Festive cheers amidst slowdown fears

FACE TO FACE

J. C. SHARMA Vice Chairman & Managing Director SOBHA Developers Ltd.

Home Shopping

100 Projects across

10 Cities

Editor’s Letter

Publisher Raj Kumar CEO & Business Head Biswaroop Padhi Editor Vinod Behl ADVISORY BOARD Dr. PSN Rao Chairman, DUAC & Director, SPA, New Delhi Ramesh Nair Country Head & CEO JLL India Pradeep Aggarwal Chairman, Assocham National Council on Real Estate, Housing & Urban Development Ambar Maheshwari CEO, PE Funds,Indiabulls Asset Management Farook Mahmood Founder President & VC NAR- India & President, FIABCI India Ankit Kansal MD, 360 Realtors Sachin Sandhir CEO - India, Valocity EDITORIAL Assistant Editor Vishal Duggal Senior Reporter Sujeet Kumar Jha Vishnu Rageev R. Content Research Nivriti Raj Mannu Kantt Photographer Atul Chaudhary CREATIVE & DESIGN Art Director Kumar Mangalam Graphic Designer Himanshu Rawat ADVERTISING & SALES Vice President Sales Krupal Nayak krupal.nayak@proptoq.com +91 70456 56796 Account Head Monika Kapur monika.kapur@proptoq.com +91 98119 82911 ENQUIRY Editorial editor@proptoq.com Advertising advertisement@proptoq.com Subscription subscription@proptoq.com

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Rooting for revival In the backdrop of painfully slow residential sales, particularly severely hit luxury housing, the recent development of DLF selling a record 376 (out of a total of 504 units) ready-to-move in luxury apartments worth Rs 700 crore on the first day of the launch of second phase of its luxury residential project - Ultima, brings good tidings to realty sector in the festive season, in a run up to Diwali.

A couple of months before the onset of the festive season, NCR- based leading developer of affordable housing, Signature Global successfully sold out all the 754 units of its new project within few days of its launch.

All this when seen in the light of 18% drop in housing sales across seven top cities during July- September quarter, assumes significance. Bengaluru saw the maximum decline of 35%, followed by Hyderabad ( 32%), Kolkata (27%), NCR (13%), Chennai (11%).

This year seems to be no exception in following the earlier trend of home sales dropping in Q3 and picking up in Q4(September-December festive quarter). Last festive season saw around 25-30% jump in home sales.

This year despite severe liquidity crunch,the similar if not more growth in housing sales is expected during the festive season. There are a host of favourable factors this time, including record low interest rates , faster transmission of rates due to repo-linked home loans and Rs 3.5 lakh tax waiver on home loan interest and leg room for developers to cut rates due to substantial reduction in corporate tax rate.

This time, affordable and mid segment housing is going to be a major sale driver, contributing to the revival of residential real estate, especially as the large inventory of ready-to-use and nearing ready homes has ignited the interest of home buyers,particularly end-users .

But going forward, the further long-term revival of the real estate will depend upon how fast the economy in general and liquidity of realty sector improves.

Vinod Behl

Vinod.behl@proptoq.com vinod.behl

v_behl

vinodbehl

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C ST AMIDO N W D W SLO

FEARS

34

FACE TO FACE J. C. Sharma Vice Chairman & Managing Director SOBHA Developers Ltd.

talks about SOBHA'S strong track record and its expansion plans and long-term solutions to revive real estate sector.

INTERNATIONAL ROUND UP

e v i t s e FHEERS

OUTBOUND CHINESE INVESTMENT TAKES A HIT Amidst trade friction between China and the US and uncertainty over Brexit the traditionally favoured destinations of USA and UK for Mainland Chinese Real Estate Investment Overseas (MCREIO) took a back seat in H1 2019.

73

CONTENTS OCTOBER 2019

REGULATION

OFFICE REALTY

27

56

UP RERA's Landmark Ruling on OCs

64

Office Rental Value Range in H1 2019

The ruling paves the way for getting possession of long delayed dwelling units.

PropTOQ tracks the office rental value in top 8 cities.

50

78

Top Home Renovation Trends

Property Measurement: Key to Fair Deal

Architecture Property Guide & Interiors

DESTINATION REPORT

90

Realty Etc.

Johnson Lifts on Expansion Spree

Pallikaranai, Chennai Surrounded by well developed localities and closer to IT corridors, Pallikaranai has emerged as a potential residential destination in Chennai.

+

Plus

News Line, Pot Pourri, Product Line, News in Numbers and much more‌

FEEDBACK

Congratulations on bringing great new real estate magazine. All the best for your endeavour.

PropTOQ looks very sharp and rich in content. It also reflects the industry very well.

Sanjay Dutt

MD & CEO, Tata Realty & Infrastructure Ltd & Chairman, FICCI Real Estate Committee

Ravindra Kirti

Marketing Communication Manager, PVR Cinemas I find PropTOQ an amazing publication.

You are doing outstanding work for the real estate industry. I suggest you to feature the cover story on the real estate business.

Tejinder Singh

Association of Certified Realtors of India

PropTOQ is a very comprehensive realty magazine that carries the latest news & updates, trends, launches, products and comments from industry stalwarts. Excellent documentations and presentations.

PropTOQ real estate magazine looks great. It is well designed colourful magazine with rich content.

Surat Mishra

Communication Specialist, New Delhi

The magazine carries touch of quality in content and presentation.

It has a dynamic look and gives in-depth peep into issues concerned not only with builders but buyers as well. It also enlightens about several legal concerns which in today’s context are crucial.

Nipun Chawla

Chief Architect & Partner, Tierra Designs & Infrastructure & Former General Secretary (Associate of Certified Realtors of India)

6 | PropTOQ - October 19

Arvind Mohan

Real Estate Branding Expert

POTPOURRI

₹4,000 crore stress fund created for incomplete & stalled housing projects and steep cut in corporate tax rate.

News Maker

Nexus Malls have earned the distinction of being the first Indian retail real estate firm to have a Bollywood celebrity as their brand ambassador. Nexus Malls have announced Ayushman Khurana as their Happyness Ambassador for Elante Mall and other malls in its portfolio.

Auspicious Dates For Property Buying OCTOBER

3 OCTOBER

18

Credit flow from NBFCs to commercial sector fell by 24% to ₹ 934,200 crore in FY 19 from a high of ₹ 1,160,300 crore in Fy 18.

OCTOBER

4 OCTOBER

24

OCTOBER

10 OCTOBER

25

OCTOBER

11 OCTOBER

31

Event of the Month

4th-6th October 2019 GOA

October 19 - PropTOQ | 7

NEWS IN NUMBERS

Building a Mortgage Market Aggregate Home Loan Demand Could be Between

EWS ₹4 ₹5

Analyst Estimates Government Estimate

40% 40%

Analyst Estimates Government Estimate

20%

34% 18%

Country & Mortgage-to-GDP Ratio (%)

10 | PropTOQ - October 19

India

China

10% Germany

Singapore

United States of America (USA)

80% 80%

85% 85%

*Aggregate Loan Demand (₹ Lakh Crore)

TOTAL ₹49 ₹57 Home Loan (Rs. Lakh Crore)

*Credit Penetration (%) Y-o-Y

Market Share of Banks and HFCs in Home Loan

52% 40%

United Kingdom (UK)

MIG and Above ₹22 ₹22

Y-o-Y

Thailand

56%

Malaysia

67%

Mortgage-toGDP Ratio of Major Economies

LIG ₹23 ₹30

Banks (%)

HFCs (%)

FY 11

69.9

33.1

FY 12

64.5

35.5

FY 13

61.1

38.9

FY 14

60.8

39.2

FY 15

59.9

40.1

FY 16

62

38

FY 17

59.4

40.6

FY 18

57.7

42.3

FY 19

57.8

42.2

Home Loan Growth Trajectory in India

₹49₹57 Lakh Crore

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20E FY 21E FY 22E

5 6 8 9 10 12 14 17 20 24 29 35

Source: RBI

NEWS LINE

SMART CITY PROJECTS WORTH 50K CR TO BE COMPLETED BY JUNE 2020 With a view to fast-track the implementation of the Smart Cities Mission (SCM), the government will be awarding tenders worth over Rs. 2 lakh crore by March next year, as well as finish smart city projects worth Rs. 50,000 crore by June 2020, that marks 5 years of the launch of the mission.

Currently, 100 cities have created SPVs for launching various smart city projects.

Tenders have been issued for more than 3,800 projects worth around Rs. 1.41 lakh crore, which constitutes 70% of the value of all the projects under the mission.

Of this, work has either been completed or has started on around 3,000 projects worth Rs. 97,000 crore. The Housing Ministry has reportedly created a central command centre to

track the progress of various projects and coordinate with stakeholders at the national, regional and local levels.

The Smart Cities Mission, which was launched in June 2015, intends to transform 100 cities into smart IT-enabled cities with a focus on sustainable and inclusive development of urban clusters. Under the mission, the Centre allocates Rs. 500 crore to every city in instalments, while an equal amount is provided by the

state or urban local body. The balance can be arranged through convergence with different schemes/missions of Centre/state, loans, land value capture, public private partnerships and local bodies’ own resources.

October 19 - PropTOQ | 13

NEWS LINE

PRESTIGE ESTATES & ACE GROUP'S â‚š 500 CR HOUSING PROJECT IN NCR

Leading realty firm from Bangalore, Prestige Estates Projects Ltd is foraying into the Delhi-NCR market by tying up with Noida-based Ace Group to launch its first housing project in Noida with an investment of around Rs. 500 crore on construction.

Ace Group owns around 15 acre land in Sector 150, Noida, Uttar Pradesh. The total development potential in the upcoming project is estimated at around 2 million sq. ft, comprising more than 1,000 units.

The construction cost would be met largely through sales and advances from customers and . Prestige and Ace Group would share project revenue as per an agreed ratio. Prestige Group is looking for more projects in the Delhi-NCR market.

The company achieved sales

14 | PropTOQ - October 19

bookings of Rs. 1,016 crore in April-June quarter despite slow demand. The company had given a sales booking guidance of Rs. 5,000-6,000 crore for the 2019-20 fiscal year. During the first quarter of this fiscal, the company launched three projects with 6.57 million sq ft of developable area.It delivered four projects having 10.33 million sq ft area, of which three projects were housing projects consisting of 3,892 units. Prestige posted a net profit of Rs. 123.9 crore over arevenue of Rs. 1,567.4 crore during the April-June quarter.

The company is currently constructing 48 projects having nearly 50 million sq. ft developable area. As many as 36 projects are in pipeline with 55 million sq. ft of development potential.

Last year, Prestige Estates had partnered HDFC's arm HDFC Capital Advisors to set up a Rs. 2,500 crore fund to develop affordable and mid-income housing projects across the country. The platform would enable Prestige Group to develop projects worth Rs. 10,000 crore.

NEWS LINE

VIRTUOUS RETAIL ACQUIRES THREE MALLS FOR $500 MN Virtuous Retail South Asia Pte. Ltd (VRSA), the retail development joint venture between alternative investment firm The Xander Group Inc. and Dutch Pension Fund APG, has acquired two existing malls and an upcoming retail development project for around $500 million, said Siddharth Yog, its founder and chairman.

With the latest acquisitions, Virtuous Retail will own and operate around 11 million sq. ft of retail space in India. Currently, the Bengalurubased firm operates four malls in Bengaluru, Surat, Mohali, and Chennai - besides two under-construction malls, one each in Delhi and Bengaluru, which are part of mixed-use developments.

The company is also expanding into co -working centres. It has already opened one centre in Chennai and one each in Hyderabad and Pune are on the anvil.

CARNIVAL REALTY TO DEVELOP AFFORDABLE MULTIPLEXES The Carnival Group plans to develop affordable community entertainment centres with cinema screens under the brand Jalsa Talkies, to expand to smaller towns and rural areas. These will be developed by its realty arm Carnival Realty and operated by its multiplex company, Carnival Cinemas.

The company will model Jalsa Talkies centres as community hubs with each having a supermarket, a multiplex with two-three screens with seating capacity of about 300 and F&B space. It has already signed ten locations in Kerala and Madhya Pradesh for developing the first set of entertainment centres.

According to Jagdeep Oberoi, CEO, Carnival Realty, the company aims to develop 100 Jalsa Talkies centres across tier 3-4 towns with a population of 1-2 lakh in Gujarat, Madhya Pradesh, Uttar Pradesh, Rajasthan, Punjab, Uttaranchal, Telangana, Andhra Pradesh and Tamil Nadu. In the first year, the company plans to make 30 projects operational on leased lands. An investment of Rs. 300 crore will be spent to build 100 centres in the next 2-3 years. By 2021, the company aims to operate 1000 screens by 2021.

October 19 - PropTOQ | 15

NEWS LINE

DLF CYBER PARK TO FETCH ₹375 CRORE RENT Leading real estate company, DLF has almost completely leased its commercial project, Cyber Park in Gurugram, with an expected annual rental income of Rs. 375 crore.

Spread over 12 acre and comprising 2.5 million sq ft area, Cyber Park has been developed by DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and GIC, at an estimated cost of about Rs 1,500 crore. The Grade A commercial project has a small retail area as well.

DCCDL currently earns a rental income of over Rs. 2,900 crore from 30 million sq. ft of leased commercial properties. With this project becoming operational, the rental income will go up further.

HILL COUNTY'S 494 ACRES LAND FOR SALE The company has various land parcels and development rights for properties aggregating to 494 acre spread across Hyderabad, Vijaywada, Vishakhapatnam and Meerut.

IL&FS holds 9% stake in HCPL while its group firms IL&FS Township and IL&FS Engineering & Construction Company together hold 71% share. Global property consultancy, Jones Lang Lasalle(JLL) has been roped in to carry out the transaction.

16 | PropTOQ - October 19

₹580 CRORE FUND INFUSION INTO TATA REALTY Tata Group holding company, Tata Sons is investing an additional Rs. 580 crore in Tata Realty and Infrastructure (TRIL).

The investment infusion by the end of current financial year is meant to pare debt and make TRIL invest in new projects.

Already Rs. 1,200 cr has been infused by Tata Sons till Q1 FY 20 in TRIL, in addition to equity infusion of Rs. 1,300 crore into another subsidiary, Tata Housing Development Company. TRIL had reported a loss of Rs. 186 crore for the financial year ended March 2019. As of FY 18, the company had a debt of Rs. 2,420 crore.

NEWS LINE

LUCKNOW REALTY ON UPSWING According to Anarock Property Consultants, Lucknow is riding high on fast-tracked infrastructure projects and burgeoning medical tourism market.

The capital city saw housing sales increase by 19% in 2018 over 2017. Sales outpaced supply for the first time in last 6 years.

While unsold housing inventory in Lucknow has seen a yearly decline of 6%

in period, unsold inventory nevertheless still stood at 21, 080 units at the end of 2018.

The city has emerged as the destination of choice for investors from the UP towns of Allahabad, Varanasi, Kanpur, Sitapur, Barabanki,Bareilly, Gorakhpur, Unnao among others.

Mid segment and affordable housing are driving the real estate growth in Lucknow with nearly 47,100 new units launched in the budget range of â‚š 80 lakh over the past 6 years.

These properties account for about 88% share of the overall new supply in the last 5 years.

October 19 - PropTOQ | 17

NEWS LINE

SUNTECK REALTY & TRANSCON'S MIXED USED DEVELOPMENT IN MUMBAI

Leading developer Sunteck Realty has joined hands with Transcon to develop a mixed use project in Andheri suburb of Mumbai.

The project with a mix of residential, commercial and retail will come up over 7 acre land parcel with prime location off New Link Road in close proximity to Lokhandwala, Versova

and Juhu. It has a total development potential of 1.1 million sq. ft.

The entire development will be completed over the next 4-5 years and the project

revenue of Rs 2,500-3,000 crore will be shared in 54% and 46% in favour of Sunteck Realty. which will handle construction, execution, sales an marketing of the project.

NEWS LINE

DLF SELLS LAND IN NEW GURGAON FOR ₹300 CRORE Leading real estate firm, DLF has sold a land parcel of over 9 acre for ₹300 crore to American Express.

The transaction was put at over Rs. 32 crore per acre in Sector 74 A around Southern Peripheral Road and NH8.

American Express has acquired the land for developing its office complex, signifying the preference given by Fortune 500 Companies to Gurgaon.

₹ 2700 CRORE BLACKSTONE SALARPURIA SATTVA DEAL FOR TECH PARK South India's leading developer-Salarpuria Sattva, together with global fund, Blackstone has finalised the deal to acquire CCD owned technology park in Bengaluru for Rs. 2,700 crore.

The deal will help debt- ridden CCD cut its debt of Rs. 4,970 crore by more than half.

AAVAS GETS ₹345 CRORE FUNDING

The affordable housing financier has got the funding from World Bank arm IFC Aavas, a retail - focused affordable housing finance company, primarily serving low and middle income self- employed customers will use the proceeds to grow its affordable housing finance programme in rural and semi urban areas of Rajasthan. Apart from Rajasthan, the company operates in the other states including Maharashtra, Madhya Pradesh, Gujarat, Chattisgarh, Haryana, Delhi, Uttarakhand and Uttar Pradesh.

NEWS LINE

EROS GROUPQUESS CORP ALLIANCE FOR FACILITY MANAGEMENT

Eros Sampoornam has announced its association with Quess Corp Limited to provide Integrated Facility Management Services to its residents at Greater Noida West. A $1.2 billion listed MNC, Quess Corp has its operations under three broad segments - Asset Management, Workforce Management & Tech Solutions.

Eros Sampoornam is at Sector 2, Greater Noida West, Eros Group has launched 2nd phase of the project, Sampoornam I. Spread over 12 acres land and connected with Sampoornam, Eros is investing 125 cr in the Sampoornam I phase. The phase will have 4 towers of 14

20 | PropTOQ - October 19

-15 floors each with 258 units of 2 and 3 BHK ranging between 835 sq. ft to 1560 sq. ft. There is a fully functional shopping area inside the colony, open to all. Other key features include manicured common spaces, jogging tracks, children's play area, yoga pavilion, tennis and basketball courts, 3 tier security, round the clock

power and water supply.

Avneesh Sood, Director, Eros Group says that their association with Quess Corp is a step towards further strengthening our legacy and commitment to provide the best of services to our customers.

NEWS LINE

PHOENIX GROUP TO ADD 10 MN SQ FT OFFICE SPACE IN HYDERABAD

Phoenix Group, a Hyderabad-based real estate developer, is set to add about 10 million sq. ft of built-up office space before March 2020.

According to Phoenix Group Chief Executive Officer, Joe King, this year, the company expects to complete about 10 million sq. ft of office space in Hyderabad and thereby effectively double the total office space constructed over the past 18 years.

“We are bullish on the Hyderabad office space market. Apart from a latent pent-up demand for office space, the city has become an attractive destination for setting up offices in the IT and other services segments.

Its infrastructure and future potential for growth due to

Outer Ring Road, superior connectivity, international airport and congestion-free environment, is attracting more companies to the city,” he said.

During an interaction with BusinessLine, King said: “There is a growing pressure on Delhi and the NCR region and Mumbai for quality office space. Hyderabad has provided the perfect platform for growth for IT and services companies seeking to expand with quality infrastructure and a huge talent pool.”

