: 1930 Lentin Chambers, Dalal Street Mumbai–400 001, Maharashtra, India Tel.: 022-2265 1682 Email: ydesai@desaidiwanji. com Website: www.desaidiwanji. com Offices: Mumbai, Delhi DSK LEGAL Year of Establishment: 2001 1203, One Indiabulls Centre, Tower 2, Floor 12 B, 841 Senapati Bapat Marg, Elphinstone Road, Mumbai–400013, Maharashtra, India Tel.: 022-66588000 Email: contactus@dsklegal. com Website: www.dsklegal.com Offices: Mumbai, Delhi, Bangalore
J SAGAR ASSOCIATES Year of Establishment: 1991 Sandstone Crest, Opposite Park Plaza Hotel, Sushant Lok – Phase 1 Gurgaon–122 009, Haryana, India Tel.: 0124-4390 600 Email: gurgaon@jsalaw.com Website: www.jsalaw.com Offices: Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad KHAITAN & CO. Year of Establishment: 1911 One Indiabulls Centre, 13th Floor, Tower 1, 841 Senapati Bapat Marg, Mumbai–400 013, Maharashtra, India Tel.: 022-6636 5000 Email: mumbai@khaitanco. com Website: www.khaitanco.com Offices: Mumbai, Delhi, Kolkata, Bangalore
KOCHHAR & CO. Year of Establishment: 1995 11th Floor, Tower A, DLF Towers Jasola, Jasola District Center, New Delhi -110 025, Delhi, India Tel.: 011- 4111 5222, 011- 4312 9300 Email: delhi@kochhar.com Website: www.kochhar.com Offices: Atlanta, Bangalore, Chennai, Delhi, Gurgaon, Hyderabad, Mumbai, Singapore, Tokyo LAKSHMI KUMARAN & SRIDHARAN Year of Establishment: 1985 B-6/10 Safdarjung Enclave Delhi–110 029, India Tel.: 011-2619 2243, 011- 4129 9800 Email: isdel@lakshmisri.com Website: www.lakshmisri.com Offices: Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Ahmedabad LUTHRA & LUTHRA Year of Establishment: 1989 103 Ashoka Estate, Barakhamba Road Delhi–110 001, India Tel.: 011-4121 5100 Email: delhi@luthra.com Website: www.luthra.com Offices: Mumbai, Delhi, Bangalore
MULLA & MULLA Year of Establishment: 1895 Mulla House, 51 M.G. Road, Fort Mumbai–400 001, India Tel.: 022-2262 3191 Email: info@mullaandmulla. com Website: www. mullaandmulla.com Offices: Mumbai, Delhi, Bangalore S. JALAN & CO. Solicitors & Advocates Year of Establishment: 1950 Kolkata: 6/7-A, A. J. C. Bose Road, Kolkata–700 017, West Bengal, India New Delhi: A-597, 1st Floor, Greater Kailash II, Near BSES Office, New Delhi–110048, Delhi, India Tel.: 033-2280 7559/60/61 Email: asha@sjalanco.com Website: www.sjalanco.com Offices: Kolkata, New Delhi S&R ASSOCIATES Year of Establishment: 2005 64 Okhla Industrial Estate Phase III, Delhi–110 020, India Tel.: 011-4069 8000 Email: rsethi@snrlaw.in Offices: Delhi, Mumbai TRILEGAL Year of Establishment: 2000 One Indian Bulls Centre, 14th floor, Tower One Elphine Road, Mumbai–400 013, Maharashtra, India Tel.: 022-4079 1000 Email: anand.prasad@trilegal. com Website: www.trilegal.com Offices: Mumbai, Delhi, Bangalore, Hyderabad
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99acres.com, touted as the No. 1 property portal is a part of the Naukri.com Group. The website is a convenient forum where lessors, lessees, buyers, sellers and brokers of residential and commercial properties in India can exchange information with a view to enter into a transaction. The site also provides advertising space for property developers and brokers. Launched by Info Edge, in September 2005, as a gateway to the country’s property bazaar, 99acres enables easy access to a huge property bank for netizens and allows for direct connect with brokers or builders in cities in urban as well as remote parts of India. The site received over 41% traffic share in June 2013, as per the ComScore data and also emerged as the most sought after property portal by Amity, Accomodation Times, Prestige Group and Star