Credai Times Oct-Dec'14

October-December 2014

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Welcome!

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REDAI fraternity prides itself on its commitment to the development of housing and habitat in India. This pride owes itself to our awareness the enterprise of providing housing fulfills an essential need of the nation’s development agenda. After all, housing is a basic requirement. We, therefore, view the Government’s adoption of “Housing for All by 2022” as an endorsement of what CREDAI has stood for since its inception.

We believe Housing for All is possible with active engagement of the private sector. This belief is based on our experience of Government-led housing initiatives to be falling short both in terms of quality and quantity. Besides, it is clear that the Government is unlikely to possess the resources required to address the housing shortage of 18.78 million units in metros and another four million in tier 2 and tier 3 cities. The need to encourage private sector in housing is what leads us to considerations of an enabling environment for undertaking investments in housing.

Delhi Conclave 2014 was organised with this backdrop. It was felt the concerns of entrepreneurs who are to lead investments into housing and habitat need to be brought to the notice of decision-makers and influencers at the widest possible level. I am glad to share with CREDAI fraternity that CREDAI Conclave 2014 was attended by eight ministers of the Central Government and also included honorable Chief Minister of Haryana.

Sanjeev Srivastva

Vice-President, CREDAI and Editor-in-chief sanjeevsrivastva@assotechlimited.com

Srivastva is the managing director of Assotech Limited. He is B Tech (Civil Engineering) from NIT Calicut and is based out of Noida (UP).

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Editorial Consultant: Ms. Meenakshi Chopra Confederation of Real Estate Developers’ Association of India, National Secretariat, 703, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi 110 001.

Tel: +91.11.43126262, 43126200 Fax: +91.11.43126211 Email: meenakshi@credai.org Web: www.credai.org

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With such esteemed and influential presence, it was necessary to project CREDAI’s objectives and achievements. There are two such areas which were showcased at CREDAI Conclave 2014. The first is the CREDAI Clean City initiatives at Kochi and Magarpatta. In both these cases, our members have setup facilities within housing complexes to ensure zero garbage through adoption of composting technology and treatment of non-biodegradable waste. These initiatives are self-sustaining. It is time to celebrate the initiatives for clean city by our members that coincides with the call of Prime Minister for Swachh Bharat. CREDAI members took the Swachh Bharat pledge at the Conclave and committed themselves to take up waste reduction measures.

Skill development has been high on the list of CREDAI’s priorities since 2007. CREDAI is a founder shareholder of National Skill Development Corporation as well as Construction Sector Skill Development Council. Above all, our Kushal on-site training programme has trained close to 20,000 workers in construction skills. CREDAI is all set to take it forward by putting all our means at the disposal of the skill initiative. This initiative would help to mitigate the shortage of five-on-one construction workers that the nation has to reckon with today.

CREDAI’s wider engagement with Clean India and Skill Development would make the nation more capable and stronger in addressing the challenges of development and bringing its fruits to all. However, these engagements are directly meaningful to the CREDAI fraternity also as stakeholders. Above all, it is through a wider engagement that the character and persona of CREDAI as a cooperative entity committed to national goals and priorities can get established and be nurtured. It is with these thoughts that I urge you all to take up Clean India and Skill Development projects in your areas of operation.

Happy reading...

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Chairman’s message Dear friends,

Lalit Kumar Jain

Chairman, CREDAI National

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Demographic trends suggest that the country is on the verge of large-scale urbanization as India’s urban population is expected to touch 81 crore mark by 2050.

The Government at the Centre rightfully acknowledges the importance of housing as a concomitant of the challenge of urbanization. No wonder that the Government has officially embraced the goal of housing for all by 2022. Industry pundits put the numbers involved at around 11 crore houses with an investment of over US$ 3 trillion.

What is needed is that both the Central and state governments impart the necessary policy thrust to boost investments into housing by the private sector because it would be truism to say that the massive investments required are not of the order that can be mobilized by the Governments themselves. A policy thrust on boosting investments into housing has other benefits to the economy since real estate sector is of strategic economic importance. It is the second largest employment generator after agriculture and contributes about six per cent to the GDP of the country. With its backward and forward linkages, the sector has the potential to accelerate economic growth into double digits and improve standards of living and life chances of the most vulnerable sections of the population. Indeed, once we understand that a house is the one physical asset that everyone can hope to own, the equity considerations of boosting investments into housing are as appealing as those of accelerating growth.

Inordinate delays due to multiplicity of authorities and permissions required is hurting the sector like nothing else. A number of Committees of the Government have already made recommendations on how single window system which is digitally enabled can achieve all the purposes of regulation and help cut down the delays.

Similarly, the delegation of power to the Urban Local Bodies (ULBs) so that the Urban Local Bodies can process the building permissions from all angles be in environment, civil aviation, Archaeological Survey of India or any other is a goal which it is now time for the Government to implement without further delay.

I am very proud that the CREDAI Conclave 2014 was attended by as many as eight Ministers of the Central Government before whom CREDAI has successfully presented its larger commitments to the nation in terms of Clean India, Skill India and also Green India. CREDAI Conclave witnessed the pledge for a Swachch Bharat by the CREDAI fraternity to work effectively towards garbage reduction and waste management. With this pledge, CREDAI has become the first among the associations of the sector to adopt Swachch Bharat mission. I urge you all to come forward with innovative means of involving ourselves to achieve the laudable vision of our Prime Minister to clean India.

CREDAI has been actively engaged in building up the requisite skills in the construction sector at every level. At the national level, we are the stakeholders and the board members at National Skill Development Corporation and one of the promoter associations of Construction Skill Development Council. At the grass root level, we have an on-site training programme called Kushal at CREDAI Pune which we hope to extend to other states. Working towards the training needs of the real estate sector, we hope to set up an Institute for Housing and Real Estate Development which would be the first-of-its-kind in the country and would lay the foundations of achieving many of the objectives of the Government that are not possible to achieve by legislative means such as Real Estate (Regulation and Development).

On behalf of CREDAI, we are also looking at certain radical measures that need to be introduced to bring about dignity of labour in the real estate sector which is necessary for skilled manpower retention which, in turn, is one of the bases of the Housing For All vision outlined by Prime Minister Mr Narendra Modi.

We hope the New Year ushers in an era of unprecedented growth in real estate and the economy.

President’s message Dear friends, It is a singularly proud moment for me as a member and President of CREDAI that the entity we conceived in 1999 to represent the interest of housing and shelter has over the last fifteen years grown across 23 states and 153 city chapters to accommodate 9000 housing and real estate developers. There are few associations in the country that can match CREDAI’s spread and reach.

I am even more proud that while representing the cause of housing and real estate industry, we have equally been concerned at evolving a code of conduct which upholds the interest of the consumers. CREDAI has adopted a Code of Conduct and instituted a Grievance Redressal Mechanism which is not only the first of its kind but also amongst the most effective in ensuring easy and quick disposal of all manner of complaints at a low cost. This could not have been achieved without the cooperation of Presidents of our State and City Chapters whom I compliment and urge today to deepen this process.

However, our success with policy makers in creating a more user friendly environment for the cause of housing and shelter have been relatively modest.

There are a number of Committees of the Government who have recognized that housing is an important part of the economy contributing 9% of the GDP, being the largest employer after agriculture and having the strongest effect in acceleration of GDP growth through its backward and forward linkages to 400 industries. It is also universally recognized that the housing shortage of 18.78 million units requires resources of the order of Rs. 22.50 lakh crore which cannot be provided out of Government’s Budget. Accordingly, these Committees have recommended measure to reduce the cost of land and finance for private developers and above all to simplify the cost of procedures which alone accounts for 35 to 40% of the cost of a dwelling unit. So far, however, there has been limited movement in actual terms.

For the first time, there is hope that all this is set to change. The new Government led by Shri Narendra Modi has laid down a specific goal of Housing for All by 2022 within the first few days of coming into power. Our sector has been blessed with a Minister in Shri M Venkaiah Naidu ji, who has the knowledge and authority to think afresh the entire paradigm of governance in housing. He has used this authority to bring together all the states and the union territories to adopt a National Declaration on Urban Governance and Housing for All on July 3, 2014. The National Declaration enjoins upon both Government of India and the Governments in States to provide guidance alongside fiscal and nonfiscal support to achieve the goal of “Housing For All” by 2022 and commits Government of India to rationalize approval processes.

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C Shekar Reddy

President, CREDAI National

We are so assured that the common goal of housing and shelter which binds our fraternity is now a national goal being executed in the able hands of Shri Venkaiah Naidu ji that, in the Conclave 2014 we resolved to strengthen those hands by taking up Clean India-Skilled IndiaStrong India as our theme.

At the same time, the theme of Clean India-Skilled India-Strong India has been the silent theme at work in endeavours of our CREDAI Team. CREDAI Kochi and CREDAI Pune have experimented with cost effective models of garbage management system which is a model that would be presented at the Conclave 2014 for all of us to consider and adopt. More importantly, CREDAI is a believer in the home being the place from where sanitation and hygiene begin. It is for this reason that the Swachhta Abhiyan has touched a deep chord in our minds and hearts.

It was in this background that we adopted the Swachh Bharat Pledge in the presence of Hon’ble Minster for Drinking Water and Sanitation tomorrow.

The housing of the future, requires evolution of cost effective and environmentally sustainable technologies. Housing and habitat also require a whole new set of practices which are fair, transparent and standardized across all markets to enhance the overall value proposition of this sector. Towards this end, we hope to set up an Institute for Housing and Real Estate Development which would be the first of its kind in the country. CREDAI is also taking up the expansion of Skill Development Programme under its own aegis.

The goal of sustainability and efficiency of resource use in our developments has now been made explicit. We are not polluters of environment as the Government regulations lead us to believe, but its protectors. Environment is never more protected than when it is amalgamated into sustainable habitat. The concern for the environment is not only uppermost but informs our practices and would only enable us to further enhance sustainability if we are given a more relaxed treatment under the Environment Regulations.

Looking forward to unending cooperation and support

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City with a soul

Real Estate Scenario In Chandigarh

We profile one of the most fascinating cities of India and find out how it has evolved over the years, especially in the real estate sector

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The capital of Haryana and Punjab, the one known internationally for its architecture and urban design, is now a city of choice for real estate

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Simply out of the world

Live leak-free, damp-free

Chapter News

We bring you five of the best designs from the architecture world

We offer suggestions to increase the longevity of a structure with proper waterproofing to avoid leakages

Get to know the events and happenings from various chapters of CREDAI that took place across the country

A JLL study on Real Estate Scenario In Chandigarh

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time travel

City with a soul Subhasish Chakraborty profiles one of the most fascinating cities of India and finds out how it has evolved over the years, especially in the real estate sector

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olkata is one of India’s largest cities and with landmarks like Victoria Memorial, Maidan and Fort William, Howrah Bridge, Indian Museum, Eden Gardens, the elegant cathedrals and churches, pilgrim spots like Belur Math has been exerting its mesmerising charm to the discerning international tourists. For discerning tourists, Kolkata is often an ugly and desperate place that to many people sums up the worst of India. Yet it is also one of the most fascinating cities in India and has scenes of rare beauty.

The city was the capital of British India but, unlike Delhi, Kolkata is not an ancient city with a long history. In fact, the city is a British invention dating only 300-plus years.

The Raj Era In 1686, the British abandoned Hooghly, their trading post 38 kms up Hooghly River from present-day Kolkata and moved down the river to three small villages – Sutanati, Govindpur and Kalikata. The name Calcutta (now Kolkata) originated from the last of those three settlements. Job Charnock, an English merchant, was the pioneer of the British merchants who made this move.

The first British post was not a great success and was abandoned on a number of occasions but in 1696, a fort was laid out near present-day BBD Bag (Dalhousie Square) and in 1698, Aurangzeb’s grandson gave the British official permission to occupy the villages.

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Victoria Memorial is one of the most enduring landmarks of Calcutta and also one of the imposing reminders of British presence

The Turning Point In 1757, the British under Robert Clive recaptured Calcutta and made peace with the indomitable nawab. However, the nawab sided with the French and in Battle of Plassey, which was a turning point in British India’s history, was killed. Later, an impregnable fort was built in Calcutta and the town became the capital of British India

Calcutta then grew steadily until 1756 when Siraj-UdDaula, the nawab of Murshidabad, attacked the town.

Most British inhabitants escaped but those captured were packed into an underground cellar where during the night most of them suffocated in what was referred to as the infamous Black Hole of Kolkata.

In 1757, the British under Robert Clive recaptured Calcutta and made peace with the indomitable nawab.

However, the nawab sided with the French and in Battle of Plassey, which was a turning point in British India’s history, was killed. Later, an impregnable fort was built in Calcutta and the town became the capital of British India.

Much of Calcutta ’s most enduring developments took place between 1780 and 1820. In the 19th century, however, Bengal became a spark point in the struggle for India’s Independence and this was one of the major reasons for the transfer of the capital of British India to Delhi in 1911. However, the city continued to flourish until World War II.

Partition and beyond

Urban horror story The massive influx of refugees, combined with India’s own post war population explosion led to Calcutta becoming an international urban horror story.

In 1971, the IndiaPakistan conflict led to another round of refugee influx in Calcutta which further deteriorated the city’s crumbling infrastructure

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Partition (1947) affected Calcutta more than any other Indian city and had to contend with the horrifying exodus of thousands of refugees from East Bengal (present-day Bangladesh). The massive influx of refugees, combined with India’s own post war population explosion led to Calcutta becoming an international urban horror story. In 1971, the IndiaPakistan conflict led to another round of refugee influx in Calcutta which further deteriorated the city’s crumbling infrastructure. During this time, the pioneering work of Nobel Laureate Mother Teresa’s “Kolkata Mission” focused worldwide attention on Calcutta’s festering problems.

The Marxist era Calcutta and the state of West Bengal have come in for much criticism for much of the chaos which exists even today and furthermore the chronic labour unrest,

militant trade unionism and “bandh culture” meant that most top ranked industries shut down their plants resulting in a steep decline in productivity. The word Calcutta was enough to conjure up visions of squalor, starvation, disease and death.

City orientation and Raj-era edifices Calcutta sprawls north-south along the Hooghly River which divides the city from Howrah on the west bank.

Like many Indian cities, getting around Calcutta is slightly confusing and the discerning tourist will come across Raj era connotations with street names like Buckland Road, Harrington Street, Middleton Street, Harrison Road, Theatre Road, Wellington Street etc…

When Calcutta was the capital of British India, Dalhosie Square, popularly referred to as BBD Bagh was the centre of power. On the north side is the huge “Writer’s Building”, the seat of government, which dates back to 1880. Also, on Dalhousie Square is a rather more useful place – Kolkata GPO. A little south of Dalhousie Square is the church of St John which dates back to 1787. The graveyard here has a number of interesting monuments including the octagonal mausoleum of Job Charnock, founder of Calcutta, who died in 1692.

Other British edifices Victoria Memorial is one of the most enduring landmarks of Calcutta and also one of the imposing reminders of British presence. However, the city’s commercial wealth resulted in quite a few interesting edifices. Raj Bhawan or the old British Government House is now occupied by the West Bengal governor.

This magnificent Raj era edifice was built by Marquess Wellesley between 1799 and 1805 and is modelled on Lord Curzon’s home, Kendleston Hall in Derbyshire, UK. Next to it is Doric style Town Hall and the elegantly designed High Court which was built in 1872. Just south of the zoo in Alipur is National Library, the biggest of its kind in India, which is housed in the former residence of the lieutenant governor of Bengal, Belvedere House.

St Paul’s Cathedral, which stands to the east of Victoria Memorial at the southern end of the Maidan, is one of the most important churches in India and was built between 1839 and 1847.

Present real estate scenario of Kolkata The real estate scenario of Calcutta is changing at a

frenetic pace. The real estate boom in Calcutta is due to a combination of factors like the advent of MNC giants and corporate biggies who are on the lookout for the right addresses in town and an unexpected increase in the number of real estate developers for high-end property segments.

The most heartening fact about Calcutta’s real estate landscape is that amidst the downward trend in India’s property graph, Calcutta’s real estate scenario remains upbeat. Contrary to the sharp fall of property prices in many metro cities in India, the property prices in Calcutta are on the rise. The reasons for this real estate boom in Calcutta, according to real estate consultants are largely due to a combination of factors like improved roads and better connectivity, successful completion of commercial projects in retail and entertainment segments as well as the aspiration of the masses.

According to Shapoorji Pallonji, “The property prices in Calcutta are comparatively lesser than what prevails in some of India’s other metropolitan cities. Irrespective

Did you know?

In terms of area covered, Kolkata is the second-largest city in India, after New Delhi.

To British rulers, Kolkata, the then Calcutta, was the most important city in India (it was India’s capital too), and the second most important city of the whole British Empire, after London.

You often refer to the city as the “City of Joy” but did you know its other names — “City of Palaces”, “City of Processions” and the “Cultural capital of India”?

Did you know, that till 2006, Kolkata hadn’t had any “Kolkata” station? For mails and expresses, one had to board trains either at the Howrah Station, located at the twin city of Howrah, or at the more local, Sealdah Station. The current Kolkata station was a railway goods terminal, referred to as the Chitpur Station.

All the Kolkatans might just hate the zoo for being filled with dust, but little do they know about the fact that it has the oldest zoo in the country!

The Howrah Bridge seems to be the identity of the city—but did you know that it’s the one of the largest cantilever bridges in the world, and the largest (and perhaps the only) one in the country...

Building World Class organisations on the pillars of ethics and innovation’. He is a leadership coach, CEO guide and a versatile writer apart from being a motivational speaker

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of the segment an investor plans to invest, be it retail, commercial or residential, the capital values as well as the rental element are much less when compared to other metro cities like Delhi, Mumbai and Bengaluru.”

Even though Calcutta lags behind cities like Delhi, Mumbai, Hyderabad and Bengaluru in terms of the size of real estate investment, the market in Calcutta is among the most stable in India and one point worth noting is that in Calcutta’s real estate landscape, it is the end user which propels the real estate markets.

Rajarhat New Town – Calcutta’s futuristic city Rajarhat or New Town as it is popularly referred to is literally an extension of Calcutta. This spanking new township is all of 28 sq km and is located in North 24 Parganas. This new township has gradually emerged as the IT hub of eastern India and the residential hub that is coming up on the northeastern edge of the township has

Rajarhat New Town is three times the size of the neighbouring Salt Lake City and this one-of-its-kind satellite town has already been designated as a solar city

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been much appreciated by the affluent NRIs. The entire township primarily consisted of acres of cultivable land and wetland areas which has been acquired by the state government and is being developed in a planned manner. Rajarhat New Town is three times the size of the neighbouring Salt Lake City and this oneof-its-kind satellite town has already been designated as a solar city by the government at the Centre and initiatives have already been taken to declare this city as Smart Green City.

The township has of late been enabled with an exclusive 10.5 km of wi-fi zone which literally connects the Rajarhat Main Arterial Road all the way to the airport and Sector V, thereby conferring this township with India’s first wi-fi road connectivity. This exclusive area has already been declared as a green corridor.

Rajarhat metropolitan landscape Rajarhat New Town has three exclusive areas, Action Area-I consists of shopping malls and high-end commercial plots with Action Area - II quintessentially being the Central Business District consisting of plots for state-of-the-art apartment complexes and institutional plots as well as dedicated IT parks. On successful completion of the project, Action Area-II will be home to Kolkata Museum of Modern Art, an exclusive green

time travel

Window of the East The winds of change is blowing in the air of Bengal.