“Over

the

years,

we

had

developed 10 million sq. ft of office space and in one year we are doubling this. And, we are ready and raring to grow and step up the construction activity in years to come, as demand spikes up,” he said.

The company has been developing all its projects lately using prefabricated steel structures, which are faster to construct and are environment-friendly. All its buildings have been Platinum rated by the Indian Green Building Council. All the projects are self-funded and through bank debt .

October 19 - PropTOQ | 21

NEWS LINE

TATA REALTY'S â‚š1200 CRORE INVESTMENT PLAN IN COMMERCIAL REAL ESTATE The strategy is aimed at adding scale and de-risking the company from residential segment in which it has a portfolio of over a dozen projects.

The leading real estate company that has about half a dozen affordable housing projects (Tata Value Homes) under development will now be having focus on building more mid-income homes in the Rs 40 lakh-plus category by gradually scaling down its investment in low-cost housing.

The company is also in the process of building a 7 million sq. ft business park on a 47-acre plot in Navi Mumbai.TRIL's plans to expand its commercial real

22 | PropTOQ - October 19

estate portfolio come in the backdrop of several other large developers and institutional funds capitalizing on the growing demand for office spaces while the residential market is still struggling to recover from a prolonged slump.

As part of its strategy, TRIL also plans to scale down its focus to just six key cities including Mumbai, Bengaluru and Delhi-NCR from the existing 15 cities .

Tata Realty and Infrastructure Ltd (TRIL) has planned to invest Rs 1200-1400 crore in buying commercial projects in Pune, Bengaluru and Chennai, aiming to build information technology (IT) parks of around 12 million sq. ft at these locations.

POLICY

QR CODES FOR HARYANA BUILDINGS The government has already begun a drone-based Geographic Information Survey (GIS) to analyse all residential, commercial, industrial, institutional and vacant properties in the state.

The GIS, being conducted by the government with a consultant, Yashi Consulting Services, using drone and satellite imagery technique for highest geo-accuracy and accurate plot dimensions, is nearing completion. After this, the government will generate and install QR code by year-end. So far, the government has records of at least 32 lakh assessed properties in urban areas that are due to pay property tax.

In a first, the Haryana government is all set to implement an ambitious project of installing an 18-digit Quick Response (QR) code carrying metal plates outside all built-up structures across the state.

The move is intended to streamline property-tax collection.

The metal plates to be affixed to the buildings will contain a Unique Property Identification and QR code (Digital Door Number).

Each QR code will have accurate plot area measurement, floors constructed at the time of survey using both base map service and on-ground field measurements.

The system will result in enhancing the property based tax revenues manifold. It will increase funds for the Urban Local Bodies for future development through a real-time property tax collection mechanism. Geo-tagged property data will be helpful for planning and day-to-day developmental work. In case of any alteration of the building/ structure, the QR code will also enable residents for faster building approvals and Change of Land Use. There are 86 Municipalities comprising 10Municipal Corporations, 19

Municipal Councils and 58 Municipal Committees in Haryana with approximately 32,36,361 assessed properties in urban area. As Municipal Corporations do not maintain demand and collection register properly and are not able to calculate the arrears of properties after the end of financial year, the tax collection stands low. Also, Municipal Corporations do not conduct general survey of the properties every five years and the supplement survey every year, which further results in poor tax collection. Currently, Urban Local Bodies are not able to collect more than 50 % of actual amount from the residents due to lack of single window platform. However, with the GIS mapping and QR code generation, any alteration in the property, be it structural or ownership will get reflected in our records. Not only tax collection, but once we have digitised records, it will enable government to link other government schemes and transfer of benefits to citizens using the same QR codes.

The first stage of collection of data from Municipal Corporations has been completed. The second stage including GIS base map creation is nearly complete.

The third stage will involve integration of property survey data with NIC central software, which the government plans to complete this by year-end. The last stage, including operations and maintenance, will follow next year.

DDA OKAYS TOD MODEL FOR DELHI The Delhi Development Authority (DDA) has implemented transit-oriented development (TOD) model in the Capital, which is expected to focus city building in and around a transit node or corridor. This mode will be focused on large areas near rapid public transport, with ease of access to that transit facility in a bid to encourage increased usage of public transportation in the city.

According to DDA , the TOD model of development will help in the building of mixed-use, mixed-income developments where residential, commercial, civic or institutional establishments will be located close to each other, allowing for the formation

of closely-knit social communities with vibrant shared spaces for the common public to use. Moreover, these developments will provide a variety of housing types for a range of income groups across the socio-economic scale and demographic types in

the city. In order to facilitate this, all TOD integrated schemes will have a minimum component of 30 % overall FAR (Floor Area Ratio) for residential usage and EWS FAR of 15 percent over and above the proposed FAR will be applicable.

October 19 - PropTOQ | 23

NEWS FOCUS

MRG WORLD TO DEVELOP 7000 VALUE HOMES BY 2020 MRG has already launched two residential projects, housing about 1500 units in Gurugram with a debt-free investment of Rs 200 crore. In May, the company launched - The Balcony project in Sector 93 which is completely sold out. Spread over 5 acre, it offers 731 2BHK units of sizes ranging from 590-645 sq. ft. It was followed by The Meridien project on Pataudi Road in Sector 89, offering 755 2BHK units of sizes ranging from 535-645 sq. ft.

According to Rajat Goel, Joint Managing Director, MRG World, next year the company plans to launch a 15 acres plotted development in Gurugram under Deen Dayal Awas Yojna." Right now, our focus for development will remain in Gurugram as the city is a big investment hub with people having good spending capacity and there is a big scope for growth in the future market of New Gurugram. Moreover, we are quite familiar with the market and want to leverage our strength".

MRG that has a tagline - 'Na Sirf ghar, ek nayi soch', boasts of many unique selling points, starting from selection of land to construction technology, contemporary designing, lifestyle amenities and faster delivery.

Says Rajat," Our biggest USP is that we start the construction at the time of project launch and select land which has spacious frontage and where all the infrastructure

like roads, water, sewerage etc is complete. Also, we have invested heavily into Malaysian Myvan technology to ensure that the project is delivered in a record time of 3 years. The company's first delivery is targeted for December 2021. Ours is a strong RCC structure construction that is weather-proof. Our homes have contemporary designs with classic, neo-classic and modern elevations".

MRG Value Homes come with IGBC gold rating and have four balconies, ample ventilation and uniform circulation of air to ensure wellness of its residents.

Unlike other affordable housing projects where there is parking facility for two wheelers only, MRG Value Homes though do not have a dedicated car parking for residents, yet there is enough surface parking area for cars.

"Other attractive amenities in the professionally landscaped MRG projects include play area, jogging tracks, community hall, creche and spacious green lawns.

Our USP is that the community centre is thoughtfully planned with connectivity to spacious lawns", according to Rajat.

Rajat Goel Joint Managing Director, MRG World

NCR - based affordable housing player MRG World has planned an investment of Rs. 500 crore over the next one year to build 7000 pocketfriendly green value homes in Gurugram.

MRG World's vision, according to Rajat Goel is to tap the potential of government's progressive and incentivised housing policies to not just provide affordable homes at pan India level to realize PM's dream of Housing for All, but also provide truly value homes that spell lifestyle.

October 19 - PropTOQ | 25

MOBILITY

GMDA PLAN TO IMPROVE GURUGRAM MOBILITY The Gurugram Metropolitan Development Authority’s (GMDA) has come up with a draft mobility management plan (MMP), which proposes to overhaul the city’s transport and traffic infrastructure in three broad phases - immediate and short-term, medium-term and long-term.

A major part of this overhaul, according to the MMP, is the creation of at least three model streets, which will facilitate not just vehicular movement but also create accessible public spaces for citizens.

In the first phase, the School of Planning and Architecture’s (SPA) transport planning department (which drafted the MMP), has suggested upgrading road signs, traffics lights and pedestrian infrastructure, improving efficiency of key intersections, revamping bus depots and bus stops, increasing access to public transport, and streamlining the movement of intermediate public transport, such as autos and private cabs.

In the medium and long-term phases, the MMP has proposed five plans for improvement of road networks, public transport, intermediate public transport, movement of freight vehicles, and management of traffic signals, which build on the short-term interventions.

The long-term goal is one of “improving modal share of public transport from existing 13.9% to 40% and to promote social inclusion by increasing public transport availability and accessibility to all social groups.

The MMP also aims to ensure that 60% of the city’s population will live within 500 metres of a transit line.

bus shelters, auto-rickshaw stands, dedicated vehicle lanes and increasing the number of median openings for easy pedestrian access on all streets within the Gurugram-Manesar Urban Complex area.

Most notably, however, the draft MMP also includes a plan to develop model streets under a corridor development plan under its long-term objective, with the aim to “reconcile the city’s conflicting needs of mobility and liveability.”

Moreover, the draft proposes three corridors where such model street pilots will be implemented — a 6.6 kilometre stretch between Huda City Centre and Subhash Chowk, a 5 km stretch of Golf Course Extension Road, and the 5.7km stretch between Huda City Centre and Rajesh Pilot Chowk, all of which are largely pedestrianunfriendly.

The corridor development plan of the MMP, SPA officials said, aims at changing this paradigm and turning streets into safe and accessible public spaces. To implement this plan, the SPA has proposed nine interventions, including pedestrian walkways, traffic calming measures, cycling infrastructure, space for street furniture, road markings and signage,

According to the proposal, these roads will have footpaths 2.5 - 2.8 metres wide, two-metre-wide cycle lanes, service lanes at least two metres wide and carriageways of about 9 to 10 metres. The draft also proposes to have street furniture, such as seating areas and dedicated shade areas, to attract pedestrians, as well as dedicated hawking zones.

3 NEW METRO LINES LAUNCHED IN MUMBAI

Mumbai has got three more metro lines for the city at the cost of over Rs. 19,000 crore for improved mobility and connectivity.

The three new metro projects are the Rs. 4,476-crore 9.2-km Gaimukh-Shivaji Chowk (Mira Road) metro-10; the Rs. 8,739 crore 12.8 - km Wadala-CST metro-11; and the Rs. 5,865- crore 20.7km Kalyan-Taloja metro-12 corridor.

the entire MMR area. The 32-storey Metro Bhavan, to come up at the Aarey Colony in the northern suburb Goregaon, will be the integrated operations and control centre of the metro project.

These new lines are expected to be completed by 2026, when the megapolis will have 337 km of metro network across 14 lines covering

Maharashtra government expects around 120 km of the metro network to be operational by 2020-21. By 2023 -24, another 85 km of metro network

26 | PropTOQ - October 19

will be added. Currently, of the 14 metro corridors - civil works on six are underway. These are the DahisarDN Nagar metro-2A; DN NagarMandale metro-2B; Colaba-BandraSeepz metro-3; Wadala- Kasarvadavli metro-4 corridor, Swami Samarth Nagar-Vikhroli metro-6; and Andheri (East) to Dahisar (East) metro-7 corridor.

REGULATION

UP RERA'S LANDMARK RULING ON OCs

The Real Estate Regulatory Authority (RERA) of Uttar Pradesh has delivered a far reaching judgement on the issuance of occupancy certificates (OCs) by the Authority, raising hopes of thousands of home buyers of completed projects in Noida and Greater Noida. This will pave way for getting possession of their long delayed dwelling units and shift to their new homes during the festive season.

According to RERA ruling, if the Authority fails to issue occupancy certificate or raise any objection within a week of receiving application, developers can start offering possession and agreement with the Authority to buyers.

The ruling assumes significance in the backdrop of delayed possession to home buyers of large number of completed projects due to non-receipt of Occupancy Certificate from the Authority. As per the rules, after completing

the project, a builder has to apply for OC and can offer possession to home buyers only after getting it.

With the new RERA ruling , developers will now be able to give possession to home buyers without waiting for OC beyond one week.

According to industry statistics about 20000 odd home buyers may get benefited from the RERA ruling and shift to their new homes after getting possession during this festive season.

October 19 - PropTOQ | 27

REGULATION

FSI HIKE PAVES WAY FOR VERTICAL DEVELOPMENT IN GUJARAT In a major incentive for the recession-hit real estate industry, Gujarat government has announced higher floor space index (FSI) and special permission to build Dubai-style skyscrapers in the four major cities of Ahmedabad, Surat, Vadodara and Rajkot.

Following the FSI incentive aimed at promoting vertical development, an FSI of four will be allowed in Ahmedabad, Surat, Vadodara and Rajkot along 45-metre or wider roads. Similarly, an FSI of 3.6 will be allowed in projects along 36-44 metre-wide roads. The Gujarat government has signed a notification pertaining to new common General Development Control Regulations (GDCR) which would remove discrepancies in different areas in the state and bring greater transparency and enhance ease-ofdoing business, paving way for iconic high rise structures. Till now, every city or local body had its own GDCR but now there will be a common set of rules for construction across the state. The new rules would be applicable in all eight municipal corporations, 162 municipalities and areas governed by 23 urban development authorities of Gujarat.

MOHALI TOPS PUNJAB IN RERAREGISTERED PROJECTS Punjab’s Mohali (SAS Nagar) district has a lion’s share of RERA-registered real estate projects (60%) in the state followed

by Ludhiana (13%),Patiala (5.75%) and Amritsar (4%).

There were a total of 747 projects registered with Real Estate Regulatory Authority, Punjab as on August 16, 2019, with Mohali (SAS Nagar) having the maximum number of registrations at 447, followed by Ludhiana (98) and Patiala (43).

There are around 100 developers which have projects - both commercial and residential in Mohali, Kharar, Zirakpur, Derabassi and Mullanpur. Not only the rates of properties in these towns are low as compared to Chandigarh, the Mohali district has good connectivity by road and air and has excellent health facilities.In Punjab, home-grown developers dominate the residential real estate market. With small ticket size, delivery and budget-friendly housing projects, the local developers enjoy over 70% share.

28 | PropTOQ - October 19

REGULATION

OCCUPANCY CERTIFICATES GO ONLINE IN NOIDA

The Noida Authority will be issuing occupancy certificates to ready residential buildings through an online system. The aim is to issue occupancy certificates in a time-bound manner.

The move comes after the Uttar Pradesh Real Estate Regulatory Authority issued a notification stating that all local government bodies should issue an OC to a ready building within seven days or the building with other requisite certificates would be considered OC-approved.

The new online system will instantly issue an OC if an applicant has submitted all requisite certificates, including a fire noobjection certificate (NOC), financial clearances, an

environmental NOC, etc., according to SC Gaur, Chief Architect and Town Planner, Noida Development Authority.

The Noida Authority has issued occupancy certificates to a total of 29,000 apartments from April 2017 to September 24, 2019.

The Noida Authority believes that the issuance of OCs will be fast-tracked with the start of of operations of online system. Till now,

the Authority had a manual system of issuing OCs under which a builder or individual applicant would submit an application along with the requisite NOCs. Then the Authority’s urban town planning department would process them. Now, an applicant need not visit the authority office and can do so online. The authority will also start issuing OCs for commercial and other projects soon.

October 19 - PropTOQ | 29

REALTY CHECK

AFFORDABLE HOUSING DRIVES AHMEDABAD REALTY

The residential real estate market in Gujarat’s top city Ahmedabad has been riding high on affordable housing projects over the last five years. A highly price-sensitive market, Ahmedabad is banking heavily on rising demand for affordable homes. The government’s push for affordable segment is another factor that gives it the much-needed impetus. More than half of the housing units launched from 2014 onwards cater to the budget segment priced below Rs 40 lakh.

According to Anarock Research, as many as 1,30,650 units across different budget segments have been launched in the city from 2014 till H1 2019. Of this, nearly 52% (approx.

67,400 units) were in the affordable segment, followed by 37,400 units in the mid-segment (Rs 40 lakh to Rs 80 lakh). Luxury and ultra-luxury units in this major tier 2 city is limited at 14% and 11% respectively.

Rapid industrialisation, proposed infrastructure development, good connectivity, GIFT City (one of the first Smart Cities in the country), expressways, etc. are major factors spearheading realty growth in Ahmedabad over the last few years, particularly affordable housing.

Interestingly, Ahmedabad, as per Anarock Consumer Sentiment Survey H1 2019, emerged as one of the favourites for property investment among the Tier 2 & 3 cities where 26% property seekers are looking to invest in 2019. Low property prices along with improved infrastructure in Ahmedabad have in fact attracted over 11% NRI investors.

30 | PropTOQ - October 19

As per Anarock data , Ahmedabad city saw overall absorption of nearly 1.15 lakh units between 2014 till H1 2019. According to Santhosh Kumar, Vice Chairman, Anarock, before demonetization, housing sales in 2015 increased by 24% to cross 25,400 units mark from the previous year’s 20,480 units. However, there was a drastic drop in housing sales during the DeMo quarter and henceforth unit sales each year have been hovering around 20,000 mark. In H1 2019, absorption has remained tepid at about 9,070 units – falling by 16% since H1 2018.

H1 2019 saw unsold housing stock in Ahmedabad decline 11% Y-o-Y as against H1 2018. In H1 2019, unsold housing inventory in the city was 48,500 units. Earlier, the unsold inventory in the city had been piling up since 2014 onwards – from 36,100 units in 2014 to nearly 53,440 units by the end of 2018. The first half of 2019 saw green shoots of revival, largely because developers restricted new supply in the market and instead concentrated on sale and completion

of previously launched units.

Currently, of the total 48,500 unsold units as on H1 2019, over 44% are in the affordable segment, followed by 29% in the mid-segment. Merely 6,800 unsold units are in the luxury segment, and approx. 6,090 units in the ultra-luxury segment.

The average prices of residential properties in Ahmedabad is around Rs 2,870 per sq. ft. Till H1 2019. Trends suggest that prices have remained more or less stagnant over the last two years, primarily because housing sales have not seen a major increase and builders are wary of hiking the prices in the back of relatively lower demand in comparison to earlier peak levels of 2014. If we compare to Q2 2015, average property prices in the city have seen merely 5% rise in Q2 2019.

The top realty markets where both demand and supply peaked during the last five years included Nava Naroda, Chandkheda, SG Highway, Nikol, Bopal, Vatva, Gota, Vastral, Narolgam and New Maninagar.

COVER STORY

e v i t s e FHEERS

C ST AMIDO N W D W SLO S

FEAR

At a time when green shoots are visible in badly mauled residential real estate, debt ridden developers battling slowdown aggravated by liquidity crisis, are hoping that the festive sparkles may turn their fears into cheers.

- Vinod Behl 34 | PropTOQ - October 19

COVER STORY

The optimism of real estate developers stems from the fact that affordable housing has turned out to be a saviour, with uninterrupted sale pick up in this much in demand housing segment over the past one year. According to Anarock statistics, developers have been able to shed their overall unsold stock by at least 5% during the year which stood at 6.87 lakh units in Q3 2018. Developers could reduce their unsold housing stock with twin strategy of focusing on project completions and cutting down new launches According to Anuj Puri, Chairman Anarock Property Consultants, there is a gradual revival of investor confidence in Q3 2019 and festive quarter (Q4 2019) will see housing sales rise due to policy induced incentives to first time buyers of affordable housing.

Affordable projects of organised players with good track record have found favours with home buyers.