industry group. With properties of almost 5000 builders, 20,000 brokers and 1 lakh individuals, the portal lists over 4.7 lakh residential and commercial properties for sale. The website has a registered database of more than 35 lakh users. At 99acres, you can advertise a property, search for a property, browse through properties, build your own property microsite and visit other Indian and International sites. The parent company called Info Edge, funded by ICICI Ventures, started in 1989. It started with the launch of Naukri.com, India’s first job site, followed by other ventures like matrimonial site Jeevansathi.com and 99acres.com. For more information or to buy, sell or rent property in India, please log on to www.99acres.com
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ARCHITECTS AND INTERIOR DESIGNERS
INTERNATIONAL PROPERTY CONSULTANTS (IPCs) CBRE SOUTH ASIA PVT. LTD. Amrita Marshall Sr. Manager, Corporate Communications Ground Floor, Press Trust of India Building, 4 Parliament Street New Delhi–110 001, Delhi, India Tel.: 011-4239 0200 E-mail: amrita.marshall@cbre. co.in Website: www.cbre.co.in COLLIERS INDIA Gaurav Bahirvani Director, Marketing Communications (India) Indiabulls Finance Centre 1701-A, 17th Floor, Tower-3, Elphinstone Mills, Senapati Bapat Marg (W), Mumbai - 400 013, Maharashtra, India Tel.: 022-40504548 Website: www.colliers.in CUSHMAN & WAKEFIELD INDIA PVT. LTD. Manish Aggarwal Executive Director 14th Floor/II, Tower C Building No. 8, DLF Cyber City Gurgaon 122 002, Haryana, India Tel: 0124-469 5555 West: Ravi Ahuja, Executive Director Tel: 080-4046 5555
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INFORM ARCHITECTS Kiran Venkatesh, Partner No. 422, II Floor, 9th Main Road, Banashankari II Stage, Bangalore–560070, Karnataka, India Tel.: 080-2671 3360 Email: kiran@informarchitects. com Website: www.informarchitects. com KAMAT & ROZARIO ARCHITECTURE 2nd Floor, #529 4C Cross, HRBR 2nd Block, Kalyan Nagar, Bangalore–560043, Karnataka, India Tel.: 080-40931455 Email: kamatrozario@ kamatrozario.com Website: www.kamatrozario.com
South: Naveen Nandwani, Executive Director Tel: 080-40465555 East: Abhijit Das, Office Director Tel: 033-64991234 Website: www. cushmanwakefield.com DTZ Ruchika Rana, Head- Marketing & Communications, India #804 Time Tower Mehrauli–Gurgaon Road, Gurgaon–12200, Haryana, India Tel.: 0124-4597500 Email: ruchika.rana@dtz.com Website: www.dtz.com JONES LANG LaSALLE Om Ahuja CEO, Residential Business Level 7 Tower A, Peninsula Business Park Senapati Bapat Marg, Lower Parel, Mumbai–400013, Maharashtra, India Tel.: 022-39851398 E-mail: om.ahuja@ jllresidential.co.in Website: www. joneslanglasalle.co.in
KNIGHT FRANK INDIA PVT.LTD. Sukanya Chakraborty, Head-Marketing Communications & PR Arjun Choudhury, Sr. Executive-Marketing Communication Knight Frank India Pvt. Ltd. Paville House, Near Twin Towers, Off Veer Savarkar Marg, Prabhadevi Mumbai–400 02, Maharashtra, India Tel.: 022-67450101, 09930542661 Email: sukanya.chakraborty@ in.knightfrank.com, arjun. choudhury@in.knightfrank.com Website: www.knightfrank. co.in
AAMIR & HAMEEDA INTERIOR DESIGNERS & CONTRACTORS Aamir Sharma & Hameeda Sharma 2nd Floor,Valley View Apartments Road No.3, Banjara Hills,Hyderabad–500034, Andhra Pradesh, India Tel.: 040-66784993 Email: design_ah@yahoo.com Website: www.aandh.in ARCHITECT HAFIZ CONTRACTOR Nirmala Salunkhe 29, Bank Street, Mumbai–400023, Maharashtra, India Tel.: 022-22661920 Email: hr@hcontractor.com Website: www. hafeezcontractor.com ARCOP ASSOCIATES (P) LTD. E-106, G. K.–Enclave 1 New Delhi–110048, India Tel.: 011-26242050 Email: info@arcop.co.in Website: www.arcop.co.in