With an economy beginning to show signs of revival and a slew of developmental projects, Kolkata is one Indian city that is fast catching up with its counterparts in Delhi, Mumbai and Bengaluru in terms of business development.

Whoever said Kolkata is a dying city with its potholed roads, closed down industries, trade unionism, poverty and squalor should have a second look at the resurgent Kolkata of 2014 and one great way to know the pulse of this incredible city is by paying a visit to unearth its captivating charm like a veil slipping out from the face of a beautiful woman.

According to Cushman & Wakefield, the real estate scenario of Kolkata is expected to remain stable in near future. A feature of city’s real estate landscape is its conservative nature which has sheltered it from crashing downhill abruptly.

Fabulous connectivity belt with an eco-park around a large water body. In Action Area-IIC, there will be exclusive residential housing projects by Akankha, Sunrise Point, Hiland Woods, Starlit, Moonbeam Housing etc. Action AreaIII will primarily consist of high-rise apartments and planned sub-townships like Sukhobristi and Uniworld City. Exclusive residential complexes like DLF Newtown Heights, Unitech Uniworld City, Shrachi Rosedale, Tata Eden Court and Keppel Elita Vista promises to make this part of Rajarhat New Town one of the most valued real estate areas of eastern India. Through the untiring efforts of the state government, some of the country’s most prestigious educational institutes like IIT Kharagpur, St Xavier’s College and IT biggies like Wipro and Infosys are likely to set up their campuses here. For art connoisseurs, an elegantly designed arts institute has come up in Action Area-III. Rajarhat New Town has already evolved as Kolkata’s second IT hub with IT companies like TCS and Wipro having been allotted space. Real estate companies like DLF, Unitech Group, Shapoorji Pallonji, Tata, Singaporebased Keppel Land, Bengal Peerless, Ambuja Realty etc are all engaged in developing state-of-the-art commercial and residential projects, some of which have already begun operations.

Once complete, the Rajarhat New Town area is going to be the hub of elite segments of society. The enthusiasm of the Non Resident Indians (NRIs) for acquiring residential and commercial spaces augurs well for future and this area can look forward to a rather effervescent cosmopolitan mix of populace.

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Connect The Kolkata International Airport has evolved as the aviation hub in eastern India with regular flights being operated by international airlines which has made it accessible to international tourists. Kolkata with its varied charms, is an ideal base to embark on a journey of discovery, particularly to the unexplored Northeast

Over the years, the Kolkata International Airport has evolved as the aviation hub in eastern India with regular flights being operated by international airlines which has made Kolkata accessible to international tourists. Ideally, Kolkata with its varied charms, is an ideal base to embark on a journey of discovery, particularly to the unexplored Northeast.

Vibrant culture and pulsating nightlife Kolkata is renowned for its culture – films, poetry, art and dance. It is a city with a soul. The stark contrast between Mumbai and Kolkata film industries more or less sums it up. While Mumbai churns out movies of amazing tinsel banality, the limited number of producers in Kolkata make non-commercial movies that stand up to anything produced for sophisticated Western movie-goers.

In terms of nightlife, Park Street is the most happening place in Kolkata where you can rock in discos or indulge in gastronomic delights in fashionable eateries that serve anything from Japanese to Lebanese and Swedish to Samoan. If you happen to be a film buff, a visit to Nandan is a must as it has a fine collection of movies ranging from Satyajit Ray to Kurosawa. Theatre or jaatra is still alive and kicking in Kolkata despite the onslaught of modernity and many of them present revolutionary themes.

The City of Joy is ready to welcome the world, with rossogullas, of course!!.

A study by JLL on

Real Estate Scenario In chandigarh

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The City Beautiful

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Economic Base

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Advantage Chandigarh

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Demographic Trends and Socio-Economic Profile

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Residential Real Estate in Tri-city

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Development

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Mohali

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Mullanpur

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Zirakpur and surrounding areas

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Panchkula

U r b a n Development in

CHANDIGARH

The ‘City beautiful’ On Growth Radar

250 km

CHANDIGARH

DELHI

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U r b a n Development in

CHANDIGARH

The ‘City Beautiful’ Chandigarh City, the one known internationally for its architecture and urban design is now a city of choice for real estate

Economic Base Goverrnment Services, Idustries, Banking, Financial Services and Insurance, Health and Education, Emerging IT/ITeS

City is planned as analogous to human body with a clearly defined Head (the capital complex, sector 1) Heart (the city centre, sector 17) Intellect (the cultural & educational institutions) Lungs (the leisure valley, innumerable open spaces and sector greens) Viscera (the industrial area) Circulatory system (the network of roads, the 7Vs)

C

Capital and Gateway the first planned city post-Independence

114 sq km

(Union Territory)

FACTFILE

handigarh was the first planned city postIndependence from the British rule in 1947. Albert Mayer, an American planner, first conceived the city but later was overtaken by French architect-planner Le Corbusier. He planned it as an analogous to human body with a clear definition: »» Head (the Capitol Complex, Sector 1) »» Heart (the City Centre, Sector 17) »» Lungs (the Leisure Valley, Innumerable Open Spaces and Sector Greens) »» Intellect (the Cultural & Educational Institutions) »» Circulatory System (the Network of Roads, the 7Vs) »» Viscera (the Industrial Area) But in the early 70s, Mohali and Panchkula emerged as alternate cities to cater to the increasing population of Chandigarh. The migration of people from neighbouring states in search of livelihood

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Area

Population

2.1(Census million 2011)

created immense pressure on the city thereby resulting in formation of two counter growth cities. Today, Mohali and Panchkula have amalgamated under Chandigarh urban agglomeration. The metropolitan of Chandigarh-Mohali-Panchkula collectively forms a Tri-city. Recently, suburbs like Mullanpur (New Chandigarh), Zirakpur, Dera Bassi and Kharar are emerging as an alternate extension to the Tri-city.

Chandigarh is located at a distance of around 250 km from the country’s National Capital, New Delhi, near the foothills of Shivalik range of Himalayas in northwestern direction of India. The city is located in the centre of the Tri-city. It is connected to Panchkula in its east while urban settlement of Mohali is only a continuation of the sectors towards southwest end of Chandigarh. Region enjoys excellent connectivity to the neighbouring cities via road, rail and air.

National Highways Nos. 21 and 22 connect the study region to rest

U r b a n Development in

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Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

of the country and Chandigarh railway station offers daily connectivity to Delhi. Chandigarh airport, proposed to be upgraded to an international facility, is located 8 km from city centre of Chandigarh and connects the city to various important cities in the country.

According to the 2011 census, the defined region had a combined population of 2.1 million, (source: Census of India, 2011). The immense increase in population in the last one decade is primarily attributed to migrant population attracted by growth in the business activity within the region.

Zirakpur

It is an emerging town in the state of Punjab and is considered as the wedding capital of Chandigarh Capital Region with about 80 per cent of wedding banquets and resorts of the region located here. It is also one of the fast emerging residential areas, attracting high number of end users / investors due to attractive pricing and scarcity of real estate within the Chandigarh city.

Panchkula

Panchkula is a planned city located in the state of Haryana.

The city houses the headquarters for the Western

Command of Indian Army. It has a mixed economy comprising of agriculture, service and industry. Bharat Electronics Limited (BEL – Government of India enterprise), setup on 58 acres of land in Panchkula Industrial area is one of the largest industrial setups in the city.

Mohali

Chandigarh is located at a distance of around 250 km from the National Capital of New Delhi, near the foothills of Shivalik range of Himalayas in northwestern direction of India. The city is located in the centre of the Tri-city along with Panchkula and Mohali

It is a prominent district within the state of Punjab, located adjacent to Chandigarh and houses one of the largest cricket stadiums in the country. It is home to companies like Punjab Tractor limited, ICI Paints and the Godrej Group. It is also home to various private developers, large townships, upcoming retail malls, a prominent SEZ development viz.

Quark C, mega projects in various stages of planning and construction stages, proposed Grade A commercial offices and eminent upcoming hotels.

Mullanpur

Mullanpur, also known as New Chandigarh is an extension of Chandigarh towards Sector 14 and falls on the Chandigarh-Baddi Road. Located close to Chandigarh, the area has attention from various developers which were looking to explore Tri-city for real estate development.

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Economic Base Government Services, Industries, Banking, Financial Services and Insurance, Health and Education, Emerging IT/ ITeS Government and Administrative Services Chandigarh as a union territory and capital for two states - Punjab and Haryana - has a large number of government institutions providing administrative framework to three governments. Chandigarh’s own industrial growth together with the growth in adjacent areas of Punjab, Haryana and Himachal Pradesh has made the city highly attractive for banks and financial institutions. Besides the administrative offices, legislative assemblies, secretariats and high courts for the three governments, offices for the following organisations are located in Chandigarh - National Thermal Power Corporation (NTPC), National Hydro Electric Power Corporation (NHPC), Industrial Finance Corporation of India (IFCI), Indian Oil Corporation (IOC), Federation of Indian Chambers of Commerce and Industry (FICCI), PHD Chamber of Commerce and Industry (PHDCCI), Confederation of Indian Industry (CII). The government is a major employer in Chandigarh with three governments having their base here. A significant percentage of Chandigarh’s population therefore consists of people who are either working for one of these governments or have retired from government service.

Industrial There are about 15 medium to large industries including two in the public sector. In addition, Chandigarh has over 2,900 registered units in the region besides the ones in Baddi. The important

industries include light engineering, manufacturing of tractor components, agricultural equipments, pharmaceuticals, basic metals and alloys, light electronic items, paper and paper products, plastics, wooden furniture, synthetic and woolen textile. Pharmaceutical has been the most benefited sector due to the excise and tax incentives offered for new industrial setups in Baddi Industrial Corridor, as a result many of the leading pharmaceutical companies have set up manufacturing units in Baddi.

Large industrial houses include Bhushan Power and Steel Limited and Avery Cycle in Chandigarh, HMT and ACC in Pinjore, Bharat Electronics Limited in Panchkula, Punwire and Puncom (Punjab State-promoted companies), Godrej, Verka Milk and Milk Products unit and Ranbaxy unit are based out of Mohali. Major investors at Baddi include Alkem Laboratories Ltd with a `60- crore investment plan for a new formulations plant, USV Limited with two manufacturing facilities and an investment of `80 crore, Glenmark Pharmaceuticals Ltd, Dr Reddys Ltd, Indoco Remedies with a `25 crore tablets, creams and medicated toothpaste facility, Bengaluru-based Bal Pharma with a `20 crore tablets and capsuling facility and Unichem Labs with two new plants at an investment of `40 crore and `32 crore.

Unichem is already operating a betalactum plant in Baddi. Delhi-based Promed is investing `25 crore and the Hyderabad-based Pulse Pharma with another `6 crore facility. Morepan Laboratories, which started two units at `60 crore and `50 crore (bulk drug) about two years ago, is further developing a `20 crore biotech research project with US collaboration. The town also saw MNCs like Colgate Palmolive, Procter & Gamble, Hindustan Unilever, Cadburys, Johnson & Johnson setting up their manufacturing facilities.

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60 companies are registered with STPI and employ over 8,000 professionals in and around Chandigarh

Emerging IT/ ITeS Base Chandigarh IT Park (also known as Chandigarh Technology Park) is the city’s attempt to break into the IT world.

Infrastructure, proximity to Delhi, Punjab and Haryana, and the IT talent pool attracts IT businesses looking for office spaces in the area. Major Indian firms and MNC including Quarks, Infosys, Dell, and Ranbaxy have offices in the city and its suburbs. long with Chandigarh Technology Park, Quark City, Fashion Technology Park, Bio-Tech. Park are also the emerging IT destinations in the suburbs ie in Mohali, Sarangpur (Chandigarh Periphery village).

Promoted by Chandigarh Administration, Rajiv Gandhi Chandigarh Technology Park (RGCTP) is a regional IT hub for Chandigarh, Mohali and Panchkula which is also approved as a Special Economic Zone. The IT Park is spread over an area of 643 acres and is being developed in a phased manner. Phase I of the said development (111 acres) and Phase II (250 acres) has been allotted and houses prominent IT/ ITeS companies like: »» Infosys Technologies is spread over 30 acres with built-up area of 525,000 sq ft office space (operational) »» DLF Limited has developed 625,000 sq ft of office space spread over 12.5 acres which is occupied by companies like IBM Daksh, Outer Bay and Net Solutions (operational) »» Tech Mahindra »» Bharti Telecom »» ESYS Ltd »» Amadeus »» KMG »» FCS »» Alchemist »» Microtek »» Wipro Technologies (~30 acres under construction).

Promoted by Chandigarh Administration, Rajiv Gandhi Chandigarh Technology Park (RGCTP) is a regional IT hub for Chandigarh, Mohali and Panchkula which is also approved as a Special Economic Zone.

The IT Park is spread over an area of 643 acres and is being developed in a phased manner

The total investment in mega projects in the Greater Mohali Region is estimated to be around `435 billion from 2007 to 2011 ie about 12 times the estimated economic output of the Greater Mohali Region in FY 2007.

The major investment in the Greater Mohali Region is expected in residential properties, business parks and office space to accommodate IT/ITeS operations, multiplexes, industrial parks and hotels. The planned investment in creating floor space for IT/ITeS operations in the Greater Mohali Region is `80.8 billion. The industrial park for IT/ITeS and high-tech knowledge based activities on the Zirakpur-Banur road is the biggest project in the sector at an estimated investment of `15.8 billion by Futuristic Technology Infrastructure Private Limited.

Twelve new industrial parks are expected to be developed in the Greater Mohali Region with 18% (`75.16 billion) of total proposed investments in the Greater Mohali Region.

Recently Punjab Government has successfully signed 117 agreements with both domestic and overseas companies involving investments of over `65,000 crore.

Big corporate like RIL had announced investment of `2,500 crore, Airtel had also announced to invest `4,000 crore, ITC had announced to set up a food processing industry while Fortis Healthcare had also promised to invest `1,100 crore in the healthcare sector.

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Advantage Chandigarh

C

handigarh is becoming one of the preferred investment hotspots in the country. Its efficient infrastructural facilities together with large green spaces make it an ideal work destination. It is easily accessible from all the neighbouring cities like Punjab, Haryana, Delhi, Jammu and kashmir, etc. As a result, it has lots of investment opportunities in the tourism sector. Chandigarh’s economy is dominated by various industrial units relating to food products, repair services, basic metals and alloys, machinery, etc. Also, due to competent human resource base, it is a preferable place to the global information technology (IT) companies and has the potential of becoming a knowledge city in the years to come. the Chandigarh administration aims to create a knowledge-based society through extensive use of IT. The ultimate goal is to use IT as a medium for effective interaction between the administration and the public, so that exchange of information and access to Government departments is speedy and easy. Accordingly, the city government has formulated an IT policy in order to promote the application of IT for the benefit of the people, to implement e-governance, to generate employment and thus to attract investment in the IT field.

Knowladge pool of around 30,000 qualified professionals per annum First Organized City in India and world famous for its Architecture & Urban Design

Growth in IT/ITeS sector and Industrial Sector Chandigarh Advantage

Excellent Business Opportunities (in resource & knowledge based indusry) Proposed Theme based Townships like Education city, Eco city, Medical city Aero city among others will play major role in city economy as well as infrastructure Chandigarh has scored the number one position in Himan Development Index

Preferred investment destination Stable Political Scenario

Emerging IT/ITes destination, with major players such as Infosys, Tech Mahindra already present in the city

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Capital of two states of India - Punjab & Haryana

People from surrounding states prefer Chandigarh and surrounding areas for shopping and entertainment

Counter magnet to Capital of India - New Delhi

Educational destination for the students of Punjab, Haryana and Himachal Pradesh. Thus availability of qualified manpower

Adequate development policies and regulations

Planned city of the country, being inhabited by population belonging to hight and medium income groups exhibiting a cosmopolitan life style

Region that includes Chandigarh, Panchkula and Mohali offers population base of around 15 lakh that offers good potential for medium to large range of projects

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Demographic Trends and Socio-Economic Profile

C

handigarh was planned for a population of half-a-million. In Phase I, 36 sq km of land was acquired by the city administration for construction of 30 sectors. Land for 17 additional sectors (Sector 31 to 47) was acquired and developed during the second phase to cater for a population of 350,000. The predominance of ž storey apartments in the second phase provide for higher population dimension. However, Chandigarh has now grown beyond its planned capacity. Hence, development in the third phase has started in sectors 48 and beyond. The Union Territory of Chandigarh has a total area of 114 sq km and has witnessed decennial population growth (2001-2011) of 26.86%. By 2021, the population of Chandigarh is projected to be around 19.5 lakh (at current rate of growth) almost four times, for which it was originally built. Although Chandigarh shows a positive decadal growth rate, this rate is steadily decreasing in each decade.

Decadal Growth Rate of Chandigarh Census Year

1971

Population

257,477

Decadal Growth Rate (%)

Decadal Growth Rate of other cities in Chandigarh Region

Census Year

1981

1991

2001

2011

452,000

642,000

808,515

1,055,450

+75.55

+42.16

+25.93

+30.50

1981

1991

2001

2011

Mohali Population

-

78,500

123,484

166,864

Decadal Growth Rate (%)

-

-

+57.07

+35.10

70,400

141,000

211,355

-

+100.02

+49.90

7,421

9,602

15,841

26,295

-

+29.39

+64.98

+66.00

Panchkula Population

-

Decadal Growth Rate (%)

Dera Bassi

Population Decadal Growth Rate (%)

Source: Census of India, 2001, 2011 & Chandigarh City Development Plan

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Individual Cities Demographic Snapshot

Chandigarh Tri City Demographic

Socio-Economic Profile The level of income and propensity to consume are the basic parameters to indicate the economic profile of the population of any city. This also gives a fair idea about the saving pattern of the people. The annual per capita income of Chandigarh is approx. INR 556,780. (Source: City Skyline Data, 2011-2012). Based on the City Skyline data, 2011-2012 the number of households in Chandigarh is estimated to be 265,500 with approximately 26% being classified as SEC A & B. The city is one of the largest hub for High Net Worth Individuals (HNWI/ HNIs), followed by Mumbai, Delhi and Bengaluru.

Overall the socio-economic profile of the city provides information about the fact that the market is lucrative for the development of organised retail sector.

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Residential Real Estate in Tri-city

R

eal estate in the region largely has been governed by the development authorities for a long period of time and the role of private developers had been marginal in the study region. Chandigarh administration, Haryana Urban Development Authority (HUDA) and Punjab Urban Development Authority (PUDA) are the major developers involved in real estate development. Though this type of model with major presence of government run development authorities has ensured lesser investment risks for individual small-time investors but has also slowed down the process of development in the long run and has generated lesser options available for the end-users and buyers.

For a long period of time, private developers existing in the city were involved in small projects and most of them were working as real estate agents.

Gradually innovative steps were taken by some local developers like Bajwa Developers, Silver City, Shivalik City and Dhillon Group among others. As a result, Chandigarh region has started attracting the attention of developers and investors from all over the world.