Tata Realty for instance saw their residential sales grow by 40% last year and according to Sanjay Dutt, Managing Director, Tata Realty, the group is expecting to push its housing sales further by 40% this year.

It has been an established trend that the housing sales drop in Q2 (run up to festive season) and pick up in Q3 (festive months of OctoberDecember). According to PropTiger.com, in the October - December quarter of FY19, home sales increased by 30%. While the sales volumes decreased later, they are expected to see an upward movement during this year's festive season.

Affordable projects of organised players with good track record have found favours with home buyers.

October 19 - PropTOQ | 35

COVER STORY Amarendra Shukla , National Sales Head of OLX endorses PropTiger view and paints an optimistic picture." Number of listings, enquiries and actual site visits have increased at least 3 times compared to a year ago.The enhanced interest of home seekers is evident from the fact that 1 in every 5 visitors on OLX is browsing real estate and every new property listed on OLX is getting more than 15 enquiries. Judging from the feedback from developers and brokers, we expect good jump in home sales".

The rise in interest level of home buyers is largely because of increased affordability. due to higher income growth compared to stagnant/declining property prices.

According to Home Purchase Affordability Index (HPAI)

by JLL India, the affordability index in 2018 was quite low -3 for Pune, Kolkata and Ahmedabad and 4 for Bengaluru and Chennai while the ideal affordability is 4.5 times the average annual household income.

Of late, developers have also been aligning to market demand for compact affordable homes by moderating the sizes of homes to boost affordability in line with government's incentivised policy for affordable homes. Over the last 5 years, home sizes have shrunk by 27% in top 7 cities from average size of 1400 sf in 2014 to 1020 sf in 2019.

Due to this strategy today 70% of inventory for sale is in affordable and midsegment category with right sized, right priced homes which hold great promise in terms of sale.

In the backdrop of large number of stalled projects, there is big demand for ready-to-move-in homes. Puravankara has seen 40% of their overall residential sales coming from ready homes.

DLF has recorded Rs 700 crore of sales in a single day for its readyto-move Ultima homes. According to PropTiger data,there are 4 lakh ready-to-move homes lying unsold in the nine major property markets.

36 | PropTOQ - October 2019

The rise in interest level of home buyers is largely because of increased affordability due to higher income growth compared to stagnant or declining property prices.

COVER STORY Amarendra Shukla of OLX says that despite the constraint of down payment, the search & demand for ready-to-movein apartments is close to its peak as freebies and other incentives offered by developers amount to net discount of 10-15%.

Siva Krishnan, MD, Residential Services, JLL India believes that buyers will continue to be inclined towards ready-to-move and nearing completion properties in the backdrop of challenges on timely delivery of projects.

What is really an encouraging development this time is that luxury housing which was hit badly is staging a comeback. According to industry statistics, the over all unsold inventory of luxury homes (Rs 1.5-2.5 crore) declined by 12% to 42,650 units in Q1 2019 from 48,300 units in Q1 2018 with Bangalore seeing highest 49% reduction followed by 37% in Kolkata and 7% in MMR and NCR. Price points of luxury properties are at lowest and developers are offering lucrative deals on even ready properties.It is creating demand for such properties. This is clearly reflected from the fact that 46% of our sales come from products in the range of rs 1-2 crore. "We expect to continue this momentum", J. C Sharma, MD, SOBHA Group.

Besides domestic buyers, NRIs are also showing keen interest in luxury properties.

These properties available at attractive prices have become further affordable due to rupee devaluation.

Pankaj Bansal, Director of M3M Group which is into luxury housing says that NRIs are major drivers as large chunk of their investment is in luxury housing.

What is really an encouraging development this time is that luxury housing which was hit badly is staging a comeback.

October 2019 - PropTOQ | 37

COVER STORY

Encouraged by this favourable environment, developers are out to make most of it by offering deals and discounts to lure prospective home buyers.

These offers include free registration, free car parking, free club membership, modular kitchen, no fee for GST, EEC/ FFC , view PMC and first transfer besides free flexible payment plans.

Even for ready-to-move projects, there are lucrative offers of free registry, no fee for club membership and car parking and zero GST. Leading players like DLF, Sobha, Godrej

38 | PropTOQ - October 2019

in West & South have come up with attractive schemes to push their premium offerings.

In North, Gulshan Homz for its luxury project- Gulshan Botnia in Noida, is offering free car parking, club membership, power back up, besides lease rent.

Mega home festivals are being organized to push sales.

Housing.com has launched its Home Ustav offering mega prize of Rs 30 lakh. Credai Bengal has launched its home portal ahead of festive season to help boost home sales of its members.In fact,

developers are trying their best to make most of the festive sentiment. To aid developers, demand drivers in the form of government incentives like Rs 3.67 lakh interest subsidy, 3 lakh tax waiver on interest on home loans , continuous cut in interest rates and just 1% GST on affordable housing continue to draw home buyers. But then going forward, the long term and sustainable growth and revival of housing will depend upon strengthening of economy and improvement in liquidity situation.

TALKING POINT

FESTIVE OUTLOOK Bogged down by liquidity crunch and muted sales, real estate, particularly residential real estate has been facing rough weather for long.

As greenshoots of revival are looking up, real estate developers are looking upto this festive season with renewed hope. Will it turnaround residential realty?

In the backdrop of positive policy initiatives like repo rate linked home loans, fund infusion into NBFCs ,stress fund for stalled housing projects and corporate tax cut, if developers pass on the corporate tax cut benefit to home buyers, sales would go up. Going forward, improvement on economic growth, more project completions and lower interest cycles will increase sales momentum.

Ramesh Nair CEO, JLL India

Realty sentiment is improving as the residential market is recovering.Property prices in most of the cities are quite viable which is attracting home buyers especially end-users. Besides being the auspicious time , home buyers also realize that it is favourable time to buy as going forward,with market recovery, prices will go up.

Housing transactions are expected to go up by 25-30% in the festive month of October.

Ankit Kansal

Managing Director, 360 Realtors

Deepak Parekh Chairman ,HDFC

The perception about the sector witnessing slump is wrong since phenomenal sales were happening on the affordable and mid segment as fiscal incentives in affordable segment are quite beneficial. Right developer with good delivery track record, right sized units and right price will be key to selling.

Ashish R Puravankara MD, Puravankara

such properties.

Ready-to-move inventory holds key to festive season sales.

There is a huge demand for ready residential units. We have seen 40% of our residential sales coming from

Gautam Thapar

CEO, Thapar Builders The prospects of affordable and mid segment housing this festive season seem good with builders offering deals and discounts to buyers on ready-to-move apartments. However, luxury and under- construction projects will have few takers due to sluggish demand/supply for the same.

Amarendra Shukla

National Head, Sales, OLX In contrast to last festive season when home buyers adopted c a u t i o u s approach, this time there are buyers in the market who are willing to buy. Based on project listings and enquiries on OLX Real Estate, and considering feedback from developers and realtors, we can certainly see good jump in residential sales during the festive quarter which should peak towards Diwali.

October October 2019 19 -- PropTOQ PropTOQ | 39

COVER STORY

FINANCIAL PLANNING FOR BUYING A NEW HOME

When we decide to buy a new house,we normally plan our investments simply as per the cost of the house, overlooking so many other associated costs incurred during or after buying the property, thereby upsetting our budget.

40 | PropTOQ - October 19

COVER STORY

Here is a run down on all the associated expenses which you have to incur as part of home transaction and after taking possession so that you can plan your investment well.

Stamp Duty Stamp duty is a tax, levied by the state government on every property transaction i.e. buy and sell, be it commercial or residential property. As it is levied by state government. the rate varies from state to state. It ranges from 3% to 10%, depending on the slab decided by the particular state. Stamp duty is calculated on the higher value of any of the following:

Ready Reckoner Rate The ready reckoner rate also known as circle rate/market value which is pre defined every year by state government for every town.

Agreement Value The agreement value of property.

For example, if the agreement value of a property is Rs 50 lakhs and the value according to the ready reckoner rate is Rs 40 lakhs, then, the stamp duty would be calculated on the higher value i.e.

Rs 50 lakhs.

Registration Cost For registering a property in your name, the state government charges a certain registration fee. It varies from state to state.

But most of the cases it is 1% of the market value of the property.

Registration fee is lowered if the buyer is a senior citizen or a woman. In most cases, the builder will add this cost when they quote the house value to you.

Interior Cost When you get the new house, it is the bare minimum house

with walls, electric points etc. Its your job now to furnish it and decorate it as per your taste. So, it is suggested to consider cost that you may need to spend for interiors. And if you want to do marble flooring, designer wallpapers, texture paintings on wall, chandelier, modular kitchen etc... the interior cost will considerably go up.

Advance Maintenance Fee When we move to a new house, and if it is in a newly constructed project, usually we are asked to pay maintenance fee for a year or two by the builder. It can be a decent amount if you make advance payment.

Furniture Many people want to set up furniture before moving to the new house. So, if you want to move in, to a furnished new house ,then you will require to buy or appoint a carpenter to make your home furniture best suitable as per your needs and requirements.

You need to be prepared for the cost of furniture such as sofa, bed, almirah, dressing table, dining table with chairs, shoe rack, study table, electrical appliances etc depending on your needs.

Additional Charges In Flat These costs are subjective, depending on the needs of the family. These additional costs include video security system and iron grill at the main entrance for security purpose, pigeon net if your new house is having open

balconies and mosquito net for windows etc.

Sinking Fund Sinking fund is a cost, which you may need to pay, to the society you will be living in, every year for certain period of time such as 5 to 10 years. These charges are paid by all the house owners in the society, so that society's huge maintenance cost, which can be for lift maintenance charges, building painting, club house renovation, parking space and building renovation charges etc.

Small House Alteration This cost again is subjective and may change from person to person. Many people want to make some changes in existing layout of new house before moving. So, they will be needing extra money for this. These changes may pertain to vastu shastra and for creating storage space (storage room or shelf) etc can be met.

Packers and Movers Charges Moving your home stuff from one place to another can also cost a bit, especially if it is an inter-city movement. Do consider this cost as well when you are buying a new house.

Therefore, while planning to buy a new house, do factor in these additional costs which may be around 10-20% of the house cost so that you may do better financial planning.

Jago Investor

October 19 - PropTOQ | 41

COVER STORY

CHENNAI TOPS HOME SALES, WITH LEAST DELAYED HOUSING STOCK

Notwithstanding the ongoing real estate downturn and the current crisis in automobile sector, Chennai's diversified economy is pushing city’s real estate growth, raising hopes of festive cheer.

According to the findings of a latest report by Anarock Property Consultants ,Chennai's real estate market reflects little of the automobile sector's

42 | PropTOQ - October 19

slowdown. In fact, Chennai’s diversified economy is keeping the momentum upbeat for its realty market.

The report, according to Anuj Puri, Chairman - Anarock Property Consultants confirms that Chennai logged a 25%

COVER STORY jump in housing sales in H1 2019 against the preceding year much higher than Hyderabad’s 12% and Bangalore’s 9% over the same period. The city's developers have remained focused on restricting new housing supply and deploying resources to complete ongoing projects. This has had remarkable results - Chennai has the least number of delayed housing units among the top 7 cities. The 8,650 delayed units, worth around INR 5,620 crore, were launched in 2013 or before - however, none of these projects are completely stalled or cancelled by their developers.

The major factor favouring Chennai is its diverse economy, which does not depend solely on the automobile and automobile ancillary industries but also banks heavily on its evolving services sector - especially IT/

ITeS - and electronic hardware.

Chennai houses more than 20 electronic hardware technology parks situated in the major ITcentric SEZs of Sriperumbudur, Oragadam and Mahindra World City. The upcoming aerospace park at Sriperumbudur, spanning 250 acres, will pave the way for continued growth.

The report examines Chennai's residential real estate market in detail, revealing that the bulk of housing demand in Central and South Chennai comes from the IT/ITeS sector while demand in the peripheral areas is driven by the manufacturing industry.

Nearly 72,000 units have been launched in Chennai since 2015.

Around 38% of this supply is in the budget range of INR 40-80 lakh while 36% is priced below INR 40 lakh. The demand by mid-level IT/ITeS and automobile

sector employees gives major traction to residential projects in the sub INR 80 lakh budget range. The weighted average prices have corrected by 2% since 2015 and currently hover at INR 4,950 per sq. ft. As on June 2019, the total unsold inventory in Chennai was around 31,500 units with an overhang of approximately 30 months for liquidation – high when compared to Bangalore and Hyderabad, where the inventory overhang has reduced to 15 and 16 months respectively.

The city's real estate sector has successfully attracted institutional investments to the tune of nearly US$ 2.0 billion since 2015, which accounts for nearly 14% of the capital deployed in the country. The highest infusion volume of US$ 674 million was recorded in 2018.

South Chennai is the most active housing market with an equilibrium in supply and sales with 51,000 new unit launches since 2015 and sale of 50,000 units in the same period.Medavakkam and Sholinganallur are some important micro markets in South Chennai. The strong base of services operators in automobiles and electronic hardware sectors with no likelihood of either shutdown or relocate, will keep the economy buoyant. Planned and under-development infrastructure initiatives will unlock the latent potential of several emerging localities and create opportunities for further real estate development across asset classes. Education and retail are likely to grow further in the near future as the city widens its contours along the lines of new infrastructure addition.

October 19 - PropTOQ | 43

COVER STORY

100 Projects across

10 Cities

Home Shopping

Delhi-NCR UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Mahagun Mywoods

Mahagun India

Sector-16C, Greater Noida

0850 - 2190

2, 3 & 4

₹4,025

Ashiana Mulberry

Ashiana Homes

Sector 2, Sohna

1210 - 1730

2 & 3

₹4,590

Tata Destination 150

Tata Housing

Sector 150, Noida

1100 - 1285

2 & 3

₹4,750

Experion The Heartsong

Experion Developers Sector 108, Gurugram

1283 - 2705

2, 3 & 4

₹5,600

Godrej Palm Retreat

Godrej Properties

Sector 150, Noida

1153 - 3200

2, 3 & 4

₹6,385

Vatika Turning Point

Vatika Group

Sector 88B, Gurugram

1150 - 2000

2, 3 & 4

₹5,125

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

DLF Ultima

DLF Developer

Sector 81, Gurugram

2092 - 2872

3 & 4

₹8,705

ATS Pristine

ATS Infrastructure

Sector 150, Noida

1750 - 3200

3 & 4

₹6,370

ABA Cleo County

ABA Corp

Sector 121, Noida

1620 - 2448

3 & 4

₹7,690

Gaursons Saundaryam

Gaursons India

Techzone 4, Greater Noida

1595 - 4770

3 & 4

₹4,650

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

Mahindra Luminare

Mahindra Lifespace

Sector 59, Gurugram

2985 - 3625

3 & 4

₹11,900

Vipul Aarohan

Vipul Group

Sector 53, Gurugram

2000 - 2910

3

₹12,500

UPTO ₹2 CRORE PROJECT NAME

ABOVE ₹2 CRORE PROJECT NAME

BSP

Chandigarh UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

ATS Golf Meadows Lifestyle

ATS Infrastructure

Dera Bassi

1160 - 2950

2, 3 & 4

₹3,400

TDI Connaught Residency

TDI Infratech

Mohali

1750 - 2250

3

₹3,750

Sushma Elite Cross

Sushma Buildtech

Zirakpur

1685 - 2060

3

₹3,290

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

DLF Hyde Park Estate

DLF Developers

Mullanpur

1880 - 1888

3

₹4,100

JLPL Falcon View

Janta Land Promoters Mohali

1885 - 3008

3 & 4

₹5,230

UPTO ₹2 CRORE PROJECT NAME

BSP

*BSP - Basic Selling Price in ₹ per sq. ft.

44 | PropTOQ - October 19

Home Shopping

COVER STORY

Bengaluru UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Brigade Meadows

Brigade Group

Kanakapura Road

1125 - 1525

2 & 3

₹4,790

Ozone Urbana

Ozone Group

Devanahalli

0937 - 2620

2, 3 & 4

₹4,980

Century Indus

Century Real Estate

Raja Rajeshwari Nagar

0880 - 1461

2 & 3

₹5,000

Godrej Eternity

Godrej Properties

Kanakapura Road

1030 - 1938

2 & 3

₹5,050

Kolte-Patil iTowers Exente

Kolte-Patil Developers Electronic City Phase 2

0685 - 1612

1, 2 & 3

₹5,200

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Mantri Serenity

Mantri Group

Kanakapura Road

1035 - 2500

2 & 3

₹7,636

Sobha Petunia

Sobha Developers

Hebbal

2092 - 2872

2 & 3

₹7,780

RMZ Galleria Residences

RMZ Corp

Yelahanka

1165 - 1880

2 & 3

₹8,506

Bollineni Elanza

SCPL Infrastructure

Kogilu

1245 - 2490

2, 3 & 4

₹5,700

L&T Raintree Boulevard

L&T Realty

Hebbal

1320 - 2765

2, 3 & 4

₹8,200

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

B&B The Spire

B & B Infrastructure

Bannerghatta Road

3221 - 4084

3 & 4

₹10,980

Shapoorji Pallonji Parkwest

Shapoorji Pallonji

Jagajeevanram Nagar

2009 - 3969

3 & 4

₹10,350

UPTO ₹2 CRORE PROJECT NAME

ABOVE ₹2 CRORE PROJECT NAME

Hyderabad UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Jains Carlton Creek

Jains Housing

Manikonda

1053 - 2556

2, 3 & 4

₹5,565

Provident Kenworth

Provident Housing

Rajendra Nagar

0935 - 1280

2 & 3

₹5,798

Incor PBEL City

Incor Infrastructure

Appa Junction

1140 - 1835

2 & 3

₹4,780

Vaishnavi Oasis

Vaishnavi Infracon

Bandlaguda Jagir

1200 - 2771

2, 3 & 4

₹4,600

Raheja Vistas

K Raheja Corp

Nacharam

1207 - 1782

2 & 3

₹4,650

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

Salarpuria Magnus

Salarpuria Sattva

Shaikpet

1220 - 2963

2, 3 & 4

₹7,335

SMR Vinay Iconia

SMR Holdings

Kondapur

1307 - 2925

2, 3 & 4

₹6,500

Aparna Serene Park

Aparna Constructions Kondapur

1295 - 2052

2 & 3

₹7,012

Emaar Boulder Hill

Emaar MGF

Gachibowli

1810 - 5438

2, 3 & 4

₹7,005

NCC Urban One

NCC Urban Infra

Narsingi

1705 - 3005

3 & 4

₹6,410

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Lodha Bellezza

Lodha Group

Kukatpally

3500 - 4761

3 & 4

₹6,750

Ramky Tranquillas

Ramky Group

Kismatpur

3840 - 4050

4

₹6,760

UPTO ₹2 CRORE PROJECT NAME

BSP

ABOVE ₹2 CRORE PROJECT NAME

*BSP - Basic Selling Price in ₹ per sq. ft.

