Tag Archives: Indian property market news

Smart buyers driving smart homes

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Bottom Line: Amidst the trial and error with various concepts by the Indian real estate, smart home is one of the few concepts that promise to work in the Indian market.

Smart Homes, Home Automation, Smart Homes in India, Green Homes, Technology in homes, Technology adoption in Indian real estate, India real estate news, Innovation in housing market, Indian realty news, Real estate news India, Indian property market, Track2Realty, Track2Media ResearchThough the understanding of the smart quotient is relatively low and technology enabled homes are being over-sold as smart homes, the buyers’ smartness is equally important to make this user friendly concept succeed in India. Failing this, it will be yet another over-used and abused term which will have a short shelf life as a marketing tool.

Smart Home is a concept which is gaining acceptance with the Indian consumers these days as many residential developers are incorporating this concept in their luxury projects. Essentially, a smart home integrates state of the art technology in the electrical devices that enhances the experience as well as makes life easier. With a busy lifestyle, the affluent consumers nowadays demand integrated houses which can be controlled remotely.

Home networking and monitoring systems are a must in a smart home. The systems manage the link between systems and devices such as lighting, air conditioners, phones, security cameras, audio-video systems, computers and refrigerators.

But wait! If you think that smart home only means technologically enabled apartments then probably you are not a smart buyer who can cross check the claims of developers vis-à-vis the smart quotient of the house. Smart home is an over-used and abused term in the absence of clearly defined metrics to evaluate. Today, even touch buttons against normal switches qualify as element of automated homes, which clearly does not give any ease to the user and cannot be defined as an element of smart homes. The extent of long term comfort and ease should be the relative benchmarks for categorising homes as smart homes.

As a matter of fact, smart homes are not only technology enabled but also customised to the needs and requirements of the buyers. Of late, there has been so fierce competition in this segment that some of the developers are increasingly raising the bar. Right from the concept of energy efficient and environmentally sustainable buildings to basophilic architecture, the developers are connecting both state of the art technologies and eco-friendly features in their projects.

Smart homes USPs

3 tier security system

Automatic split air conditioning

Automatic geyser control

Automatic burglar alarm

Motion sensor lighting

Standalone gas detection

Cellphone controlled appliances

Complete temperature control

Video door phone

Panic button

Switch controlled motorized channels for window curtains

100% power backup

Though technology forms an integral part in making the home smart, a home can be designed in its structure and planning to make it smart too. Minimum wastage of space in designing the layout of a flat, ease of moving inside the house, planning for provisions for utilities like piped gas in an area where the authorities supplying gas have not created the infrastructure at present, conduits laid out which gives flexibility to user for creating plug points as per his/her convenience, safety features keeping in mind toddler to elderly at home etc.

Technology does add to the ease and is glamorous enough to woo a buyer on the face of it even though it being temporary, a well laid out design of a house will have an eternal charm. The developers in this space must make a conscious effort on designing efficient unit plans which give the buyers an advantage of higher usable carpet and minimum wastage.

The world class training facilities, amenities, quality of services and infrastructure enhance the smart quotient of the homes while taking it beyond technology. Also, having facilities like separate water treatment and sewage treatment plants make the structure economically and environmentally viable and efficient thereby making it a smarter building for its users.

However, the awareness for such projects is still very low and concepts like the projects being LEED-certified by the Indian Green Building Council are being extensively marketed as smart quotient. Some of the essential features of the smart homes nowadays are 3 tier security system, automatic split air conditioning, automatic geyser control, automatic burglar alarm, motion sensor lighting, standalone gas detection, cellphone controlled appliances, complete temperature control, video door phone, panic button, switch controlled motorized channels for window curtains, 100 per cent power backup among others.

Manju Yagnik, Vice Chairperson, Nahar Group maintains that technology is playing an integral role in all spheres of life today. Real estate being the latest where technology is been used extensively in order to create automated homes or popularly known as smart homes. The trend of smart homes began about a decade ago due to changing lifestyle and increasing income and opportunities to travel abroad. This trend was then supported by the boom in technology and Internet that took place during the same time.

“The key components that make a home smart are the security system in a home, mood lighting, modular kitchen, climate and entertainment system. The security system in automated homes can include a close circuit camera surveillance system and a video door phone. Lighting in an automated home includes everything from an entertainment set up that works on a remote control and sensor based LED lights that switch off automatically. The climate in a home can also be controlled through a mobile device connected to the air conditioning system in the home. Similarly, the curtains, doors and gates of a home can be connected to mobile and operated automatically,” says Yagnik.

Rohit Gera, Managing Director, Gera Developments makes an interesting point when he says that smart home features are not limited to just residential projects nowadays but also commercial properties are powered by Greentelligence. It is a combination of features that conserve and protect the environment along with the use of technology and intelligent features to create a high performance development. These features are important in order to capture the high-end market and are not only convenient but also save energy and water. The ultimate aim of a smart home is to empower its residents with a sense of safety and control all at the touch of a simple button.

“Smart Homes in today’s terminology is used in context of making living in a home more comfortable using technology add-on features, though in essence it is a much wider concept. Contemporarily it means using electronic gadgets to make living and doing daily chores in a home effortless. The key components of smart home include home automation systems, integration of mobile phone; Ipad with home automation, security systems like intrusion sensors, etc. It involves connecting the devices and appliances in your home so they can communicate with each other and with you,” says Gera.

Amit Kulkarni, Director, Varasiddhi Infrastructure has a caveat here when he says everyday there are new inventions and new products are being launched globally but the Indian developers should adopt the devices which are useful for Indian context. According to him, currently all the possible Smart features are being used in Indian market.

“Certain developers do use this terms for mere use of door video phone etc., however majority of developers are inclined towards complete smart home systems and are delivering the same. It is not overused term and has become necessity. Smart home comprises of automated homes where your security aspect, lighting, air conditioning is controlled by integrated system. One can see from outside his house what is happening in his/her house or building premises. One can control air conditioner, geyser from his cell phone or laptop seating anywhere in the world,” says Kulkarni.

Smart home is a phenomenon that has taken place in the last one decade.  Today, there are tie ups by Indian developers with global firms engaged in landscaping, designing or architects. Also, exchange of knowledge between Indian real estate players and global consultant and experts has been taking place in the recent times.

Indian developers who have travelled extensively have begun incorporating international standards in Indian smart homes. With this the Indian developers have already begun implementing the learnings from the global market. Developers are using international designs in Indian markets on a wider scale. However, there is more scope for improvement by reducing the consumption of energy in smart homes and making them more user-friendly.