Consequent to the initiatives undertaken by local developers, large number of developers with national and regional repute started focussing on Chandigarh and surrounding areas for the development of residential,

CHANDIGARh sec Classifications

For a long time, private developers were involved in small projects and most of them were working as real estate agents

Major Residential Zones of Chandigarh Region

commercial and retail projects. Major among these were DLF, Unitech, Emaar, Parsvnath, TDI, Today Homes and Infrastructure, Chadha group, Shipra Estate, Pearl Group, Uppals, Ansal API, Suncity, Paras among others who already have announced/ launched their projects in the region. However, the pace of development of the proposed projects is witnessed to be quite slow at present with the real estate market of Chandigarh experiencing dearth of buyers, which has created a sudden oversupply situation of real estate stock in the region.

Residential markets in the study region have observed a significantly high upswing in property prices in the past few years. Developments such as Chandigarh Technology Park and Quark City have accorded considerable impetus to the local economy of Chandigarh and the surrounding region. Land prices observed an upsurge to the tune of 300% since 2006 in the area around Chandigarh. However, a downfall of

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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Chandigarh and surrounding areas are becoming an important destination for developers, investors and end-users 5%-15% from the average price was observed during the period from Q2 2008 to Q1 2009 primarily owing to the country’s economic slowdown. However, the impact of the slowdown was overcome within three quarters and the market normalised with good absorption rates post3Q 2009.

Chandigarh and the surrounding area is becoming an important destination for developers, investors and end users. The residential real estate sector, which witnesses majority of the activities happening around the region, is both investment and end-user driven.

Several residential blocks are coming up in the outskirts of the city, major among which are sector grids of Mohali, Kharar Road and Ambala Road. The price of the freehold plots has increased at a rapid pace but exhibits more or less similar trend in all the corners of the city. Many developers of regional, national and international repute are coming up with their residential colonies in the study region. In Chandigarh, Panchkula and Mohali, only few residential plots are available for resale.

The already built area is almost 85% occupied with negligible scope for further expansion. In Chandigarh the residential land rates for up-market posh residential areas ranges from `1,75,000 to `2,50,000 per sq yd for vacant plots whereas in Panchkula, it ranges from `75,000`1,00,000 per sq yd. Price in developed areas of Mohali vary between `30,000 and `75,000 per sq yd while the price of residential plots in the upcoming areas of Mohali along Kharar-Landran Road, Landran-Banur Road and

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The periphery areas of Chandigarh city initially witnessed scarce development by private developers for a long span of time. However, since the last five to six years, these areas have witnessed the involvement of several local and regional private players who have started taking interest in developing residential colonies in the Tri-city. This was primarily because of paucity of land supply in the mother city – Chandigarh

Chandigarh-Kharar Road range between `15,000`22,000 per sq yd. Some prominent developers like Unitech, Emaar and TDI command capital prices ranging between `21,500-`29,000 per sq yd for residential plots.

The periphery areas of Chandigarh city initially witnessed scarce development by private developers for a long span of time. However, since the last five to six years, these areas have witnessed the involvement of several local and regional private players who have started taking interest in developing residential colonies in the Tri-city.

This was primarily because of paucity of land supply in the mother city – Chandigarh. After Panchkula and Mohali were developed as Chandigarh’s satellite towns, focus was shifted towards the development of the fringe areas of Kharar, Zirakpur, Dera Bassi and Pinjore which are at present witnessing the growth of several large and medium scale residential developments.

Apart from local promoters, many national level developers have also launched their residential projects in these areas. The average area of these residential colonies ranges from five acres to 1,000 acres. Although most of the demand for residential plots in these upcoming colonies is investment driven from various NRIs of the region, a large portion of the demand is also generated from the end users.

The cost of the plots in these upcoming colonies varies according to the location of the colony, facilities provided, developers’ image and size of the colony. To understand the residential real estate market in better way, the study region can be divided into different parts as follows: »» Chandigarh »» Mohali »» Mullanpur »» Zirakpur and surrounding areas. »» Panchkula and surrounding areas

U r b a n Development in

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Development

D

evelopment of Chandigarh region has been largely governed by development authorities for a long period of time with limited role of private developers. Chandigarh Administration and Chandigarh Housing Board were the major stakeholders involved in real estate development.

However, over the period of time, government has realised the benefits of involving the private sector in development of urban areas, required for rapid pace of delivery of housing units to shorten the gap between demand and supply of dwelling units.

From an administrative standpoint, Chandigarh has been divided into three phases: Phase I (Sectors 1-30), Phase II (Sectors 31-47) and Phase III (Sectors 48-56).

Moreover, depending on the typology of development, the Chandigarh residential market can be divided into four broad typologies viz independent bungalows, housing board flats/ apartments, group housing apartments and independent floors.

Sectors 1 to 5 accommodate government dignitaries at high positions, namely the governor, ministers and members of state legislative assemblies among others.

These accommodations are in the form of flats and bungalows. Other prominent developments in these sectors are the High Court, Union Territory offices and other government offices. Sectors 6 to 11 predominantly accommodate plots admeasuring eight kanal (approximately 4,000 sq yd) and bungalows housed on plots measuring approximately four kanal (approximately 2,000 sq yd).

The prices of residential plots in these sectors range from

Chandigarh has been divided into three phases: Phase I (Sectors 1-30), Phase II (Sectors 31-47) and Phase III (Sectors 48-56).

Depending on the typology of development, the Chandigarh residential market can be divided into four broad typologies viz independent bungalows, housing board flats/apartments, group housing apartments and independent floors

`200,000-`300,000 per sq yd. Sectors 15-30 accommodate relatively smaller plots. The plot sizes in these sectors vary from six marla (approximately 150 sq yd) to four kanal (approximately 2,000 sq yd) with capital prices for residential plots in these sectors varying between `125,000`200,000 per sq yd.

Punjab University is located in entire area of Sector 14 with Sectors 15, 16 and 24 providing paying guest accommodations within the city. Given the balanced development of Chandigarh, educational institutions are located in most of the sectors. Chandigarh being an educational destination at the regional and state level, students from various cities come to Chandigarh thereby generating demand for paying guest accommodations. The plot sizes in Sectors 31-56 are relatively smaller, with sizes ranging between five marla (approximately 125 sq yd) to two kanal (approximately 1,000 sq yd). The prices of plots in these sectors are witnessed to be comparatively lower.

The only upcoming integrated residential township development in Chandigarh is Parsvnath Pride Asia which is being developed by Parsvnath Developers Limited and Chandigarh Housing Board. This development, proposed over approximately 123 acres is located near village Kishangarh and was won by the developer in an

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Plotted Residential Typology in Chandigarh

Decadal Growth Rate of Chandigarh Sectors/ Residential Developments

Typology

Pricing Trend

Developed Residential Sectors in Chandigarh Sector 1 to 5 and Sectors 6 to 11

Flatted and bungalow developments which accommodate government dignitaries with plot sizes of approximately 2,000-4,000 sq yd

Plots: `200,000-`3,00,000 per sq yd

Sector 15 to 30

Smaller plot sizes of approximately 150-2,000 sq yd

Plots: `1,25,000-`200,000 per sq yd

Plots: INR 1,25,000-200,000 per sq. yd.

Plots: `1,25,000-200,000 per sq. yd.

Plots: `1,25,000-`200,000 per sq yd

Private Residential Developments in Chandigarh Parsvnath Pride Asia, a collaboration of Parsvnath Developers and Chandigarh Housing Board

Integrated residential township development with villas and group housing, Grade A office space and organised retail development

Observed high absorption at launch price of `6,500-`7,000 per sq ft capital price

Uppal’s Marble Arch at Mani Majra in Chandigarh

3-BHK and 4-BHK luxurious apartments of sizes between 2,050-2,650 sq ft

`15,000-`16,000 per sq ft

Modern Housing Complex by Chandigarh Housing Board

2-BHK and 3-BHK apartments

Capital price of approximately`6,000`8,000 per sq ft (approximately 50% lower rate than residential developments by private developers due to differences in product specifications) Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

open competitive bid. This integrated township proposes residential development in the form of villas and group housing, with commercial components of Grade A office space and organised retail development.

This project observed high initial response at a launch price of `6,500`7,000 per sq ft for apartments. The project has been on hold for last two-three years. Another prime residential development known as Uppal’s Marble Arch is developed by Uppal Group in Mani Majra. It is spread over an area of approximately 5.39 acres and hosts world-class 168 ultra-luxurious apartments. This project offers state-of-the-art

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facilities like swimming pool, health club, gymnasium, wi-fi connectivity and corrosion-free buildings. Marble Arch offers three- and four-BHK residential units with a resale price in the range of `15,000-`16,000 per sq ft. The unit sizes of apartments range between 2,050 sq ft and 2,650 sq ft. Other government residential projects such as Modern Housing Complex by Chandigarh Housing Board in Mani Majra are selling between INR 6,000 and 8,000 per sq. ft., which is lower than the prices commanded by private developers owing to typology and specifications of the developments.

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Mohali

T

he real estate boom striking the country in 2005 encouraged several national and local developers of repute to come up with residential township and organized retail space developments. Lack of space in main Chandigarh city resulted in the emergence of Mohali as the next ideal location for real estate developments. Since then the satellite town of Mohali has been witnessing the development of large and medium scale residential township and group housing projects.

With gradual emergence of Mohali as an ideal destination for real estate developments, the residential market in Mohali observed a significant upswing in capital values of properties. Recent developments of Chandigarh Technology Park, Chandigarh Industrial Area and Quark City have influenced the local economy of Chandigarh and the surrounding region to a considerable extent.

Initially, private developers did not play much role in the real estate development of Chandigarh region.

However, since the last three-four years the private players have also started taking interest in developing real estate projects mainly residential developments in surrounding areas of Chandigarh viz Panchkula, Mohali and Zirakpur-Dera Bassi. This was primarily due to the reason that there were not many land parcels available

Initially, private developers did not play much role in the real estate development of Chandigarh region. However, since the last three-four years the private players have also started taking interest in developing real estate projects mainly residential developments in surrounding areas of Chandigarh viz Panchkula, Mohali and Zirakpur-Dera Bassi

in Chandigarh and the only procedure for development was by recycling larger plots for construction of group housing projects.

Several local and national level developers viz.

Emaar, Unitech, TDI, JLPL, Pearl Infrastructure and Chaddha group among others are coming up with considerable number of residential projects in Mohali and the area of these residential townships varies from five acres to 1,000 acres. The prices in these colonies differ according to location, connectivity and accessibility, product mix, branding and developer’s profile. Demand for residential real estate sector being witnessed in Mohali micro market is both investor and end user-driven.

After Chandigarh, Mohali has always been the best choice for residential development. It has already been developed till Sector 70 while development of Sectors 71 to 125 is under process. Many developers of national and regional repute have already occupied large areas in these sectors. Major among these are Emaar, Unitech, Chadha group, TDI Group, Pearl Infrastructure, Ansal API, JTPL and JLPL among others.

Majority of these developers are coming up with integrated townships offering villas, plotted, independent floors and group housing, commercial (Grade A office space), organised retail and IT/ITeS development while

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Upcoming Prominent Corridors witnessing Residential Development in Mohali

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

few other regional and local developers are coming up with group housing projects spread across phases (depending upon the size of the project). Janta Estates and Housing Ltd was the first company to launch a plotted residential colony in Sectors 90, 91 and industrial plots in sector 82.

The upcoming residential developments in Mohali can be classified into regions depending upon their location and accessibility. The upcoming residential developments can be categorised as: »» Along Chandigarh-Kharar Road, with access from main Chandigarh-Kharar Road »» Along Kharar-Landran Road, between Kharar and Landran, with access from main KhararLandran Road »» Along Landran-Banur Road, between Landran and Banur wherein most of the projects are accessible from Landran-Banur Road while some projects are located off the Landran-Banur road in proximity to the developed sectors of Mohali and can be accessed through sector roads of Mohali.

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After Mohali, Kharar is the next best option for the people working in Mohali and Chandigarh Chandigarh-Kharar Road This 200 ft wide road originates from Chandigarh and traverses through Sector 57 Mohali and leads towards Kharar. The road then further moves towards Ropar and Ludhiana. After the development of Mohali, Kharar is the next best option for the people working in Mohali and Chandigarh to satisfy their residential demands. Because of increasing demand for residential units along this road, the land price has also observed an increasing trend in this area. Hence, many developers who have launched their residential projects along this road have received overwhelming demand for their respective residential

U r b a n Development in

typologies. Many colonies located along this road have already been developed and readily absorbed where construction for individual houses has already started.

This indicates on the intention of the buyers to utilise the units for their own usage. The total area of these colonies ranges from five acres to 200 acres. Residential plots of varied sizes (100 - 500 sq yd) are available in these colonies.

Earlier, it was only local developers who were coming up with their projects but gradually the increasing demand and the increasing trend observed in capital prices have attracted the attention of national and international developers. Along with the horizontal development (plotted development), some developers are also coming up with vertical developments (apartments).

The price varies according to the nearness to Chandigarh, connectivity with main roads and infrastructure facilities and amenities being provided by the colony.

Gulmohar Complex, Sunny Enclave, Gilco Valley, Palm Village and NRI Colony are fully-developed colonies whereas TDI had launched its project at `6,800 per sq yd in 2005 and is available on resale at a capital price ranging between `20,000-`35,000 per sq yd. Sunny Enclave and Palm Village offer apartments and villa typology of development while Gilco Valley offers plots along with apartments and villa typology. The plots in Gilco Valley are available at a capital price of `28,000 per sq yd while the apartment prices in these residential developments along the Chandigarh-Kharar Road ranges between `3,000-`3,500 per sq ft.

CHANDIGARH

independent floor typology of development respectively.

The capital price of apartments along this corridor ranges between `2,500-`3,600 per sq ft while the plots are commanding a capital price ranging between of `15,000`25,000 per sq yd.

Earlier, it was only local developers who were coming up with their projects but gradually the increasing demand and the increasing trend observed in capital prices have attracted the attention of national and international developers.

Along with the horizontal development (plotted development), some developers are also coming up with vertical developments (apartments)

Landran-Banur Road between Landran and Banur The stretch along Landran-Banur Road, between Landran and Banur, is witnessing the emergence of several residential developments mainly by reputed national developers which are coming up with large-scale residential developments with varied typology of villa, group housing, independent floor and plots. Most of these residential projects are located along the Landran-Banur Road and are accessible from this road. The prominent projects located along Landran-Banur Road are namely Mohali Hills by Emaar, Pearl City by Pearl Infrastructure, TDI City by TDI Group and Uniworld City by Unitech.

A mix of plotted and group housing developments has been launched in this part of Mohali in these projects.

The average size of 2-BHK apartment ranges between 1,275 and 1,375 sq ft with 3-BHK apartments varying between 1,400 and 1,800 sq ft. Market prices of these dwelling units range between `2,800 per sq ft and `4,000 per sq ft considering resale and developer quoted prices.

This differential pricing is estimated to be largely due to the difference in quality of specifications being proposed

Kharar-Landran Road between Kharar and Landran Kharar is a small town located at a distance of approximately 15 km from Chandigarh which is connected to Kharar by two major roads, one emerging from Sector 57 (Chandigarh-Kharar Road) and the other traversing from Landran village to connect to Kharar at one end and Banur at another end known as Kharar-Banur Road.

Both these roads are experiencing similar real estate sector trends with several residential and commercial developments coming up along both these roads. All these colonies attract MIG, Upper MIG and HIG segments of the population. Some of the prominent residential projects along this road are Ansal’s Orchard County, Tulip and Carnation Towers, Ansal’s Golf Links, Parkwood Glade, RKM City, Skyrock City and Skylark Eco Homes.

Most of these developers are mostly coming up with 2/3/4 BHK apartments while some developers like Skyrock City and JTPL is coming up with plots and

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for various developments, anticipated target consumer segment and location advantages and disadvantages of the respective developments among others.

A relatively high-end group housing development is being developed by Emaar along this corridor and is commanding a capital price of `4,000 per sq ft.

Independent floor development is also being offered by Emaar in their residential township development, Mohali Hills.

The prevalent quoted prices for the floors are in the range of `3,500 to `4,000 per sq ft. It may be noted that the higher quoted prices for residential units located on the ground floor, as it offers open space both at the front and rear side of the unit.

Pearl Infrastructure is coming up with a group housing development with mix 2- and 3-BHK apartments and is commanding a sale price of `2,500 per sq ft while Pearls City offers residential plots at a capital price ranging between `26,000-`29,000 per sq yd.

TDI Group is coming up with a large-scale residential development - TDI City which houses 2/3/4 BHK apartments and independent floors. The apartments are available at a capital price of `2,650 per sq ft while quoted capital price for independent floors ranges between `2,850-`3,300 per sq ft. Unitech’s Uniworld Gardens is another large-scale residential development along this corridor exhibiting varied typology of product mix such as plots, independent floors and apartments.

Different Residential Typologies in Mohali

Residential Development in Mohali-Kharar and surrounding regions Prominent Developers & Projects

Prominent Typology

Absorption Trend

Pricing Trend

Private developments along Chandigarh-Kharar Road Gilco Valley, Sunny Enclave, Gulmohar Complex, Palm Village

Villas, apartments

These are earlier launched residential projects by local developers and are completely absorbed

Plots: `20,000-`35,000 per sq yd Apartments: `3,000-`3,500 per sq ft

Private Developments in Mohali along Kharar-Landran Road between Kharar and Landran Ansal’s Orchard County and Tulip & Carnation Towers, Ansal Golf Links, Parkwood Glade, RKM City, JTPL, Skyrock City, Skylark Eco Homes

Plots and Apartments

Absorption in these projects ranges between 80-100%

Plots: `15,000-`25,000 per sq yd Apartments: `2,500-`3,600 per sq ft

Private Developments in Mohali along Landran-Banur Road between Landran and Banur Pearl Infrastructure, IREO, Emaar, Unitech, TDI, JLPL

Plots, Independent Absorption in these projects Floor, 2- and 3-BHK ranges between 75-90% apartments

Plots: `18,500-`29,000 per sq yd Apartments: `2,800-`4,000 per sq ft

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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U r b a n Development in The apartments in Uniworld Gardens are available at a capital price of `3,200 per sq ft while the floors are commanding a price ranging between `2,700-`3,300 per sq ft. The plots which have been launched earlier are available at a current price ranging between `21,000`23,000 per sq yd.

IREO Group is coming up with mid-rise and lowrise apartments along this corridor. These apartments are available at a capital price of `4,200 per sq ft.

This project had been launched in 2011 and observes absorption of approximately 80-85%.

Venetian Spaces, another development by a Chandigarh-based developer, was launched in 2012 and offers independent floors and residential plots.

Residential plots in this development are available at a capital price of `18,500 per sq yd while the independent floors are available at a capital price ranging between `2,600-`3,000 per sq ft. Some of the prominent

CHANDIGARH

The major upcoming residential township projects are by the Chaddha Group and IREO Group upcoming residential projects located in this part of Mohali, however, enjoy the advantage of being positioned in proximity and direct connectivity to the developed sectors of Mohali viz Sectors 79, 80 and 81 among others. The major among these are upcoming residential township projects by Chaddha Group and IREO Group are such projects which though are part of this micro market of Mohali are located in proximity to the developed sectors of Mohali and enjoy access through the existing and proposed sector roads in these developed areas.

Mapping of Upcoming Residential Developments in Mohali micro-market

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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Mullanpur

A

nother emerging location, witnessing high level of real estate development in close proximity to Chandigarh, is Mullanpur. Due to the location being close to the developed sectors of Chandigarh which is home to developers such as Omaxe, Curo and DLF, among others. Located between Chandigarh and Baddi on the upcoming Chandigarh-Baddi Road, the town of Mullanpur is soon likely to have a unique identity with Punjab government drawing big plans for it.