October 19 - PropTOQ | 45

Home Shopping

COVER STORY

Mumbai-MMR UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Arihant Aspire

Arihant Superstructure Panvel

0649 - 2790

1, 2, 3 & 4

₹7,190

Nirmal Lifestyle City

Nirmal Lifestyle

Kalyan

0509 - 1296

1, 2 & 3

₹5,510

Tata Amantra

Tata Housing

Kalyan

0968 - 1416

2 & 3

₹6,585

Puraniks Tokyo Bay

Puraniks Builders

Kasarvadavali

0388 - 0965

1 & 2

₹7,685

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Wadhwa Elite

Wadhwa Group

Kolshet Road

0706 - 1102

1 & 2

₹10,245

Rustomjee Urbania

Rustomjee

Majiwada

0776 - 1717

2 & 3

Runwal Forest

Runwal Group

Kanjurmarg West

0753 - 1689

1.5, 2 & 3

₹14,390

L&T Seawoods Residence

L&T Realty

Seawoods

1080 - 1605

2 & 3

₹13,005

UPTO ₹2 CRORE PROJECT NAME

₹9,345

MICL Monteverde

Man Infracon

Dahisar

0850 - 1061

1, 2 & 3

₹12,500

Runwal Bliss

Runwal Group

Kanjurmarg East

0650 - 2910

1, 2, 3 & 4

₹12,500

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Oberoi Sky City

Oberoi Realty

Borivali East

1701 - 2163

3 & 4

₹14,560

Kalpataru Radiance

Kalpataru Group

Goregaon West

1342 - 2900

2, 3 & 4

₹17,730

ABOVE ₹2 CRORE PROJECT NAME

Chennai UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Casagrand Asta

Casagrand Builder

Korattur

0614 - 1691

2 & 3

₹4,800

Arun Excello Temple Green

Arun Excello Homes Sriperumbudur

0807 - 1735

1, 2 & 3

₹3,685

VGN Stafford

VGN Group

Ambattur

0574 - 1560

1, 2 & 3

₹3,815

KG Centre Point

KG Builders

Poonamalle

0515 - 1261

1, 2 & 3

₹3,310

Doshi Risington

Doshi Housing

Karapakkam

1024 - 2686

2, 3 & 4

₹6,250

S&P Signature Villas

S&P Foundation

Nedunkundram

1182 - 2134

2, 3 & 4

₹4,790

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Sobha Winchester

Sobha Limited

Madipakkam

1544 - 2794

2.5, 3 & 4

₹6,850

Ramaniyam Magnum

Ramaniyam

Perungudi

1143 - 2391

2, 3 & 4

₹7,700

DRA Tuxedo Elite

DRA Homes

Velachery

1190 - 1852

2, 2.5 & 3

₹8,515

DRA Ascot

DRA Homes

Adambakkam

1018 - 1530

2, 2.5 & 3

₹7,115

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

Newry Satvik

Newry Properties

Anna Nagar

1611 - 1639

3

₹15,010

Radiance Elite

Radiance Realty

Teynampet

1431 - 1754

3

₹17,000

UPTO ₹2 CRORE PROJECT NAME

ABOVE ₹2 CRORE PROJECT NAME

BSP

*BSP - Basic Selling Price in ₹ per sq. ft.

46 | PropTOQ - October 19

Home Shopping

COVER STORY

Kolkata UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Siddha Galaxia

Siddha Group

Rajarhat

0855 - 2760

2, 3 & 4

₹4,600

Srijan Centrum

Srijan Realty

Park Circus

0999 - 1368

2 & 3

₹4,600

Merlin Paradise

Merlin Group

Dum Dum

0960 - 1888

2, 3 & 4

₹4,568

Mani Casa

Mani Group

New Town

1081 - 1448

2 & 3

₹5,275

Unimark Lakewood Estate

Unimark Group

Patuli

0873 - 1419

2, 3 & 4

₹5,500

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

Emami City

Emami Realty

Jessore Road

1150 - 2520

2, 3 & 4

₹5,720

PS Vyom

PS Group

New Alipore

1340 - 1904

3 & 4

₹7,560

Salarpuria Luxuria Heights

Salarpuria Group

Tangra

1743 - 2302

3 & 4

₹5,830

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Tata 88 East

Tata Housing

Alipore

1233 - 2783

3 & 4

₹16,200

Salarpuria Victoria Vistas

Salarpuria Sattva

Bhowanipore

2298 - 2929

3 & 4

₹12,500

UPTO ₹2 CRORE PROJECT NAME

BSP

ABOVE ₹2 CRORE PROJECT NAME

Pune UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Ganga Aria

Goel Ganga Group

Dhanori

0648 - 1252

1, 2 & 3

₹4,885

Kumar Primavera

Kumar Properties

Wadgaon Sheri

0922 - 1129

2

₹5,605

VTP Leonara

VTP Realty

Mahalunge

0429 - 1087

1, 2 & 3

₹5,490

Skyi Manas Lake

SKYi Developers

Bhukum

0637 - 1994

1, 2 & 3

₹4,885

Prasun Sarvam

Prasun Homes

Kharadi

1045 - 1200

2

₹6,400

Vardhaman Palm Rose

Vardhaman Spaces Punawale

0648 - 1266

1, 2 & 3

₹4,890

DEVELOPER

UNIT SIZES (sq.ft) BHK TYPES

UPTO ₹2 CRORE PROJECT NAME

LOCATION

BSP

Mahindra Antheia

Mahindra Lifespaces Pimpri

0700 - 1635

1, 2 & 3

₹8,350

KUL 45 Nirvana Hills

Kumar Builders KUL Karve Road

1200 - 2500

2, 3 & 4

₹11,250

Kolte Patil 24K Opula

Kolte-Patil Dev

Pimple Nilakh

1988 - 2926

3 & 4

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Pride Park Grandeur

Pride Purple Group

Baner

2175 - 3335

3 & 4

₹9,700

Mont Vert Tranquille

Mont Vert Homes

Wakad

2850 - 3200

3 & 4

₹7,750

₹7,795

ABOVE ₹2 CRORE PROJECT NAME

*BSP - Basic Selling Price in ₹ per sq. ft.

October 19 - PropTOQ | 47

Home Shopping

COVER STORY

Ahmedabad UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Godrej Garden City

Godrej Properties

SG Highway

0600 - 2211

1, 2 & 3

₹4,520

Adani Elysium

Adani Realty

SG Highway

1145 - 1427

2 & 2.5

₹4,210

Goyal Orchid Exotica

Goyal & Co Makarba

HN Safal Parisar

HN Safal Realty

Avirat Silver Altezza

1745 3

₹4,510

1170 - 1905

2 & 3

₹4,275

Avirat Infrastructure Sola

1465

3

₹4,500

DEVELOPER

UNIT SIZES (sq.ft) BHK TYPES

BSP ₹4,200

South Bopal

UPTO ₹2 CRORE PROJECT NAME

LOCATION

Gala Marvella

Gala Group

South Bopal

2775 - 3200

4

Pacifica The Meadows

Pacifica Companies

South Bopal

2205 - 2880

3 & 4

₹4,815

Ajmera Enigma

Ajmera Group

SG Highway

1650 - 2007

4

₹6,800

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Saanvi Skydeck Select

Saanvi Nirman

Ambli

3850

4

₹7,000

Goyal Riviera Elegance

Goyal & Co

Prahlad Nagar

4015

4

₹8,710

ABOVE ₹2 CRORE PROJECT NAME

Goa UPTO ₹80 LAKH PROJECT NAME

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Provident Housing

Dabolim

0533 - 1487

1, 2 & 3

₹6,205

Geras River of Joy

Gera Development

Kadamba Plateau

0645 - 1900

1, 2 & 3

₹6,890

Four Seasons Perola

Four Seasons Shelters Kadamba Plateau

0379 - 1442

1, 2 & 3

₹4,890

DEVELOPER

LOCATION

UNIT SIZES (sq.ft) BHK TYPES

BSP

Peninsula Ashok Beleza

Peninsula Land

Alto-Betim

1812 - 5290

3 & 4

₹6,750

TATA Rio De Goa

Tata Housing

Dabolim

0515 - 2125

1, 2 & 3

₹7,200

Provident Adora De Goa

UPTO ₹2 CRORE PROJECT NAME

*BSP - Basic Selling Price in ₹ per sq. ft.

48 | PropTOQ - October 19

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ARCHITECTURE & INTERIORS

PROPTOQ BEST FIVE INDIAN INTERIOR DESIGNERS

There is something about the “Indian style”, that has captivated the world.

The rich heritage, diverse history and contrasting culture have been the power source of ideas and inspirations for all artists alike. And when we speak of Interior design in

Sunita Kohli 50 | PropTOQ - October 19

particular, India reminds of luxury, elegance and class. From embracing modernity to being rooted to the traditions, Indian interior designers depict India and beyond in a smart,

Sunita Kohli, the first interior designer to receive the prestigious Padma Shri award from the government in 1992, takes a deserving slot in our shortlist. A self-taught interior designer, furniture manufacturer & architectural restorer, Sunita’s projects are quintessentially traditional and home to the finest finishes and classic furniture pieces. She strives and succeeds to balance aesthetics and functionality, attentively considering every last detail to produce spaces that are perfect for modern living. And while modernity is close to her heart ,so too are the past-times. Sunita Kohli is dedicated to preserving

flawless, and beautiful way. A ‘Made in India’ stamp signifies quality & timelessness, and all Indian designers in our list are marked by these attributes.

and restoring India’s incredible historical architecture.

Education: BA (Hons.) degree and Master in English Literature.

Self-taught Interior Designer Awards: First interior designer who became a Padma Shri awardee in 1992.

Work: Adorned and re-established the Prime Minister's Office, Parliament House Colonnade (1985 - 1989), the Rashtrapati Bhavan (the President's House) in New Delhi.

ARCHITECTURE & INTERIORS

Shabnam Gupta

Ambrish Arora

A space crafter and a narrator by design, Shabnam Gupta, is one of her kind Interior designer in India. Her philosophy of being people-centric has made her carve out a niche in the world of interior design. Being the principal designer of her interior and architectural firm -The Orange Lane, she believes in creating captivating visual narratives through her designs. She, with her immaculate detailing and fondness for creativity, has been leaving her design impressions across retail, residential, hospitality & office spaces, at some of the most prestigious pin codes of the country while stirring nature and traditional art in all her designed spaces.

Next in our round up of the best Indian Interior Designers is Ambrish Arora.

With experience that spans 29 years, this Delhi-based interior designer knows all the tricks of the trade.

StudioLotus, founded by him in 2002, boasts of unrivalled skills in achieving effortless style through its principle of conscious design. Being a specialist in spatial design, Ambrish transforms his projects with a blend of local resources & cultural influences with a focus on sustainability. His projects include onshore & offshore feats, having transformed boats as well as luxury homes, and highend retail & office spaces in luxurious locations across India.

Education: Graduation Interior Design, L.S. Raheja College of Architecture.

Education: An autodidact

Awards: AD50 2017 Award for the 50 most influential and significant architects and interior designers.

Work: Homes for actors Rani Mukerji and Kangana Ranaut; outlets of The Bar Stock Exchange in Mumbai and Bengaluru; Social in Pune; and a university in Chandigarh.

Awards: World Holiday Building of the Year at the World Architecture Festival & World Architecture News Awards, the Creative Reuse Category Winner INSIDE Awards at World Architecture Festival Berlin, the Grand Jury Prize at the Design for Asia Award, made up to the AD50 list for 4 consecutive years, a nomination for the Aga Khan Awards Cycle 2013 and many more.

Lipika Sud

Aamir and Hameeda

Lipika Sud, the founder & director of Lipika Sud Interiors Pvt Ltd, is another unmissable force in the Indian interior design field. She has well and truly perfected the art of interior design with her signature look which is all about neutral colours - whites, greys, creams & beiges, and when combined with woody accents, ooze richness and elegance in the living spaces.

Her design sensibilities are a celebration of traditional aesthetics and modern design. Lipika runs a Delhi based design house that has undertaken a diverse range of residential, commercial & hospitality projects.

Every project by this Indian design super-couple representing Hameeda Interior Designers & Contractors, is directed with the pursuit of classic contemporary excellence in mind. Their combined 20 years experience enables the pair to create daring colour schemes with their eyes closed and any space they touch gets enhanced by the most beautiful home accessories.

Education: Economics (Hons.) Shri Ram College of Commerce, Delhi University.

PG Advertising & PR from Indian Institute of Mass Communication, New Delhi and Diploma in Interior Design from London, UK. LLB Degree -Law FacultyDelhi University.

Work: 47 Hyderabad restaurants & bars, Prost - Bengaluru, Actor Sunil Shetty’s More Mischief Boutique & others

Awards: Hafele Trends Excellence Award - 2016 & 2017, IIID Awards, Ranked 7 in Forbes List of Interior Designers & Architects – 2010, & more.

Awards: Best Design Professional of the Year 2012 , FICCI FLO Outstanding Women Achievers Award for Excellence in Entrepreneurship in the Professional Category for 2013 - 14, Indian Power Awards for Distinguished and Outstanding Individual Contribution Towards Building Work: Fellow of the RSA the Nation in 2014 and the a design consultant to Professional Entrepreneur the Crafts Museum Delhi, Award 2013 by Yes Bank the Mehrangarh Museum - SRCC Alumnus in 2014, Trust,visiting Faculty, Design Professional of the consultant and juror to Year by Indian Home Congress architecture and design in 2012 and Society Interior's schools across the country and has lectured extensively Best Interior Designer for Creative Excellence Award. at design events in India and abroad.

Work: Havells Corporate Office, HT Study Mate, Savoy Suites-Ascot Hotels Manesar, & others.

October 19 - PropTOQ | 51

ARCHITECTURE & INTERIORS

TOP HOME RENOVATION TRENDS Despite a number of headwinds for the global and national economy, home renovation activity continued to keep pace in 2018 and will likely experience growth in 2019.

52 | PropTOQ - October 19

ARCHITECTURE & INTERIORS Pent up demand continues to be the biggest trigger for renovations today, as homeowners prefer to stay put and invest in the design and functionality of their current home over moving to a different home. Houzz , a leading platform for home renovation and design captures the latest trends in home renovation through a Houzz & Home survey.

Professional for the Job

As homeowners consider whether to renovate their current home or to purchase a new home, the top two considerations for renovations are to stay in their current home or area, significantly outranking return on investment (42 and 36 percent, versus nine percent, respectively). Wanting to stay in the current home or area is the biggest decision driver for Gen

Making Smart Decisions

A significant portion of homeowners hired a professional in 2018 (97 percent), with carpenters, electricians and plumbers in greatest demand (81, 76 and 63 percent, respectively). Of all generations, Gen Xers are the most likely to hire professional help, though the gap is surprisingly narrow.

More than a quarter of homeowners prioritize smart technology during home renovations (29 percent), purchasing products like home assistants, streaming media players and thermostats.

Millennials are most likely to incorporate home assistants (26 percent), compared with Gen Xers and Baby Boomers (12

Improving the design and functionality of a home are the top priorities during renovations.

Xers and Millennials, whereas Baby Boomers (ages 55 to 74) chose to stay in their current home and renovate because they want a personalized home that fits their vision.

Most Popular Rooms to Renovate

and six percent, respectively).

Improving Energy Efficiency While improving the design and functionality of a home are the top priorities during renovations, more than half of homeowners prioritize energy efficiency (53 percent), replacing windows and insulation, for example. This is particularly important for Gen Xers when compared to Millennials and Baby Boomers (61 versus 50 and 45 percent, respectively).

Homeowners tackle an average of three rooms per project, with more than one third of homeowners renovating kitchens (33 percent). Living rooms, guest bathrooms, master bathrooms and master bedrooms are also common projects (28, 27, 25 and 25 The Final Touch percent respectively).

The majority of renovating Funding Renovation Projects homeowners in 2018 also or furnished The majority of renovation decorated homeowners pay for their their home the same year projects using cash from (72 percent).

Millennials savings (81 percent), followed were significantly more at a distance by credit cards likely to decorate following that can be used anywhere home renovations than (14 percent) and loans from Baby Boomers (76 versus 58 friends and family (eight percent), purchasing products percent). such as curtains, blinds and Finding the Right lamps.

October 19 - PropTOQ | 53

OFFICE REALTY

Office Rental Value Range in H1 2019 Ahmedabad Business District

Micro-markets

Rental Values

CBD West

Bokadev, SG Highway

₹45 - ₹56

PBD

Gandhinagar, GIFT City

₹35 - ₹45

CBD

Ashram Road, Ellis Bridge

₹40 - ₹48

Bengaluru Business District

Micro-markets

Rental Values

CBD & Off CBD

M.G Road, Richmond Road

₹80 - ₹160

SBD

Indranagar, Koramangala

₹60 - ₹100

PBD (East)

Whitefield

₹40 - ₹60

PBD (South)

Electronic City, Bannerghatta Road

₹35 - ₹55

PBD (North)

Thanisandra, Yelahanka

₹70 - ₹105

ORR

Hebbal ORR, Marathahalli ORR

₹55 - ₹80

Chennai Business District

Micro-markets

Rental Values

CBD & Off CBD

Anna Salai, T. Nagar

₹65 - ₹95

SBD

Mount-Poonamallee Road, Porur

₹26 - ₹40

SBD-OMR

Perungudi, Taramani

₹54 - ₹91

PBD-OMR-GST

GST Road, OMR beyond Perungudi Toll Plaza

₹28 - ₹35

PBD -Ambattur

Ambattur

₹55 - ₹80

Hyderabad Business District

Micro-markets

Rental Values

CBD & Off CBD

Banjara Hills, Jubilee Hills

₹50 - ₹53

SBD

Madhapur, Manikonda

₹60 - ₹73

PBD West

Gachibowli, Kokapet

₹58 - ₹62

PBD East

Uppal, Pocharam

₹25 - ₹32

Source: Kinght Frank India

56 | PropTOQ - October 19

* Rs. Psf/month

OFFICE REALTY

Kolkata Business District

Micro-markets

Rental Values

CBD & Off CBD

Park Street, Camac Street

₹70 - ₹100

SBD-1 (Park Circus)

Topsia, JBS Haldane Avenue

₹50 - ₹70

SBD-2 (Rashbehari)

Ballygunge, Gariahat

₹60 - ₹90

PBD-1 (Salt Lake City)

Salt Lake Sector V

₹28 - ₹50

PBD-1 (Rajarhat)

Rajarhat New Town, BT Road

₹25 - ₹45

Mumbai-MMR Business District

Micro-markets

Rental Values

CBD & Off CBD

Nariman Point, Worli

₹160 - ₹250

BKC & Off BKC

BKC, Bandra East

₹220 - ₹330

Central Mumbai

Parel, Dadar

₹170 - ₹210

SBD West

Andheri, Malad

₹80 - ₹140

SBD Central

Kurla, Powai

₹80 - ₹150

PBD

Thane, Vashi

₹50 - ₹90

Delhi- NCR Business District

Micro-markets

Rental Values

CBD Delhi

Connaught Place, Barakhamba Road

₹214 - ₹350

SBD Delhi

Nehru Place, Saket

₹90 - ₹215

Gurugram Zone A

M.G Road, Golf Course Road

₹100 - ₹160

Gurugram Zone B

Golf Course Road Extension, Sohna Road

₹40 - ₹70

Gurugram Zone C

Manesar

₹25 - ₹40

Noida

Sectors 16, 18 & Noida & Greater Noida Expressway

₹50 - ₹78

Faridabad

Area near the Haryana Delhi border at Badarpur

₹45 - ₹55

Pune Business District

Micro-markets

Rental Values

CBD & Off CBD

Bund Garden Road, Deccan

₹75 - ₹115

SBD East

Kalyani Nagar, Yerwada

₹55 - ₹115

PBD East

Kharadi, Phursungi

₹50 - ₹95

SBD West

Aundh, Baner

₹55 - ₹90

PBD West

Hinjewadi, Wakad

₹46 - ₹65

Source: Kinght Frank India

* Rs. Psf/month

October 19 - PropTOQ | 57

FACE TO FACE

SOBHA WILL EMERGE AS A TRUE PAN-INDIA COMPANY With a track record of 25 years, SOBHA has set new benchmarks in quality, customer centric, business ethics and transparency to emerge as the most preferred real estate brand. Being the only backward integrated real estate company that has developed all required competencies and resources in-house to deliver projects from conceptualization to completion. At a time when the sector is grappling with liquidity crisis, SOBHA boasts of having one of the lowest debt-equity ratio.