In the future, smart homes will be completely automated with automated control of electricity/equipment’s, edutainment features, communication features and smart appliances  which will contribute to the ease and convenience a smart home permits, and remote access to these features through telephone or Internet which will make it even more convenient.

With competition in the segment increasing the developers focus is increasingly shifting to state of the art technology to give it an extra edge in the market along with a blend of green technology. Moreover, projects will be designed in such a way that every structure and living unit allows generous daylight and natural ventilation which will definitely help home owners to save on their electricity bills by manually adjusting home settings to reduce energy use when most expensive.

The next generation smart homes promises to be equipped with gadgets which take the smart quotient a level above by keeping track of the consumable items at home like groceries and intelligently talk to nearby grocery mart and replenish the stock. Though this definitely attracts buyers and is a great feature, but one should look at maintenance of these smart homes and long term usability.

Homes should be smart till the extent it has long term benefits and not a temporary gimmicky feature with technology which changes every second day. Most importantly, smart buyers are needed to increasingly push the bar of smart quotient in homes and not allow it to be just used as a marketing gimmick.

Upgrading lifestyle actual luxury across all categories

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Opinion: Luxury is not merely a segment that offers expensive homes at premium locations. Luxury is consistently offering buyers in every micro-market the best technology, the best design and the best amenities that help them upgrade their lifestyles.

Omkar 1973 Worli, Mumbai real estate market, Sea facing apartment, Ultra luxury housing project, India real estate news, Indian realty news, India property market, Track2Media Research, Track2RealtyI say this in the context of the fact that Indian real estate sector, of late, has seen an influx of offerings with the Luxury tag.  And most of the offerings vary in comparison. Whether it’s the ticket size, location, amenities, brand affinity, services, innovation or design, the Luxury tag hangs proudly and in the face.

So, where do we draw the line or set a qualifying benchmark to demystify the so called ‘Luxury’ term in India’s housing sector. I would go a step further; how should the customer in different categories perceive and logically accept the offering as ‘Luxury’.

Being at the helm of a leading brand which operates at both ends of the realty pyramid- ultra luxury and free housing- we too grappled with this dilemma but have largely managed to convey and convince the ‘luxury’ quotient in our offerings.  However, certain misconceptions and misleading claims continue to thrive in the industry.

I feel that the term ‘luxury’ in the context of Indian real estate business has to be perceived and judged by micro category of consumers and their realistic aspiration values.

For example, there is a perception that free housing under SRA scheme, specifically in context of Mumbai, does not mean luxury. In Mumbai, SRA (slum redevelopment) is a mode of acquisition of land. Mumbai hardly has any open land. The land either comes from mills, which has workers residing next to it or it comes from old buildings, which need to be demolished and redeveloped and finally from the slums.

The point here is that quality development in SRA means luxury housing to an urban-challenged slum community while also delivering true luxury offerings to an open market.

When you offer a good quality 1 BHK apartment, with a well-planned society, to a slum dweller, you are offering sheer luxury to that person/family. Moving into a proper apartment, in a semi high-rise, for urban-challenged citizens in Mumbai not only means luxury but a life-transforming development.

Now the same theory would not be applicable in case of a LIG or MIG dweller who is already staying in a non-SRA structure. His or her luxury quotient rests in the upgrade they are wanting to. The upgrade would be a mix of bigger house and better amenities. That is luxury to them.

So, in short, upgrading your lifestyle is luxury. For a slum dweller, moving from a 75 square feet house to a 270-290 square feet home with a lift, continuous water supply, a security guard etc, is luxury.

For a middle class family, moving from a regular 600 square feet apartment to a 1000 plus square feet one with a gymnasium, a terrace garden and multi-level parking is a luxury. This is how we differentiate ourselves from our competitors in the micro market, by providing the consumer something extra; by upgrading their lifestyle with the best in class amenities, the best design and the best infrastructure.

However, despite the above interpretation, the term ‘luxury’ still continues to be misdirected by a faction of the industry. By industry, I mean stakeholders and sales channels which influence the end-customer.  Content creators too, sometimes, form a part of this bracket.

Having said this, I feel the onus of interpretation rests at consumers’ doorsteps and mindset. Today’s home buyer is more evolved and much more analytical in differentiating between actual luxury and projected luxury.

Customer in order to assess actual luxury need to experience and closely study the  products, the amenities, construction quality & technology and various collaborations which indicate the difference between multiple offerings which carry a common pitch. There is a strong need to peel the extra layer while judging the importance and luxury quotient of various facets which goes into creating a new lifestyle living offering. Here, the responsibility rests equally with the brand and as well the customer.

To cite an example, our luxury offerings Omkar Alta Monte and ultra-luxury offering Omkar 1973 Worli in the micro markets of Malad and Worli respectively have been consistently selling beyond the market average in those micro markets. The feedback from the experts and industry observers including a highly credible realty media pinpoints to finer luxury factors such as design, finishes, nature and quality of amenities, depth of services and collaborations viz a viz similar luxury offerings in the micro market.

Mumbai continues to take the lead in driving the luxury and ultra luxury market in India. The Mumbai luxury realty market will see a big shift in the future. You need to see the kind of houses that are being delivered, the kind of amenities and services on offer and compare them to the older buildings in prime locations in South and Central Mumbai. The old buildings in areas such as Peddar Road, Cuff Parade and Marine Drive have a very high capital value. But, the new buildings, even in the suburbs, have so much more to offer in terms of amenities. In the next 20-25 years, the entire city will have to be rebuilt and that is where a lot of luxury products will come up. That is the need of the market.

As long as you make a good product, give the buyers the right location and the right amenities, they’re happy and willing. In case of promising new players and first-time projects, consumers can still get to experience the quality on offer with the sample apartments and a sales experience which rides high on transparency and knowledge dissemination about all the project facets.

In the future, we will have to evolve and keep in mind with the new trends, the new tastes, the new technology and buyer preferences. Even brand leaders need to lookout for something better that they can offer to their customers and constantly evolve with time because innovation too is luxury.

By: Gaurav Gupta, Director, Omkar Realtors & Developers

Can unlocking MMR address affordable housing?

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Bottom Line: Contrary to the general perception of Mumbai’s limitation to grow sprawling, peninsular city has the potential to expand with the unlocking of MMR (Mumbai Metropolitan Region) land. 

Expanding Mumbai Boundaries, MMRDA, Mumbai Metropolitan Regional Development Authority, MMRDA projects, Infrastructure projects of MMRDA, Expanding Mumbai boundaries,  Mumbai real estate news, Mumbai property market launches, India real estate news, Real estate news India, Indian Property market news, Track2Realty, Track2Media ResearchAffordable housing and Mumbai often sound to be quite contradictory. The peninsular city with limited land parcels and load on the infrastructure often makes an urban planner fumble for offering any sustainable solution. Critics hence dismiss the very idea of affordable housing in the city. In Mumbai the development and growth of affordable housing has also been facing significant challenges owing to a gamut of fiscal, regulatory and urban issues.

