Tag Archives: indian property news

Piramal Realty launches Piramal Mahalaxmi

Posted on by Track2Realty

News Point: One of South Mumbai’s largest premium residential projects, Mahalaxmi Racecourse, Arabian Sea and expansive Mumbai Harbour facing project will be sold with EOI ( Expression of Interest) format starting March 31, 2018.

Piramal Fund Management, Lodha Group, Private Equity in Indian real estate, PE Fund in real estate, India real estate news, Indian property news, NRI investment, Track2RealtyPiramal Realty has announced the launch of Piramal Mahalaxmi, its flagship project in South Mumbai. The development takes on the name of the locality, Mahalaxmi.

The quintessential offering of this project is views of the 225 acre Mahalaxmi Racecourse, uninterrupted views of the Arabian Sea on the horizon, Willingdon Golf Course and the expansive Mumbai Harbour.

With over 2 million square feet of development, Piramal Realty will invest INR 2600 crores in this marquee development.

Anand Piramal, Executive Director, Piramal Group and Founder, Piramal Realty, said, “Piramal Mahalaxmi is the perfect fusion of rich culture and a cosmopolitan heart. Through this development, we intend to continue setting new benchmarks in the real estate industry. Much akin to world class metropolitan cities, with the likes of New York’s Manhattan, London, or Hong Kong, Piramal Mahalaxmi offers units that are designed based on market demand. Offering Lifetime Views of the Racecourse and the Sea, this will be South Mumbai’s most prestigious residential project.” 

Piramal Mahalaxmi Highlights

2 million square feet development

63 storeys high

Views of Mahalaxmi Racecourse, Arabian Sea, Willingdon Golf Course and the expansive Mumbai Harbour

State-of-the-art amenities such as Swimming pools with infinite views, Podium garden, Gym, Variety of indoor- sport courts, Jogging and cycling track and many more

Well-developed social infrastructure in the vicinity

Accessibility from Arthur Road and E Moses Road 

Naaman Atallah, CEO, Piramal Realty, said, “We are delighted to launch our flagship development in the vibrant real estate landscape of Mahalaxmi. Piramal Mahalaxmi is built on our core foundations of quality and customer centricity. We aim to introduce innovative, world-class design & development at competitive prices.”

The newly launched 63 storeyed tower, with over 300 units, offers a range of world-class amenities, such as swimming pools with infinite views, podium garden, landscaped outdoor terraces, gym, sports hall and jogging & cycling tracks.

The luxury development offers customers a slate of 2 & 3-Bed residences, with spectacular views, in Tower-1.

Piramal Realty has partnered with internationally acclaimed organizations, for the design and development of Piramal Mahalaxmi.

Principal Architects: Callison RTKL, USA

Associate Architect: Hafeez Contractor, Mumbai, India

Interior Design: One of a Kind, Dubai, UAE

Vertical Transport Strategy – TAK Consulting, Mumbai, India

Lead Structural and MEP Consultants: WME, Dubai, UAE 

Piramal Mahalaxmi- A Design Conceptualized around ‘Framed Views’

‘Framed Views’ is an emerging theme throughout the development of Piramal Mahalaxmi. Inspired by the surroundings and regality of the coveted address, the floor-to-ceiling windows frame the picturesque views while filling the apartment with an abundance of sunlight.

Earlier this year, Piramal Realty had announced a Development Agreement with Omkar Realtors for developing this 2 million square feet marquee project in Mahalaxmi. As per the agreement, Piramal Realty will lead the design, development, construction, sales & marketing for Piramal Mahalaxmi.

NGT bans 138A dump yard; orders Noida Authority to clear up municipal waste

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Track2Realty Exclusive

News Point: The National Green Tribunal (NGT) today gave its final order and completely banned dumping of municipal waste in Noida Sector 138A.

Noida Homebuyer ProtestThe NGT in its final order in the case of Gaurav Choudhury & others versus Noida Authority & others has completely banned dumping of municipal waste in Noida Sector 138A.  The NGT has also directed Noida Authority to henceforth dump municipal waste only in its designated site in Sector 123.

The NGT order also directs the Noida Authority to clear up municipal waste from Sector 138A. It has ordered the Noida civic administration to set up waste to energy plant in Sector 123 within six months.

In a significant judgment that could have far reaching implications for the future garbage disposal in the city, the apex green tribunal has also directed the housing societies of Noida to set up waste segregation plant within the apartment complex.