The ‘Local Planning Area’ (LPA) document of Mullanpur master plan suggests that 4,000 hectare of buildable area for development of new townships and urban activity is available, which makes large-scale development plausible. According to the plan, the area is planned to have a golf course, spa village, turf club, lifestyle sports hub, indoor stadium, eco-park, health village and hi-tech technology park.

DLF has launched 1,250 acres Hyde Park in Mullanpur which offers exclusive living space ranging from the plot sizes of 350 and 500 sq yd, available within the affordable price of `32,000-`35,000 per sq yd. Nearly 600 plots were launched in Phase I and they are 100% sold out. Launch of Phase II is underway. DLF Mullanpur is expected to give a big boost to the growth of the area. Apart from the scenic views such as Shivalik Hills, DLF Mullanpur also entails amusement park and botanical garden.

Omaxe has launched Omaxe New Chandigarh which is an integrated township proposed over a sprawling area of approximately 1,000 acres of which, at present, 500 acres has been acquired. The product mix entails plots,

Mullanpur is likely to have a unique identity with Punjab government drawing big plans for it.

‘Local Planning Area’ (LPA) document of Mullanpur master plan suggests that 4,000 hectare of buildable area for development of new townships and urban activity is available

According to plans, the area is planned to have a golf course, spa village, turf club, lifestyle sports hub, indoor stadium, eco-park, health village and wi-fi facilities

Different Residential Typologies in Mullanpur

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group housing and independent floors. Plot area ranges from 300-500 sq yd and were last sold off at a capital price of `24,500-`26,000 per sq yd, approximately threefour months back. These plots are available on resale at a capital price of `25,000 per sq yd.

Omaxe has also launched two independent floor developments by the name of Cassia Floors and Silver Birch. Cassia Floors are available on plots area of 300 sq yd and 400 sq yd with saleable area of 1,725 sq ft and 2,200 sq ft per floor respectively. Previously, Omaxe launched plots and Cassia independent floors in the proposed township. After receiving good absorption for the plots on offer, Omaxe further launched Silver Birch which offers independent floors in G+ 2 formats on plot size of 200 sq yd and saleable area variation of 1,150 sq ft and 1,500 sq ft per floor. Silver Birch was launched in three phases of which phase I was sold at approximately `2,600-`2,650 per sq ft; phase II was sold at `3,045 per sq ft and phase III was sold at approximately `3,500 per sq ft. Omaxe New Chandigarh has observed tremendous absorption of nearing 95% in plots and independent floors. Independent floors with larger area viz 1,920 sq

U r b a n Development in

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Mapping of Upcoming Residential Developments in Mullanpur micro-market

ft are available at a lower price range between `2,300 and `2,750 per sq ft. Curo has launched its commercial development in the same region. The total development is spread across 8.5 acres with proposed mix of serviced apartments, retail, commercial office and hotel. As of now, only serviced apartments (233 units) of 3,100 sq ft and

4,100 sq ft built-up area are to be launched and available at a pre-launch rate of `8,500-`10,000 per sq ft. The project is in pre-launch stages and launch is due within two months. Commercial and retail developments have not been launched. Completion of the total development is due by 2014.

Attributes of Residential Development in Mullanpur Prominent Residential Projects

Prominent Typology

Absorption Trend

Pricing Trend

Residential Developments in Mullanpur DLF Hyde Park, Omaxe City, Altus Muirwoods, GMADA Eco City, Venetian Floors

Plots along with few independent floor developments

Plots in private developer projects: Annual sale of 350-450 units GMADA Eco City: 1,000 plots in tree months’ time owing to substantial discount on sale price as compared to market price Independent Floors: Absorption in Omaxe City has been 100% as compared to projects by local developers (40%)

Plots: `25,000`35,000 per sq yd Floors: `2,700`3,500 per sq ft

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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Zirakpur and surrounding areas

T

his area is the most preferred residential area in the study region due to its excellent location, accessibility and visibility from Delhi-Chandigarh Highway (NH-22). The area between Chandigarh and Zirakpur primarily forms part of the Panchkula town which is mostly developed. In this area, most of the developments are being witnessed along two major roads ie Zirakpur-Patiala Road and Chandigarh/ ZirakpurAmbala Road. Owing to its excellent connectivity with Panchkula and Chandigarh and being located on main National Highway, the Zirakpur and Dera Bassi area have become the major area of attraction for developers to come up with their residential developments. Sahara, Uppals, Eldeco, Silver City, Parsvnath, and ATS Green are some of the reputed developers who have acquired land in and around this area and are coming up with their residential projects of varied typologies.

Zirakpur-Patiala Highway

The 100 ft wide Zirakpur-Patiala road connects Chandigarh with Patiala. The major landmarks on this road are Banur

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Source: http://www.flatsinzirakpur.com

and Rajpura town. Areas along Zirakpur-Patiala Road are highly preferred due to their proximity with Chandigarh and Panchkula, good connectivity with other parts of Punjab and easy accessibility to Himachal Pradesh through Zirakpur-Kalka Road.

Various developers have acquired large land parcels between Zirakpur and Patiala. The size of colonies around this road ranges from four acres to 130 acres. Sahara Homes, a national-level developer, is planning to develop a high-end residential township on approximately 130 acres of land along this road.

Besides, there are local developers like Prem Bansal Real Estate Co, who has come up with 55 acres of residential township development along this road. All these

Areas along Zirakpur-Patiala Road are highly preferred due to their proximity with Chandigarh and Panchkula

U r b a n Development in townships have mixed typology of plots, apartments and commercial spaces. Good demand and absorption of all these colonies has had a positive impact on the land price in this area. Hence, various new players are venturing into the region for development of residential colonies, which is ultimately affecting the prices for undeveloped / agricultural land in the area.

Land prices along this road have grown manifold in the past few years. Prominent projects in the region are Swastik Enclave, Sahara City, Green View, Jaipuria Sunrise, Skynet apartments, Palm Court and Defence Enclave among others. The prices of plots within developed colonies (as stated above) in the region vary between `30,000-`50,000 per sq yd.

However, plots in new projects such as Royal Estate and Chinar World are available within a price range of `12,000-`16,000 per sq yd. Majority of these developments were launched in 2003 and 2004 at launch price of `1,200-`2,000 per sq yd. Group Housing developments launched in 2003-2004 are available within a price range of `2,700-`3,400 per sq ft in resale, depending upon the project and its distance from main city. New apartment projects are available between INR 2,800-3,600 per sq. ft. These group housing projects observe 95%-100% absorption however only few of them have been occupied till date.

CHANDIGARH

Zirakpur-Ambala Highway

Land prices along this road have grown manifold in the past few years.

Prominent projects in the region are Swastik Enclave, Sahara City, Green View, Jaipuria Sunrise, Skynet apartments, Palm Court and Defence Enclave among others.

The prices of plots within developed colonies in the region vary between `30,000-`50,000 per sq yd

Zirakpur-Ambala Highway links Chandigarh with Delhi and passes through Dera Bassi and Ambala. Various typologies of real estate developments are coming up along this road. With the widening of this road to a four-lane express highway, the area has become the focus of attraction for various developers of national and international repute. Various local developers too have started procuring agricultural land from the farmers and developing residential and commercial projects here. A large residential colony, Silver City, is one example of good demand for quality residential space in the region as the colony has witnessed the absorption of all typologies of residential units in a very short span of time.

Looking at the demand for residential units in this area, Shipra Estate Limited has acquired a large land parcel for the development of mega residential township. With the scarcity of large land parcels near Zirakpur, Dera Bassi has become the focus of attention for potential development. Many developers of national and international repute have acquired large tracts of land in Dera Bassi.

Major among these are Parsvnath and ATS Infrastructures. ATS received an overwhelming response at the launch of their project with the name ATS Greens at a price of `15,000 per sq yd. The group has also

Prominent Upcoming Residential Developments in Zirakpur-Dera Bassi area

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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Table: Residential Development in Zirakpur-Dera Bassi areas Prominent Developers and Projects

Prominent Typology

Absorption Trend

Pricing Trend

Residential Developments along Zirakpur-Patiala Highway and VIP Road Green View, Jaipuria Sunrise, Skynet apartments, Palm Court and Defence Enclave, Maya Gardens, Savitry Greens

Plots and 2- and 3-BHK apartments

Plots in these projects observe high absorption

Plots: `30,000-`35,000 per sq yd

Apartments witness 95-100% absorption and now available on resale

Apartments: `2,800-`3,600 per sq ft

Ojas Grand

4-BHK apartment and 5-BHK duplex penthouses

80% absorption

`5,500-`7,500 per sq ft

Residential Developments along Gazipur Road Aero Homes, Girisa Towers

3- and 4-BHK apartments and penthouses

Ranges between 40-75%

Apartments: `2,300-`2,800 per sq ft

Residential Developments along Zirakpur-Ambala Road Gulmohar Enclave, Silver City Themes, Nirmal Chhaya, Savitry Greens, Sushma Chandigarh Grande, Motia’s Royal Citi, Savitry Greens 2, Maya Garden City

3- and 4-BHK apartments and plots

Most of the earlier launched developments witness 70-80% absorption while the recently launched projects enjoy absorption of approx 25-30%

Plots: `30,000-`35,000 per sq yd Apartments: `2,600-`3,900 per sq ft

Residential Developments in Dera Bassi ATS Golf Meadows, Leafstone, SBP Housing Park

2-, 3- and 5-BHK apartments, plots and villas

20-25% in apartments

Villa: `4,750-`5,000 per sq ft

Apartments in ATS Golf Meadows witness 80-90% absorption

Plots: `17,000-`22,000 per sq yd Apartments: `2,600-`3,400 per sq ft

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

Different Residential Typologies in Zirakpur launched its multi-storeyed group housing project with the name of ATS Meadows at a capital price of `2,000 per sq ft.

However, the current sale price of plots at ATS development ranges around `17,000-`22,000 per sq yd and within a price band of `2,600-`3,900 per sq ft for apartments. Villas in ATS Meadows are currently selling within a price range of `4,750-`5,000 per sq ft for villa sizes of 325, 350 and 500 sq yd.

Apart from this, developments such as Gulmohar Enclave, Silver City Themes, Nirmal Chhaya, Savitry Greens, Sushma Chandigarh Grande and Motia’s Royal Citi are some of the residential projects being developed by the local builders along the Ambala highway.

Capital prices for group housing developments range between `2,600-`3,900 per sq ft while capital prices for residential plots range between `30,000-`35,000 per sq yd depending upon the location and accessibility.

Some of the high-end residential projects viz Sushma Chandigarh Grande commands a current capital price of `4,000 per sq ft while Ojas Grand, located along VIP Road that offers luxury apartments quote a capital price ranging between `5,500-`7,500 per sq ft.

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U r b a n Development in

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Panchkula

R

eal estate development in Panchkula area of Tri-city region has been divided mainly in the developed sectors along PanchkulaKalka Highway and in Peer Machhala area.

In the developed sectors of Panchkula, the residential developments are mostly observed in the form of plotted developments or group housing developments developed for government employees. The size of plots in these sectors ranges between 75 sq yd and 350 sq yd while in some of the sectors plots of up to 1,000 sq yd (2 kanal) can also be observed. The prices of these residential plots in the prime sectors of Panchkula range between `75,000-`160,000 per sq yd.

The city’s texture is on the lines of Chandigarh, restricting private activity in main sectors. However, developers such as Suncity, Parsvnath and Bhoomi Infrastructure have come up with their respective residential developments along Panchkula-Kalka Highway in 2010 & 2011 and these are available at a capital price ranging between `4,150-`9,000 per sq ft.

Some other developments have also come up along the Panchkula-Kalka Highway in the vicinity of cantonment towards extension of Panchkula in north. The area is segregated from main city by an industrial belt and the

Prominent Upcoming Residential Developments in Panchkula area

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cantonment. However, the national-level developers such as DLF and IREO are in the process of developing townships across 190-200 acres. The typology of development observed here is in the form of residential plots, apartments and independent floors with prices of plots ranging between `35,000-`45,000 per sq yd and those of apartments ranging between `3,200-`5,500 per sq ft. New group housing developments are also coming up along the Haryana Punjab border, behind sector 21 of Panchkula at Peer Machhala which falls in Punjab.

The residential typology comprises mainly of apartment developments spreading over 5-20 acres, primarily targetting the MIG segment of the population. Major projects are Chinar Homes, Bollywood Heights and projects launched by Royal Empire Group.

The capital price of these apartments range between `2,800-`4,000 per sq ft and most of these projects have been launched in the year 2010 & 2011. The region houses all group housing projects in the nominal price band of `3,000-`4,000 per sq ft. Only limited projects are priced below `3,000 per sq ft.

Residential Development in Panchkula area Sectors

Typology

Pricing Trend

Developed Residential Sectors of Panchkula Sectors 1-5, 6-8, 10,11,12, 12A,15,16,24, 25,26

Plots ranging in size from 75-350 sq yd up to 2 kanal (1,000 sq yd

`75,000-`1,60,000 per sq yd

Sector 24, 25, 26

Group Housing

`3,500-`4,300 per sq ft

Sector 27, 28

Haryana Housing Board Plots - smaller in plot size

`50,000-`60,000 per sq yd

Sector 20, 21

Group Housing Societies

`5,000-`7,000 per sq ft (based on construction)

Prominent Developers & Projects

Prominent Typology

Absorption Trend

Pricing Trend

Private Developments along Panchkula-Kalka Highway Suncity Parikrama, Ess Vee, 2-,3- and 4-BHK Parsvnath Royale, Bhoomi Greens apartments

DLF Valley, Ireo Five River and Amravati Enclave

3- and 4-BHK apartments and plots

Ranges between 70-90% with annual sale of 100-150 units; Suncity Parikrama witnessed annual sale of 450 units, Ess Vee indicates 20% absorption with annual sale of 30 units

Sector 20: `4,150-`9,000 per sq ft

Apartments: 230-900 units per annum

Plots: `35,000-`45,000 per sq yd

Sector 30: `4,150 per sq ft

Apartments/ floors: `3,200`5,500 per sq ft

Private Developments in Peer Machhala Chinar Homes, Bollywood Heights 2-, 3- and and projects by Royal Empire 4-BHK Group apartments

Ranges between 30-60% with an annual sale of 40-230 units

Apartments: `2,800-`4,000 per sq ft

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

Different Residential Typologies in Panchkula

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U r b a n Development in

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Commercial Real Estate in Tri-city

T

he development of commercial spaces (office spaces) is formalised in the Chandigarh region where these spaces find place majorly in the form of booths, bay shops, double-storey shops (DS Shops), shopscum-offices (SCOs) and shops-cum-flats (SCFs) which were intended to provide mix use in a planned way. For the purpose of assessments in this section, commercial spaces are meant to imply SCOs and SCFs, a combination of retail and commercial spaces, unless otherwise indicated.

SCOs are classified into one bay, two bays and three bays, depending upon number of bays in single SCO. One bay of an SCO admeasures approximately 16 ft x 66 ft, although the dimensions vary in different sectors of study region. As the study region comprise of state capital of two states viz Punjab and Haryana, government offices mainly dominate commercial property markets. Offices of financial organisations like banks and insurance companies also exist in large numbers but most of these offices are mixed with retail business across major markets of the Tri-city. IT/ ITES companies currently occupy limited space in and around the city forming part of RGCTP (Kishangarh) and Quark City (Mohali). Viewing commercial office landscape of the region, it is observed that Chandigarh and Mohali are two prime office markets in the incumbent. Apart from these two, Shipra World Ltd. is coming up with a large commercial project at Zirakpur.

Type of Commercial Development Development Description Type Booth

Single storey shop

Bay Shop

Shop with basement, basement used for storage purposes.

Double Storey Shop (DSS)

Shop on two floors with basement, ground and upper floor used as shop and basement for storage purposes.

Shop cum Office (SCO)

Building generally having ground plus 3 stories along with basement. It has shops on ground floor and office spaces on above floors & basement is used for storage purposes.

Shop cum Flat (SCF)

Building generally having basement plus 4 stories with shops on ground floor, residence on top floor and offices in first & second floors, basement used for storage purposes.

Commercial towers

These are the buildings of international quality housing various MNCs. This category was recently introduced in the city with launching of Rajiv Gandhi IT Park at Mani Majra.

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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Commercial inventory snapshot of major economic zones of the region

Active Zones: Chandigarh and Mohali Nascent \Market: Zirakpur

Total Existing Commercial Office Area (IT and Non IT): Approx

Total upcoming Commercial Office Area (IT and Non IT): Approx

million sq.ft.

million sq.ft.

Chandigarh

Existing Stock: Approx

million sq.ft.

Upcoming Grade A supply: Approx

million sq.ft.

Proposed Developments: Approx

million sq.ft.

Proposed Developments: Large number of units in industrial area has already been converted to commercial use.

Approximately 5.5-6.5 million sq ft IT supply can be released in RGCTP with interest of other IT companies coming up in Chandigarh. A lot of industrial units which have already attained commercial approvals are yet to be released as commercial spaces depending upon demand from office segment in short to medium term.

Chandigarh has well developed commercial market. Primarily, it houses all the government offices of both Punjab and Haryana.

Most of the government offices have their own buildings. Apart from government offices, the city has branches of all banks, computer training institutes, and fashion institutes, among others. The existing main commercial sectors are 8, 9 & 34. Other sectors, which have commercial spaces, are sector 22, 35 & Mani Majra. Here also, all the developments are in the form of SCOs. The built up area of a SCO in sector 8 & 9 averages to 9,200 sq. ft. whereas in sector 34, the average area is 15,400 sq. ft.

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Commercial Inventory and Stock Of the available approximately total stock of 5.4 million sq ft, it is estimated that approximately 3 million sq ft is under commercial office use by various corporates. The corporates in Chandigarh and surroundings observe space limitation owing to limited size of SCOs. Moreover, as per the regulations by the Authority, it is difficult to guild two or more units to get a larger space.

On the back of estimated demand by corporates, many land lords in Industrial Area have converted their industrial parcels to commercial use and are coming up with prime Grade A non-IT

U r b a n Development in

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Micro Market wise Commercial classification in Chandigarh Commercial Sectors

Characteristics Grade of Development: Grade B SCO development Commercial Tenant Typology: Private sector mid-scale corporates, banks, multi-specialty clinics and insurance companies,

Sector 7, 8 and 9

Eminent corporates: IDBI bank, Corporation Bank, Indusind Bank, Allahabad Bank, Union Bank of India, State Bank of Patiala, Federal Bank, Punjab National Bank, Central Bank, Canara Bank, State Bank of India, HSBC, ICICI, UCO Bank, Bank of Punjab, Indian Bank, City Bank, Standard Chartered Bank, Lord Krishna Bank, Vijaya Bank are all present here.

In case of clinics, there are MAX, Shri Guru Khalsa Hospital, Apollo Clinic, Mediwell Heart Institute, Dr Batra’s Lab, Prime Diagnostic Lab, Grewal Eye Institute, Ranbaxy Insurance companies occupying space there are ING Vasya, National Insurance, Birla Sun Life, Max New York Life, Bajaj Allianz & United India Insurance.