C. P. KUKREJA ASSOCIATES Dikshu Kukreja Ashirwad, D-1 Green Park, New Delhi–110016, Delhi, India Tel.: 011-26858359 Email: cpka@cpkukreja.com Website: cpkukreja.com CRN ARCHITECTS C. R. Narayana Rao 10, Karpagambal Nagar,Mylapore, Chennai–600 004, Tamil Nadu, India Tel.: 044-2499 1676 Email: crn@crn.co.in Website: www.crn.co.in DESIGN PLUS ARCHITECTURE PVT. LTD. Sonali Bhagwati, Sohrab Dalal E-145, Okhla Industrial Estate, Phase III, New Delhi–110020, Delhi, India Tel.: 011-45552200 Email: sonalibhagwati@dpa. co.in, Sohrab@dpa.co.in Website: www.dpa.co.in
DIPEN GADA & ASSOCIATES Dipen Gada 3, White House 44-Vishwas Colony Alkapuri, Vadodara–390007, Gujarat, India Tel.: 0265-2311 136 Website: www.dipengada.com Email: dipen317@gmail.com HEJC ARCHITECTS Hoshedaar Eruch Carnac 901-902, Hilla Heights, 147 Alibhai Premji Marg, Grant Road (E), Mumbai–400007, Maharashtra, India Tel.: 022-2302 1422–23 Email: reachus.designs@ hejcarchitects.com, reachus@ hejcarchitects.com Website: www.hejcarchitects. com
KARAN GROVER & ASSOCIATES Karan Grover Kirti Tower, Tilak Road,Vadodara–390001, Gujarat, India Tel.: 0265-2427522, 2427544 Email: kga@kga.co.in Website: www.kga.co.in KNS ARCHITECTS PVT. LTD. Kanhai Gandhi, Neemesh Shah, Shresht Kashyap 305, Dev Plaza, S. V. Road, Andheri West, Mumbai–400058, Maharashtra, India Tel.: 022-67765000–30 Email: kns@knsarchitects.com Website: www.knsarchitects.com K2INDIA Sunita Kohli F-213/D, 1st Floor, Old M.B. Road, Lado Sarai, New Delhi-110030, Delhi, India Tel.: 011-40323240 Email: sunitakohli31@gmail.com Website: www.k2india.com
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UMBRELLA BODIES RAJ REWAL ASSOCIATES S-7, Triveni, DDA Commercial Complex Sheikh Sarai Phase 1 New Delhi–110017, Delhi, India Tel.: 011-26014101, 011-26015428 Email: mail@rajrewal.org Website: www.rajrewal.in
LEGEND ESTATES PRIVATE LIMITED Haresh P. Lakhani 6th Floor, The Legend Apartment, Renuka Enclave, Raj Bhavan Road, Opp. Necklace Road Railway Station, Somajiguda, Hyderabad–500 082, Andhra Pradesh, India Tel.: 040-6663 0663, 09298111116, 09298111117 Email: marketing@legendindia. co.in Website: www.legendindia.co.in LIPIKA SUD INTERIORS PVT. LTD Lipika Sud W-26, Greater Kailash II New Delhi–110048, Delhi, India Tel.: 011-29210928, 29211016, 9810064642 Email: lipika@lipika.com Website: www.lipika.com M:OFA STUDIOS Manish Gulati, Partner, Abhinav Chaudhary 16/12 Lower Ground Floor, Kalkaji, New Delhi–110019, Delhi, India Tel.: 011-40513867 Email: mofaoffice@gmail.com, mofastudio@gmail.com Website: www.mofastudio.com
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SOMAYA & KALAPPA CONSULTANTS Somaya & Kalappa Ground Floor, North Wing, Udyog Bhavan, 29, Walchand Hirachand Marg, Ballard Estate, Mumbai–400001, Maharashtra, India Tel.: 022-4300 1234 Email: mumbai@snkindia.com Website: www.snkindia.com
PREM NATH & ASSOCIATES A. R. Prem Nath, Principal Architect 1st Floor, Devidas Mansion, Merewether road, Gateway of India, Colaba, Mumbai–400001, Maharashtra, India Tel.: 022-61122786 Email: pnamail@gmail.com Website: www.premnath.com
SUDHIR GANDHI ARCHITECTURE Sudhir Gandhi 44E/9, 1st Floor Kishan Grah, Vasant Kunj (Near Sector A, Pocket A), New Delhi–110070, Delhi, India Tel.: 011-26122812 Email: office@ architectsudhirgandhi.com, sudhirgandhi@eth.net Website: www. architectsudhirgandhi.com
PRISM Vinita Chaitanya, Propritrix 14/1, Miller Tank Bund Road, Bangalore–560052, Karnataka, India Tel.: 080-22205000, 22205111 Email: vinitachai@gmail.com, prismvc1@gmail.com Website: www.vinitachaitanya. com