Amongst all the various reasons, less access to available urban land, surging construction costs and various regulatory issues are the major limitations that have an impact on the mid-income group’s ability to invest in affordable homes.

However, despite the fact that the peninsular city has the limitation as far as expanding its boundaries are concerned, yet Mumbai is increasingly challenging its geographical limitations. The expansion of the city, not just vertically but horizontally of late, is enough to silence the critics. The urban sprawling in  Mumbai could have been possible only through the expanding boundaries of the MMR.

Instead of getting saturated the city property market is showing the way forward with the new growth corridors emerging and thus taking the city property market beyond the conventional CBDs like Nariman Point and around. The rise and growth of new areas of MMR (Mumbai Metropolitan Region) is today shifting the load of urbanization from the main city centre.

It is hence also the time to evaluate whether expanding boundaries of MMR are the way forward to address the problem of affordable housing in the city. To put the issue in perspective, it is time to also evaluate as to whether the expanding MMR is the only option left to the urban planners.

Mumbai affordable solutions 

Expanding MMR provides affordable housing options but should not be viewed as only option left

Policy incentive needed to bring down the pricing of houses in the main city centre

Rental housing can make housing affordable for the expat professionals

Better infrastructure and transportation can make far off locations viable for affordable homebuyers

MMR consists of seven municipal corporations and fifteen municipal councils in the area extending up to Navi Mumbai on harbour line, Ulhasnagar on central line and Virar on western line. There are various catalysts for the new growth in these areas, like if Navi Mumbai Airport is biggest trigger for the realty growth in Navi Mumbai.

Similarly on western line Virar area is getting better connectivity through improved local trains and metro extension and on the central line there are several developments lined up in Thane Ghodbunder Road, Kalyan and Ulhasnagar.

Rushank Shah, Director- Sales, Hubtown Limited says while addressing affordable housing issue by unlocking land parcels of extended MMR region would be one of the solutions, it will not be a complete solution. To ensure these parcels are utilized to create affordable housing, we need to look at the larger picture and address the issue holistically.

“It is not enough to create cheaper housing, we muse create affordable housing. I think this implies that we need housing that is not only cheap but is in ‘center locations’. These locations are today otherwise limited to high earners and not affordable for the majority of people who need affordable housing. This is why only unlocking land parcels in extended areas of MMR will not work,” says Shah.

Srinivasan Gopalan, Group CEO, Ozone Group feels in order to support and attain the ‘Housing for All’ by 2022, objective, the Development Plan has made provisions to open up added land for setting up of affordable housing projects, targeting to construct 0.5 million homes in Mumbai.

“More than 3000 hectares of land resources have been combined by clubbing the land falling under the No Development Zone (NDZ). These land reserves are located at major places in suburbs, central Mumbai and the island city. The DP has also planned an allowable FSI of 4.00 for the budget housing projects intended at getting down the percentile of land cost per housing unit. These norms proposed by the DP are in sync with the Central Government norms to give a major impetus to the supply of affordable housing supply in a metropolitan city like Mumbai,” says Gopalan.

Analysts suggest three ways to address the housing issue holistically in the city. Currently, due to various economic and other restrictions most affordable housing projects are in the outskirts of the city of on ‘inaccessible’ pieces of land. The true purpose of affordable housing is to create housing that is both cheap but is also in the right locations.

The first to address is pricing. It is critical to create an independent regulatory environment for affordable housing. This includes but is not limited to, an increase FSI, cheaper and easier finance. This will create supply side pressure on pricing. An increase in FSI will also compel developers to use more ‘valuable’ plots for this purpose.

The second is the rental market. The rental laws as formulated have ensured that rental housing in the MMR is amongst the lowest in the world. The correct impetus to developers to create and sustain ‘rental housing’ will allow people to stay in the right area at an ‘affordable” price.

Another way to ensure housing is affordable is to create new infrastructure and upgrade transport systems. Mumbai is doing the same, and one would see some more housing projects coming up in Andheri when Metro Phase III comes up.

In a nutshell, while the expanding boundaries of the MMR are one of the most significant catalysts to creation of affordable housing in the city, it is definitely not the only solution. It is time for the policy makers to address the issue holistically in order to create affordable housing in the job catchment locations.

 

Property market potential of top 5 cities

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Bottom Line: The realty markets of Mumbai, Pune, Chennai, Bengaluru and Hyderabad are proving to be magnets that attract potential home buyers from all over due to their massive infrastructure development, affordable rates and good job catchment opportunities.

india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Delhi NCR real estate, Mumbai Real Estate, Bangalore Real Estate, Pune Real Estate news“Form is temporary but class is permanent,” goes an old adage in cricket. But class being permanent is equally true with the best asset class called property. Since the very nature of the business is cyclic, that goes up and down in its critical linkage to the overall economy; it often leads to lending credence to the prophets of doomsday that the market is down and out.

However, a closer look at some of the leading property markets of the country, like Mumbai, Pune, Chennai, Hyderabad and Bangalore, clearly suggest that the market is poised for an upswing in the next few years. More importantly, it is not just the analysts but also the home-buyers who are today; ready to bet high on the long term growth story of the property market in these leading cities.

City realities

Home-buyers are bullish over the medium-to-long-term growth story of the property market

Cities that are mostly being preferred are Mumbai, Pune, Bangalore, Chennai and Hyderabad

Infrastructure developments and job catchment are the investment magnets in these cities

Mumbai

“I don’t really subscribe to the view that Mumbai is saturated and hence, is facing a slowdown. The same was opined before the emergence of BKC (Bandra Kurla Complex) as well but the new destinations for both, residential and commercial spaces changed this outlook,” says Jessy Kutty, an NRI, who is soon planning to invest in the city’s property market.

After all, the kind of infrastructure upgrading, like the Eastern Freeway and Western Expressway, the metro rail, Jogeshwari – Vikhroli Link Road (JVLR), Andheri Kurla Link Road, etc, have had, they have changed the outlook of the city.

Add to it, the upcoming infrastructure projects like the Mumbai Trans Harbour Link and an international airport in Navi Mumbai, has suddenly given birth to a twin city that is ready for investment. Needless to add, these developments are on the stretches of high business corridors and hence, are all set to fuel the housing demand in the city.