Grade of Development: Grade B SCO development Commercial Tenant Typology: Banks, government offices, multi nationals, educational and teaching/ coaching institutes, travel agencies, insurance companies

Sector 34

Eminent corporates: Siemens, IT department of Punjab, Escorts, STG, Swaraj Tractors, Punjab Roads & Bridges Development Board, Voltas Ltd, Sify, Times Education Institute, NIS Academy, Virdi Eye Hospital, NDDB, Verka, Sharp, Tata, Samsung, Omni Hospital, Zed Carrier Academy, BIS, Punjab Health Systems, Chambal Fertilizers, Jet King, Punjab State Human Rights Commission, Regional Passport Office, HUDCO, Income Tax Office, Sahara Samay, Modi, State Electricity Commission and Mukat Heart Hospital, among others.

RIMARILY RETAIL Grade of Development: Grade B SCO development

Sector 17

Commercial Tenant Typology: Banks, Real estate companies, Insurance companies, embassy consulate office, Public Sector Units (PSU’s) / government offices, district courts and regional office for Reserve Bank of India.

Eminent corporates: Godrej, Jones Lang LaSalle, Shipra World Ltd, EMAAR MGF, HDFC, ICICI, Canadian Embassy, Income Tax office, Punjab financial corporation, Punjab state warehousing corporation, Punjab Mandi board, Punjab Poultry Dev. Corporation.

Sector 22 and 35

PRIMARILY RETAIL Grade of Development: Grade B SCO development Tenant Typology: Banks, local computer training institutes, cyber cafes and telecom companies, among others.

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

commercial offices and retail malls. Industrial areas Phase I and II are strategically located with respect to the Airport and other commercial corridors / districts of the city. Given the large scale transformation of industrial compounds into non IT commercial and retail developments after the notification of the land conversion policy by Chandigarh Administration in 2005, the said Industrial Area is emerging as a key business district. At present, a large part of the industrial area still houses large and medium scale industries like Bhushan Steel and Power, Avery Cycles, Unicon, etc. Besides standalone buildings for banks and car showrooms for Maruti, Toyota, BMW, Audi, Mercedes etc, the said industrial area has the largest shopping mall, Elante (approx 1.2 million sq ftby L&T along with another retail development Centra (0.16 million sq ft). There are two operational projects of approximately 1 lakh sq ft, each by local developers in the micro

market. Industrial area Phase II comprises of small and medium scale manufacturing industries involved in manufacturing of furniture, utensils, alloys etc. It also has few car showrooms for companies like Maruti, Tata Motors, Mercedes Benz and Ford. The development profile of this area is relatively less attractive and of a lower standard as compared to Industrial Area Phase 1. None of the Grade A developments is yet proposed in Industrial Area Phase II. No leasing activity has taken place in majority of the large scale eminent developments. This is also attributed to delay in project completion. In the incumbent market situation, leasing is a function of project completion as majority corporates look out for operational buildings, which ready for fit-out. Closest to completion is Godrej Eternia project which is likely to be delivered by end of 2014.

Capital prices in these developments range from `10,000-`13,500 per

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Non IT Commercial office Grade A stock in Chandigarh (multi-tenanted)

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

sq ft for office area on upper floors. Ground floor in majority developments is spared for retail, which is being sold within a price band of `15,500-`23,500 per sq ft.

Apart from non-IT developments, there is a large IT park in Chandigarh viz Rajiv Gandhi Chandigarh Technology Park (RGCTP). Chandigarh administration has proposed a world-class infrastructure facility for the major IT/ ITES companies in the form of RGCTP at Kishangarh, situated at north eastern side of the capital city. Chandigarh Technology Park (CTP) is an extremely important project for the Union Territory of Chandigarh as it provides the infrastructure necessary for the setting up of facilities/ campuses by leading technology companies and other IT/ITES/BPO companies in Chandigarh for the first time. By setting up RGCTP, Chandigarh Administration has taken a step towards providing worldclass facilities in Chandigarh so that not only employment at the highest level but also the economy of Chandigarh and the region would get a boost. Phase I of RGCTP is proposed to be developed over an area of 111 acres out of which approximately 60 acres has been set aside for technology companies and the remaining area for related services and green belts. Along with Infosys Technologies, DLF Limited (Ready built space developer), Airtel, Wipro have launched

Apart from non-IT developments, there is a large IT park in Chandigarh

Existing commercial (retail cum office) stock in Chandigarh

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

Eminent Commercial cum Retail Developments in Chandigarh

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DLF IT Park within Chandigarh Technology Park (RGCTP).

DLF project consists of six office blocks, each equipped with an independent lift lobby. It has an office space of approx.

800,000 sq. ft. targeted at IT/ITES companies.

The already operational IT office inventory in Chandigarh is approximately 1.8 million sq ft of which 525,000 sq ft is under Infosys and 800,000 sq ft area is under DLF development. Scale of upcoming IT developments is likely to be to the tune of another 5.5-6.5 million sq ft. However, nothing has yet been launched or planned by any corporate except Wipro which is developing its first phase out of the 30 acres development.

U r b a n Development in

CHANDIGARH

Mohali

Existing Stock: Approx.

Upcoming Grade A supply: Approx.

million sq.ft.

million sq.ft.

Proposed Developments: Approx.

million sq.ft.

Proposed Developments: Large number of units in the industrial area has already been converted to IT/ ITeS-based mega projects; Approximately 3.5 million sq ft IT supply is likely to be released in Quark City, Bestech Business Park and Punjab InfoTech project in three-five years’ time span.

For a long period of time, only demand for commercial spaces in Mohali had been by banks, technical institutes and local occupiers.

Commercial development is primarily in the form of SCF and the main

sectors are 59, 60, 61 & 63. The average built up area of SCF is 4,125 sq ft. However, Mohali is now becoming a choice for various companies to set up their infrastructure here.

Micro Marketwise Commercial Classification in Mohali Commercial Sectors Characteristics Grade of Development: Grade B SCF development

Sector 59,60, 61 & 63

Commercial Tenant Typology: Mid-scale corporates, banks, insurance companies, travel agencies and emigration centres, coaching institutes for computers, linguistics & competitions, immigration centres Eminent corporates: Bank of India, Bank of Baroda, United India Insurance, Allahabad Bank, Chawla Nursing Home, Tribune, Andhra Bank, Bank of Punjab, state Bank of Patiala, State Bank of India, Canara Bank, Sachdeva New PT College, NIFD, UTI Bank, ICICI, Punjab National Bank, HDFC, Centurion Bank, Karnataka Bank Grade of Development: Grade A commercial development Commercial Tenant Typology: Primarily IT/ ITeS Eminent developments:

Sector 66 - 75 (Phase VIII AND IX)

Quark city SEZ: offers a total space-solution over approx. 6,055,000 sq. ft. Planned over 46.34 acres, Quark City, is expected to generate 25,000 direct and over 100,000 indirect jobs. This massive employment generation is expected to generate considerable demand for residential, retail, hospitality, and leisure and entertainment real estate sectors. It has been accorded Special Economic Zone (SEZ) status by the Government of India. Considerable benefits accorded to occupants of SEZs are likely to fuel demand for space within Quark City by IT/ITES companies.

Punjab Infotech Project, Government initiative in Non IT commercial office space, offers a total area of approx. 1.35 million sq. ft. Planned over 8.56 acres, this project houses five sites of which one has been planned for hotel use. Punjab Infotech is in process of selling commercial plots varying from 0.85 acres to 2.55 acres to various regional developers through bid route; however no commercial asset has been released till date.

Bestech is also coming up with 13 acres project at sector 66 in Mohali, which entails a total commercial, retail and IT office area of approx. 1.0 million sq. ft. The developer has already launched 650,000 sq. ft. of area as Bestech Business Park.

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

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Existing commercial (retail cum office) stock in Mohali

developments may generate demand for commercial development in business centre format.

Commercial Inventory and Stock

Of the available approx. total stock of 1.3 million sq ft, it is estimated that approximately 50% (0.65 million sq ft) is under commercial office use by mid-scale corporates and banks. Owing to availability of larger land parcels and affordable price points, majority developers are coming up with retail malls and commercial offices in Mohali. All the projects are currently under construction and are likely to be completed by 2014-2015. The city has observed good sales however leasing activity shall pick up momentum once these projects are in advanced stage of construction (ready for fit-out).In terms of the upcoming non IT office supply, the eminent projects include C&C Corporate Park, Sunny Business Centre and TDI Centre. Supply estimates in the micro market are detailed below: Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

The Punjab government has already made its intentions clear to develop Mohali as an Excellence Centre for IT and enabled services The Punjab government has already made its intentions clear to develop Mohali as an Excellence Centre for IT and enabled services. The property rates would increase, once some MNCs decide to invest in the micro market. The impact of Bharti Telecom, HFCL, Spice, Quark, and PCA stadium is already visible. The focus has now swung to develop Phase VIII A and VIII B Industrial hub in Mohali for IT centric industries due to the strategic position, infrastructure support and escalating attention of internationally renowned IT companies for establishing their IT related undertakings in the locale.

Leading IT players like Wipro, TCS, Infosys, and Convergys have already approached Government of Punjab/ PSIEC for allocation of land in these phases for putting up their commercial ventures. Punjab government is similarly ardent to progressively attract IT companies for largescale investments in Mohali and enlarge their activities.

In addition, spurt of organised commercial and IT/ ITeS

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Non IT Commercial office Grade A stock in Mohali (multi-tenanted)

Apart from non-IT developments, there are two major IT-based developments proposed in Mohali primarily in industrial area.

These include Quark City and Punjab InfoTech. Total IT inventory planned in Mohali is approximately 3.5 million sq ft.

IT/ ITES office Grade A stock in Mohali (multi-tenanted)

Source: Real Estate Market Research & Analysis; Jones Lang LaSalle, 2014

U r b a n Development in

CHANDIGARH

Eminent Commercial cum Retail Developments in Mohali

Quark City entails approximately 46.34 acres of which approximatelty 33.97 acres fall under approved SEZ and remaining 12.37 acres is a part of non-SEZ area.

Approximately10.47 acres from the main development is either developed or under construction. Therefore, vacant area as on date is approximately 35.87 acres.

Total commercial and IT inventory in Quark City is

Zirakpur

I

approximately 3.2 million sq ft of which 90% is IT-based office supply (2.85 million sq ft ) and mere 10% is proposed as commercial offices (0.36 million sq ft).

Bestech offers commercial and IT inventory, of which approx. 0.76 million sq ft is earmarked for IT based offices (70%). The developer is selling the project at `6,000-7,000 per sq ft.

Eminent Commercial cum Retail Developments in Zirakpur

n the incumbent, Mohali is registering a boom in the real estate market with supply keeping pace with demand; the area is all set to emerge as the next axis for commercial non-IT space. Location of Zirakpur makes it favourable among occupiers and investors.

Zirakpur act as an entry point to the Tri-cities. Number of developers like Bawa Estates, Sushma Buildtech and Parasmani Buildtech among others has their presence in market with many operational and under construction projects. With improving infrastructures, fast connectivity, and the forthcoming world-class realty projects, this developing real estate destination is ready to cater to the needs of every corporates looking for a property close to Chandigarh and at affordable prices.

Initially, Zirakpur market was dominated by SCO developments, largely developed by local developers.

The major developments are on main highway (NH 22), VIP Road and Rajpura road (NH 64) among others.

Typical size of SCOs varies from 6,000 sq ft-12,000 sq ft.

These developments are commanding a capital price of `4,000-`6,000 per sq ft depending upon the floor, location, specifications and neighbourhood developments. The

Mohali is all set to emerge as the next axis for commercial non-IT space

rentals for these SCFs are ranging from `20-`40 per sq ft per month. The capital price for the Grade A commercial space ranges from `6,000 per sq ft-`8,000 per sq ft. Most of the grade A developments has retail space on lower floors whereas office are located on upper floors.

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design

Simply out We bring you five of the best designs from the architecture world The Blue Planet - Denmark’s Aquarium is Northern Europe’s largest aquarium and offers a unique experience for children and adults

2 Alcacer do Sal, Portugal - The project is based on an attentive reading of the life of a very specific kind of community, a sort of a microsociety with its own rules

3 PARKROYAL on Pickering - The podium is a remarkable piece of architectural theatre: it presents a monumental embellishment to the Singapore streetscape

House of the Arts - The slopes of the roof look for identification with the city rooftops and the use of the strong colour is intended to create a building which is immediately recognisable by the public

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4

1

of the world

5 Red Pepper House - A main goal for the design was to minimally disturb the forest, which provided very few clearings.

The existing layout of trees directly resulted in a spatial arrangement for the house, with the building footprint and roof form only occupying voids in the vegetated landscape

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design

1 The Blue Planet by 3XN (Copenhagen, Denmark)

Lighthouse project

Architects 3XN Location Kastrup, Copenhagen, Denmark Area 10,000 sqm Year 2013

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At the tourism conference “A New Way to Grow” 2012, the Blue Planet was chosen as Denmark’s best lighthouse project within experience economy, because of its potential for growth, influence on regional development, innovation, realisation and uniqueness

T

he Blue Planet is Europe’s largest and most significant aquarium with an outstanding location on the shores of Øresund, only eight kilometres from the Copenhagen City Hall Square. Moreover, the aquarium in Taarnby Municipality is ideally located with motorways, Copenhagen Airport, the Øresund Bridge, Metro and international trains within few hundred meters. The Blue Planet will be one of Denmark’s five most prominent tourist attractions. At the tourism conference “A New Way to Grow” 2012, the Blue Planet was chosen as Denmark’s best lighthouse project within experience economy, because of its potential for growth, influence on regional development, innovation, realisation as well as its uniqueness and ‘reason to go’. Denmark’s Aquarium was founded by civil engineer and contractor Knud Højgaard. It opened for the public in 1939 just four months before the break

The aquarium is equipped with double glazing units as well as sea water cooling, which will reduce the energy consumption in the Blue Planet

Photo courtesy: © Adam Mõrk

out of World War II and seven months before the occupation of Denmark. The consequence was closed borders and considerable problems in getting hold of exotic animals to the aquarium. However, through an impressive effort with Danish and home reared fish the aquarium was kept open and active. After the war, the aquarium was in a bad shape, and Knud Højgaard initiated extensive renovations. During the next decades the building went through several modernisations and enlargements.

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design

2 Alcácer do Sal Residences

Photo courtesy: © FG+SG – Fernando Guerra, Sergio Guerra

by Aires Mateus (Alcacer do Sal, Portugal)

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Architects Aires Mateus Location Alcacer do Sal, Portugal Area 1,560 sqm Year 2010

An emotive and variable experience Independents unities aggregate into a unique body, whose design is expressive and clear. The reduct mobility of those who will live in the building suggests that any displacement should be an emotive and variable experience. The distance between the independent units is measured and drawn to turn the idea of path into life, and its time into form

T

he project is based on a attentive reading of the life of a very specific kind of community, a sort of a micro-society with its own rules.

It is a program, somewhere in between a hotel and a hospital, that seeks to comprehend and reinterpret the combination social/private, answering to the needs of a social life, and at the same time of solitude. Independents unities aggregate into a unique body, whose design is expressive and clear. The reduct mobility of those who will live in the building suggests that any displacement should be an emotive

and variable experience. The distance between the independent units is measured and drawn to turn the idea of path into life, and its time into form. The building, designed path, is a wall that naturally rises from the topography: it limits and defines the open space, organising the entire plot.

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design

3 PARKROYAL on Pickering

by WOHA (Singapore)

S

© Patrick Bingham-Hall

ingapore-based WOHA Architects have long been advocates of the ultimate ‘green city’ – one that would be comprised of more vegetation than if it were left as wilderness – and the PARKROYAL on Pickering was designed as a hotel-as-garden that actually doubled the green-growing potential of its site. Massive curvaceous sky-gardens, draped with tropical plants and supporting swathes of frangipani and palm trees, are cantilevered at every fourth level between the blocks of guest rooms.

Greenery flourishes throughout the entire complex, and the trees and gardens of the hotel appears to merge

with those of the adjoining park as one continuous sweep of urban parkland. Most of Singapore’s recent architecture – especially in and around the city centre – is nothing more than generic and can be seen anywhere in the world, regardless of climate and culture. An equilibrium point of architectural anonymity has been derived from a number of factors – corporate and bureaucratic risk-avoidance, a desire to promote a global (homogenous) image rather than local, and the ubiquity of semi-famous international architects – but a uniquely progressive tropical city has been sold short.

WOHA paid no attention to the placeless blandness of the modern Singapore skyline, and finally the city has a uniquely expressive urban landmark that reinterprets and reinvigorates its location. The PARKROYAL on Pickering was a purely commercial development, with well-defined budgetary and programmatic constraints. But as with many of WOHA’s projects built throughout Asia over the last decade, the hotel performs unambiguously as a public building. Perched above the open-to-all-the-elements pool deck of a five-storey podium, a twelve-storey tower forms an E plan, so that all guest rooms look north to the park and/or into the sky gardens, whilst the services and the external connecting corridors were placed on the southern elevation. As the hotel is ‘self-shaded’ – by the projecting sky gardens and the adjacency of the three room-blocks – and shielded from early morning and afternoon sun by adjoining buildings, the rooms could be fully glazed (by low-emissivity glass) without external screening devices.

design

Architects WOHA Location Singapore, Singapore Area 29,811 sqm Year 2013

Progressive tropical city Most of Singapore’s recent architecture – especially in and around the city centre – is nothing more than generic and can be seen anywhere in the world, regardless of climate and culture. An equilibrium point of architectural anonymity has been derived from a number of factors – corporate and bureaucratic riskavoidance, a desire to promote a global (homogenous) image rather than local, and the ubiquity of semi-famous international architects – but a uniquely progressive tropical city has been sold short

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design

An iconic landmark The dynamism achieved through the continuity between faรงades and roof is accented by a strong red colour, emphasising its design and highlighting the building through the surrounding landscaped area vegetation. More than a building, the Casa das Artes pretends to be an iconic landmark, celebrating the place where people meet, where culture and art happens

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4 House of the Arts

Photographs: João Morgado

by Future Architecture Thinking (Miranda do Corvo, Portugal)

T

he Casa das Artes (House of the Arts) in Miranda do Corvo expresses the meeting between two identities, rural and urban, in a landscape marked by the Lousã Mountains.

The building features a contemporary and volumetrically expressive language. The sloping roofs establish a dialogue with the geometry of the mountain landscape, in an analogy to the village rooftops. The dynamism achieved through the continuity between façades and roof is accented by a strong red colour, emphasizing its design and highlighting the building through the surrounding landscaped area vegetation. More than a building, the Casa das Artes pretends to be an iconic landmark, celebrating the place where people meet, where culture and art happens, a space capable of promoting and stimulating creative activity, increasing the population quality of life. The building consists of three volumes reflecting different sorts of use: the first one containing the stage areas, the second comprising the audience and foyer, and the third with a cafeteria and a future museum area, which constitute a visually independent volume.

Architects Future Architecture Thinking Location Miranda do Corvo, Portugal Area 2,360 sqm Year 2013

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A harmonious dialogue The forest, consisting mainly of mangroves, provides very few open spaces in between and hosts an abundance of chirping birds.

These natural features enable the development of a building, whose design creates a harmonious dialogue with its surroundings.

Without being completely isolated from the local population, its location provides a space where privacy is safeguarded by the nature that surrounds it.