In this insightful interview, JC Sharma, Vice Chairman and Managing Director of SOBHA Limited, talks about SOBHA's strong track record and its expansion plans , impact of regulatory reforms on real estate and long-term solutions to revive the sector. Excerpts.

J. C. Sharma

Vice Chairman & Managing Director SOBHA Developers Ltd.

- Vinod Behl 58 | PropTOQ - October 19

FACE TO FACE

It will be appropriate if the emphasis is on longterm solutions such as restructuring of loans and lowering the rate of interest for home buyers to revive housing demand.

At a time when green shoots are visible, how do you see the prospects of realty revival, especially in view of the government's stimulus through several policy initiatives? How do you compare the Bengaluru market with other key markets?

The reduction of corporate tax is expected to bring some relief to the developers facing liquidity crunch.

The second major step taken recently i.e providing funding of Rs. 20,000 crore for stalled projects is likely to benefit only limited number of developers and home buyers. This is because of the reason that it will only support affordable and midincome projects that are not under National Company Law Tribunal (NCLT) or Non-Performing Assets (NPA) and are 60 percent complete.

Today, many projects that require immediate attention are either under NCLT or NPA, or have not reached the 60 percent completion mark. Rather, it will be appropriate if the emphasis is on long-term solutions such as restructuring of loans and lowering the rate of interest for home buyers to revive housing demand. Further, the government should consider increasing the threshold value and carpet area, bringing more number of homes under affordable housing segment.

Bengaluru is one of the few markets

that have remained consistent and stable despite the challenges in the sector. One of the primary reasons for this is that Bengaluru is an end-user driven market, with people coming from across the country to work here.

The housing market, especially affordable and mid-income housing is largely steered by the growing IT and ITES sector in Bengaluru. The city is also home to a large number of High Net Worth Individuals (HNIs) and expats, fuelling the demand for luxury and villa projects. Further, various infrastructure developments such as flyovers, underpasses, highspeed rail link to Kempegowda International Airport, the metro project, peripheral ring road and upgrading of transportation service have given a fillip to micro markets.

Currently, about 70 percent of our sales in the residential space are contributed by the Bengaluru market.

What are the key drivers for Sobha's substantial growth in revenue and profits in FY 19? Considering that severely hit luxury housing forms Sobha's major chunk of business, how has been the going on this front and how do you foresee your company's performance in current fiscal?

Our well-laid processes, unique backward integration model, unmatched execution capabilities

and strong presence in 27 cities and 14 states has helped us grow steadily each year. Sobha's backward integration model is its USP, enabling it to have complete control over its supply chain and delivering international quality products in time with transparency. Additionally, we have a wide range of products, from 1 BHK to Presidential Villas, catering to the aspirations and requirements of home buyers across all segments.

We believe that the demand for luxury housing market will continue to grow, as the urban middle-class/ upper middle-class Indians have high aspirations to own luxury homes at preferred locations to elevate their lifestyle. This is clearly reflected in our numbers. About 70 percent of our sales come from products priced in the range of Rs. 50 lakh to Rs. 2 crore.

Furthermore, about 46 percent of sales come from products in the range of Rs. 1 crore to Rs. 2 crore. We expect to continue the momentum in the coming quarters.

How beneficial has been the current regulatory environment for wellorganized and listed companies like Sobha? Have you fine-tuned your strategy in view of the new realty landscape? Going ahead, what are your business plans, especially with regard to leveraging your big land bank?

October 19 - PropTOQ | 59

FACE TO FACE

More importantly, our transparent business practices and in-house competency has ensured that we are consistent with our performance even in a challenging environment.

The Indian real estate sector has entered the consolidation phase due to structural reforms. This will help create a level playing field for organised developers with a strong balance sheet, transparent dealings and a great track record of timely delivery. Moreover, developers are increasingly becoming aware of their responsibilities and working within their competencies to offer products at the right price. In the long run, the sector is expected to emerge as a stable, transparent and accountable ecosystem.

Over the years, Sobha has become the most trusted real estate brand in the country. This can be attributed to our full-disclosure policies and

SOBHA City

Dwarka Expressway, Gurgaon

60 | PropTOQ - October 19

good governance practices. This along with the delivery of our topnotch products in a timely manner has helped strengthen our bond with the stakeholders and build immense trust. More importantly, our transparent business practices and in-house competency has ensured that we are consistent with our performance even in a challenging environment. It reflects Sobha's dexterity. In the coming quarters, we plan to launch new residential projects to the tune of 10.65 million square feet.

What made you venture into a new business line of furniture and home furnishings? How has been the performance? Do you also have plans to get into potential emerging segments of Co-Living & Co-Working?

Today, people are increasingly looking for complete solutions. While offering world-class homes, we wanted to address the home buyers’ need for furniture and furnishings as well. We will do this through our offerings under our brand Metercube. Moreover, it is a natural extension of our value chain.

Some of the products under our new line of business include beds, sofas, dining tables, chairs, recliners, side tables, book shelves, television units, cushions, show pieces, bed linen and kitchen textiles among others. Our initial focus is on officially launching our experience store in Bengaluru.

Over the period of next two years, the aim would be to strengthen the Metercube brand in Bengaluru. We are closely evaluating the co-living and co-working segments as well.

However, nothing concrete has taken

shape on these fronts so far.

How is the financial health of Sobha in terms of debt-equity ratio and total debt? Now that many companies are working towards achieving the status of zero debt companies, what are your plans on this front?

We strive to maintain an optimal balance between low cost debt and relatively higher cost equity. We use debt financing towards executing various projects – residential, commercial and contractual and also to finance the acquisition of land parcels for future development.

Every year, we are able to maintain and sustain this ratio by generating operating cash flows consistently.

We make efforts to keep our debt equity ratio low by entering into Joint Development Agreements (JDAs) with land owners wherever feasible, instead of outright land purchases.

This helps us avoid over-leveraging.

As our debt-equity ratio is one of the lowest in the sector, we are also able to raise funds at a significantly lower cost. Our debt-equity ratio stands at 1.19 as on June 2019. Our aim is to bring this down to 1.1 by the end of the year.

How do you see the residential real estate market performing in this festive season? What plans do you have in terms of new project launches?

Festivals are of great significance to businesses across India. Some of the major buying decisions with respect to high-value products such as car, jewellery and home gain traction around this time. Given the increase

FACE TO FACE

in demand during festive period, many developers look at maximizing their sales numbers through offers in the form of discounts, lucky draws, interesting payments schemes and package deals etc.The recent announcement by Real Estate Regulatory Authority (RERA) of Uttar Pradesh to allow developers to offer possession and agreement with the Authority to home buyers in case the Authority fails to issue occupancy certificate or raise objection within a week of receiving the application, sets right precedent in the current market environment. Announcements like these are expected to create positive buying sentiments during this festive season.

As such, we do not follow a specific plan to launch projects during festival period. However, we run various promotional campaigns throughout the year. One of them is the ‘Now or Never Sale’. This campaign offers several benefits to the customers that are not just limited to pricing but also ensure instant home loan approvals through participating lending institutions. Our last edition of the ‘Now or Never Sale’ translated into significant amount of business along with a good pipeline of prospective buyers likely to result in conversions.

Going ahead, what are your business plans? What has been your experience in the NCR market? Will you be increasing your focus on this market?

Our focus is on increasing our footprint across the country in a calibrated manner. In line with this, we have entered the Gujarat market with Sobha Dream Heights at the Gujarat International Finance Tec-City (GIFT City). Besides this, we have entered into a Joint Development Agreement (JDA) for residential development in Hyderabad.

Further, we are planning to launch new projects in Bengaluru, Gurugram, Delhi, Hosur, Chennai and Thrissur in the coming quarters. Sobha will emerge as a true pan-India real estate company very soon. We will have presence in all the major states. This will help boost our image and help us deliver better products.

Delhi NCR is an important market for Sobha. We are looking to increase our footprint in this market in a steady manner, catering to the demand for quality housing. Despite challenging times in the NCR market, our track record of on-time delivery and providing best-in-class quality homes has helped build immense trust amongst the homebuyers in the region and stakeholders at large.

Our focus is on increasing our footprint across the country in a calibrated manner to help us deliver better products.

October 19 - PropTOQ | 61

CORPORATE LADDER

NEW CEO RESIDENTIAL FOR PURAVANKARA

Puravankara Limited, one of the largest real estate conglomerates has appointed Abhishek Kapoor as the Chief Operating Officer for its residential business. The appointment is effective immediately and Abhishek will be responsible for driving the growth of residential businesses largely under the Puravankara and Provident brands.

Abhishek Kapoor Chief Operating Officer

Puravankara Limited

Abhishek is an accomplished real estate professional with over 22 years of experience, of which the last 8 years have been at C-suite levels with companies like Raymond Real Estate, Radius Developers and Keystone/Rustmojee Group. He has demonstrated capabilities in real estate and construction planning, resource management, financial and administrative control in an increasingly competitive environment, and his expertise also lies in managing senior level government relations.

Sanjiv Agarwal is new CEO of Altico Capital

New MD & CEO for JCB India

Sanjiv Agarwal

Subir Chowdhury

Sanjiv Agarwal, the Chief Operating Officer of the troubled real estate financing company – Altico Capital has taken the charge as CEO of the company following the resignation of Sanjay Grewal. The CEO’s post fell vacant after the sudden resignation of Grewal who came on board as the CEO of the company in 2016.

Earth mover company JCB India has named Subir Chowdhury as its new MD & CEO, replacing Vipin Sondhi who leaves after over a decade of service. Chowdhury joined JCB India in 2005 as VP Operations and is currently the COO of the company.

He will take up this new position of CEO towards the end of the year.

62 | PropTOQ - October 19

Deepak Sood takes over as ASSOCHAM Secretary General

Deepak Sood, an industry leader with over two-and-half decades of experience in Corporate India, Government and Fortune 500 companies, has taken over as Secretary General of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the country's apex business chamber.

Mr. Sood, had earlier worked as Executive Director of the Confederation of Indian Industry (CII). He was deputed as CEO of Invest Karnataka Forum (IKF), an investment promotion arm of the Karnataka Government. He also worked for Foseco, (Burmah Castrol Company), Larsen and Toubro (L&T), Total Fina Elf and ABB Ltd and ABB group at different senior positions to name a few.

Mr. Sood has been associated as part of the core team of 'Make in India', flagship programme and has contributed significantly towards it. In different capacities of his career spanning over 26 years. He has worked closely with various State and Central Government departments, including Commerce and Industry, Ministry of Heavy Industries & Public Enterprises, Ministry of Railways and Department of Industrial Policy and promotion (DIPP).

TREND SPOTTING

MMR

HOT SPOT FOR READY TO MOVE-IN AFFORDABLE HOMES Buyers looking for affordable property in an otherwise expensive market like the Mumbai Metropolitan Region (MMR) have a reason to cheer this festive season, as the data trends by Proptiger.com suggest that a large part of the ready-to-move-in unsold stock in this property market are units priced within Rs 45-lakh budget.

A recent data by it showcases that developers had an unsold stock of over 2.93 lakh units till July 2019. Of these, over 1.41 lakh units (over 48 percent of the stock) are priced within Rs 45 lakh.

Mani Rangarajan, Group Chief Operating Officer, Housing. com, PropTiger.com, Makaan. com, and FastFox.com expecta home sales to see a remarkable improvement in the MMR this festive season in view of a slew of government measures to make purchases of affordable homes quite lucrative and easy availability of ready-to-move-in homes in this category .

Majority of the unsold stock in the MMR is concentrated in Thane West, Dombivali, Neral, Mira Road, Panvel, Virar and Chembur.

While the largest number of 2BHK and 3BHK homes are available in Thane West (13,766 and 4,306 units, respectively), Neral has the biggest concentration of 1BHK homes (8,599 homes), a widely popular choice among Mumbai property buyers. Data also shows a total of 59,042 units were delivered in the first half of 2019, the highest number of housing delivery recorded in the first half of a year since 2014.

(24,188 units) was housing units priced within Rs 45 lakh.

A total of 26,400 units were launched in the MMR in the first six months of this year while 54,213 homes were sold during the same period, as per the data. Majority of the units launched and sold during this period were affordable homes.

While 44 per cent of newly launched units were priced below Rs 45 lakh, the same is true for half of the homes that were sold between January and June this year.

Nearly 41 per cent of this stock

October 19 - PropTOQ | 63

DESTINATION REPORT

PALLIKARANAI, CHENNAI

IT- DRIVEN PROMISING RESIDENTIAL HUB - Nivriti Raj

Surrounded by well developed localities of Velachery, Medavakkam, Sholinganallur and Thoraipakkam and in close proximity to the GST Road and OMR IT corridors, Chennai. Pallikaranai is riding high on the vibrant and self-sufficient infrastructure has made its mark as a potential residential destination of Chennai.

64 | PropTOQ - October 19

Over one-third of India’s automobile industry that includes auto components industry and automobile manufacturing are operating from here. Based on Oxford Economics Report, Chennai’s economy is expected to grow more than 7% every year between 2017 and 2021, and it is going to be the third fastest growing city in Asia after Delhi and Ho Chi Minh City. Chennai metropolis is the second largest IT exporter after Bengaluru in India.

DESTINATION REPORT According to recent MoveInSync report which describes Chennai as fastest city for office commute, Pallikaranai though not connected with the suburban railway network or Chennai Metro, has an excellent connectivity through roads and MTC (Metropolitan Transport Corporation) buses transport system. Pallavaram Thoraipakkam Radial Road or 200 Feet Road act as a bridge between two major IT corridors of Chennai i.e. OMR (Old Mahabalipuram Road) and GST Road (Grand Southern Trunk Road). Velachery Main Road that runs through Pallikaranai and provides connectivity to the nearest railway station (Velachery). These roads are

making it a favourable residential hotspot for home buyers and investors alike.

Pallikaranai and its surrounding micro-markets are dominated by low rise and low density residential development. The realty market of Pallikaranai over the past one decade has witnessed rapid growth, with IT development in Chennai and office real estate growth along OMR and GST Roads.

Large business parks and standalone commercial buildings of renowned national and international developers have sprung up in and around OMR and GST Roads.

These buildings house various national and multinational companies such as Accenture,

Projects, Newry Properties and Ramaniyam Real Estates, mostly in affordable and midsegment budgets. Sales of residential units registered surge during FY 2018-19 over the previous year.

The demand for commercial Grade A office market is strong along pre-toll OMR Road with office space stock of 9.2 million sq.ft. With insubstantial vacancy rates of 1.8%, there is hardly any space available for leasing in this office commune and rents have gone up fast in the last two years along pre-toll OMR. In the last four quarters, office rents have registered average rental growth of 5% (Y-o-Y) and demand likely to remain strong in this IT hub.

Pallikaranai Market Snapshot Parameter

FY 15-16

FY 16-17

FY 17-18

FY 18-19

FY 19-20

Marketable Supply (Unit)

533

531

680

530

344

Sales (units)

217

202

173

186

23

Unsold inventory (units)

316

329

507

344

321

Months inventory

17

20

35

22

42 Source: PropTOQ Datalab

mainly being used for travelling to the IT/ITeS corridors and Chennai International Airport.

Pallikaranai has vibrant and selfsufficient social infrastructure in the form of prestigious schools like Narayana e-Techno School, AKG Public School and prominent hospitals such as Apollo Speciality Hospital and Dr. Kamakshi Memorial Hospital in and around its vicinity. IIT Madras is situated in its close proximity with other colleges and universities

Cognizant, TCS, Wipro and others and employees working in IT/ITeS companies in these IT hubs drive residential demand in this micro-market.

The neighborhoods like Velachery, Guindy, and Tharamani witnessed steep property price appreciation and it pushed demand for housing in Pallikaranai and its surrounding localities. Nearly 45 residential projects are on offering from prominent developers like Puravankara

Close to 4.3 million sq.ft of additional office space is likely to be operational in the vicinity of this micro-market over the next few months. These office spaces will further push the demand for residential housing units.

The realty market of Pallikaranai attracts employees of business parks due to its self-sufficient social infrastructure like schools, colleges, hospitals and shopping places around the corner and competitive price of

October 19 - PropTOQ | 65

DESTINATION REPORT

PROJECTS AT A GLANCE Project Name

Developer Name

BSP (₹/sq.ft)

Purva Windermere

Puravankara Projects

5,040

Newry Shanmita

Newry Properties

5,800

Purva Mayfair

Puravankara Projects

5,045

Ramaniyam Ocean Dew

Ramaniyam Real Estates

5,700

Appaswamy Mapleton

Appaswamy Real Estates

6,058

LCS Utopia

LCS City Makers

5,213

against other micro-markets in proximity of OMR Road.

In the last 12 months, 2 BHK units (700 – 1300 sq.ft) were the most preferred residential units followed by 1 BHK configuration (550 - 800 sq.ft).

Most of the residential projects launched in the Pallikaranai market are of less than 100 units except a few like Puravankara Projects and Newry Properties which have more than 150 units . The availability of land for large residential projects is limited because, about half of Pallikaranai micro-market is occupied by marshy land.

In the last four quarters, most of the supply of residential housing units ( 62.5% ) was in the budget range of Rs. 50 - Rs. 80 lakh followed by properties of less than Rs. 50 lakh ticket size and properties in the price range of Rs. 80 lakh - Rs. 1 crore respectively. It clearly indicates that Pallikaranai realty market is hotspot of mid-segment residential units. Young migrants and IT/ ITeS employees’ working in OMR and GST Road drives the

66 | PropTOQ - October 19

residential units demand.

The absorption of housing units in the last 12 months witnessed maximum traction in the ticket size of Rs. 50 – Rs. 80 lakh (57.1%) followed by units of less than Rs.50 lakh (29.2%). The buyers’ market of Pallikaranai will witness a surge in sales of housing units by next quarter due to the addition of 4.3 million commercial Grade A office space, stagnant prices of the property and festive season ahead.

The realty market of Pallikaranai has not demonstrated any significant change in average price of residential properties over the last four quarters.

Currently , housing units are offered in the price range of Rs. 4,350 - Rs. 5,965 per sq. ft at the average price of Rs. 5,156 per sq.ft. The primary market of Pallikaranai has high demand and low supply of residential units and the additional 4.3 million sq. ft of office space likely to be operational in pretoll OMR and its vicinity, will propel price appreciation over the next few quarters.