SUDHIR PAWAR AND ASSOCIATES Sudhir Pawar Survey No. 650-2-2, Jhagde Nagar, Bibwewadi Hill Top, Pune, Maharashtra, India Tel.: 09822598645 Email: info@sudhirpawar.com Website: www.sudhirpawar. com
SPACES ARCHITECTS Kapil Aggarwal & Nikhil Aggarwal A-21/A, Basement, South Extension-II, New Delhi–110049, Delhi, India Tel.: 011-26161044–45 Email: info@spaces-architects. com Website: www.spacesarchitectska.com THE NOVARCH Nishant Goel & Manu Goel E-870, Chittaranjan Park, New Delhi–110019, Delhi, India Tel.: 011-65188426 Email: mail@novarcharchitects. com, novarch@gmail.com Website: www. novarcharchitects.com THE ORANGE LANE Shabnam Gupta 31N, Laxmi Industrial Estate, Andheri Link Road, Andheri (West), Mumbai 400 053, Maharashtra, India Tel.: 022-26334073, 022-2637 0512 Email: theorangelane@gmail. com Website: www.theorangelane. com ZZ ARCHITECTS Zubin Zainuddin & Krupa Zubin A-403, Prathmesh Tower Raghuvanshi Mills Compound, Lower Parel (W), Mumbai–400013, Maharashtra, India Tel.: 022-43606666 Email: Contact@zzarchitects. com Website: zzarchitects.net
CONFEDERATION OF REAL ESTATE DEVELOPERS’ ASSOCIATIONS OF INDIA (CREDAI) Established in 1999, The Confederation of Real Estate Developers’ Associations of India better known as CREDAI is the apex body for private real estate developers in India, representing over 9,000 developers through 20 states and 135 city-level member associations across the country. CREDAI has worked hard to make the industry more organised and progressive by networking closely with government representatives, policy makers, investors, finance companies, consumers and real estate professionals. Acting as the voice of India’s Real Estate industry, CREDAI has been the guiding force for the growing Real Estate sector in India bringing more transparency to rid the sector of its most potent virus, Corruption and Red-tapism.
Being on board of prestigious committees of the sector’s reforms like the panel of ‘Housing and Habitat Policy 2007’, ‘Steering Committee for Urban Developing’, the committee of ‘Housing and Poverty Alleviation for the 11th Five-Year Plan’ along with various committees of the Bureau of Indian Standards, Bureau of Energy Efficiency, Planning Commission and others have resulted in CREDAI’s initiative of abolition of urban land ceiling, rationalisation of stamp duty, the modification of the environmental impact assessment rules, several amendments related to service tax, Land Acquisition Policy and much more. CREDAI also represents the Steering Committee on Construction for the 12th National Plan (2012–2017). Linking private real estate developers to the government and customers through numerous initiatives and activities, CREDAI’s success
in bringing the majority of organised private real estate developers under a single umbrella is a potent force that promises the rapid development of the realty sector, one that knows itself as a major driver of India’s economic growth. This sector which contributes more than US$ 40 billion to the Indian economy is one of the major pillars of the growing economic superpower of India. While the GDP of the country grows at an annual 7.5–8.5% rate (approx.), the Real Estate sector’s contribution to it is about 5–6%. National Secretariat, 703, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi–110 001, Delhi, India Tel.: 011-43126262, 43126200 Email: info@credai.org Website: www.credai.org
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which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in business and transform the unorganised Indian real estate sector into a matured and globally competitive business sector.