Photographs: Alberto Heras, Stevie Mann

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Red Pepper House

by Urko Sanchez Architects (Lamu, Kenya)

T

Architects Urko Sanchez Architects Location Lamu, Kenya Area 1500.0 sqm Year 2009

he client, Fernando Torres, wanted a private residence that shared a connection with Lamu but was secluded from the main town itself. He had a passion for architecture and at the same time liked to be in contact with nature. Combining these two attributes, a chance was presented to create a form of organic architecture that had a balance of traditional craft and modern requirements. The client had great respect for the environment and wished that the design process preserved the forest as much as possible.

Likewise, the construction process and eventually the running of the building were to share the same attribute.

Located on the island of Lamu towards the north end of the town, the plot is immersed in vegetation and bordered by the beach on its southeast slopes. The forest, consisting mainly of mangroves, provides very few open spaces in between and hosts an abundance of chirping birds. These natural features enable the development of a building, whose design creates a harmonious dialogue with its surroundings. Without being completely isolated from the local population, its location provides a space where privacy is safeguarded by the nature that surrounds it. The architecture incorporates different levels of closure that create a transition between indoors and outdoors.

Arriving to the house from Lamu we find small coral stone masonry houses on the sandy beach creating a scattered urban pattern. This layout and material is used for the setting out of the bedrooms, the only fully enclosed spaces in the house, presenting a sense of security and intimacy.

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focus

Live leak-free, damp-free One of the biggest factors that affect the longevity of a structure is waterproofing as a botched up job can lead a structure into a vicious circle of leakage and repairs for a lifetime. We offer suggestions for a safer tomorrow

V

ast stretches of townships, sky-hugging towers, plush surroundings, CCTVs, central or automated air conditioning, personal swimming pools, squash courts, vertical gardens – homes today offer a plethora of mind-boggling lifestyle amenities. It is a drastic sea change from the clubhouses and gyms builders offered just a decade ago. When they charge top dollars for their condos, builders and developers today need to be more updated with what is being offered to home-buyers globally and must adhere to the best practices and technology in the industry.

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The most important aspect of this exclusive offering is premium quality of construction.

More and more builders today understand that typical defects like leakages or cracks in terraces and walls, musty smelly parking areas, bathrooms with seepage and dripping basement areas are detrimental not only to the structure they have built but their reputation in the industry.

One of the biggest factors that affect the longevity of a structure is waterproofing. A botched up waterproofing job can lead a structure into a vicious circle of leakage and repairs for a lifetime. However,

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focus

Many areas like the basement car parks, terraces or even fancy spaces like luxurious bathrooms, swimming pools or fancy spots like podiums often get neglected and become huge sources of concern in a building after a few years. Adequate waterproofing with new age chemicals that form an impermeable layer around these areas will add decades to the life of the building

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about 85 per cent of contractors and builders are not aware of the key advantages and proper usage of using construction chemicals and have limited knowledge on their proper application.

That’s why it is crucial for an intelligent developer to consider the various longterm advantages of waterproofing with right at the conceptualisation stage of construction. Modern waterproofing solutions have speed and ease on their side. Most construction sites are short of labour. Faster application process reduces labour time which helps in better cost-effectiveness for the builder as well.

What’s more, the cost of waterproofing, taking into the account the best of specifications, will not amount to more than Rs 5 to 10 per sq ft of the total construction cost. This investment will go a long way in plugging costs of heavy repairs in the longterm.

Many areas like the basement car parks, terraces or even fancy spaces like luxurious bathrooms, swimming pools or fancy spots like podiums often get neglected and become huge sources of

concern in a building after a few years. Adequate waterproofing with new age chemicals that form an impermeable layer around these areas will add decades to the life of the building.

In fact, elastomeric polymer science has added a miraculous dimension to waterproofing solutions to building structures, with a quick and easy solution for all kinds of leakage issues. Dr Fixit, India’s one-stop resource to leakage troubles, has been advocating the cause of proper waterproofing for decades. Through their efforts, Dr Fixit is creating awareness about right materials, trials and demos at each and every site, and site audits and advisory to drive their agenda of sustainability and ecofriendly constructions. With their own pool of applicators, they train labour in correct application methods on the site as well as in the classroom. The brand has now taken another huge leap towards a leak-free damp-free India. Dr Fixit has now instituted a signature mark, Leak-free Homes, especially for constructions waterproofed

Elastomeric polymer science has added a miraculous dimension to waterproofing solutions to building structures

by their experts. As a symbol of their high standards and solid commitment to improving the longevity of Indian construction, the Leak-free Homes mark will be a certificate of standardized and superior waterproofing practices and a true measure of premium construction standards.

After all, detailed preventive waterproofing and a certificate to prove it will help the developer lobby develop better structures with more state-of-the-art amenities for their buyers.

Given the hot and humid weather, heavy monsoon and extreme weather conditions in most parts of India, wear and tear of tall buildings is an area of concern. Exposure to extreme heat and water can take its toll on a structure. The focus of construction technology, therefore, should be to protect structures from the onslaught of water and heat.

It is observed that in general, water seeps through external walls within the first five years of building completion. Seepage is caused by high wind speeds that so many of our tall buildings are exposed to.

This is caused by lack of proper waterproofing and preventive external wall care. Building envelopes

Plush highrises have extremely high consumption of energy because of central airconditioning. Energy saving is apriority for a responsible economy. In a country where we have a shortage of power, all buildings which consume AC should be well-insulated.

The world over there is now a greater demand for green sustainable buildings that can help us live a more environmentally responsible lifestyle

must, therefore, be adequately designed and constructed to prevent ingress of water. Attention should also be given to critical areas like gaps in walls, wall coatings and tiling on the terrace which can lead to leakage in future.

Terrace waterproofing and sustainability Plush highrises have extremely high consumption of energy because of central air-conditioning. Energy saving is apriority for a responsible economy. In a country where we have a shortage of power, all buildings which consume AC should be wellinsulated. The world over there is now a greater demand for green sustainable buildings that can help us live a more environmentally responsible lifestyle. A green building is one which is durable and optimises energy efficiency, as compared

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focus

Typical wet areas in a complex are the luxurious bathrooms, swimming pools or the fancy spots like the podium as it contains multiple utilities and movements to a conventional building. Dr. Fixit introduced a pathbreaking range of waterproofing and insulation system, Low Energy Consumption. It offers an excellent range of waterproofing solutions that also help in thermal insulation ensuring up to 60% of energy conservation for a structure with a 25-year long accountability! Dr. Fixit Blueseal is a newly launched systems solution from this unique range to counteract the limitations of conventional system of brick bat coba for waterproofing and insulation. It’s a spray applied seamless polyurethane membrane for roofs with screed at a competitive rate.

Millions of bathrooms leak Exposure to heavy rainfall or internal bathroom

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leakage can lead to corrosion of beams, rising dampness and unhygienic algae infested walls which can damage the concrete in a structure. Most multidwellings face this issue and do a disservice to the aesthetic and durability of the structure.

Sustained research indicates areas prone to leakages in bathrooms. This can be treated with a comprehensive one kit solution. Dr. Fixit Bathseal kit can ensure 100% leak-free bathrooms. One kit per bathroom is customized in different pack sizes to cater to the builder’s requirement.

Extra care for the wet areas Typical wet areas in a complex are the luxurious bathrooms, swimming pools or the fancy spots like the podium. These structures need attention as it contains multiple utilities and movements. Dr. Fixit FastFlex – Swimming pool is a high performance polymer modified cementitious coating for water bodies and open balconies.

Advent of exterior coatingsWhile most builders deliberate over cosmetic and design features of the structure, it has been observed that little attention is paid towards critical areas like gaps in between

focus

walls, wall coatings, tiling on the terrace etc. At times, gaps in walls can result in serious leakage through external walls. This can damage expensive interiors too.

According to experts, either cement or general exterior acrylic paint is not sufficient protection for your building. For effective waterproofing of external walls, the coating material should function as a strong impermeable layer around the structure. Hence it is a must to opt for a high quality acrylic emulsion polymer which are uniquely combined with weather durable pigments, graded fine fillers and additives and can act as a barrier to liquid water and carbon dioxide gas; but permeable to water vapour.

There are unique waterproofing products like Dr. Fixit Raincoat, a high performance acrylic elastomeric coating for external walls and Dr. Fixit Newcoat which can bear heat, humidity and rainfall and form a layer around the construction of terraces.

These products also bridge existing cracks, maintain flexibility and strength over a broad temperature range, resisting dirt pick up and fungal/ algal growth.

Dr. Fixit Raincoat comes in more than 700 shades (wall paint is not required at all) and are suitable for all types of exterior surfaces—cement and asbestos sheets alike. This proves to be a cost-effective alternative to regular acrylic decorative paints.

Attention to basements The various systems of basement waterproofing includes tanked protection where a liquid applied coating or membrane can be applied on all internal surfaces, integral waterproofing system where structure has to be designed like a water retaining structures or a combination of those two for

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For existing basement structures facing the problem of moisture ingress, can be rectified with a crystalline coating. For basements having water seepages or leakages can be rectified with a polyurethane injection. Dr. Fixit Samshield is a special tear resistant self adhesive SBS based membrane cross laminated with Valeron devised specifically for basement upkeep

important structures. Malls and public buildings should have additional provision of drainage system equipped with a pumping system. In case of basements all joints are very much critical which should be provided with water bar at all horizontal, vertical joints of floors and walls.

For existing basement structures facing the problem of moisture ingress, can be rectified with a crystalline coating. For basements having water seepages or leakages can be rectified with a polyurethane injection. Dr. Fixit Samshield is a special tear resistant self adhesive SBS based membrane cross laminated with Valeron devised specifically for basement upkeep.

Dr. Fixit, largest waterproofing brand in India Dr. Fixit sees a paradigm shift in construction practices and spearheads the proposition of modern system solution approach against conventional waterproofing techniques. It has a comprehensive range of solutions for the builder community to build a Leak Free India.

chapter news

national delhi ncr pune chhattisgarh madhya pradesh

India Property Show in Dubai

The Indian Property Show, organised

by Sumansa Exhibitions, in December 2014 at World Trade Centre in Dubai, was a grand success. CREDAIMaharashtra had a special pavilion where more than 15 builders and developers, especially from Pune and Nagpur, participated. The show was inaugurated by famous Bollywood actor-director Arbaaz Khan.

Over 173 developers showcased more than 600 projects across the length and breadth of India, ranging from affordable homes to hi-end villas in four distinct

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pavilions. A large cell was established on the occasion wherein distinguished lawyers from Mumbai, Delhi and Bengaluru provided free legal advice related to property purchase and other important information free of cost to investors. Prospective buyers were educated during free seminars by property gurus on investment options across various Indian cities.

Vaastu sessions were held wherein tips were disseminated. CREDAI Maharashtra had taken special initiatives and efforts to make this show memorable.

Pathnatya shows on Naiknavare Group Sites Pathnatya show on various welfare schemes, announced by Maharashtra Building & Other Construction Workers Welfare Board was conducted December 31, 2014, at Dwarka, Chakan, Eagle Nest, Vadgaon Maval and The Spires, Banner Site. Vikas Jadhav, HR Head; Adv RE Kulkarni; Samir Parkhi, assistant manager, Labour Welfare from CREDAIPune Metro; Sri Ghuge, safety & security advisor; Parag Pande and Mohan Kulkarni from Manoranjan Group were present for the closing Pathnatya show.

Manoranjan Group explained the various welfare schemes effectively through Pathnatya performances with a number of labourers and contractors getting impressed from the same. They also showed their willingness to register with BOCW Board. The event was attended by more than 120 labourers from Dwarka Site, Chakan, 100 labourers from Eagle Nest Site, Vadgaon Maval Site and 130 labourers from The Spires Site, Banner . The event was well planned, organised and exeucted by Naiknavare Group.

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15th Mega Property Exhibition of CREDAI-Pune Metro

The growth and development of any city is reflected through its infrastructure. The CREDAI-Pune Metro is playing a significant role and in the same direction, it organised the 15th Mega Property Exhibition. The Expo is an ideal platform to showcase projects, creativity, varied tastes of new era homes, budget homes, ecohomes and lavish homes etc.

CREDAI-Pune Metro organised one of the popular and most awaited official mega property exhibitions between January 9-11, 2015 at SSPMS Ground in Pune. This was the 15th year of property exhibition and in all these years, CREDAI-Pune Metro has earned to instill trust and goodwill among property buyers which speaks of its growing popularity. Since the members abide by the Code of Conduct adopted by the association, home buyers can approach the grievance cell of the association which has raised the level of confidence and trust among home buyers.

Important features of the exhibition include 172 stalls that had participation from 106 members.

Apart from member developers, financial institutions/ bankers including HDFC Housing Finance, LIC Housing Finance, Sundaram BHP Paribas Home Finance Ltd, State Bank of India, Reliance Home Finance Ltd and PNB Housing Finance Ltd participated in the exhibition .

This time, a few new online features for promoting projects of

members during have been included. These new initiatives include a separate landing page for each developer and their project; each customer will have a unique QR code for Ease of Access to the exhibition and there is a specific Application made for CREDAI exhibition 2015, which can be downloaded by the visitors before hand to guide them through the exhibition. Then there is a special augmented reality arena to give the visitors the experience of Pune.

With around 50,000 footfalls, there has been 150 flat booking in three days and the total figure is likely to go up. Dignitaries like the municipal commissioner, divisional commissioner, district collector and town planners to encourage the participants.

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Kreta Suraksha Mela 2014 CREDAI Bengal participated in Kreta Suraksha Mela 2014 between November 24-27, 2014, at Netaji Indoor Stadium. The exhibition was organised by the Consumer Affairs Department, Government of West Bengal with the bid to make consumers aware of their rights.

It was inaugurated by Sri Sadhan Pandey, MIC - Consumer Affairs, Govt of West Bengal; Sri Subrata Mukherjee, MIC - Public Health & Engineering, Panchayat & Rural Development, Government of West Bengal and Sri Biman Banerjee, Speaker, WB Legislative Assembly.

Keeping with the CREDAI mandate of ensuring consumer protection and implementing transparency, CREDAI Bengal made its presence felt at the exhibition through a large stall, communicating to the visitors on the need for an improved connect between the developers community and buyers at large and towards a

direction which CREDAI Bengal had taken large strides. Brochures and informative literature were distributed to all visitors apprising them on the role of CREDAI Bengal as an association which works hand-inhand with flat buyers to address any anomalies/ disagreement arising out of a flat-purchase.On the occasion, Sri Sushil Mohta, President, CREDAI Bengal, said,” At CREDAI Bengal, we work for the sustainable development of the workers and promoters and encourage them to pursue best practices and corporate governance.

Our participation in Kreta Suraksha

CREDAI Bengal Annual General Meeting

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Mela showcases our intent in promoting consumerawareness through proactive policies in this profession.”

A large turnout was witnessed at the CREDAI Bengal stall and numerous queries about CREDAI and consumer protection were responded to by members of the CREDAI Bengal Secretariat. Also, a seminar was held on the last day of the event, pertaining to “Real Estate and Consumer Rights” wherein Sri Prajata Chakrabutty, Legal Officer, CREDAI Bengal, introduced the audience to CREDAI and its methodology for handling grievances of customers against CREDAI Bengal affiliated developers.Overall, CREDAI Bengal’s participation helped in communicating to end-users about how CREDAI’s objective was to build an environment of mutual trust and confidence between the developer and the buyer, and holistically build a fair relationship with the consumers.

The 25th Annual General Meeting of CREDAI Bengal was held at RCTC Kolkata on September 25, 2014. Sri Firhad Hakim, Urban Development Minister, Government of West Bengal was the chief guest on the occasion. A presentation on the accomplishments of CREDAI Bengal achieved during the last three years was made during the proceedings in the presence of eminent industry leaders and CREDAI Bengal members.

Sri Hakim and the outgoing president Sri Harsh Vardhan Patodia and members alike praised the government for their inclusive approach to development in the sector along with the private one. The minister congratulated CREDAI Bengal for continuing to play an important role in making the real estate sector more organised and professional. Sri Sushil Mohta was elected the new president of CREDAI Bengal, along with Sri Nandu Belani and Sri Piyush Bhagat as vice presidents.

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Get the best out of your heritage property

CREDAI Bengal co-hosted a seminar and panel discussion, Get The Best Out Of Your Heritage Property along with Murshidabad Heritage Development Society (MHDS) and iLead on November 22 at the Palladian Lounge. West Bengal governor Sri Keshari Nath Tripathi was the chief guest and inaugurated the day-long seminar by lighting the ceremonial lamp along with Sri Sushil Mohta, Sri Harsh Vardhan Patodia, Sri Pradip Chopra and several other dignitaries. The seminar witnessed the distinguished participation of eminent panelists and industry stalwarts who shared their national and international experiences and experiments to restore, conserve and convert the heritage properties into a financially viable entity which can be replicated in West Bengal.The seminar was held with an aim to promote entrepreneurship by sensitising heritage property owners about various business opportunities and possibilities available today to restore and preserve their heritage properties through viable economic models that can earn revenue. ​CREDAI Bengal has commenced a determined effort to preserve our heritage across the state of West

Bengal and on the occasion, Sri Sushil Mohta, president, CREDAI Bengal said, “We believe the preservation of heritage buildings and along with them its inherent tradition endorses the fundamental bond with our historical, cultural, educational, aesthetic and economic legacies. We require a substantial policy to preserve the heritage properties in India and make some of them a viable business proposition for future. These buildings are a work of art and can act as ideal tourist getaways.

All across European nations there is a significant development in revamping its heritage structures as tourist attractions.”The seminar uncovered the multiple usages of heritage assets, innovative and easy to implement economic models for

creating national and international tourism markets as well as to promote entrepreneurship. A distinguished panel of delegates comprising heritage asset owners/custodian, trustees, curators, government officials, hospitality industry leaders, representatives of national and international organisations, conservation architects and architecture students participated in the seminar with the sole aim to create awareness about the rich and vibrant heritage of Bengal – encompassing architecture, arts, history and social mores. Some eminent panelists who attended the seminar were Sri Aman Nath, heritage entrepreneur associated with restoration of Neemrana Fort and Sri Debasish Nayak, Director, Centre for Heritage Management, Ahmedabad University.

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CREDAI Conclave 2014 addresses Indian Real Estate sector’s issues

CREDAI concluded the two-day CREDAI Conclave themed on “Clean India-Skilled India-Strong India” in New Delhi. Industry voices from across social activists and top notch real estate captains came together along with all relevant ministries at the biggest platform of real estate - CREDAI Conclave. The main focus

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of this year’s conclave was the importance of the housing issue in the country, skill development for the sector and the pledge for a Swachh Bharat by the CREDAI fraternity to work effectively towards garbage reduction and waste management.

The Minister of Urban Development and HUPA Venkaiah

Naidu launched the CREDAI-JLL report on Housing for All: Reforms Can Make It Happen Sooner which focussed on urbanisation coupled with the ever-growing demand for housing that has become a regular feature of Indian society. Elaborating on the efforts of the Modi-led Government, Sri Naidu stressed on the efforts the present government. He said that the government stands for growth and development. He said that under the able and dynamic leadership of Prime Minister Sri Narendra Modi, India is poised for change and the government is looking at wealth creation leading to wealth generation, the need of the hour.