Pallikaranai is today a bustling residential hub with over 45 housing projects attracting prospective buyers and real estate investors. Residential properties available here are more economical than nearby localities like Velachery, Guindy

Purva Windermere

by Puravankara Pallikaranai, Chennai

DESTINATION REPORT

Budget Wise Breakup Supply and Absorption 62.5% 57.1%

27.5% 11.8%

29.2%

9.7% < 50 Lac

58 - 80 Lac

Annual Sales (%)

Unit Types Analysis

47.0%

22.2%

13.8%

17.0%

1 BHK 2 BHK 3 BHK OTHERS

80 Lac - 1 Cr

3% > 1 Cr

Annual Supply (%)

and Tharamani.

In terms of price, housing units here are less expensive by 68% & 50% than in Guindy and Velachery respectively. Even the rental yield (2.99%) in Pallikaranai is greater than that of nearby localities.

Pallikaranai being close to the IT corridor on the OMR Road, houses more than 1 lakh of IT/ITeS and allied workforce along with the college going crowd.

Source: PropTOQ Datalabs

The high potential locality is undergoing inf rastructural development like proposed construction of an outer ring road, Medavakkam to Karapakkam (OMR) via Jalladianpet and Pallikaranai and many minor bridges.

Ongoing bridge development on Medavakkam -Velachery Road will further smoothen the traffic movement.

October 19 - PropTOQ | 67

DESTINATION REPORT 5,400

5,200

â&#x201A;š Per Sq. Ft.

5,000

4,800

4,600

4,400

4,200 Q1 16-17 Q2 16-17 Q3 16-17 Q4 16-17 Q1 17-18 Q2 17-18 Q3 17-18 Q4 17-18 Q1 18-19 Q2 18-19 Q3 18-19 Q4 18-19 Q1 19-20 Time

Source: PropTOQ Datalabs

Investment Outlook 10,000

7,726

8,673

7,698

6,294

5,033

5,156

Velachery

Guindy

Tharamani

Thoraipakkam

Medavakkam

Pallikaranai

9,000 8,000

â&#x201A;š Per Sq. Ft.

7,000 6,000 5,000 4,000 3,000 2,000 1,000 0,000

Localities

PropTOQ View In the past six quarters many of the prominent Chennai localities close to Pallikaranai witnessed slump in prices, but Pallikaranai has not witnessed any significant southward movement in residential prices.

PropTOQ

maintains

an

68 | PropTOQ - October 19

affirmative outlook towards this bustling realty market of Pallikaranai. The selfsufficient social infrastructure and potential job market in and around this micromarket makes it a favourable residential spot. In view of the festive season, commercial

office space transactions and magnitude of infrastructure development, the price of residential properties is expected to head northward by 2-3 % in the next few months in and around Pallikaranai.

ALTERNATE ASSET CLASSES

GREENBASE SIGNS WAREHOUSING DEAL WITH VESTAS INDIA

GreenBase, a fully owned subsidiary of India’s leading real estate conglomerate, Hiranandani Group, will create a Wind Turbine Park and Warehousing setup for Vestas India, the leading wind turbine manufacturing multinational, at Oragadam, Chennai. The ground breaking ceremony for the ‘built to suit’ set-up planned over half a million sq ft took place at the Industrial and Logistics Park, located within Hiranandani Parks, Oragadam, Chennai.

The newly established vertical ‘GreenBase’, the brain-child of leading developer, Dr. Niranjan Hiranandani will provide industrial and logistics parks which will be more customercentric and build optimisation and efficiency for the end user. At Oragadam, Chennai; GreenBase is creating and facilitating an Industrial and Logistics Park of global standards.

Given the Hiranandani Group’s track record in terms of its rich legacy and strength in developing mega, mixeduse integrated townships along with development of core infrastructure, the new development in the logistics sector by GreenBase will dove-tail perfectly into the group’s activities.

The Group has allocated 115 acres for the Industrial and Logistics Park out of 430 acres of the mixed used integrated township, Hiranandani Parks in Oragadam, Chennai. The acreage is dry land, and is suitable for industrial and logistics usage. It offers strategic advantages, including provision of STP, power substation, security cabin,

boundary wall etc. Infrastructure and on-going projects, as also the security for the industrial parks has planned ones, are located across been well planned and executed.

Pune, Oragadam in Chennai, Nashik, For end-users, the much needed core Bhiwandi, Durgapur, Kolkata and infrastructure such as water and Bengaluru, targeting close to 12 million uninterrupted power is available at sq. ft. over the next 5 to 7 years. This the Industrial and Logistics Park. The portfolio is a good yield asset class, development also opens up potential which most probably will be available for attracting further investment for retail participation through a REIT/ through Vestas vendors within the InvIT platform.

Hiranandani Industrial & Logistics Park. The operating model of Industrial and “Hiranandani Group’s intrinsic strength Logistics Parks by GreenBase includes in infrastructure development Built-to-Suit industrial facilities, Cold and township development gives storage, Built to Suit Warehouses for Green Base natural advantage over end customers as well for large 3PL competition, to build and deliver world- players.For businesses that opt for class Industrial and Logistics Parks. ‘plug and play’ operations, and need Apart from our land bank measuring warehousing and logistics solutions, over 500 acres, we are in the process GreenBase will offer larger space of acquiring new land banks, either options. It will also play the role of directly or through partnerships / a ‘partner’, assisting the customer JVs across Pan-India for the Green with an ‘end-to-end solution’, which Base platform,” said Mr. N. Shridhar, would include land acquisition, Group Director & CEO – Infrastructure master planning, optimising design as also Build to Suit and a Project (Industrial & Logistics).

Management consultant.

According to Shridhar, the group's

October 19 - PropTOQ | 69

FINTECH

RBI BANS UNREGULATED ACCESS TO CONSUMER CREDIT HISTORY

In a far reaching policy decision, Reserve Bank of India has barred unregulated fintech firms from accessing the consumer credit history for home loan and other purposes.

In a latest communication, RBI has directed all commercial banks and non banking finance companies to refrain from sharing credit information with analytics and IT firms, institutional agents and unregulated entities as it

70 | PropTOQ - October 19

is a direct violation of Credit Information Companies (Regulation Act 2005) with default attracting strict action and penalty.

The RBI diktat will adversely impact many fintech companies which use

consumer data provided by partnering banks and institutional lenders to evaluate the risk involved in judging the credit score based on credit history accessed by them.

FINTECH

SQUARE YARDS RAISES $20MN FROM INVESTORS Square Yards , founded by Tanuj Shori and Kanika Gupta in 2014,is the largest proptech-led real estate brokerage and marketplace in India . With its presence in 10 countries and having virtual monopoly for NRIs investments, it has an Artificial Intelligence enabled enterprise technology solution Edge to empower the sales and distribution functions of other real estate entities like developers and large brokerage houses in India and select international markets. Square Yards has so far raised $50 million in equity and over $25 million in

debt financing since inception.

With the current round of strategic investments, the companyâ&#x20AC;&#x2122;s expected valuation is estimated to reach in the range of $260mn - $300mn. It wants to aggressively ramp up its investments in strengthening its technology infrastructure, building a goto consumer brand, as well as expand to newer geographies in emerging countries especially those that have a large primary residential market and fragmented distribution.

Square Yards, Indiaâ&#x20AC;&#x2122;s largest tech-led real estate brokerage platform and mortgage marketplace, has made an announcement about raising $20mn of equity capital from a clutch of investors including Bennett Coleman & Co Limited (BCCL), Genkai Capital, Founders of PropertyGuru - Steve Melhuish and Jani Rautiainen, Koh Boon Hwee, ex-Chairman Singtel and DBS. Some of the existing investors have also participated in this round.

October 19 - PropTOQ | 71

INTERNATIONAL ROUND UP

Co-living Cities

Asia Pacific

Ranking 2019

15 11

1

Manila

8

Beijing

3

New Delhi

Seoul

Shanghai

2 6 4

Tokyo

Shenzhen

Hong Kong

18

Ho Chi Minh City

9

Singapore

17

Perth

19 Bengaluru 5

Mumbai

20 Auckland 7

Bangkok

16

Kuala Lumpur

Source: Knight Frank

72 | PropTOQ - October 19

12

13 Jakarta

10

Taipei

Sydney

14 Melbourne

INTERNATIONAL ROUND UP

OUTBOUND CHINESE INVESTMENT TAKES A HIT

Amidst trade friction between China and the US and uncertainty over Brexit the traditionally favoured destinations of USA and UK for Mainland Chinese Real Estate Investment Overseas(MCREIO) took a back seat in H1 2019.

MCREIO showed a downward trend with first US $5.2 billion worth of deployment in H1 2019, registering a decline of 66 percent. H1 transaction volume fell to its lowest point since 2012 as a direct result of the prevailing tough outbound investment policy and tightened real estate lending environment in China, coupled with heightened global economic uncertainty.

weighted to development sites since the beginning of this year. Continuing the trend, China Resources Land and Poly Group won the tender for the second biggest site in Hong Kong’s Kai

MCREIO by Asset Class H1 2019

According to Cushman & Wakefield report, the investment from mainland China to US & UK saw 74% and 32% YoY drop respectively.

investment

has

In line with our previous prediction, the industrial and logistics sector continued to see healthy activity in H1.

Appartment Condo Retail Industrial Office Development Site

In a notable change, Singapore became Hong Kong investors’ favoured destination in H1 for 3% the first time with around US $1.4 billion deployed due to its stable political environment and relatively strong office rental growth compared to other global gateway markets. Singapore was followed by the US, UK and Japan, while growing interest was recorded in other markets in the region such as India, Malaysia and Vietnam.

MCREIO

muted with few transactions recorded in the first six months of 2019. Despite this, the office sector still took second place. Notably, HNA sold 30 South Colonnade in London’s Canary Wharf to a JV between Cindat Capital Management and Oaktree Capital for US$171 million, and Poly Group acquired an office building in Melbourne for US$32 million.

been

3%

The retail sector came in fourth place with a 3% share of H1’s MCREIO investment (US $133 million).

4%

13%

15%

Takarea at US$1.6 billion in June. Agile Group also acquired two residential sites in Hong Kong this year totaling US$386 million. One of the sites is located on Lantau, indicating investor confidence in the development of the GBA. Overseas office investment remained

The recent depreciation of the RMB has made overseas asset less attractive for Chinese investors. However, the present cooling is likely to be temporary which seems set to recover in the longer term. Though investment in US & UK will remain muted, for H2 2019, countries linked to the Belt and Road Initiative as well as Australia are likely to witness interest of Chinese overseas investors.

62%

October 19 - PropTOQ | 73

PROPTECH

TECHNOLOGY TO DRIVE FUTURE MALL PROFITABILITY

Technology is today the growing need for streamlining entire process from designing to development, leasing and creating customer experience, leading to increased profitability.

- Anuj Kejriwal Property technology (PropTech) is a new force that’s taking the real estate industry by storm. It is the use of information technology to help individuals and companies research, buy, sell and manage real estate. Just the way FinTech focuses on the use of technology in finance, PropTech uses digital innovation to address the needs of the property industry.

This trend has gained pace since 2013 with the emergence of FinTech, the growing need for smart spaces, expansion of online marketplace and automationlinked productivity. Today, every step of the real estate life cycle is being relooked and tested for redesigning with the help of technology.

Technology has also become the cornerstone of the new retail story in India. From the basic design stage

74 | PropTOQ - October 19

to creating a superior customer experience, technology is prevalent at every step. Even as it streamlines and eases the entire process from designing, development, leasing and creating a customer experience, technology in retail is key to improving profitability.

Technology in Mall Designing Developing a mall is not the same as building a residential or commercial asset and requires a specialised design and layout. This lesson was learned the hard way by mall owners/developers who struggled with multiple floors, high vacancy rates and failed malls.

The last few years have seen the application of new technologies/ software to understand the design of a mall and make it more customer-centric.

Gone are the times of basic AutoCAD drawings. Architects and

designers have now upgraded to software such as ‘Revit’ and ‘Archi Cad’ to optimise mall design and focus on customer experience.

Another advantage of using these digital tools is the optimal placement of stores within the mall to increase visibility and, in turn, enhance customer experience.

Adoption of appropriate technology while designing a mall helps achieve high visibility and proper placement of stores,optimized circulation areas,more open spaces to create experience centres and better accessibility to avoid traffic bottlenecks outside and optimal flow of footfalls inside.

These factors are key differentiators between successful and average malls and also ensure future profitability by attracting key tenants and running cost-effective operations.

PROPTECH Efficient Mall Development It is an established fact that excluding land cost, almost 50-60% of the overall cost of a real estate project involves the construction process. This makes it imperative to procure the appropriate materials and use the right construction technique to save costs and increase profitability. In shopping malls across India, developers have adopted advanced and green materials in order to make their structures more efficient and reduce environmental pollution.

PropTech is now at the centre of mall development and several of the latest building technologies are being adopted to optimise construction time and save costs.Prefabrication technique increases the construction speed and helps save valuable time. By using 3D printing, mall developers are able to increase construction speed at lower costs and also achieve better utilisation of space.

The use of environment-friendly building materials has the dual benefit of lowering pollution and increasing construction speed.

Robotic technology accelerates construction pace and reduces overall cost by lowering dependence on manpower.

Also by employing Building Information Modelling technique, mall developers are able to achieve better collaboration and communication along with better pre-construction project visualisation Streamlined Operations & Leasing

they can filter their search using factors such as demographics, tax incentives, transit options, etc.

Access to big data also gives brokers the ability to match investors to property type and streamline the entire transaction process. We use big data extensively to quickly and efficiently match the requirements of tenants with specific requirements to existing mall stock in any given catchment and mall typology.

Enriching Customer Experience The retail customer profile is fast evolving and is now dominated by millennials who are tech-savvy and demand the same from the retail spaces they patronize.

This has led to the trend of experiential shopping that is built around a holistic shopping experience. Mall owners are focusing on different aspects such as fast-paced check-out to identifying buying behaviour of their customers to create an integrated shopping experience.

With the rising penetration of e-commerce, the retail industry is facing stiff competition and has had to combine its online and offline businesses. Major players have developed mobile apps and/ or mobile/computer websites to make the buying decision more conclusive for the buyers.

Fast Forward Technology is developing at a rapid pace and the Indian retail sector must evolve constantly to keep up with not just offline peers but also competition from e-commerce. The key is to incorporate technology at every step â&#x20AC;&#x201C; from mall designing and daily operations to accentuating customer experience. With the successful implementation of PropTech in Tier-I cities, we are likely to see its impact in smaller towns and cities - because it is here where the maximum future growth for Indian retail lies.

Today, PropTech pervades almost all aspects of contemporary real estate development and use, and is being increasingly used to enhance the operations of shopping malls. Armed with tools such as Artificial Intelligence, Big Data and Analytics, Virtual Reality and Augmented Reality and Computer-Aided Design (CAD), malls owners and developers is ultimately an have optimised operations by PropTech reducing the need for manpower. investment in the future of Indian Though mall leasing in India retail, and finds application building better malls, is mostly done offline, either in streamlining operations and through real estate brokers or directly through the developers, creating a memorable customer technology is making inroads in experience. The initial cost of this aspect of the retail business adopting the latest technologies as well. Mall owners/developers may be high, but such an are opening up to new investment translates into loyal technologies such as Blackbird customers and more profitable - a VR and market intelligence malls for a lifetime. tool to conduct real estate The writer is MD & CEO transactions. By viewing actual Anarock Retail CAD renderings of properties,

October 19 - PropTOQ | 75

PROPTECH

JLL PROPTECH FOCUSED FUND'S FIRST INDIA INVESTMENT

Silicon Valley-based venture capital arm of JLL, JLL Spark, has invested an undisclosed amount in India’s largest flexible-space technology platform, Qdesq. Through this investment, the proptech focused fund of JLL has marked its first India focused investment.

Founded in 2015 by Paras Arora and Lavesh Bhandari, Qdesq is a digital platform that allows companies to transact flexible workspaces, managed workplaces, virtual offices and individual offices. The company lists India’s largest inventory of available flex spaces in near real time and currently transacts one desk every 20 minutes on behalf of corporates looking to avoid locking themselves into long term leases. At present, Qdesq has approximately 2,200 centres, lists over 500,000 desks in near real time, covering the top 35 Indian cities and has rapidly emerged as a dominant distribution channel for co-working operators like WeWork, 91Springboard, AWFIS, Regus, Smartworks, Innov8 and Oyo. With this investment, the company plans to invest heavily into the analytics capabilities of its technology platform to allow enterprises to better self-solution their future real estate footprint and to allow commercial asset owners to create viable co-working and flex spaces within commercial complexes.“The investment in Qdesq taps into the growth opportunity that the flexible workspace segment offers.

JLL’s strong corporate relationships across the globe, combined with Qdesq’s technology platform and

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preferred partnerships with flex space operators, will help us provide a more comprehensive solution to our clients across 35 cities in India,” said Ramesh Nair, CEO & Country Head – India, JLL. Demand from corporates, startups and entrepreneurs in India has resulted in a huge jump in the coworking share in total office leasing.

According to a JLL study, the share of co-working office leasing has risen to 15 percent in the first six months (January to June) of 2019 from the 8 percent level seen in 2018.

The segment has absorbed 10.1 mn sq. ft of cumulative space since 2017 to the first half of 2019, according to the findings.

“Qdesq sits at the cusp of one of the largest disruptions in commercial real estate. Companies are no longer interested in inefficient leases with long lock-ins. Businesses are increasingly looking for the flexibility to easily expand or contract their footprint. With their comprehensive inventory of real time availability of managed spaces, Qdesq is able to dramatically reduce the lead-time to occupancy for companies,” according to Anuj Nangpal, Asia Pacific Lead, JLL Spark.

As per JLL estimates, currently there are approximately 325 to 330 flexible

workspace operators in the top seven cities of India. The study finds that the average size of transactions in the co-working segment increased from 37,000 sq. ft in 2017 to 52,000 sq ft in 2018 and further to 97,000 sq. ft in the first half of 2019.

“The average time it takes to close a fixed time lease today is anywhere between three and six months. In comparison, Qdesq is able to close even large enterprise occupancy requirements within days. Our transaction volumes have been growing over 400 percent Y-o-Y and, with our shared vision with JLL, the opportunity is to scale the platform across Asia,” said Paras Arora, Cofounder of Qdesq. The company recently launched in the Philippines and plans to be present in most of Asia’s gateway cities in the near term.

Qdesq has solutioned real estate occupancy requirements for a wide variety of clients ranging from super high growth technology companies like Zomato, Phonepe and Zerodha to more established corporates like Bank of Baroda, Nagarro and Hyundai, with India being one of the largest potential markets for coworking spaces in Asia, second only to China.

VOICES

Jonathan Yap

Rashesh Shah

Sameer Sarin

While real estate is not anti-recessionary, it will always have its place as a lucrative investment class in the market.

Interest rate cuts and infusion of liquidity by the RBI will give boost to bond markets and the credit market to return to normalcy by December.

In today’s macroeconomics scenario in the real estate sector, lenders need to focus their strategy around cash flow.