Advantage Mumbai

Mumbai 7th most promising city in the list of target cities in APAC due to growth prospects in commercial office activity-Cushman & Wakefield

Impressive investment along the new growth corridors of upcoming MTHL and Navi Mumbai International Airport

New corridors of development emerging as the government pushes for Rs 46,000-crore expressway to connect Mumbai-Nagpur with Samruddhi Expressway

Pune

The story is no different in the neighbouring city of Pune as well where the Pune Municipal Corporation (PMC) has set up five special funds for urban projects. The PMC has set a target of raising:

INR 55 crore for the Pune Infrastructure Fund;

INR 23 crore for Critical Infrastructure Funds for Information Technology and Enabled Services (ITES);

INR 2 crore for Heritage Conservation Funds;

INR 20 crore for Urban Transport Land Development Charges and;

INR 40 crore for Urban Transport Building Development Charges.

“Pune is no more just a hot destination but the best market for investment today. Even in the wake of a slowdown, the performance of the IT industry in the city has been phenomenal. Even Cushman & Wakefield has placed Pune among the top 10 markets across the Asia Pacific region. For me, this is the market to bet on for a long-term growth story,” says Gaurav Gupta, an IT professional.

Advantage Pune

Pune 8th most promising city in the list of target cities in APAC due to growth prospects in commercial office activity-Cushman & Wakefield

Pune sells India’s first municipal bond since 2007 worth $31 million for 10 years for smart city project and aims to modernize the city

A detailed project report (DPR) for the ring road proposed by the PMRDA will be ready by September and civil work will start by October-November. This eight-lane 128km ring road will connect places on the periphery of Pune and Pimpri Chinchwad

Bengaluru

Bengaluru has always been an aspirational city for the average home-buyers. Now, with the boost of infrastructure projects, like the metro rail and Periheral Ring Road, this job magnet destination appears to be even more desirable.

The influx of global corporate occupiers, infrastructure deployment in the peripheral areas, rapidly improving connectivity and unleashing of large land parcels by the government for commercial and industrial growth, promises the emergence of newer nodes in the peripheral districts of Bengaluru.

Since land in these areas comes at a lower cost; the expat workforce that is employed in the numerous automotive, engineering and other industries located on the outskirts of Bengaluru, would continue to drive the property market.

Ashish Puravankara, managing director of Puravankara Ltd, finds reasons to suggest why Bengaluru is a huge investment magnet. The companies are also realising the cost of doing business here; the average rental cost of office space per sq feet in Bengaluru is about INR 45 and that works well for companies. Then look at the customers’ point of view. The average cost of housing in Bangalore is INR 5,500 and that works well for their workforce too.

“So, it is all supporting each other and it is not that only one factor alone is driving the market. If the prices have become unaffordable due to the high demand in the city, people would have started looking at other cities but Bengaluru continues to drive the major share of investment in the property market,” says Puravankara.

Advantage Bangalore

Bangalore 6th most promising city in the list of target cities in APAC due to growth prospects in commercial office activity-Cushman & Wakefield

A Colliers report suggests Bangalore market maintained its top position across nine cities despite low vacancy and recorded an overwhelming share of 37% of total absorption

Bangalore is the only Indian city that has now scaled up to global level of consumption of office space per household, an impressive 65 sq feet as against the national average of 25 sq feet 

Chennai

Chennai seems to have moved ahead from its flood disaster of 2015. Today, it is the biggest manufacturing hub in India. The city has more industries coming up and it is termed as the Detroit of Asia. Almost every manufacturer has a facility there. It has attracted more investments and has more industrial corridors in almost every nook and corner of the city.

The IT sector here is also booming and growing at a rapid pace. Top Indian IT majors have a considerable chunk of employees operating out of Chennai.

“The best part about Chennai is the price point that hovers in the range of Rs 2500-5500. Premium projects are located in Nungambakkam, Egmore, Anna Nagar, Nandanam, Mandaveli, RA Puram and locations in ECR such as Muttukadu, Uthandi and Injambakkam. Low and mid-segment projects are coming up at Perumbakkam, Ottiyambakkam, Thalambur, Mevalurkuppam, Avadi, Padappai, Mogappair, Thirumazhisai, Navalur, Manapakkam, Padur, Kelambakkam, Thaiyur and Velappanchavadi,” explains Ravikiran Donthamsetty, a local broker.

Advantage Chennai

Chennai 9th most promising city in the list of target cities in APAC due to growth prospects in commercial office activity-Cushman & Wakefield

Vision 2023 of State Government aims to boost infrastructure and industrial growth in the city

Expansion of Chennai airport, laying of Chennai peripheral ring road, widening of East Coast Road, and setting up of Chennai-Bangalore Industrial Corridor promises to alter the investment climate of the city

Hyderabad

Parth Mehta, managing director, Paradigm Realty agrees that markets like Hyderabad have been outperforming their peers in larger metro cities. The city is improving currently with respect to the infrastructure and government policies for doing business.

“Also, due to the IT and e-commerce boom, there would be a lot of start-ups that would prefer to operate from low cost office spaces at these locations,” says Mehta.

Probably, no other city looks as promising as Hyderabad from a medium-to-long-term perspective. The continuous growth of the IT sector in the city has had a cascading effect on the housing market in corresponding hubs as well. The residential activity in north Hyderabad is now driven by the presence of industries such as pharmaceutical, bio-tech, electronics, etc.

“In 2016, Hyderabad witnessed strong office leasing, registering a 109 per cent y-o-y growth during the year. In the January to March 2017 quarter, the city witnessed an uptake of more than 1.3 mn sq ft of office space. This growth in office leasing activity, coupled with robust infrastructure development and competitive pricing, positions Hyderabad as one of the most affordable residential markets for buyers in the region,” says Rami Shetty, a local property agent.

Most of the homebuyers in the city also agree that the metro connectivity and transit hubs will fuel further demand in the housing segment in the near future. Due to the lowest office rentals across top markets in southern India, corporates are increasingly looking at Hyderabad while planning their expansion strategies in the region. With the demand going up for office space, the city is experiencing a demand-supply gap at present and its organic effect on the housing market is a logical conclusion.

Advantage Hyderabad

Hyderabad tops the list of target cities in APAC due to growth prospects in commercial office activity-Cushman & Wakefield

With political stability the city is high on the wish list of corporates due to low cost of doing business

The upcoming metro connectivity & transit hubs fuelling investment climate in the city

In Conclusion

In a slow moving housing market at present, these cities are displaying exemplary resilience to suggest that the medium-to-long-term outlook is pretty bright. The best part is that the home-buyers and other investors are ready to believe the long term growth stories of these cities.

Delayed Navi Mumbai airport spoils property rally

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Bottom Line: The delay of Navi Mumbai International Airport spoils the property rally despite of price appreciation in anticipation.