The order has come in the wake of a journalist Gaurav Choudhury moving to NGT against the illegal dump yard in the neighbourhood of residential areas closer to Noida Sector 137 and the adjoining villages. The residents of the area were protesting against the unauthorized dump yard in the neighbourhood. They had only recently formed a human chain as a mark of protest against the dump yard.

“The issue pertained to the illegal dumping of solid municipal waste at Sector 138 A, Noida. It was our case that the Site was not marked to be a dump yard site and hence the dumping of waste was illegal. In the reply filed by Noida Authority, they admitted before the Hon’ble Tribunal that the Site was not an earmarked site; rather it was being temporarily used to store solid municipal waste. On hearing both the parties, the Hon’ble Tribunal rightly held that there shall be no further dumping of waste onto Sector 138A, Noida. Today, the Hon’ble Tribunal while disposing of the matter directed amongst other things that the land at Sector 138A, Noida must be cleared of the garbage that was stored, within a reasonable period of time. We are glad that the Hon’ble Tribunal disposed of the matter expeditiously in favour of the residents,” said Ms. Sabah Iqbal Siddiqui, lawyer for applicant, Gaurav Choudhury.   

The residents of the area alleged that the dump yard was a cause of air pollution in the neighbourhood and a potential health hazard. On the allegation of the dump yard being a potential cause of ground water contamination in the region, Noida Authority tried best to explain that it has conducted a study for the same and taken all the necessary steps. However, it failed to substantiate its claims and the NGT was not impressed with the defence of the Authority.

The NGT judgment has come as a big relief to the residents of eight housing societies of Noida Sector 137. They had for long been protesting against the dump yard and demanding its removal from the neighbourhood. They have now welcomed the NGT order and promised to keep a vigil over the compliance of the order.

“Last time when the NGT had given an interim order, the Noida Authority was still dumping the garbage on this plot. I feel now the onus is also on the residents of the area to keep vigil to ensure the compliance of the NGT order. If there is any deviation and we find garbage still being dumped, we will bring it to the notice of the tribunal,” said Gaurav Gupta, a resident of Paras Tierea.

By: Ravi Sinha

NGT snubs Noida Authority; refuse to lift ban on dump yard

Posted on by Track2Realty

News Point: In a snub to Noida Authority the National Green Tribunal on Tuesday, Oct 17, refused to lift the ban on dumping garbage at Sector 138A, Noida.  

NGT, National Green Tribunal, India real estate news, Indian realty news, Real estate news India, Indian property market, Track2Media Research, Track2RealtyThe National Green Tribunal (NGT) refused to lift the ban on dumping of garbage at Sector 138A of Noida and asked the Noida Authority to prepare a plan for shifting of the illegal dump yard to the site earmarked for the purpose.

A Bench headed by NGT Chairman Justice Swatanter Kumar made it clear to the Noida Authority that no dumping of waste can take place at Sector 138A in terms of its order dated October 10, 2017 after the Authority admitted in its affidavit that the site in question was not demarcated for dumping of waste in the Master Plan.

It asked the Noida Authority to prepare the earmarked site for shifting the waste currently lying at Sector 138A.

The NGT Chairman chose to advance the hearing of the case filed by Sector 137 resident Gaurav Choudhury and others from December 6 to October 23.

The Bench turned down Noida Authority lawyer Ravinder Kumar’s repeated requests to allow dumping of waste at Sector 138A for a few months until a solid waste treatment plant was made operational at Section 123 where 25 acre land has been earmarked for it.

“The Sector 138A site is a low lying area and we have ensured that no stench comes out of the site. We have also got the groundwater tested and the water quality is good,” Ravinder Kumar told the Bench.

However, NGT Chairman Justice Kumar rejected the argument, saying, “To say that groundwater will not get contaminated at such a site is the most unscientific thing.”

As the Authority’s lawyer said it would take some more time to make the solid waste management plant operational at the earmarked site, the Bench wondered how many years they would take.

It asked the Authority to set aside a certain portion of the land at the earmarked site at Section 123 for dumping of waste generated in Noida as also shifting the waste lying at Section 138A.

Counsel for Sector 137 residents, Sabah Iqbal Siddiqui told the NGT that Noida Authority was still dumping waste at Sector 138A in violation of the Tribunal’s October 10 order and the officials concerned must be taken to task. 

The residents of Noida Sector 137 also told this reporter that the illegal garbage dumping in the neighbourhood has not stopped despite of the NGT stay order.