The annual conclave witnessed the participation of dignitaries like Sri Prakash Javadekar, Minister for Environment and Forests; Sri Ramkripal Yadav, Minister of State for Drinking Water & Sanitation; Sri Ashok Gajapathi Raju, Minister of Civil Aviation; Sri Vibhav Kant Upadhyay, Chairman, India Center Foundation and Sri Sanjaya Gupta, MD, PNB Housing Finance Ltd. According to Sri Rohit Modi, President, CREDAI NCR, “The ninth edition of the CREDAI Conclave was a phenomenal success. The two-day conclave saw active participation and support from all relevant ministries and other real estate leader from all over the country.

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The event witnessed the presence of Haryana chief minister who has given an open invitation to private developers to come to Haryana and contribute to the Prime Minister Sri Narendra Modi’s vision of “Housing for All by 2022”. The panelists put forward the burning issues facing the sector in front of the reputed ministers with Sri Javadekar assuring the industry of radical reforms in the process of approvals. The minister assured speedy clearance of all pending issues in a month’s time. This has infused a positive sentiment in the sector and we are all charged up to work towards the objective of “Clean India-Green IndiaSkilled India”.

Since the construction and housing sector is one of the significant contributors to the country’s GDP, there were discussions at the conclave to understand the challenges faced by the sector and the possible solutions to overcome them. Around a thousand developers who were a part of the conclave were satisfied with the response of the Minsters and are raring to move forward with their initiatives.

Sharing views on environment clearance, Sri Javadekar, Minister for Environment and Forests, said, “The Government has made the provision of e-clearance to bring the transparency and speed up

the projects. While the Government is working towards making the rules for environment waste standardised and clearance however we need affordable science and technology to improvise the current scenario of realty sector in India. We need to take policy-led decisions and take reality to the new heights by reducing the time span for clearance and red tapism. I congratulate CREDAI for signing the MOU with IFC which will emphasise on following the standards of maintaining green building.”

Addressing a distinguished gathering of over a thousand developers from all over the country on the second day of the ninth CREDAI Conclave, Minister of State for Drinking Water & Sanitation, Sri Ramkripal Yadav said, “The two major challenges faced by India today are non-availability of clean drinking water and lack of sanitation. Our mission is to work towards ‘Clean India, Healthy India’ which is the dream of PM Sri Narendra Modi and can be realised by 2019 with the continued support of the citizens.”

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On the occasion, Sri Yadav said, “Garbage management is a big challenge today and CREDAI can play a major role by introducing stateof-the-art technology to manage garbage as it has done so in the state of Kerala under the CREDAI flagship.”

The Minister of Civil Aviation, Sri Ashok Gajapathi Raju said, “The housing and construction sector is a crucial sector which contributes a major share to the GDP. There is an urgent need to strive and create a level-playing field for the government and private players in this sector. He

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added the Civil Aviation Ministry has brought out the aviation draft policy recently requesting for suggestions from various stakeholders where the issues of pending cases of the housing and construction sector can be addressed and handled online to ensure speedy solution.”

Credai is our Partner in Progress: Sri Venkaih Naidu Inaugurating the ninth edition of the annual CREDAI Conclave 2014 comprising over 900 members on

Clean India-Skilled India-Strong India, Union Minister of Urban Development and HUPA, Sri Venkaiah Naidu lauded the body for taking up the issue of skill development for the sector as the theme of the conclave.

Assuring CREDAI of complete support, Sri Naidu praised the nodal body for its contribution to the growth in urban in development and promised to relax taxation, help process approvals at the earliest as growth is the agenda of the Modi-led Government.

The inaugural session was attended by Sri P Muralidhar Rao, National General Secretary, BJP; Sri Anuj Puri, Chairman and Country Head, Jones Lang Lasalle and Sri Lalit Kumar Jain, Chairman, CREDAI besides others.

Sri Naidu launched the CREDAI-JLL report on Housing for All: Reforms Can Make It Happen Sooner

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which focussed on urbanisation coupled with the ever-growing demand for housing that has become a regular feature of Indian society. In this pretext, the Government of India acknowledges the importance of the housing issue in the country and it has launched a mammoth goal that promises to provide housing for all its citizens by 2022. The Government would soon roll out the Sardar Patel Urban Housing Mission which will ensure 30 million houses by 2022, mostly for EWS and LIG households.

Acceleration of housing will accelerate output at these industries.

Therefore, it will invite expansion of

these industries, demand for capital expenditure and accelerate the entire economy as well as GDP growth of our nation.

Elaborating on the efforts of the Modi-led Government, Sri Naidu stressed on the efforts the present government. He said the Government stands for growth and development. Praising the current PM, Sri Naidu said that under the able and dynamic leadership of Sri Modi, India is poised for change and the Government is looking at wealth creation leading to wealth generation, the need of the hour. “The present Government

believes in unleashing the forces of growth through various sectors. We need to relook at urban India and economic development which will lead to advancement of India. We understand the contribution of our partners and we know that we cannot progress in achieving our Housing 2020 Plan without the support of private sector.

The real estate sector contributes to 6 pc of the GDP and am confident it will go up to, at least, 12-13 % by 2022.

We strongly believe in a public-private partnership for our success. There has to be synergy of nature, culture and future and CREDAI should accept this as a fundamental rule. Housing sector has tremendous growth opportunities and it is the second largest employer in the country today,� added Sri Naidu.

The minister felt there is a shortage of 16 million manpower worldwide but India has the capability to provide manpower to the global market. He said the

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Deen Dayal Upadhyay Yojna is to be launched for skill development besides providing other opportunities. With development being the core focus of the present government, India will soon emerge as a strong power.

CREDAI Conclave 2014 is a platform to deliberate Prime Minister Sri Modi’s ambitious goal “Housing for All by 2022” informs its central tenet. The Conclave deliberated on enabling policy measures to maximise private efforts in this direction.

The event witnessed the pledge for a Swachh Bharat by the CREDAI fraternity to work effectively towards garbage reduction and waste management. With this pledge, CREDAI would become the first among the associations of industry to adopt Swachh Bharat mission. At the conclave, CREDAI would unveil their initiatives on skill development including setting up a Greenfield Institution for Skill Development in Real Estate sector as this sector is one of the largest employers in India.

CREDAI Bengal Realty Awards 2015 The second edition of CREDAI Bengal Realty Awards 2015, in association with The Telegraph and knowledge partner CRISIL, is slated for March 19. The first edition were a stupendous success, put together by overwhelming participation of CREDAI Bengal members and CREDAI Bengal’s brand presence, the vitality of astronomic media

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coverage by The Telegraph (both pre and post-event) and the credibility of CRISIL’s presence.

This year too, the Realty Awards are back with all the star ingredients to make it an event worth remembering. The Awards 2015 will once again acknowledge and celebrate excellence in real estate sector, by awarding the contribution

of real estate sector players who have raised the bar and set a new benchmark for the overall sector in the state.

CREDAI Bengal members have nominated their projects for this year’s CREDAI Bengal Realty Awards 2015 which shall be shortlisted by an independent jury and the winners selected by a consensus among the jurors.​ The Realty Awards 2015 is a landmark event for real estate sector stakeholders in eastern India and promises to be a star-studded event which will be hosted at The ITC Sonar, Kolkata.

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CREDAI-Gulbarga organised workshop

on VAT on real estate sector A one-day divisional level workshop on KVAT on real estate sector was \ organised by CREDAI-Gulbarga in association with Department of Commercial Taxes, Government of Karnataka. The workshop was attended by officers of commercial taxes department, chartered accountants, tax practioners and real estate developers from Gulbarga, Bidar, Raichur and Yadgir districts.

The workshop was inaugurated

by Sri Vipul Bansal, Deputy Commissioner of Gulbarga. He appreciated the initiative of CREDAI and said these kind of interactions among all stakeholders such as government, real estate developers and consultants should be held regularly to find solutions on various issues. He asked the real estate developers to come forward to take up the social responsibility of providing affordable housing to the weaker sections of society.

Sri Md Rafiuddin, president, CREDAI-Gulbarga and managing director, Asian Builders, said in his welcome speech that the construction industry is the second largest economic activity of country after agriculture. It is second biggest labour employer and it contributes more than

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US$40 billion to Indian economy. He said CREDAI welcome government’s ambitious plan to provide “Housing for All by 2022” and development of 100 Smart Cities. Gulbarga is shortlisted to be one among them. He further said CREDAI has always been a strong advocate of affordable housing and with a right policy framework and public approach “Homes for All” is an achievable target. CREDAI is keen to contribute in the best possible way to achieve government’s objective of housing to all.

After the inaugural session, the technical sessions were primarily divided in two parts. The first part was devoted to Introduction of on works contract law and in the second part

issues pertaining to works contract were discussed. The resource person for the workshop, Dr BV Murali Krishna, joint commissioner (commercial taxes), e-audit, Bengaluru gave more insight on the subject through his presentation.

CREDAI Consultant, CA Mrs Annapurna Kabra talked on the issues faced by real estate developers. She made comparison between the regular and composition schemes and issues pertaining to works contract were raised to the learned speaker from the commercial taxes department.

The participants also raised the issues which are commonly faced by the real estate developers in compliance with the VAT law. The session was informative and interactive and various views with supporting provisions and case laws were discussed for the benefit of developers.

After the lunch session, learned speaker BV Muralikrishna and CA Annapurna Kabra analysed the issues pertaining to works contract with the supporting case laws.

The issues were discussed and analysed in brief were taxes under different schemes, sub-contractor deductionlinking to E-upuas, UDS land area, preemptive method of levying tax in case of joint development, development of land, documentation for labour to allow labour and like deductions, back-to-back contract, taxable event, completion certificate, declared goods, free supply of goods, interstate works contract.

The joint commissioners of commercial taxes, Sri Mohammed Maslehuddin and Sri Siddappa were present as guest of honour. The event was attended by Hyderabad Karnataka Chamber of Commerce & Industries, President Sri Radhakrishna Raghoji and its Secretary Sri Amarnath C Patil. Office-bearers and members of Gulbarga Chartered Accountants Association were present in large number.

The workshop concluded with vote of thanks by Sri Sanjog Rathi, secretary, CREDAI-Gulbarga.

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CREDAI Youth Wing hosts its first Youth Confluence – You The Future CREDAI Youth Wing concluded its first Youth Confluence – You The Future at The Grand Hyatt Hotel, Goa, between October 10-12. The inaugural session started with the introduction and welcome of the deputy chief minister of Government of Goa, Sri Francis D’Souza, followed by the lighting of the traditional lamp in the presence of distinguished CREDAI members.

CREDAI Youth Wing aims at preparing the next generation of leaders and torchbearers in housing and real estate sector.

Housing sector is the biggest employer for the economy after agriculture and contributes 10% to GDP. There is a huge opportunity for further growth and expansion of the sector, the nation having

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adopted the policy of ‘Housing for All by 2022’ works to remove the housing shortage of 18.78 million units within the perspective. The Youth Wing focusses on three main areas: technology, research and CSR activities. The first CREDAI Youth Confluence offered an interactive platform to young developers to discuss the critical issues faced by the realty industry and innovative approaches to meet the challenges especially with a view to maximising involvement and participation of younger generation contributing in the global movement of real estate. At the Confluence, interactive sessions were conducted by prominent speakers like Sri Niranjan Hiranandani, co-founder & MD, Hiranandani Group; cricketer

Sri Anil Kumble and Cybertect Sri James Law. Speaking on the occasion, Sri Amardeep Singh Hira, Chairman, CREDAI Youth Wing, said, “Youth are the future of tomorrow. The motive behind the concept of CREDAI Youth Wing is to encourage a second generation of developers in the business and enable them to take up the responsibility as a future leaders and help bringing a change in the realty industry.” He added

that CREDAI Youth Confluence 2014 – ‘You The Future is the first step in this direction to bring together the best of young developers from across the country and create the next generation of leadership for CREDAI.” Sri Lalit Kumar Jain, Chairman, CREDAI National, said, “CREDAI has always been the guiding force for the growing real estate sector and CREDAI Youth Wing is an initiative to bring together the younger generation

of real estate builders and developers and take the leadership mantle of their business in an efficient, effective and socially engaged manner.”

At the Confluence, first-of-its-kind CREDAI Next Gen Icon Awards were felicitated to the youth icon from across the industries. National President Bharatiya Janta Yuva Morcha and Member of Parliament Sri Anurag Sharma; cricketer Sri Yuvraj Singh; actor Ms Prachi Desai and president of K Raheja Goup Sri Neel Raheja were honoured. The event commenced with the CREDAI Youth Wing Open Forum, followed by mesmerising performances of Benny Dayal and Anusha Mani at the gala entertainment night.

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Rudy visits Kushal facility Sri Rajiv Pratap Rudy, Union Minister of State (Independent Charge), Skill Development and Entrepreneurship & Parliamentary Affairs, visited Kushal CREDAI Pune Metro on February 13. Present on the occasion were Sri Hemant Naiknavare, President CREDAI Pune Metro; Sri Dilip Chenoy, CEO & MD, NSDC; Sri Sushil Mohta, President CREDAI West Bengal; Sri Kumar Gera, ex-Board member, NSDC and chairman, Gera Developers; Sri Suhas Merchant, Vice President, CREDAI Pune Metro; Sri JP Shroff, Chairman, Kushal and Sri Ranjit Naiknavare, Vice Chairman, Kushal .

The Minister was taken from Savitribai Phule Pune University to The Spires, Aundh site in Kushal training van

by Sri JP Shroff, Chairman, Kushal and Sri Ranjit Naiknavare, Vice Chairman, Kushal. En route state-of-the-art trade films were shown to him. He was impressed to see the modified van and its utility. At The Spires, he was shown ongoing preparations for Word Skill Competition 2015 under the aegis of Kushal. He was explained about the training schedule of six selected participants ie physical fitness training, technical training and soft skills training with a view for their allround development. The Minister interacted with selected candidates and commended the efforts put in by Kushal.

Thereafter, the Minister was taken to Kalpataru Jade, Baner, to show him on the job on-the-site practical training and the classroom training of bar bending and shuttering trades. The Minister interacted with the trainees and got a positive feedback.

He was shown the safety equipment and drills adopted.

After visiting the training area, the Minister was taken for an event at the same venue which was attended by more than 300 construction workers. He distributed certificates to the certified trainees and also jackets and ID cards and bank pass books with debit cards to the trainees of new batches. He interacted with the trainees, women contractors and technical staff to get first-hand information of training activities and achievements. He was happy to see

that maximum trainees reported increase in their wages and the basic three advantages of training ie time saving, less wastage and good quality.

On this occasion, an MoU between CREDAI Pune Metro and CREDAI West Bengal for Kushal training in West Bengal was signed in the presence of the Minister who congratulated both the organisations and stated this model should be replicated across the country. Sri Kapil Trimal, Joint Secretary, Kushal, gave a detailed presentation on Kushal model covering detailed mechanics of Kushal model functioning and why and how Kushal model is scalable? The presentation was well received.

Overall, the visit was successful and the Minister expressed his satisfaction on the implementation of Kushal Model for Skill Development.

Realty Awards 2015 The long-awaited opportunity for real estate sector in the country, Vizag Property Expo 2015 was held between February 27th, 28th and March 1st.

Organised by CREDAI, Visakhapatnam Chapter, the three-day event witnessed participation from real estate

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developers, financial institutions and building materials and interior firms.

The idea behind the event is to offer public an authentic property meet with all estate developers and the like under one roof. Estate queries, development strategies, authentic

business deals and property planning and management were available for discussions. The event aimed at bringing marginable estate deals and potential buyers together so as to develop the real estate setting in the city. The regular obstacles of mismatched properties, location and time issues and the like were considerably reduced as the expo gave the buyers and dealers the real deal.

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Realty Awards 2015 The second edition of CREDAI Bengal Realty Awards 2015 in association with The Telegraph and knowledge partner CRISIL is slated for March 19, 2015.

The first edition of Realty Awards 2014 were a stupendous success, put together by the overwhelming participation of CREDAI Bengal members and CREDAI Bengal’s brand presence, the vitality of the astronomic media coverage by The Telegraph (both pre- and post-event) and the credibility of CRISIL’s presence.

This year too, the Realty Awards are back with all the star ingredients to make it an event worth remembering.

The CREDAI Bengal Realty Awards 2015 in association with The Telegraph and Knowledge Partner CRISIL will once again acknowledge and celebrate excellence in the real estate sector, by awarding the contribution of real estate sector players who have raised the bar and set a new benchmark for the overall sector in the state. CREDAI Bengal members have nominated their projects for this year’s CREDAI Bengal Realty Awards 2015 which shall be shortlisted by an independent jury and the winners selected by a consensus among the jurors.​ The Realty Awards 2015 is a landmark event for the real estate sector stakeholders in eastern India and promises to be a star studded event, which will be hosted on 19th March 2015 at The ITC Sonar, Kolkata.

An esteemed jury with prominent names like Sri Sachin Sandhir, Managing Director, Royal Institution of Chartered Surveyors, South Asia; Dr Mangesh G Korgaonker, Director General, National Institute of Construction Management and Research; Sri Rajiv Mishra, Principal, Sir JJ College of Architecture; Sri Rahul Agarwal, Founder & Senior Engineer, Capstone Consultants; Sri Sachin Nigam, President, CRISIL; Sri Anurag Jhanwar, Director, CRISIL independently voted to nominate the winners in each category.

Sri Harsh Vardhan Patodia, President, CREDAI Bengal, said, “The CREDAI Bengal Realty Awards strives to boost the morale of realtors around the state by providing them an organised platform to attain respect and recognition. CRISIL has been appointed as the knowledge partner to uphold total transparency and credibility in the process. The awards should initiate a healthy competition among real estate developers while raising awareness among consumers and set a new benchmark for them to refer to before buying a property.”

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WINNERS of realty awards 2014 Nomination categories at CREDAI

Winners

Bengal Realty Awards 2014

Srijan Midlands by Srijan Realty

Best budget housing project (1-4 lakh sq ft)

Srijan Midlands by Srijan Realty

Best budget housing project (4-10 lakh sq ft)

Siddha Town Rajarhat by SiddhaGroup

Best mid-segment housing project (1-4 lakh sq ft)

Ujaas – The Condoville by Ambuja Neotia Group

Best mid-segment housing project (4-10 lakhs sq ft)

Diamond City South by Alcove Realty

Best luxury housing project (min. 50,000 sq ft and above)

Upohaar The Condoville by Ambuja Neotia Group

Best boutique housing project (50,000-1 lakh sq ft)

PS Primiera by PS Group The Unimark Asian by Unimark Group

Best commercial project - Group 1 (50,000-1.5 lakh sq ft)

Camac Square by P.S. Group

Best commercial project - Group 2 (Above 1.5 lakh sq ft)

Infinity IT Lagoon by Infinity Group

Best commercial project outside North and South 24 Parganas (min. 50,000 sq ft)

City Centre Silliguri by Ambuja Neotia Group

Best designed retail space Best brochure

Sentrum Mall by Bengal Shristi Rainforest by Mounthill Realty

Best upcoming residential project (only under-construction or to-be-launched)

Godrej Platinum by Godrej Properties

Best upcoming commercial project (only under-construction or to-be-launched)

The Unimark Asian by Unimark Group

Best green project(only underconstruction or to-be-launched residential/ commercial projects)

Biowonder by Pasari Group

The timing of the awards coincided with the 25 year celebrations of CREDAI Bengal. It was pertinent to note that it was under the banner of CREDAI Bengal that real estate developers emerged as a fraternity that worked for a common set of objectives and now presented an united voice for the healthy development of the industry benefitting all stakeholders.