Navi Mumbai Airport, NAINA, CIDCO, Navi Mumbai Airport influence Notified Area, Navi Mumbai Airport delayed, International airport in Navi Mumbai, Property prices In Navi Mumbai, Property rates around Navi Mumbai airport, India real estate news, Real estate news India, Indian property market news, Track2Media Research, Track2RealtyWhen Rama Krishnan bought her apartment at Panvel seven years back she was conscious of the fact that her frequent flight to national and international destinations from Mumbai international airport would be challenging. She nevertheless invested in that property due to the promising prospects of Navi Mumbi International Airport. Today, this architect is wondering whether she made the biggest mistake of life.

“For how long am I supposed to wait for this international airport? It seems to me that all the hype with the airport was meant to create the property demand in the region. It is really taxing for me to travel from Mumbai every month,” says Rama.

She is not alone to have invested in a property closer to proposed Navi Mumbai Airport. As a mater of fact, a whole lot of people invested around Navi Mumbai Airport Influence Notified Area (NAINA). The region has been witness to massive property rally and appreciation in the last over a decade. But the USP of the property rally is yet to be realised to reality.

The property analysts in this part of the world maintain that it is not just about the property rally but the travel time that is making the homebuyers jittery now. Sudarshan Desai, a local agent points out that the homebuyers in and around NAINA have already waited far too long.

“Once the international airport is ready the residents of Navi Mumbai and many other periphery locations of Mumbai will save one to two hours of travel time. Most of them are salaried middle class, small entrpreneurs or salf employed professioanls who bought over here with the promise of an international airport and seamless connectivity,”  says Desai.

Three main reasons are cited for the unprecedented delay of Navi Mumbai International Airport. These are:

Land Acquisition & Rehabilitation of affected families

Financial constraints

Very few bidders

The issue of affected families getting rehabilitated has been more or less settled now. But CIDCO is yet to get INR 16,000 crore finance from the State Government after the proposal has been closed. Then the CIDCO had to extend the bidding process due to lesser number of bidders before GVK led Mumbai International Airport Limited bagged the deal a couple of months back.

The long-delayed airport bidding had attracted only one bidder on two revious occasions and the CIDCO was forced to make changes in the project conditions.

However, amidst all these delays Navi Mumbai International Airport might miss the 2019 deadline set by the Civil Aviation Ministry. After all, the airport project has been stuck for nearly two decades due to land acquisition issues.

The anticipation of the international airport has been behind the property purchase in the region. The investors in this part of the world are hence forced to tavel to one or two hours to Mumbai for their domestic and international flights. The ordeal is unlikely to be over in the next three to four years till the Navi Mumbai International Airport actually takes off.

By: Ravi Sinha

How affordable housing could be a brand statement

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Bottom Line: In the midst of the global housing crisis, however, the prospect of homeownership has gradually slipped further and further away for many low-income families in India, and elsewhere.

Rahul Nahar XRBIA Developers, Affordable housing in Navi Mumbai, Mass housing in Mumbai, Compact housing in Mumbai, Affordable housing case study, How XRBIA could do affordable housing, Real estate news India, India real estate news, Indian property market, Track2Realty, Track2Media ResearchAs our cities fill up with unoccupied luxury houses, our slums too are expanding as people are priced out of the housing market. A quick overview of the statistics reveals the scale of the challenge we face. 10 million of us are choosing to move to cities every year.

There is currently a shortage of 20 million homes. By 2030, 590 million Indians will live in cities, necessitating a further $2.1 trillion of capital investment in infrastructure. The challenge to house the future population is urban in scope and unprecedented in scale.

Unparalleled urbanisation, increased life expectancy and changing living patterns have all contributed to the current shortage of 20 million homes that are needed across India (BBC, 2015). Fortunately, India is not alone in facing this shortage, with housing challenges being replicated across the globe.

If nothing is done to avert this crisis, it is estimated that 889 million of us worldwide will live in slums by 2020 (United Nations, 2003).  While some countries’ strategies have failed to make a dent in the dearth of affordable homes, others have risen to the challenge and could provide valuable lessons for our own efforts.

Considering India, the government’s mission to achieve “Housing for All by 2022” was welcomed across the country following its launch in 2015. The slogan marked a significant shift in the government’s approach to housing policy; finally, those in power started acknowledging that the country is in the midst of an acute housing shortage which could no longer be ignored.

So far, the government has focused on the demand side of the issue. Demonetisation, RERA and GST have all been introduced to increase transparency and accountability in the sector, and reassure homeowners that they can trust real estate developers. At the same time, PMAY- which provides a credit linked subsidy of INR 2.43 lacs to homebuyers purchasing residences below 60 sq. meters. – has significantly reduced the costs of buying a house and expanded the possibilities of homeownership to a greater number of individuals and families.

However, reality has failed to live up to the rhetoric; Under the Pradhan Mantri Awas Yojana (PMAY) that was launched on June 25, 2015, for example, only 19,255 houses were built across all states in the first year. If the government is serious about its commitment to increasing supply of affordable homes, it needs to match rhetoric with resources. The scale of the task at hand is immense, however, and will require radical rethinking of housing policy if this rhetoric is to become a reality.

Living on a low-income in contemporary India means dealing with times pressures, stress and isolation on a daily basis. Taking away a major cause of concern, housing, can alleviate a significant portion of this burden, and can provide families with a secure foundation from which they can build their lives.

For vulnerable people who have never had a place to call home, experience of owing their home which they could afford to buy for the first time can be life-changing. The importance of having a permanent place to call home at the end of each day cannot be underestimated.

What does all this mean for the supply of affordable housing? While larger developers have traditionally focused on the luxury sector of the market, demonetisation has already compelled the big players to look towards providing more affordable housing units catering to end users.

Indeed, recognizing the potential in the affordable housing market, Real estate developers are gradually entering this market space. As supply gradually increases, there is possibility of developers will increasingly compete on buyer’s growing preferences for flexible housing finance and integrated infrastructure.

A developer will only be succeeded in meeting critical housing shortage along with government’s innovative policies if it prevents housing prices from spiralling out of control, and encouraging social cohesion. They must develop a distinct business model in many respect to meet the affordable housing need. Focusing on two core aspects would lead them to establish as a leader in the affordable housing.

First one is they need to focus on the fact that we have a very large segment of the population at the bottom of the pyramid which has no access to housing finances in the form of buying their first home.

A very significant segment not really catered to for various reasons and we think that as time goes it is going to be very important for the industry to be able to address this segment.  One way in which they should be considered as through various finance schemes by developers. Major stumbling-block to them while applying for home finances is lack of proper documents with which bank could land a housing finance.