“I don’t know how the Noida Authority is successful in violating the NGT stay order. I am witness to the garbage being dumped on a continuous basis, even after the stay order. I hope the NGT takes some tough action now to make sure the orders are implemented in letter and spirit,” said Gaurav Gupta, a resident of Paras Tierea.

The Noida authority had on Monday filed an affidavit admitting that the dump yard created by them at Sector 138A was not a designated site and that it was a temporary one.

But they had requested the NGT to lift the ban on dumping of waste in Sector 138A on the ground that the earmarked site in Sector 123 would take a few months to become operational.

Residents of Sector 137 had petitioned the NGT, objecting to the dumping of waste citing its adverse impact on health of thousands of residents.

The NGT had on October 10 issued an interim order directing the authority to immediately stop dumping waste at Sector 138A.

The petitioners accused the Authority of dumping solid waste at an undesignated site in violation of Environment Rules 2016. They alleged that the unauthorised dump yard is a health hazard as it pollutes the air and groundwater and can lead to outbreak of various kinds of diseases.

The Noida authority has also earmarked a 110-acre site in Greater Noida’s Astoli for dumping solid waste. The waste from Greater Noida will also be treated at the Astoli landfill site, which is yet to be ready.

“Why is the Noida Authority violating the Environmental Rules 2016 and using a non-notified landfill site for the purpose of treating and managing solid waste? They have failed to prepare a landfill site for the last 42 years since Noida was created. The Authority should be sensitive to health of Noida residents and shift this illegal dump yard created in the middle of a residential area to the site earmarked for it,” said petitioners’ counsel Siddiqui.

By: Ravi Sinha

Transparency & institutional teeth needed for crowdfunding

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Track2Realty Exclusive

Bottom Line: A loose alliance of pre-launch investors in the Indian real estate operates on the lines of crowdfunding but it needs transparency & institutional teeth to make it an alternative fuding model.

Home Buyers Crowd, Public Perception, Public Opinion, Home Buyers' Survey, India real estate news, Indian realty market, India property market, Track2RealtyAfter reading in newspapers some of the successful global case studies about crowdfunding in the real estate, Rajeev Minocha is wondering why his investment was never labelled as crowdfunding. After all, he along with some of his school friends has been loosely funding this Pune-based builder even to buy the land and all of them have made money in the process. The developer has been product of the same school from where his crowd of financers belong to. The friendship goes years back and so does the level of trust.

In terms of the crowdfunding in the realty business, beyond the mutual trust the ROI has been much better than any other investment in his portfolio and in a span of nearly two decades now it has also helped the developer grow with his national footprint.

A closer look at the prevailing funding options of various developers suggests that some loose alliances of the nature of crowdfunding are always there in the Indian realty market. However, crowdfunding as a practice has not gained ground in this market primarily due to lack of transparency and institutional teeth.

Crowdfunding is the financial modelling of funding a project or venture by raising monetary contributions from a large number of people. However, this model needs three parties to take shape as a business model– the developer who proposes his project/idea to the crowd, people who support the idea with financial contribution and a moderating organisation that brings the parties together to take it on ground.

In the context of Indian real estate, this third crucial element of moderating agency is missing and often it is the mutual trust, like in the case of this Pune-based builder, that acts as the moderating agency.

Not all the developers in the Indian market have that kind of goodwill or resources. The developers themselves admit that this is a double-edged sword of funding in the Indian market and needs to be handled carefully. David Walker, MD, SARE Homes feels if properly regulated, the potential for crowdfunding could be tremendous. Without regulations, however, such a revenue-generation avenue could end up giving the real estate industry more of a bad name, since it may be misused by unscrupulous elements.

“With proper regulations, crowdfunding could be an answer to developers’ liquidity woes, attracting end-users and others into the market as investors. But regulation through SEBI or a new regulatory authority is imperative to ensure it is not misused by any stakeholder. Else, it will be the realty industry that ends up with more negative coverage due to the misdemeanours of a few,” says Walker.

Sandeep Ahuja, CEO of Richa Realty also does not sound very optimistic about crowdfunding in the present framework. He says it won’t be feasible in the immediate future. It will take some time for the concept to develop. Besides, the lack of regulator will dissuade the investors to invest in projects or developers not known to them personally.