Group President, CapitalLand Singapore

Chairman, Edelweiss Financial

Co-Founder, Everstone

Tapan Ray

Abhijit Roy

Sandeep Reddy

Having already attracted committed investment of around Rs 11000 crore, India’s operational smart city, GIFT is an ideal platform for both inbound and outbound investments.

The paint industry continues to do really well. I don’t see an impact of real estate slowdown on it.

Millennials are reshaping the way goods and services are being marketed by staying unresponsive to traditional marketing tactics.

It’s necessary to re-evaluate them and develop strategies for engaging them.

Keki Mistry

Sanjay Dutt

Aditya Puri

Realty projects are stuck due to lack of last mile funding. A fund operated by professionals can go a long way in resolving the issue.

Notwithstanding the current slowdown scenario, in 2020 we will be discussing the upside of real estate.

Prices will have to come down. The inventories will go at a price and that price has to be determined.

Managing Director, GIFT City

VC & CEO, HDFC

MD & CEO, Berger Paints

MD, Tata Realty

AVP Sales and Marketing, Mantri Developers

MD, HDFC Bank

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PROPERTY GUIDE

PROPERTY MEASUREMENT KEY TO FAIR DEAL

Whenever a property is transacted, whether for rent or sale, the size of the actual underlying property is an important determinant of price and more often this is a bone of contention between the buyer and seller. As such, accuracy of size measurements is crucial in facilitating an honest property transaction.

However, such transactions in India are characterised by an ongoing practice whereby tenants or prospective owners are misguided on what constitutes various area statements – carpet area, lettable area, construction area and the most abused term “super built up area”. For the longest time, in the absence of any pre-defined/prescribed standards for area measurements, developers and facility owners set their own criteria/ definition, which allowed them to manipulate these figures to charge higher prices.

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Consumers of residential property are typically prepared to accept that they will physically occupy less than the allocated floor area mentioned in blueprints and contractual agreements at the time of home purchase. However, it remains a mystery to most prospective buyers as to how much and where does this extra floor space get covered and how much of it is accounted for in the total cost outlay.

In the case of commercial property, building ownership changes over time, original plans are lost, each

subsequent management company or owner makes certain additions or renovations to the existing structure, which adds further space to the building. In some cases, facilities have never been re-measured since the first architectural draft. All these aspects can misrepresent total floor area causing a variation in the total lettable/ rentable area and the rental value thus charged.

PROPERTY GUIDE

Even with RERA now defining what comprises carpet area, problems persist as some of these regulations continue to be flouted as standard measurement practices are not endorsed or regulatory bodies do not advocate stringent practice guidelines.

Much of the confusion lies in the area of definitions for gross, net, lettable, usable, saleable, carpet, built-up area, super built-up area and other floor areas. This is attributable to the numerous ways through which floor areas is being measured using personal/commercial discretion.

This trend is quite prevalent and widespread. Thus, it has been aptly stated that ‘the calculation of habitable dwelling space is characterised by a chaotic variety of calculation variants’.

As buyers/tenants look for space, there is very little that one can do to acquire an area with a low loss factor.

However, acquiring knowledge on how the ‘floor area’ is calculated and understanding related legal statutes is sure to benefit the customer.

From an international perspective, consumers are also aided by brokers who are liable to disclose all relevant information and can negotiate the best deal. In the Indian context, this has been somewhat up-hill task.

Because of such activities, a pattern emerged in property transactions.

Even in cases where consumers were at the ‘short end of the stick’, they were recurrently made to believe that the transaction is in their favour and advantageous to their position.

Such practices which misinformed and misguided consumers, were more widespread before RERA kicked-in. Even with RERA now defining what comprises carpet area, problems persist as some of these regulations continue to be flouted as standard measurement practices are not endorsed or regulatory bodies do not advocate stringent practice guidelines.

With increased focus on globalization and cross border transactions, there is a need for ‘commonality’. With the growing international significance of realty businesses, the introduction of internationally recognized and locally relevant best practices can contribute towards uniform practices and lend quality assurance and credibility to the sector. In order to continuously improve the quality and efficiency of the property market, accurate comparison of metrics between facilities is required.

Therefore, there is a growing need for property managers to speak one language and refer to a common standard that will bring in much needed transparency into the market. This in turn will further help in instilling greater public trust and confidence in the property market.

To this end, investor confidence would also be fuelled if consistent

measurement standards such as International Property Measurement Standards (IPMS) and accurate valuation standards (International Valuation Standards - IVS) are adopted.

The benchmarking of floor space is essential to the successful provision of supporting property services. In order to continuously improve the quality and efficiency of the property market, accurate comparison of metrics between facilities is required.

More regulatory authorities and government, not just in India but across the globe should look at the adoption of a single method of measurement like the IPMS/ IVS to ensure consistency of unit sizes, thereby negating losses and protecting consumers.

While, the process of reforming the entire sector is a long-drawn and tedious task, especially with RERA authorities operating differently across states, in such cases another option is for organisations to promote self-regulation and proactively encourage practitioners within the realty space to adopt, practice and implement such standards.

However, till the time such reforms are either enforced by the government or implemented through organisations in the country, it is still the responsibility of consumers to protect their interests. Therefore, it is imperative that consumers be made aware of the existence of such practices and educate themselves on how floor areas should be measured to mitigate their losses.

What is heartening to see is that the Bureau of Indian Standards (BIS) the national standards setting body in the country with respect to the revision of its Property Measurement Standard i.e. IS 3861 which relates to the method of measurement of plinth, carpet and rentable area of residential buildings, has included the International Property Measurement Standards (IPMS) as the framework within which the IS 3861 is being reviewed and revised.

BLURB : Even with RERA defining what constitute carpet area, problems persist as some of these regulations continue to be flouted and standard measurement practices are not endorsed or regulatory bodies do not advocate stringent practice guidelines.

Nimish Gupta MD, South Asia - RICS

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GUEST ARTICLE

THE EXPANDING FOOTPRINT OF GREEN HOMES There was a time when developers and builders had no option but to choose between resources like straw, mud, timber, and stone to build a green home that consumed precious energy. But now with sustainable technologies, modern homes are being constructed without causing any disadvantage to the earth.

The moment you picture an environment-friendly home, do you only envisage solar panels, highefficiency washing machines and a gamut of other earth-friendly devices? Green technologies used in homes by real estate developers today are not just limited to these eco-friendly tools but there is much more that can be incorporated in homes to support green living.

Fortunately, there is a gamut of technological options bringing one closer to creating an energyefficient home.

There are various technologies that are used to develop green housing Sustainable Floors: Real estate developers have understood the importance of making use of bamboo for floorings in homes.

Composed from a fast-growing renewable plant that is bacteriafree, natural, resistant to water, and exceptionally tough, bamboo is the best choice for green flooring. These daysâ&#x20AC;&#x2122; developers are replacing wood floorings with rubber flooring and polished concrete floorings which are 100 percent renewable resources.

Smart Power Strips and Power Adapters: Most electric gadgets will sluggishly graze on power while doing nothing, thus consuming a lot of energy. A smart power strip is a blessing in the segment of green homes because they have been designed to feed the devices with electricity, only when needed.

Instead of entering a standby mode, the use of a smart electricity strip will shut the machine down after a certain amount of time until it is required again. Installation of power adapters at home will help to considerably cut down electricity bills. These green tools lend great

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solutions to offer gadgets the precise amount of power they require and turn off after the need has been met.

Sustainable Cost Heating : Apart from solar panels, there are other alternatives to conserve and environment while heating your home. By using a geothermal heat pump, one can considerably reduce the cost for a long duration, thus helping to safeguard the planet. This technologically advanced device is less noisy than the conventional one.

Composting Toilets : Unlike the west, the Indian real estate industry is gradually cottoning on to the idea that human wastage should not be waste. Instead of flushing valuable resources away, these toilets aid in efficiently treating human excrement through organic processes. This process helps to turn it into biological compost material that can be utilized for soil fertilization. The conventional toilet makes use of more water, whereas green flushing cuts down on water usage. Incorporating dual low-flush toilet will allow choosing the amount of water being used every time you flush, thus conserving energy and dropping down your water bill.

Home-Automation Lighting : Conventional lighting today has been replaced with energy-efficient LED lighting that helps to cut down on energy utilization and cost. Now potential developers are taking this trend further by installing lighting systems that get connected through hardware that can be controlled through smartphone apps.

Indoor Environmental Quality: Strategies like no smoking in the premises, making usage of low Volatile Organic compounds in sealants, paints, and adhesives while

Apurva Gupta

doing up the home interiors will also get you a step closer to sustainable living. These green approaches will play a major role in ensuring an elevated human comfort and indoor environmental quality.

Water Recycling : Green homes with installation of water-efficient plumbing fixtures and of STP treated water for flushing and irrigation, safeguard condensed usage of potable freshwater.

Efficient Management of Waste: With proper segregation of dry and wet waste at the very source, managing waste and sewage becomes highly operative. Wet waste can be renewed to compost by making use of organic waste converters. Even dry waste can be further explored to be recycled. This safeguards that waste traveling to landfills is reduced.

Ecological Automobiles: By installing facility of electric vehicles in the parking lots and incentivizing parking spaces dedicated for e-vehicles, realty developers can promote usage of environmentfriendly vehicles that help to drop down toxic carbon releases due to fossil fuels.

Our country desperately needs to protect its resources and hence green housing is unquestionably the only alternative that will facilitate in ensuring an enhanced future for our planet. It is stirring to witness how real estate developers and builders are scouting for innovative cuttingedge technologies and methods to aid in meeting the sustainable needs of our planet.

The writer is Chief Marketing Officer, Rivali Park, CCI Projects.

EVENTS & AWARDS

TOP HONOURS FOR CBRE VALUATION SERVICES

CBRE South Asia Pvt. Ltd, Indiaâ&#x20AC;&#x2122;s leading real estate consulting firm has been named Asia Pacificâ&#x20AC;&#x2122;s number one Property Valuations team at the annual Euromoney Real Estate Awards.

With over 1 lakh properties valued in India, CBRE valuations team provides comprehensive valuation and advisory services for real estate owners, developers, investors and lenders.

The core foundation of the CBRE Valuation Services is its 300 member-strong team, which has handled various marquee projects both with the top corporates and government bodies.Their experience in combining

expertise and premier technologies to generate industry-leading, fully researched and defendable valuations enable clients to make confident and informed business decisions. Other than valuation of all types of tangible assets (including plant and machinery), the team also assists clients with Investment Risk Monitoring Services and other value-added solutions in assessing project risks and taking timely actions to

mitigate them. These services are used by investment and commercial banks, financial institutions, corporations, investors, property owners, REITs, institutional funds and government agencies to meet their business objectives.

Another recent achievement for the team was being the selected valuer for the 1st REIT in India.

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EVENTS & AWARDS

INFRA MANAGEMENT NEED FOR SUSTAINABLE ECOSYSTEM

CII in association with its knowledge partner CBRE concluded the 9th Regional Conference on Infrastructure Management with the theme ‘Building Green Real Estate’.

The conference focused on building a sustainable ecosystem and showcased trends in the facilities management domain that are redefining the concept, design and culture of an ideal real estate. The conference also elucidated best practices that will enable the facilities management fraternity to adopt sustainable or green solutions, role in reforming the status quo of infrastructural developments and establish the need of the hour through interactive, brainstorming and problem-solving sessions.

Speaking about the conference, Aditya Berlia, Vice Chairman CII Delhi State said, “Facility Management is at the interface of tenants, investors, contractors and local authorities and thus, they are on the front line of implementing any plans to increase a building’s sustainability.

This conference was conducted to revive the growing significance of facility management especially in building green homes, as we move forward, in addition to discussion on the current trends in the interpretation of resilience and the development of sustainable and environment friendly strategies.”

Corporate entities as well as residential consumers are becoming increasingly aware of the benefits of Green

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Buildings and Green Homes, levitating an urgency for a renewed focus on how assets can be made sustainable and environmental friendly. In Asia Pacific and India, commercial property owners and managers are deploying greater resources towards ensuring buildings are more resilient to the long-term environmental challenges.

The deepening industry focus on enhancing resilience in commercial real estate assets is resulting from the coordinated efforts of building owners, tenants, contractors and local authorities, according to CBRE’s Global Resilience & Property Management 2019 report.

Rajesh Pandit, Managing Director, GWS and PM, CBRE South Asia Pvt. Ltd said that with investors taking increasing note of environmental risk, it is important for facility management to be proactive in enhancing buildinglevel sustainability. This is coming of age and the next generation of real estate professionals will more closely resemble business managers and leaders who combine empathy, strategic thinking, commercial expertise and an eye for innovation with a healthy indoor environment, efficient energy usage and operational savings. This green initiative approach, led by Facility Managers, will more accurately reflect the role of the

function as an enabler of change and agility as well as a key driver of performance.

The conference comprised of four leadership deliberations that emphasized on the solutions with the ability to transform the traditional practices with green initiatives and highlighted the pivotal role that technology is playing in this transformation.

The concluding session titled ‘Skilling for the Future’ was driven by veteran industry leaders who shared their experiences with budding real estate players and recommended them to strategize their approach with green initiatives for long run in the business.

The panel collectively concluded that green buildings are not only extremely efficient, but also produce enough power to cover their own energy requirements and can even send excess energy back into the power grid. Solar power is the most widely tested method for renewable energy.

Photovoltaic cells can be installed not only on rooftops but also on building facades and even in transparent modules used as windows and skylights. Another key influencing sustainability factor is the inclusion of WELL Buildings and LEED certification as part of the built environment.

EVENTS & AWARDS

NITCO DEBUT AT CERSAI GLOBAL PREMIER EXHIBITION OF SURFACES Nitco made its entry into CERSAI - world's premier exhibition of surfaces. The global event with over 1,12000 visitors from across 50 countries was aimed at showcasing the latest trends and innocations in the ceramic tile industry.

The NITCO stall was inaugurated by a veteran of Italian ceramic industry, Engenio Emllani, ex GM of Sacmi. The NITCO team had some really engaging interactions with him as well as with architects and buyers from across the world.

LAUNCH OF CREDAI BENGAL PROPERTY PORTAL CREDAI Bengal launched its property portalwww.credaibengalhomes.com in Kolkata. Speaking on this occasion, Nandu Belani, President, Credai Bengal said that Credai Bengal is the only Credai State Chapter to create its own portal for the benefit of its members. The portal will benefit members by showcasing/ advertising their projects at cheaper rates.

The site is free for members till December

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PROJECT FOCUS

OPULENT SPIRE A REVOLUTIONARY LIFESTYLE Grandeur, Beauty, Innovation, Privacy and the most coveted luxury of space are the quintessential aspects of Opulent Spire. A remarkable blend of extraordinary design concept, magnificent creativity, imposing dimensions, intelligent floor plans, sumptuous luxury is all thatâ&#x20AC;&#x2122;s leading to a lifetime experience of a revolutionary lifestyle and an asset value beyond generations of legacies.

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PROJECT FOCUS With Opulent Spire, B & B Infra, one of the long-established and reputed Bengaluru-based builders, has outdone itself. Every square inch of space focuses on innovative design with uncompromising attention to comfort and convenience. The brand has adopted world class techniques that truly redefine real luxury, using principles of agility, durability and sustainability.

Launched in March 2019, Opulent Spire is slated to soon become one of the most spectacular landmarks in Jayanagar and South Bangalore.

Two-acre site, two grand towers, 24 striking storeys and just 86 exquisite residences. At the heart of Opulent Spire’s classy and elegant design is the emphasis on space, light, airiness and ultra comfort. B & B has incorporated a unique concept such as arrowhead design, better ceiling heights, broader doorways and efficient floor plan which reflect the developer’s passion to give customers extraordinary living spaces.

“Whatwehavebeenabletoachieve here is the best combination of an independent home and an apartment. Spaciousness of a bungalow, the conveniences, security and modern-day amenities of apartment-style living, a high degree of lung space via manicured gardens & greenery, plenty of natural light and eco-friendly environment are what we have aimed at. The arrowhead concept is a brainwave that allows the two towers to

be placed at a specific angle resulting in the remarkable play of natural light and air pervading all apartments. Three exciting double-decker bridges at different heights connect the towers and give an exhilarating view of the surrounding” says Naresh Narasimhan of Venkataramanan Associates and Opulent Spire’s Principal Architect.

The need to relax and rejuvenate also is met admirably. The Opulent Spire’s amenities spread over 3 floors serve the interests of all age groups. A convenience store, cafe, heated swimming pool, gymnasium & spa, squash court, home theatre, well stocked library, crèche and a day care centre are amongst many other extraordinary amenities for a modern lifestyle.

Inthelast3decadessinceinception, B&B Infrastructure has earned the trust and respect of both home buyers and industry, through its numerous projects across the city.

The company’s strengths such as efficient exploration of market opportunities, competitive insight, high degree of business ethics, quality workmanship, unwavering commitment to deadlines and of course earnest customer relationship, are primary reasons for its success.

In the words of Bhaskar Raju, Managing Director of B & B, “We focus only on few big projects at a time. This ensures that we can dedicate all our attention, time, energy, resources with a personal touch to each project. We are

proud to say that on-time delivery has been a practice since the beginning. After all, we safeguard the hard-earned money of our buyers and respect their deep trust in us.”

B&B has adopted a very rare practice that is unheard of in real estate development industry com i.e. commencing sale of Opulent Spire only after completing 80% of the structure.

“I truly believe in the saying seeing is believing. I want customers to actually see the finished project instead of showing them just beautiful pictures in glossy brochures. When customers visit our full-fledged model flat, their reaction is most encouraging. Not only do they admire the stunning design and quality but also get astonished that the structure is almost up and ready explains Raju.

Zero Dead Space design is another feature of the architectural expertise. While Opulent Spire is located on the main road, it also ensures peaceful living. With the large site area, the design allows plenty of open space from the main wall. The structural design guarantees excellent ventilation and clear view all around. Moreover, the project has the advantage of being surrounded by plenty of civic amenities – education, entertainment, commercial, infrastructure, medicare, etc. Truly a grand project that guarantees wholesome experience of a contemporary luxurious lifestyle.

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4 BHK - 4084 sqft

3 BHK - 3221 sqft

4 BHK - 4084 sqft

3 BHK - 3221 sqft

4 BHK - 4084 sqft

JAYANAGAR, BANGALORE (Before Jayadeva hospital) JAYANAGAR, BANGALORE (Before Jayadeva hospital) 7 kms from CBD

7 kms from CBD JAYANAGAR, BANGALORE (Before Jayadeva hospital) +91 7090 471 471 | sales@bandbinfra.com | www.bandinfra.com 7 kms from CBD Project approved by major banks RERA NO : PRM/KA/RERA/1251/310/PR/171015/000561

proptoq-pages.indd 2

B&B Infra B&B Infrastructure B&B Infrastructure Ltd Ltd

3 BHK - 3221 sqft

4 Cr Onwards 4 Cr 4 Onwards Cr Onwards

Who said luxury is reserved for Whomansions? said luxury is reserved for mansions?

29/08/2019 09:48

8

PROJECT LAUNCH

GURUGRAM

SIGNATURE GLOBAL ORCHARD AVENUE 2

Signature Global Group has launched its latest affordable housing project - Orchard Avenue 2 in Sector 93, Gurugram.