Developers with financial assistance and strategies to these informal sectors will boost the home ownership among this category thereby allowing them to purchase their apartments and along with it, allows residents to use their social security payments to pay deposits and monthly instalments.

The second goes back to the very core of how we look at the affordable housing business, which is about sustainable urbanisation. Developers must commit on expanding access to homeownership of the buyers and need to understand India’s need for smarter, efficient and sustainable cities which offer a higher quality of life to its people.

Affordable housing developers need to embark on a journey that lays the benchmark for quality and modern urban development in the country. High-quality housing improves resident health, educational attainment and employment prospects. Expenditure on public housing is not a drain on public resources, but an investment that can yield significant returns.

Evidence also suggests that affordable housing can boost the local economy by leaving residents with more disposable income to spend. Therefore, developers should long campaign for increasing collaboration between the public and private sector.

The technology driven developers in all they do from construction & operations, enabling customers to measure, manage and pay for services that they use will sustain in the affordable housing market. Green spaces, community facilities and high-quality security systems are all integral aspects of every affordable housing development.

Developers need to match the global trend of increasing affordability by designing homes that are smart utilization of space and offering standard social infrastructure. the aim should not be to build only mass houses but cities that are environmentally friendly, technologically advanced, committed to education, dedicated to health, and that foster community spirit.

By: Rahul Nahar

CMD, XRBIA Developers

Mumbai a globally competitive real estate market

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: Mumbai is today home to some of the costliest properties and yet the interest level of the NRIs, FDIs and FIIs indicates that they have a positive long-term outlook about the city. 

Mumbai, Mumbai city, Mumbai property market, Mumbai real estate, Mumbai housing, Properties in Mumbai, Locations of Mumbai, India real estate, India real estate news, Real estate news India, Indian property market, Investment in Mumbai, Mumbai suburbs, Mumbai Suburban locations, Track2Realty, Track2Media ResearchAt a recent seminar on investment into the real estate someone from the audience asked how competitive is Mumbai property when compared with the global benchmark. The panellists, including the private equity players, investment bankers and independent property consultants were unanimous that Mumbai property market is now globally very competitive and the price premium that it commands over some of the key global cities is a testimony of the fact.

Some of the recent big ticket investments and deals are clearly indicating that the city is globally acknowledged as the investment magnet.

What makes Mumbai a global real estate market to bet on? There are many USPs of the city property market to make it a global property market, like luxury landscape of the city; its positioning as a job market; social life of Mumbai; investment in the city; appreciation potential; and insulation against price crash. Mumbai is one of those markets that have also weathered the slowdown challenges without crash; not even New York, London or Dubai have this distinction.

The above factors collectively tempt not only the NRIs but also other rich and influential foreign nationals to invest in Mumbai. The city that is home to some of the most luxurious homes in the world has also attracted the fancy of wealthy people from across the world with its sea facing apartments.

Advantage Mumbai 

Mumbai is one of those markets that have also weathered the slowdown challenges without crash; not even New York, London or Dubai have this distinction

Recent policy changes make Mumbai as transparent market as other global cities

Infrastructure projects add spice to Mumbai’s positioning as a global financial centre

Mumbai’s connectivity with air & sea route make it a global business destination 

One distinct advantage that Mumbai has over other global cities in general and peninsular cities in particular is its sprawling edge. The city is growing both vertically and horizontally with infrastructure being rolled out to sustain the growth. With some of the projects in the pipeline, like Mumbai Trans Harbour Link, promising to open the boundaries of the city even further, analysts are bullish that Mumbai’s positioning as a market for long term bet would be further strengthened.

Earlier, a report by Knight Frank titled “Global Cities” pointed out the magnetic forces that make Mumbai a globally competitive property market. It says, “unprecedented investment is now committed for Mumbai’s infrastructure, with a target to complete the projects within an ambitious time frame.”

According to the report, the upcoming infrastructure development would be the key to elevate the positioning of Mumbai further as a global city. For instance, the upcoming US $2.6bn Mumbai Trans Harbour Link (MTHL) is a 22-km, six-lane sea bridge connecting Mumbai to its satellite city, Navi Mumbai. This project will link a residential market costing US $443 per sq ft to another at US $52 per sq ft.

Similarly, the upcoming 36 km Coastal Road, running along the city’s coastline, will be a first of its kind controlled access highway providing high speed connectivity between the north–south corridors of the city. The residential price gradient along the Coastal Road is US $192 per sq ft to US $1,107 per sq ft. Both projects are scheduled to be complete by 2019.

In the case of the metro rail network, the city has seen the implementation of a single, 11.40-km east–west corridor, which took around seven years to build. By contrast, two north–south corridors, spanning a 35-km route, have been envisaged with a target completion date of 2019. The residential price gradient along this metro corridor ranges from US $177 per sq ft to US $266 per sq ft.

As a matter of fact, the recent policy changes have also been catalyst to elevate Mumbai as a globally competitive real estate market in the collective consciousness.

Some of the key changes that are cited to elevate Mumbai’s standing as a globally competitive real estate market are: 

Real Estate (Regulation and Development) Act, 2016

Amendment to the Benami Transactions Act

100% deduction in profits for affordable housing construction

Interest subsidy for first time home-buyers

Change in arbitration norms for construction companies

Service Tax exemption on construction of affordable housing

DDT exemption for SPVs to REITs

Implementation of Goods and Services Tax structure

Currency demonetisation of 500 and 1,000 rupee notes

Permanent Residency Status for foreign investors

The stakeholders are equally bullish about the standing of Mumbai on the global arena. Vijay B Pawar, Director, Mirador Dwellers feels the real estate sector has been on the news all through the year and recent policy changes and initiative by the Government of India have impacted the already growing realty sector in the city of Mumbai. These policies have, to an extent, fuelled the real estate industry in Mumbai to meet with the global competition.

“The Government of India announced several major policies right from the Real Estate (Regulation and Development) Act 2016 to the infamous demonetization of INR 500 and INR 1000 currency notes. The Real Estate Act is aiming to ameliorate transparency and bring greater accountability in the real estate industry. The policy for deduction of interest on home loans for first time homebuyers is attracting majority of the public towards suburban and newly developed non-metro areas. Exclusion of service tax on affordable homes of 60 square metres or less is another impactful initiative that will promote construction of affordable houses,” says Pawar.

Vivek Mohanani, Jt. MD Ekta World asserts there is a definite transformation in the real estate sector from being unorganised to an organised one. Being unorganised, cash oriented and lack of governance were major factors that kept the market in a lower light as compared to developed real estate markets of the world. The recent policy changes announced is in the advantage of the real estate sector has placed the Indian Real estate in the global map.