GIREM GIREM (Global Initiative for Restructuring Environment and Management) is an industry body focused on urbanisation, future cities, and Eco-Socio-economic infrastructure, with a vision to be an industry platform to help create better sustainable business-eco systems and societal infrastructure through public–private partnerships. GIREM works as a catalyst to the industry and the society at large, working closely with government on policy issues, infrastructure planning and development; facilitate businesses to become competitive through common infrastructure facilities and through a range of specialised services and global linkages. South Region: 141, 7A cross, HMT Layout, R. T. Nagar, Bangalore–560032, Karnataka, India Tel.: 08867600514 Email: selvi@girem.com Website: www.girem.in NAR–INDIA NAR-INDIA has been fashioned not only as a single nationallevel umbrella organisation
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representing the interests of thousands of realtors/brokers operating all over the country, but also an organisation which aims to elevate the standards of practice of the real estate brokerage business to a global level where ethics, transparency, accountability, rule of law and good governance prevail. It is the credible voice of realtors in India. NAR-INDIA also provides real transaction data to NHB (National Housing Bank) which helps them prepare the Residex. 14, S. P. A. Residential Complex, New Friends Colony, New Delhi–110065, Delhi, India Tel.: 08375070097 (Pushpa Srinivasan) Email: pushpasrinivasan@ narindia.com Website: www.narindia.com
The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective and ethical real-estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success. NAREDCO works to create and sustain an environment conducive to the growth of real estate industry in India, partnering industry and government alike through advisory and consultative processes. NATIONAL REAL ESTATE DEVELOPMENT COUNCIL (NAREDCO) National Real Estate Development Council (NAREDCO) was established as an autonomous selfregulatory body in 1998 under the aegis of Ministry of Housing and Urban Poverty Alleviation, Government of India. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO as the apex national body for the real estate industry and visualised it as a single platform where Government, industry and public would discuss various problems and opportunities face to face
1st Floor, 8, Community Centre, East of Kailash, New Delhi–110065, Delhi, India Tel.: 011-26225795, 41608570 Email: naredco@naredco.in Website: www.naredco.in ROYAL INSTITUTION OF CHARTERED SURVEYORS (RICS) RICS is the world’s leading self-regulatory professional body for qualifications and standards-land, property, construction and associated environment issues. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining
RICS membership is the recognised mark of property professionalism. Over 150,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members. RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial,
authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector. 48–49, Centrum Plaza, Sector-53, Gurgaon, Haryana–122002, India Tel.: 0124-4595400 Email: ricsindia@rics.org Website: www.rics.org
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CHANNEL PARTNERS BOP 8th Floor, MSX Tower 2, Alpha Commercial Belt, Alpha 1 Noida, Greater Noida-201308 Uttar Pradesh, India Tel.: 0120-4505555 Email: info@bopgroup.co.in Website: www.bopgroup.in Verticals: Residential, Commercial, Retail FAVISTA Unit 406, 4th Floor, Tower A, Unitech World Cyber Park, Sector-39, Gurgaon, Haryana, India Tel.: 0124-3993008, 09953960000 Website: www.favista.com Email: info@favista.com Verticals: Residential, Commercial GULSHAN ESTATE AGENTS PRIVATE LIMITED (RAY WHITE) C–115, Birbal Road, Kotla Mubarakpur, New Delhi–110 024, Delhi, India Tel.: 011-46599999 , 011-2981 5338, 011-29815339 Email: support@ gulshanestates.com Website: www.gulshanestate. com Verticals: Residential, Commercial, Institutional, Retail
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HDFC REALTY 169, Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai–400 020, Maharashtra, India Tel.: 022-61552424 Email: diksha@hdfcrealty.com Website: www.hdfcrealty.com Verticals: Residential, Corporate, Retail INDIA HOMES 9th Floor, Tower-D, Global Business Park, M. G. Road, Gurgaon, Haryana, India Tel.: 09212255555 Email: samar@groupagni.com Website: www.indiahomes. com Verticals: Residential INVESTORS CLINIC INFRATECH LIMITED N-5, Floor No I, II, III Opp. AXIS Bank, Sector-18 Noida–201 301, Uttar Pradesh, India Tel.: 0120-4618200, 9711556661 Email: sharma.rakhi@ investors-clinic.com Website: www.investors-clinic. com Verticals: Residential, Commercial, Retail, Vaastu, Finance facilities, Re-sale JERATH PROPERTIES 212-A, Ansal Bhawan, 16 K. G. Marg, Connaught Place, New Delhi- 110001, Delhi, India Tel.: 9811066777, 98113 21790, 011-2371 2780 Email: samant.jerath@gmail. com
PIONEER PROPERTIES Rawdon Enclave, 10A Rawdon Street, Kolkata–700 017, West Bengal, India Tel.: 033-40025555 Email: customercare@ pioneerproperty.in Website: www. pioneerproperty.in Verticals: Residential, Commercial, IT/ITES, Retail
PROPTIGER D-12, 1st Floor, Sector 3, Noida–201301, Uttar Pradesh, India Tel.: 0120-4821000, 09278892788 Email: support@proptiger.com Website: www.proptiger.com Verticals: Residential
PRITHVEE PROPMART PRIVATE LIMITED Prithvee Propmart Pvt. Ltd S-2, 2nd Floor, Savitri Market, Noida–201 301, Uttar Pradesh, India Tel.: 0120-4024777, 09810206377 Email: sourabh@prithvee.com Website: www.prithvee.com Verticals: Residential
RE/MAX INDIA Cybiz Center, 309–310, Udyog Vihar, Phase – IV, Gurgaon–122 015, Haryana, India Tel.: 0124-4011111 Email: manpreet.grewal@ remax-india.com Website: www.remax.in Verticals: Residential, Commercial, Industrial, Agricultural