The group had launched Orchard Avenue 1 two years back. Millennia Sector 37D in Gurugram and Signature Global Park, Sector 36, Sohna, South of Gurugram.Orchard Avenue 2 offers a total of 720 units including 680 2BHK units and 40 3 BHK units with a price range of Rs 21.96 lakh to 26.15 lakh. The project boasts of great location near DLF Town Heights and

DLF Garden City. It has a number of group housing and township developments, commercial projects, hotels and educational institutions in the close proximity. It is well connected to NH8, Pataudi Road, Dwarka Expressway, KMP Expressway, IGI Airport, IMT Manesar.

two of group's recent projectsThe Millennia Sector 37 D, Gurugram and Signature Global Park, Sector 36, Sohna were oversubscribed.Orchard Avenue 2 is getting a good response from the home buyers .

Thanks to impeccable construction quality with superior design and amenities

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PROJECT LAUNCH

GURUGRAM

TULIP LEAF Tulip Infratech - one of the leading real estate development organizations in NCR has announced the launch of its new luxury project ‘Tulip Leaf’. The new project’s location is one of the premium destinations of Gurugram- Sector 69.

Tulip Leaf is having a core theme - 'New era of Luxury Living' which aims to provide lavish amenities for its residents.

The 1-2 BHK homes will be priced from Rs. 25 - 50 lakhs while select homes will cost upto 75 lakhs). With an emphasis on excellent design, world-class amenities, well-connected locations and complete social ecosystem, the coveted Lodha lifestyle will now be accessible to a much larger group of Mumbaikars in MMR, who desire a quality lifestyle but have so far been kept out of the market due to high prices.

The first project under the new brand is launched at Thane (Majiwada, near Viviana Mall) Two additional launches are planned for this financial year in Bhiwandi and Taloja. Says Abhishek Lodha, Managing Director, Lodha Group, "With ‘high quality housing at affordable prices’ which will not only lead to an improvement in health and lifestyle but will also help with wealth creation for middle class families as these homes appreciate in value. A family which earns just Rs. 50,000 p.m. will be able to own a Lodha home – we have tied up with banks such that the effective interest rate for the first time buyers will be just around 5% p.a. and they can buy homes by paying a very small down payment. In fact, the monthly EMI on these homes is just a little more than rent. ” The brand seeks to deliver on a promise of ‘Jiyo Toh Aise’ with the belief that a home is a matter of pride for every family and hence, every family has the right to live in a high quality home at a convenient location. So far, middle class families have been forced to choose between poor quality developments or inconvenient locations, reducing their pride in their home. Crown seeks to change this.

Currently at Lodha, over 50% of residential sales are generated from affordable housing projects. With the launch of Crown, Lodha Group intends to invest over INR 2,500 crore in 3 new projects.

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PROJECT LAUNCH

MUMBAI

LODHA CROWN Mumbai based Lodha Group, has announced the launch of its truly affordable housing brand “Crown”, catering to families with monthly income of just Rs. 50,000 onwards. The 1-2 BHK homes will be priced from Rs. 25 - 50 lakhs while select homes will cost upto 75 lakhs. With an emphasis on excellent design, world-class amenities, well-connected locations and complete social ecosystem, the coveted Lodha lifestyle will now be accessible to a much larger group of Mumbaikars in MMR, who desire a quality lifestyle but have so far been kept out of the market due to high prices.

The first project under the new brand is launched at Thane (Majiwada, near Viviana Mall) Two additional launches are planned for this financial year in Bhiwandi and Taloja.

change this.

Currently at Lodha, over 50% of residential sales are generated from affordable housing

projects. With the launch of Crown, Lodha Group intends to invest over INR 2,500 crore in 3 new projects.

Says Abhishek Lodha, Managing Director, Lodha Group, "With ‘high quality housing at affordable prices’ which will not only lead to an improvement in health and lifestyle but will also help with wealth creation for middle class families as these homes appreciate in value. A family which earns just Rs. 50,000 p.m. will be able to own a Lodha home – we have tied up with banks such that the effective interest rate for the first time buyers will be just around 5% p.a. and they can buy homes by paying a very small down payment. In fact, the monthly EMI on these homes is just a little more than rent.”

The brand seeks to deliver on a promise of ‘Jiyo Toh Aise’ with the belief that a home is a matter of pride for every family and hence, every family has the right to live in a high quality home at a convenient location. So far, middle class families have been forced to choose between poor quality developments or inconvenient locations, reducing their pride in their home. Crown seeks to

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REALTY ETC.

NESTAWAY FORAYS INTO CO-LIVING, STUDENT HOUSING

Managed home rental start-up NestAway Technologies has announced the launch of ‘The Hello World’, an independent subsidiary that is focused on co-living and student housing.

The Hello World, which was in cautious mode till now, has its presence in 15 cities, including Bengaluru, Hyderabad, Delhi/NCR, Pune, Kota and Dehradun. In the past two quarters, the brand has built a network of 10,000 beds with an occupancy rate of 90 %, and aims to launch in nine more cities across the country over the next two to three months to exceed 50,000 beds in the next year.

The Hello World offers private space

in single or double occupancy bedrooms with well designed community gatherings including music gigs, hobby classes, singing sessions in their buildings. Its offerings have smart-tech security systems, housekeeping, 24/7 concierge service, internet, electricity, five meals a day (breakfast, lunch, evening snacks, dinner, midnight meal), internal transfers to any other property with just one month’s rent as security

deposit and zero brokerage fee. All this is available at Rs. 9,000-15,000 per month for student housing customers and Rs. 9,000-18,000 per month for co-living customers.

The Hello World that competes with co living brands like Zolo Stays, Stanza Living and Oxford Caps also provides free stays for parents who come to meet their children The idea is to provide a convenient home like life to occupants.

PEPPERFRY EYES IPO

Buoyed by the opening of its largest warehouse in Bengaluru and prospects of full year profitability by FY 21, online furniture retailer Pepperfry is working out its plans to go public by the end of next year, according to its co-founder Ambareesh Murty.

Established in 2012, Pepperfry with more than 4.5 million registered users, has raised close to $200 million from investors such as Norwest Venture Partners, Goldman Sachs, State Street Global Advisors, and Bertelsmann India Investments.

The Bengaluru warehouse is among the company’s three large “mother hubs". The other two are in Mumbai and Gurugram. The one

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in Bengaluru is also the company’s most technologically advanced, though the Mumbai warehouse is the largest in terms of size.

The warehouse, located in Hoskote area in Bengaluru, is spread across 360,000 sq. ft, roughly the size of six football fields. Murty said south India is the largest market for the company with a share of 40%, followed by the west and the north regions with 30%

market share each.It has a capacity to process 1000 orders a day and a storage capacity of up to 30,000 units.The facility is well placed to cater to the surging demand in south India(largest market with a share of 40%), thereby resulting in reduced transit times, reduction in long-haul movement costs and decline in return rates.

REALTY ETC.

JOHNSON LIFTS ON EXPANSION SPREE

India's leading elevator and escalator company Johnson Lifts is eyeing a significant growth in its topline, supported

by Rs 138 crores capacity expansion, penetration into more locations and strong order book.

The company, which has onefifth of the elevator market share, has been recording strong volume growth in the past three years. Its elevator sales grew from 5,200 units in FY09 to 9,500 units in FY16 and to more than 12,000 units in FY19. The company achieved a record of producing, selling and installing more than 10,000 lifts in a year during FY19,according to Yohan K John, Director, Johnson Lifts.

With swelling orders from across categories, including infrastructure segments such as railways and metro stations, the company has set up a

new factory near Chennai, its 4th unit, with a capacity to make 6,000 lifts per annum at an investment of Rs 125 crores. With this, the total capacity of lifts will increase to 18,000 units per annum. The company has also increased the production capacity of escalators with a second line at its Oragadam unit at an investment of Rs 13 crores.

This line will produce about 500 escalators per annum, taking the total production capacity of escalators to 1,500 units a year.

According to V Jagannathan, Executive Director, Johnson

Lifts, inhouse manufacturing, on time delivery and strong after sales service is their USP. Recently it has bagged contracts from Chennai Airport and Chennai Metro for lifts and escalators and the company has a current order book of 1,800 units.

The company that plans to expand to more Tiers two and three cities to tap emerging opportunities in housing space, targets to achieve revenues of about Rs 3,000 crore by FY21, up from Rs 2,000 crores plus in FY19, expanding the market share beyond the current 20%.

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REALTY ETC.

GREENLAM GOES FOR CAPACITY EXPANSION

Greenlam Industries Ltd., the largest producer of laminates in Asia and a leading provider of decorative surfacing solutions such as HPL, Compacts, Decorative Veneers, Doors and Engineered Wooden Flooring , has announced capacity expansion for laminates in Nalagarh, Himachal Pradesh. The expanded capacity is now operational with additional 1.6 million laminates sheets per annum.

The expansion will further strengthen Greenlamâ&#x20AC;&#x2122;s position in the HPL and Compact panels market offering an expanded product line to customers. With this expansion, the installed capacity for laminates has increased by 11.4% bringing the capacity to 15.62 million laminate sheets per annum. Being the largest producer of Laminates in Asia and among the top 3 in the world, Greenlam Industries is a global brand with presence in over 100 countries.

According to Saurabh Mittal, Managing Director and CEO, Greenlam Industries Ltd, the capacity expansion would take the manufacturing capacity for laminates to 15.62 million laminate sheets per annum. While the capital cost of this brownfield expansion is 25 crores, the expansion has the potential to generate revenue of Rs 125 crores per annum on full capacity utilization.

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HOSPITALITY

INDIAN HOTELS COMPANY TO SCALE UP HOME STAY BUSINESS Indian Hotels Company Ltd (IHCL) is in talks with other Tata Group entities to convert their guest houses to homestays under its newly created brand Ama Trails and Stays. The target is to reach 100 homestay properties.

The group that currently has 11 such properties -nine from Tata Coffee and two of their own, is finding synergies and bringing in collaboration within the Tata Group. It is negotiating with other group companies to get their guest houses so that within the group, it can become an aggregator.

Its target is to reach 100, according to

Puneet Chhatwal, Managing Director and CEO of IHCL .

Ama Trails and Stays was launched earlier this year at a time when global players such as Airbnb and start-ups such as SaffronStays are already expanding their presence in the segment. But traditional hotel companies have not ventured into

this category until now.

IHCLos mot required to invest on the brand as these properties are already part of the Tata Group. IHCL can add its operational expertise as well as sales & distribution and branding & marketing to optimise the sales and profitability of the business, especially as it is not adding staff and cost.

OYO OPERATIONS TOP 500 CITIES IN INDIA Leading hospitality firm OYO has expanded its presence to over 500 cities across India with focus on tier 2 and 3 cities and smaller towns. Bengaluru, Delhi, Mumbai, Gurugram and Hyderabad lead in precedence of hotels in metros.

According to Aditya Ghosh, CEO, OYO Hotels & Homes, India & South Asia, this strategy is in line with the company's objectives of going deeper in existing markets

and metros, while forming a stronger national network through presence in smaller towns, cities and popular tourist destinations. And as OYO has less than 5 % of the

total unbranded hotel and guesthouse market in India, there is massive headroom for growth now and in coming years.

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HOSPITALITY

GOA RIDES OUT TURBULENCE

Thanks to stable room rates, demand from MICE segment, infrastructure development, growing domestic tourism and entry of niche players offering experiential stays, hospitality sector in Goa has successfully tackled the turbulence during first half of 2019 to remain, low risk, safe and diverse market.

First half of (January to June) 2019 has been a tough period for Goa, wherein room night demand dropped by 4.4% as compared to the corresponding period in 2018. Major contributors to this slowdown have been the grounding of Jet Airways in April, grounding of Boeing 737 Max aircraft, a long drawn general election and reduced international charters primarily from Russia due to the weakening of the Russian Ruble.

Another factor that contributed to the drop in occupancy of branded hotels in Goa is the rise of a variety of affordable lodging formats such as Airbnb and private villas/holiday homes, which has gained popularity among the domestic clientele.

International air passenger traffic in Goa declined from 0.48 mn in H1 of 2018 to 0.46 mn in H1 2019 according to Airports Authority of India (AAI) in their monthly passenger traffic reports. International charter flights during the season months (October to May) of 2018-19 dropped by 17% as compared to 2017-18 to 813 flights with the number of passengers dropping by 12% in the same period to 0.21 mn. On the other hand domestic air passenger traffic in Goa has

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continued to grow almost touching 4 mn passengers in H1 2019, which has proved as the only silver lining in the hotel demand landscape.

Despite the dip in demand, Goaâ&#x20AC;&#x2122;s hospitality market performance remains stable primarily on the back of room rates. This is evident from the 1.9% growth in ADR in H1 2019 over H1 2018. Goa ranks second in ADR next only to Mumbai. With increasing MICE business and growing domestic tourism due to rise in disposable income, the market is expected to remain stable in the short term.

Goa is evolving from being solely a leisure market, to a wider MICE market during the past few years. The penetration of the MICE segment during the peak season reduces due to its price sensitivity. However, during the shoulder and lean months, the segment picks up which arrests the drop in occupancy. Although market wide occupancies in H1 2019 have dropped in comparison to H1 2018, the growth in the MICE segment and the attractive monsoon packages marketed by many tour operators and OTAs is expected to limit the drop in coming months.

In

the

medium

to

long

term,

development of Mopa Airport will be a game changer for the leisure market. It will enable a larger inflow of tourists, both foreign and domestic with an expected handling capacity of 5 million passengers annually.

On completion, this development will benefit the entire Goa tourism industry and in particular will help develop the hospitality market in North Goa and even Sindhudurg district in Maharashtra.

Secondly, emergence of boutique experiential luxury segment in Goa could play a vital role in attracting ultra-high net worth individuals who prefer discerning luxury and do not want to be seen around in public.

Players such as Postcard Hotels and Coco Shambhala are gaining popularity in this space. Overall, Goa market remains protected from an oversupply in the near future due to high entry barriers such as expensive land costs, complicated land titles, difficult approval processes and rising development costs. Thus, in the long term demand shall outpace supply and Goa will continue to be a low risk, safe and diverse hospitality market.

Jaideep Dang, MD, JLL Hotels & Hospitality Group

PRODUCT LINE

ADVANCED SMOKE DETECTORS

Honeywell has launched its VESDA-E VES aspirating smoke detectors. As part of the VESDA-E line of advanced smoke detection technology, VESDA-E VES smoke detectors allow users to divide protected areas into four distinct sectors to help ensure early detection and warning of a potential threat.

The detectors also help reduce total time event tracking. cost of ownership by decreasing Built on the latest advanced detection installation, commissioning and technology, VESDA-E VES offers operating expenses. reliable, very early warning and higher The VESDA-E VES sector addressability detection stability over a wider range provides individually configurable of environments through its Flair alarm levels for each of the four Detection Technology. The patented sectors, reducing the search path Flair Detection Technology employs for early warning events to deliver the latest laser-based light scattering optimum protection in highly secure combined with CMOS image analysis environments or areas with clear zones. to provide best-in-class very early The new intuitive LCD display provides warning and nuisance alarm rejection. instant status reporting and allows real It also helps to quickly detect and locate

the specific source of smoke.

VESDA-E VES detectors offer Ethernet and Wi-Fi connectivity with Xtralis software for configuration, secondary monitoring and maintenance.

Additionally, the longer pipe runs allow convenient detector mounting for accessible and reduced maintenance costs.

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PRODUCT LINE

SMART FESTIVE LIGHTS

Goldmedal Electricals, the leading home-grown fast moving electrical goods (FMEG) company has launched the Photon rope light in its lighting segment, for the ongoing festive season.

The Photon rope light is a smart lighting option for decorative use and is easy and safe to use. With this launch, Goldmedal is offering the best in technology and design for both indoor and outdoor decorative use.

consumes lesser energy and generates lesser heat than average incandescent rope lights. Unlike strip lights, the Photon rope light doesnâ&#x20AC;&#x2122;t require a separate AC-to-DC converter and can thus be connected directly to the power source with the provided connector.

Goldmedalâ&#x20AC;&#x2122;s Photon rope light is a With an IP 65 rating, Photon is dust and smarter lighting option that can be used water resistant, which makes it ideal for in a variety of different environments. both indoor and outdoor decorations.

Photon uses LEDs and therefore

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With other features like IP65 rating and shock resistant, Photon light available in single and multi- coloured units, is a smart choice for festive decor needs .

PRODUCT LINE

FESTIVE GLITTER Greenlam has come up with a new range of festive laminates to infuse shimmery decor in your home. Pairing these trendy interiors with wood or marble gives the oomph to your space.

Staturio by Greenlam Laminates is an eccentric marble pattern laminate with a glossy finish that reflects light and therefore add vibrancy to your interiors.

During festivities, the best way to go about creating a cheerful environment is to play around with the textures on your walls and floors.

Greenery, plants and succulents complement the interesting patterns in Staturio and add that much needed character to your space. While they add natural air, these monochromatic shades add a touch of glamour to your room. One can experiment with small plants that are versatile and work in any setup whether it is your bathroom, kitchen, bedroom or living room.

your room with metallic interiors like an antique bedside table with a photo frame which will amplify your floors and walls. Lose yourself in a world of antique gold finish and watch your room come alive in true sophistication.

Noce Imperial by Mikasa engineered wood flooring from the house of Greenlam Industries provides your floor a chic look with compelling emphasis on wooden textures.

Add some contrast to your walls with a dual combination of dark shades like olive green or navy blue paired with premium golden laminates to infuse a unique and eclectic appeal to your room. Style

Festive season calls for radiant interiors, therefore, go all out and create the perfect look which adds a magical vibe to your home.

Eucalyptus Brown by Decowood Veneers is a beautiful wall veneer with natural textures of wood which stand apart from the rest of the décor. Transform your room by adding some sheen and glimmer to your décor. Experiment with chic metallic elements by integrating statement décor elements to your room. One can go for a floor lamp with bronze or grey metallic finish or a small study table with coral or golden matte finish.

To know more visit www.greenlamindustries.com

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TOQ TEN

I AM ONE WITH THE ORGANIZATION Ananta Singh Raghuvanshi Senior Executive Director Experion Group What does regulated realty mean to you?

Volatility,Uncertainty, Complexity and Ambiguity should become thing of the past.

What sets your company apart?

Brilliant design, Brilliant location, Brilliant execution. Experion B+ experience.

What is your success mantra?

Integrity, Involvement ,Innovation and Transparency.

What keeps you motivated?

To be better than the previous day, I am continuously competing with myselfspiritually, emotionally, intellectually, physically, socially, financially.

What's your leadership lesson?

Handhold & Elevate.

What's your strength ?

Communication. Head & Heart fused.

With millennials believing in work hard, party hard, what is your idea of unwinding?

Music, Dance, Travel, Writing, Learning.

What's your definition of success?

Success is the ability to stay happy irrespective of the external or internal circumstances. To win, you first have to conquer yourself, then you can give power and joy to the world. You have to believe you are the epicentre of your Universe.

Be responsible for all, who are dependent on you.

What is your winning strategy ?

My family's love for me.

What is your ambition in life? Where would you see your company in 2022 ?

To do the right thing every time. To create value for the buyers, channels and build the brand as a symbol of reliability. I am one with the organisation.

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