“Initiatives like demonetization, digital initiative for reduced cash usage and GST in the economy leads to more transparency. The emergence of REITs will lead to better value discovery and transparent pricing. RERA plays a vital role in protecting the buyer’s interest. All these efforts and more from the government are expected to lift the real estate to a level playing field versus developed markets in the eyes of global real estate investors and private equity investors,” says Mohanani.

Like many other globally vibrant cities that attract sizeable real estate investments, Mumbai too has its own unique positioning. The city already is the primary financial center for India, housing the major Indian stock exchange like the BSE, brokerages, asset management companies (including majority of the mutual fund companies), headquarters of most Indian state-owned and commercial banks, as well as the financial & monetary regulatory authorities of India (SEBI and RBI among other institutions).

Mumbai also has a cosmopolitan flavor and offers a much better culture for financial services than other cities in the country. Add to it, the connectivity with air and port makes it one of the best global centres to operate. After all, the city is also the gateway to a large consumer market like India.

Top 10 office property markets witnessed highest rental growth in 2017

Posted on by Track2Realty

News Point: As the office demand continued to intensify in Q2 2017, an upward pressure on rental values was observed in a few micro markets across India.

Office space in India, Office space absorption, Commercial real estate in India, Commercial property trends, Indian real estate market, Indian property market, India office market report, Real estate news magazine, Real estate news portal, Real estate website, Track2Media Research Pvt Ltd, Track2Realty, NRI investment in IndiaA high rental growth was seen mostly in South cities like Bengaluru, Chennai and Hyderabad where y-o-y change ranged between 8-17% at some locations. In H1 2017, Bengaluru and Hyderabad both witnessed single digit vacancy levels hovering between 8-9% due to a dearth of quality Grade A stock, thus leading to increased rental values in some micro markets.

In 2016, a few Pune micro markets witnessed a y-o-y rental growth of up to 19%.  Although the supply woes continue across Pune micro markets, rental values have stabilised in Q2 2017, after a considerable increase in 2016. According to Colliers Research, the top 10 office micro markets that witnessed the highest rental growth in 2017 are as follows:

Bengaluru – CBD

Bengaluru CBD micro market has always been the first preference of BFSI and IT occupiers primarily due to its connectivity and prime location. In spite of having limited availability of office spaces and supply, the micro market has witnessed 17% y-o-y rental appreciation.

Chennai – Off CBD

Chennai office CBD micro markets which is predominantly an IT market has observed 13% y-o-y rental growth. Apart from IT and BFSI, consulting companies have their setup in Guindy, MRC Nagar and Saligramam. In Q2 2017, Chennai Office CBD micro market accounted for 16% of total absorption.

Gurugram – DLF Cyber City (IT)

DLF Cyber City is an iconic and landmark commercial hub in Gurugram and is the top preference of domestic and international occupiers. Due to superior infrastructure and quality office spaces, DLF Cyber City has witnessed 12% y-o-y rental growth. The micro market holds 9% share in the total office space absorption in Q2 2017.

Pune – Hadapsar/Fursungi

Hadapsar market is emerging due to some notifying projects such as Magarpatta city and other projects offering large floor spaces. This micro market is predominantly an IT/ITeS market with residential localities in the nearby catchment area. Hadapsar market has observed 10.2% y-o-y rental growth.

Pune – Kharadi

Kharadi is one of the fastest growing commercial micro market and is rising as an IT hub. In the past few years, Kharadi has seen good projects like EON IT Park which is one of the largest IT Park in Pune. It will also witness significant amount of office spaces in the next 3 years. Rents in this micro market have increased 10.1% y-o-y.

Bengaluru – EPIP/Whitefield

The commercial micro market in EPIP/Whitefield has ample availability of large floor spaces and Grade A developments are attracting occupiers to consolidate their operations in this micro market. The micro market in the eastern Bengaluru has witnessed rental growth of 10% y-o-y.

Hyderabad – SBD

The SBD market in Hyderabad has prominent locations such as HiTECH City, Madhapur, Gachibowli and financial district. In Q2 2017, 89% of total leasing volume was concentrated in SBD due to superior amenities and reasonable rentals compared to other cities. Rents in SBD grew by 10% y-o-y.

Bengaluru – Electronic City

One of the preferred micro markets in Bengaluru with comparatively cheaper rents than other markets of the city offering large floor spaces and superior quality office spaces which grew by an average of 9% y-o-y.

Chennai – OMR Post Toll

Increasing popularity of OMR Post Toll micro market has shifted occupiers focus to this market and witnessed gross leasing of 33% of total absorption in Q2 2017. This micro market includes locations like Navalur, Sholinganallur and Pallavaram-Thoraipakkam Road which is popularly known as IT corridor of Chennai and has observed 8% y-o-y rental growth.

Bengaluru – Hosur Road

Hosur road is an emerging IT/ITeS micro market in Bengaluru with cheaper rates mainly due to its location. This micro market is located in the peripheral area of the city and has the potential to develop large projects due to ample land availability. Hosur Road market has witnessed 8% y-o-y average rental growth.

Options for Jaypee homebuyers after insolvency

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: Despite of uncertainty and legal limitations after the NCLT’s insolvency verdict against Jaypee Infratech, all is not lost for the invested homebuyers. Ravi Sinha explains the options in hand for the homebuyers.

Jaypee Wishtown, Jaypee homebuyers, Jaypee cheated homebuyers, Jaypee Group Insolvency, Legal options for Jaypee homebuyers,  Homebuyers asking Jaypee Group, India real estate news, Real estate news India, Indian property market news, Investment with Jaypee Group, Track2Media Research, Track2RealtyAbhinav Kanchan works with one of the most reputed developers of Bangalore. He naturally understands the importance of home buying with a credible developer. He therefore booked his flat in Noida around seven years back with Jaypee Group’s integrated township Wish Town. After all, Jaypee Group had been among the market leaders at that point of time. On the insistence of the builder he even made an upfront 90% amount and is paying a hefty EMI (Equated Monthly Installment) to the bank every month since then.

Today, the news of insolvency and bankruptcy of Jaypee Group has completely shattered his post retirement plans of settling in Delhi-NCR with the family. Abhinav is not alone to curse his fate and question where has he gone wrong in his judgment.

Doctor D N Rao has a similar story where he bought an apartment with an upfront payment of 90% at Garden Isles apartment with Jaypee Wish Town. This retired doctor with all his post retirement corpus stuck with uncertainty is today making frenetic calls to friends and relatives to find out whether his hard earned money has been washed out by the builders’ fiscal mismanagement.