Thus, as a fitting gesture to celebrate 25 years of CREDAI Bengal, the Realty Awards instituted from this year will continue to recognise the achievements of member developers in the sector, honouring those whose creations have been par excellence in respect to the defined categories of achievements.

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CREDAI Clean India Movement

CREDAI Clean City Movement, NGO of CREDAI Kochi has been delivering meritorious service in rejection management since 2007. This success story was shared with the participants during the CREDAI Conclave in November 2014.

CREDAI Clean City Movement held a workshop on solid waste rejection management at Kochi to share the methodology and experience of CCCM so as to implement the bio-bin system of solid waste management in different parts of the country. In this initiative, 16 delegates representing NCR, West Bengal, Chhattisgarh, Maharashtra, Tamil Nadu, Bihar, Madhya Pradesh and Karnataka had gathered at Inner Circle, Hotel Abad Plaza on February 6, 2015.

Dr Najeeb Zackeria, president of CCCM, Kochi, welcomed the gathering and Sri Jose Joseph Moonjely, executive director of CCCM, made the audio-visual presentation on the activities of CREDAI Clean City Movement. This was followed by an enthusiastic interactive session.

Post-lunch, the team visited the CCCM project sites: Skyline Topaz Apartment: The participants visited the project site to see and study the self-sustainable solid waste management through bio bin system installed by CCCM. Plastic Shredding Unit: CCCM had installed plastic shredding machines in association with Cochin Corporation.

CCCM regularly collect cleaned plastic and other scrap items from 350 apartments in Kochi and these are shredded here and the final product is used for road tarring.

Other scrap items are handed over for recycling units.

Clean Toilets: In association with district administration, CCCM constructed and is maintaining a clean toilet at Collectorate, Kakkanad, for public on a pay and use system.

Manufacturing unit: The CREDAI National Team visited the manufacturing unit at Sreemoolanagaram to witness the manufacturing of bio-bins, biogas plant, STP plants and bio-pot system.

CREDAI Bengaluru Realty Expo was a great success!!

Plots from Rs 8 lakh and apartments from Rs 23 lakh onward were showcased at the 1st Realty Expo of 2015 organised

by CREDAI Bengaluru at Kalyani Kala Mandir, Bannerghatta Road, on February 14-15.

Reputed developers of CREDAI Bengaluru and leading banks and housing finance companies participated in the two-day event. The concept of zonal expo has been successfully carried out by CREDAI Bengaluru enabling prospective customers to look for their property of choice and location at a venue closer to their home or office. These zonal expos have seen good response from prospective buyers as they can make their property choices under one roof without having to travel much.

The two-day expo was inaugurated by Sri KK Malpani, founder president, CREDAI Bengaluru, in the presence of CREDAI officials, member builders and participating bankers. During the inauguration, Sri Malpani said, “This is the third time we

are arranging the expo at Kalyani Kala Mandir. We are getting good response in this area. CREDAI is supported by people of this area and also developers”.

Positive real estate sentimentsSri CN Govindaraju, president, CREDAI Bengaluru, said, “This expo is specifically important due to the fact that the economy is looking up after a long lull and the expected interest rate reduction. The forthcoming budget holds a lot of hope for the sector and the concerned ministries are also aware of the various issues affecting the industry. There are positive indications of various bottlenecks being cleared to enable a healthy competition, which will benefit the end-user.”

He said that the market sentiments are positive now and the year 2014 was the one of recovery. “We will certainly witness upward movement in sales in real estate. This year, concept of green buildings and innovation are getting importance in Bengaluru,” he said, speaking of the real estate market in the city.

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CREDAI team meets BJP president Amit Shah

A delegation, consisting of CREDAI national president Sri C Shekar Reddy, president Sri N Jaiveer Reddy, general secretary Sri S Ram Reddy and CREDAI Hyderabad CEO Sri MV Rajeshwara Rao called on BJP president Sri Amit Shah in Hyderabad and presented a memorandum to him, requesting real estate requiring a set of stimulus measures to give fillip to the sagging sector so as to achieve the national goal of Housing For All By 2022.It was explained that the “affordable housing” segment, riddled with constraints, needed interest subvention as promised

by BJP in its manifesto and other concessions and reliefs.

Only then could this segment become viable and successful.

Levy of service tax has been a contentious issue and needs to be reviewed and streamlined as to remove ambiguity in application at the field level. Funding available from banks and other financial institutions is quite low as compared to what is available in USA and China etc. Hence, it was urged to enhance the percentage quantum of funding so that the pace of building activity in real estate will increase and the target of wiping out massive housing shortage in the country can be achieved.Receiving approvals from MoEF is a major impediment in the execution of housing and other projects. The memorandum submitted to the BJP president gave a detailed explanation as to how the delays are hurting the growth of economy and made several suggestions and recommendations to streamline the environmental clearance processes to cut down delays and help issue clearances speedily.The memorandum also gave recommendations on various other measures including reliefs in direct and indirect taxation. All these recommendations go to give fillip and stimulus to the sector and in turn to economy and to higher employment generation. All these recommendations were submitted to the finance minister in a pre- budget memorandum. The BJP president assured he would discuss the matter with the finance minister Arun Jaitely and advised the delegation to present a memorandum to the FM and discuss the issues with him.

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Credai Property Shows

CREDAI Kerala Property Show - JW Marriot, Dubai Dr BR Shetty, Chairman, UAE Exchange & NMC Hospital, Dr Azad Moopen, Chairman – DM Health Care and Sri Ram Boxani, Chairman – JTL Group inaugurating the CREDAI Property Show in Dubai held in November 21-22, 2014.

CREDAI Kerala Property Show - Al Falaj Hotel, Muscat Sri JS Mukul, Indian Ambassador; Sri Mohiyuddin Mohammad Ali, Director, MFAR Group; Ms Sayali Chawla, MD, PanEastern T&E Worldwide, inaugurating the CREDAI Property Show in Muscat held in December 5-6, 2014.

CREDAI Kochi Property Show – JNI Stadium, Ernakulam Sri Sanjaya Gupta, MD, PNB Housing Finance Ltd, inaugurating the CREDAI Kochi Property Show at JNI Stadium Ground, Ernakulam held on December 19- 21, 2014.

CREDAI Kochi Property Show Thirunakkara Maidan, Kottayam Sri KRG Warrier, Chairman, Kottyam Municipal Council, inaugurating the first edition of CREDAI Property Show in Kottayam.

CREDAI Thrissur Property Show Shaktan Nagar, Thrissur The sixth edition of CREDAI Thrissur Property Show was held in Shaktan Nagar on January 2-4.

CREDAI Calicut Property Show Sarovaram Ground, Calicut Sri MK Raghavan, MP, inaugurating the CREDAI Calicut Property Show at Sarovaram Ground, Calicut. CREDAI National President Sri Sekhar Reddy; CREDAI Calicut President Sri MA Mehboob; secretary Sri Baiju M Nair; exhibition committee chairman Sri Haseeb Ahmed; treasurer Sri Arun Kumar; Sri MP Ahmed and Sri CS Saleem were present.

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Rajasthan Property Expo was a huge success More than 80 builders will display their 600 projects CREDAI Rajasthan organised Real Estate Expo between February 6 and 9 at Guava Orchard in Jaipur.

Spread over two lakh square feet, the Expo witnessed builders displaying property projects worth Rs 5 lakh to Rs 5 crore, helping prospective customers get all the information related with real estate under one roof.

CREDAI Rajasthan president Sri Anurag Sharma siad that according to Rajasthan chief minister Ms Vasundhara Raje’s development oriented vision, CREDAI is developing urban areas in the state and that’s the reason the Property Expo has been organised. State BJP president Sri Ashok Parnami, MP Sri Ram Charan Bohra, Additional Chief Secretary [Urban Development] Sri Ashok Jain and Municipal Corporation of Jaipur Mayor Ms Nirmal Nahata inaugurated the Expo. Sri Sharma shared that international organisation JLL Singapore conducted a survey in Jaipur through which CREDAI found out that till 2025, the population of the city will cross 70 lakh and 6.51 lakh kore houses will be be required for them.

To fulfill this requirement, the state government

will take help from private players and CREDAI Rajasthan as they need to develop the city and make it a better place to stay. CREDAI

Rajasthan secretary Sri Sunil Jain said, “A committee to choose the best stall in various pre-decided categories was formed and awards shall soon be given to them.” Expo organising committee member Sri Nitesh Aggarwal shared that customers who visited the event were given free tips on home loan facilities and Vaastu tips.

CREDAI Rajasthan’s executive member Sri Hitesh Dhanuka said that CREDAI Rajasthan had already organised three such expos in the past with the last one was comparable to international standards. “We advertised about this event on radio, TV, shopping malls, Facebook, google, twitter and various newspapers along with outdoor hoardings and on radio taxis,” he added.

CREDAI HOUSE FOUNDATION STONE LAYING CEREMONY The foundation stone laying ceremony for CREDAI Calicut’s new headquarters – CREDAI House was performed by Minister for Urban Affairs, Sri Manjalamkuzhi Ali on January 9. Dr MK Muneer, Minister for Panchayats, unveiled the perspective view of the building. CREDAI National President Sri Sekhar Reddy; CREDAI Kerala chairman Sri SN Raghuchandran Nair; CREDAI Calicut President Sri MA Mehboob and CREDAI National Executive Committee member Dr Najeeb Zackeria were present.

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Kochi workshop held on Feb 6-7, 2015

At the outset Dr Najeeb Zackeria MD of the Abad Builders Pvt Ltd gave us a briefing on the initiative taken by the CREDAI Kochi chapter on waste management in Kochi. He mentioned that CREDAI City Movement (CCCM) was started in 2007 as a part of CREDAI Kochi’s CSR activity and that the CCCM was registered as an NGO with a working capital of 200 lakh to undertake activities to upgrade civic amenities in Kochi.

It started by covering 25 High Rise Residential Apartment & now covers 560 such Apartments in Kochi, Trivandrum & Calicut. He mentioned that most significantly today the Municipal Corporation of Kochi accepts the CCCM as its partner and the certificate issued by CCCM is accepted by the corporation in respect of waste management systems when the developer applies for a Building Completion Certificate. Further that the CCCM has been included in the MSWM Manual 2014 published by the Urban Development Ministry, GoI as one of the best replicable project of rejection management running in the country.

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This was followed up by a presentation by Sh Jose Joseph, the ED of the Credai Clean City Movement. Copy of the presentation made before us on the CCCM is attached. I have also left a coloured copy of a brochure on this in the office with a lady official who I think looks after publications.

The technology is quite simple and hence easy to replicate. The waste is segregated at source into two bins one for Bio Degradable (green bucket) and second for Non Bio degradable (yellow Bin). Waste from the the Bio Degradable Bin is taken to the terrace of the apartment by a volunteer and put into a Bio Digester Bin where it is decomposed over a period of 20-30 days through a aerobic process called bio-trigger mechanism by spraying bio culture.

The Plastic from the Non degradable Bucket is taken to a plastic shredding unit operated by CCCM where it is shredded and stored for use with bitumen for tarring of roads. There are a few societies who have also installed incinerators on the terrace alongside the Bio Bins to dispose of items like sanitary pads and in

which case these are seperately wrapped in newspaper.

The remaining Non bio degradable items are taken to the Landfill site by the KMC and disposed off. We were informed that the technology selection ie Aerobic Microbial Composting is based on the recommendation of the committee set up by the Supreme Court of India on solid waste management in class one cities. Chapter 3 , 15/1 of the report mentions that this is one of the eco friendly economical options.

During the second half of the day we were taken for site visits to see for ourselves different dimensions of this initiative including one Housing Apartment where the CCCM has trained the residents in waste segregation and is collecting the waste and processing the bio degradable portion at source itself. We were also taken to the Plastic shredding unit where plastic which is collected from the Housing Societies all over Kochi is collected and shredded into pellets and then put into bales with the help of the bailing unit to be used by road builders for road tarring. Thereafter we were taken to see a “Clean Toilet” constructed (in 2008) and maintained by the CCCM in Kadavanthara area which was the first PPP project on hygiene management in the city and then to the equipment manufacturing unit for Bio Bins & the compost collection/ storage unit of the CCCM. The story of CREDAI Kochi’s Clean City Movement is really fascinating and at the same time grounded and not too difficult to replicate. The initiative started in 2007 when Kochi was facing one of the worst hygiene crisis.

The streets of Kochi was full of garbage, & epidemic was spreading in the city. Air India had cancelled flights to

Kochi and tourism was very badly affected with 40% of hotel booking cancelled.

It was at this juncture that the CREDAI’s Kochi chapter responded and began the CREDAI CLEAN CITY MOVEMENT (registered as an NGO by the same name).

This initiative was started with the objective to help builders and residents implement eco friendly self reliant rejection management at source through a role model of rejection management which is replicable all over the state. Also to ensure that the buildings developed by the CREDAI members implement eco friendly scientific rejection management to meet the challenges of rejections generated by them. CCCM works towards raising awareness about harms caused by excessive waste and extends its help to developers, citizens and the Govt. (including the Kochi corporation), in implementing scientific technologies to manage the household waste being generated in the city.

The CCCM has grown from only 25 apartment complexes in 2007, to cover 560 such complexes in Kochi (and now is also covering Trivandrum and Calicut). »» 90% of Building complexes in Kochi now are self reliant in solid waste management. 100% new buildings have to have provision for bio bins. »» Waste is segregated at source between Bio degradable and Non degradable. »» Non biodegradable rejections are collecting from source for recycling or reusing; rest transported to land fill sites

by KMC »» Out of the 160 Tonnes of compostable bio degradable waste handled by the Kochi Municipal Corporation 40

Credai Kochi Cultural Fest – 2014 CREDAI Kochi Cultural Fest was inaugurated on December 12, 2014 at Hotel Abad Plaza by Sri Paul Raj, Secretary, CREDAI Kochi.

CREDAI Kochi President, Sri John Thomas, Secretary; Sri Paul Raj, Joint Secretary; Sri Sunil Kumar, Executive Director and Sri Raveendran on the occasion of CREDAI Kochi Cultural Fest 2014 held on December 12-13, 2014.

Tonnes generated from High Rise Household Apartments is processed at source without any expense to the KMC. As per a study conducted by the KPMG the KMC at present spends Rs 3391 Per Ton to handle this. Hence by the service of CCCM Local Self Governments saving Rs 1.36 lakhs per day or approximately Rs 5 crore per annum. »» Generating Employment for 650 women from the weaker section of the society »» 4380 tones of farmers friendly Compost is generated per year from the processing of bio degradable rejections at source and used for courtyard gardening or farming in villages, which , otherwise would have dumped in landfill sites or elsewhere polluting the water streams and nearby villages. »» Recyclable rejections which would have gone to dumping grounds are transferred to recycling units, thereby reducing landfill. »» Pollution due to transportation reduced »» Streets and drainages free from garbage.

THE NEXT STEPS Having visited Kochi and the sites carrying out the different activities by the CCCM I feel that the initiative taken by it in kochi on waste management can be replicated in many other cities in India under a Joint initiative of CREDAI National and the regional chapters of CREDAI with the technical support of CREDAI Kochi. The solutions of course will vary from state to state and will need to worked out in consultation with CCCM. In NCR where we have pent houses on the roof tops the solution to place bio bins on the terraces will not work and perhaps it would be better to set up a facility on ground near the STP. Nevertheless it is an initiative which CREDAI National will do well to take up almost immediately given the importance being given by the Govt. to Waste Management.

We can start by establishing dialogue with the developers who had sent their representatives to the workshop or by talking to the chapters directly.

The project to get off ground will need a few more rounds of consultations between CREDAI National and CCCM team and then also with the concerned chapters/developers as the case may be.

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Bengaluru hosts the annual STATECON CREDAI 2015

With ‘Realty – Growth Beyond Boundaries’ as the theme of the event, it saw the best of Karnataka’s realty on a single platform CREDAI-Bengaluru Chapter had the honour of hosting the annual STATECON 2015 of CREDAIKarnataka in the city on January 30.

This day-long, well-synchronised event, with over 350 delegates took place at The Atria Hotel. The who’s who of the real estate world from CREDAI chapters of Bengaluru, Belgaum, Bijapur, Gulbarga, HubliDharwad, Karwar, Mangalore, Mysore and Udupi were present.

The chief guest, Minister of Transport and Bangalore Urban, Sri Ramalinga Reddy, inaugurated the event and declared the day’s proceedings open.

With a lively Sri Suresh Hari, secretary, CREDAI-Bengaluru as the chairman for the convention, the day began with a traditional invocation.

The ceremonial lamp was lit by the Sri Reddy, Sri KK Malpani, founderpresident of CREDAI, past presidents of the Bengaluru chapter; Sri BalakrishnaHegde; Sri Raj Menda; Sri MR Jaishnakar and Sri Irfan Razack and current president of CREDAI-

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Bengaluru, Sri CN Govindraju and chairman of the convention.

Welcoming the gathering, Sri Govindraju expressed his happiness of being the host of the STATECON 2015. He said, “This forum is to discuss important issues on real estate, related state and city. I believe progress is possible with a friendly policy approach.” He hoped the convention would bring success to all participants.

In his message, Sri Nagaraj spoke on the role of industries in developing real estate. He said, “CREDAI has been given life by the state of Karnataka and we only want to give back. We believe that boundaries need to change in all sectors, including realty and only then will we be able to see progress.”

Chairman Sri Hari presented the concept of and the contents of the seminar as keeping in mind the trend to adopt newer and latest technology in the construction field.

The sessions covered varied topics like marketing, technology, finance, safety and administration. The delegates, who are from member organisations from Karnataka

will have excellent takeaways at the end of the day, he observed. Past president Sri Balakrishna Hegde presented the various issues affecting the growth of real estate industry in Karnataka with suggestions on various issues which can bring in positive results. BBMP commissioner addressed the gathering with assurance to discuss various suggestions presented.

The chief guest complimented the gathering on the theme chosen. He said, “The city is constantly expanding and the demand for real estate will continue to grow.

I believe that there is a need for the urban pool to be provided with affordable housing options as well. The Chief Minister has a great vision for the development of Bengaluru and we would like the help of CREDAI to see this dream through.” The minister requested that CREDAI members look into the development of infrastructure such as lakes, ponds, roads and storm water drains around the city. He identified with the problems faced by real estate developers and declared his wholehearted support in bringing in changes that will help the sector.

The agenda for the day consisted of four main plenary sessions each anchored by experts from the real estate field. Sri Razack, CMD, Prestige Estates, spoke on the Future Challenges for the Industry Including Newer Technology. Ashish Puravankara, joint MD, Puravankara Group, spoke on Social and Other Marketing Advantage and Pitfalls. Sri Sushil Mantri, CMD, Mantri Developers Pvt Ltd, examined Security Systems and Concerns. A personal experience on PE Funding was shared by Sri M Murali, MD, Shriram Properties. These were some of the talks during the course of the day. The seriousness of the day’s proceedings was given a break with a session by laughter therapist Dr Madan Kataria of Laughter Yoga International.

The anchor lecture of the day was by Prof Chetan Subramanium of IIM Bangalore on Indian Macro-economic Outlook and its Impact on the Real Estate Sector. The day closed with business networking.

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