It is not just a story of one or two, but more than 30,000 homebuyers are cursing their fate and asking the same question: how can they recover their hard earned money?

Possible remedy for homebuyers 

Never stop paying the EMIs

Join the NCLT proceedings to register your claim

No litigation is possible during the NCLT proceedings of 180 days

One can also explore remedy under the RERA

If not satisfied with NCLT judgment, appeal to higher tribunal of NCLAT

There is no High Court jurisdiction into it

If not satisfied with NCLAT then case with Supreme Court is the final recourse

Genesis of crisis

The Allahabad bench of NCLT on 9th August admitted a petition by IDBI Bank for insolvency proceedings against Jaypee Infratech and approved the appointment of an interim resolution professional. The professional will get 180 days (plus 90 days) to turn around the company’s finances and see if a resolution of the company’s debt is possible. In case this is not possible, the company’s asset will be liquidated. 

The company, with interests in road and real estate sectors, had a consolidated debt of INR 7,922 Crore as on March 31st 2017. 

Desperate instinct

Many of the homebuyers in their desperate instinct are thinking of immediately stopping EMIs (Equated Monthly Installments) to banks. However, many of them are conscious of the fact that stopping EMI is not a solution. If buyers stop servicing their home loans (as they are not sure if they will get a house), it may impact their credit rating.

Many of the homebuyers, mostly in their first few years of job, are stuck as they can neither get a new housing loan nor any other study loan. If they stop paying the EMI, banks will also get affected and their NPAs will increase manifold.

However, any future interpretation by courts will definitely take into account the defaults, if any, on part of the homebuyers. It is hence advised that during this interim period buyers remain legally compliant in order to be declared defaulter.

Legal limitations 

As per the prescribed norms defined under the Insolvency and Bankruptcy Code, 2016, the amount will first be distributed among secured creditors such as banks and the remaining amount will be passed on to the unsecured creditors who are the homebuyers.

The homebuyers demand that NCLT has to consider them as stakeholders in the insolvency proceedings since they have financed Jaypee Infratech for the construction of these projects. However, the legal position is that the homebuyers are not the financial creditor at par with banks. 

Catch 22 

The case has been admitted under Insolvency and Bankruptcy Code and an Interim Resolution professional has been appointed. He will first take stock of company’s finances, assets and liabilities and try to work out a restructuring package in consultation with all stakeholders. 

Homebuyers have been given time till 24 august to raise claims related to their investment in the Jaypee projects. But the whole process of refund is complex as under the Code, an insolvency resolution professional appointed by the NCLT will have to address the financial issues during this stipulated period and if he fails to turn the company around in order to make it financially viable again, the NCLT will have to liquidate the assets of the company to recover money owed. 

All the aggrieved parties will be heard by the insolvency professional and it shall depend on the NCLT to decide whether aggrieved homebuyers will be treated as financial creditors or not. 

Homebuyers’ options

Suvidutt Sundaram, Advocate-on-Record at Supreme Court of India suggests that any order can be challenged by the homebuyers. He suggests that the homebuyers must explore other options before approaching the Supreme Court. The homebuyers should immediately join the NCLT proceedings and register their claim. But they must never stop paying the EMIs.

“No litigation can be initiated right now against the debtor during this 180 days of period, that is what the Insolvency and Bankruptcy Code clarifies. If they are not satisfied with the final order of the NCLT, they have the option to appeal it before the National Company Law Appellate Tribunal (NCLAT). There is no role of High Court into it and the buyer, if still not satisfied, can approach the Supreme Court,” says Suvidutt.

Advocate Aditya Pratap of Bombay High Court makes it an important observation when he says that unlike Maharashtra Ownership Act the UP Apartment Owners’ Act of 2010 is a very shoddy piece of legislation which leaves many loopholes for builders. According to him, as per the Companies Act the homebuyers are also creditors since they can also file a winding up petition, if the company is unable to pay the debt.

“Homebuyers are technically creditors to the company. The definition of creditors under the Companies Act is a very open-ended definition. But with the Insolvency and Bankruptcy Act there are many kind of creditors, including the secured creditors, unsecured creditors and the Decree Holders.  Now this Decree Holder term is very important as it implies that any homebuyer who could get a decree from any court of law. So, if you get a decree from a court or RERA then the decree can be executed through the Interim Professional appointed by the Insolvency and Bankruptcy Act,” says Pratap. 

By: Ravi Sinha

Track2Realty Impact: Noida MLA Pankaj Singh calls for unified apartment associations’ meet

Posted on by Track2Realty
Track2Realty Impact

News Point: Noida MLA Pankaj Singh takes cognizance of Track2Realty Open Letter; calls for unified meeting with elected members of apartment owners’ associations. 

Noida MLA Pankaj Singh visits Sector 137,  Pankaj Singh Noida MLA, Dump yard in Noida Sector 137, Shift dump yard in Noida, Residents demand dump yard removal from Noida Sector 137, India real estate news, Indian property market news, Real estate news India, Track2Realty, Track2Media ResearchNoida MLA Pankaj Singh today, August 12, took cognizance of the Open Letter by Track2Realty asking for elected members of apartment owners’ associations to represent respective societies and the sector.

Track2Realty had on Thursday, August 10, wrote an open letter to the MLA to apprise in-fighting among the volunteers on the issue of campaign for shifting dump yard from the sector. The real estate think-tank media group had suggested him to meet the elected representatives of the apartment owners’ associations.

On his visit to Sector 137 today, the MLA suggested that instead of a motley crowd it would serve more purpose if the residents’ causes and concerns are represented through elected bodies and formal channel of communication with the government representatives is established.

He offered full cooperation and help in getting the civic issues addressed through joint and concerted efforts of the sector represented by the elected members.

The MLA promised facelift for Sector 137 with streetlights, plantation, surveillance cameras, security and safety for women. He nevertheless made no commitment for immediate removal of dump yard in the neighbourhood. He only asked the Noida Authority officials to look for ways & means to shift the dump yard in a phased manner. 

Noida MLA Pankaj Singh made this visit to Sector 137 amidst a growing demand for shifting of garbage dump yard from the sector to the proposed site at Astroli.

VK Ashthana,  senior citizen from Paras Tierea, raised the issue of lack of civic facilities, like sanitation and also called for the surveillance cameras, street lights etc to ensure safety and security in the locality.

“In the absence of street lights and camera the area has not only turned out to be accident prone but also it is a serious threat for the safety of women. Similarly, lack of public toilets is needed in the area to keep the city clean,” said Asthana.

The gathering was attended by residents from the 8 housing societies. They were joined by hundreds of villagers from the nearlby villages under the leadership of BJP youth leader Naveen Bhati.

By: Ravi Sinha

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