“I don’t see much prospect of crowdfunding in Indian real estate. The reasons are high investment in real estate projects, low transparency levels, long gestation period of projects, low liquidity, project delays and lack of regulation in the industry. It is very difficult for an investor to evaluate an investment opportunity on a crowdfunding platform with limited details,” says Ahuja.

In a nutshell, while a loose alliance of initial investors might be behind some of the developers, often giving impression of crowdfunding to be a viable model of funding in the Indian real estate market, the concept itself is very confusing in the Indian context.

If only there is transparency with organised framework that acts as a moderating and regulating agency to monitor the funds being channelized for the given projects exclusively, crowdfunding can be one of the viable options of Indian real estate. That framework is nevertheless missing in the current market.

By: Ravi Sinha

BREXIT effect might hurt Indian property market

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Track2Realty Exclusive

News Point: might hurt the Indian property market with both inbound taking a hit and outbound investment at the cost of luxury investment at home.

BREXIT, BREXIT impact on Indian property, Britain leaves European  Union, London property market, UK property, India real estate news, Indian property news, NRI investment in UK, Track2Realty has always fascinated me and I feel this is the right time to make a move. After BREXIT not only the property prices will come down with the immediate effect, but the Pound conversion rate has already come down pretty low,” says Jagjit Kalra, a Mumbai-based HNI with business interests across Europe.

He feels the nose-diving shares of property developers in Britain after the European Union exit suggests that the prolonged spell of house price boom is over in that part of the world. This expected sharp fall in property prices (FTSE 100 fell record low) added with the weakening of Pounds (it fell by 10 per cent as an immediate setback of BREXIT) makes the UK properties quite attractive for high-end investors like Singh. If the Bank of England cuts down the interest rate, as expected widely, it will make investment in the UK more lucrative. 

Ground realities

  • BREXIT to crash market and weaken Pound rates
  • UK property becomes quite attractive for Indians with lower price point and lower Pound rate
  • It will affect investment into office space by European companies
  • Luxury buyers to invest into UK properties

Anuj Puri, Chairman & Country Head, JLL India seems to agree with this HNI when he reminds that when economic recession had hit the US, Indians took up a leading position among investors keen to take advantage of the falling property prices there. The British Pound is currently at a 31-year low, which itself provides an attractive rationale for foreign investors with an appetite to do so to acquire properties in the UK.

“There is no doubt that the UK – particularly cities like London – has always held a special attraction for Indians, particularly HNIs, with business interests or families there. Such individuals will certainly keep a close watch on the effect of BREXIT on UK’s property prices, and it is very likely that many more Indians will seek to invest there,” says Puri.

However, this opportunity for HNIs and NRIs in the UK property market is not necessarily good news for Indian property market. It may affect the PE and FDI inflows into the Indian property market as the investors are risk averse and would play wait & watch for the time being. This has an adverse effect on the Indian real estate market that is struggling to revive.

Moreover, several major IT firms such as Infosys, TCS and HCL Tech earn a third of their revenues from the EU. A possibility of EU slowing down will have an adverse impact on their revenues. The IT sector is a leading occupier of office space in India every year. India’s office market, that is the biggest trigger point for the growth of the sector, is largely dependent on the European companies to set up base in India.

For the last 18 months many European retailers entering India as part of their expansion strategy to new markets may now prefer to wait for more clarity in the financial market.

Nikhil Hawelia, Managing Director of Hawelia Group feels the impact would be definitely there but not uniform across the segment of property. According to him, the impact on the office up-take might hurt the Indian economy as well. High-end property market will suffer more than the affordable housing.

“I feel there are ways and means to deal with BREXIT effect and the policy makers might be taking some steps soon. The remittance cap by the RBI over the Indians investing in the foreign property needs to be re-looked at. Then the RBI should also think of lowering the interest rates now. The Indian market has to be made more attractive and competitive to deal with it,” says Hawelia.

Vineet Relia, Managing Director of SARE Homes, however, maintains that it is too early to comment on the impact of BREXIT on the Indian real estate sector.

“I believe that Indian real estate sector will continue to progress on the path of recovery in the wake of policy reforms taken by the government and resilient economy,” says Relia.

In this cost & benefit analysis, while the sector may have to weather an adverse impact in the short term for the NRIs and HNIs like Singh, it is time to make the best of opportunities available in the UK market. The only catch here is the fact that the Reserve Bank of India (RBI) has a cap over the annual overseas remittance. The RBI has capped the overseas property investment at $200,000 per person per year.

Analysts still feel this remittance cap would not deter the investment into the UK property, keeping in mind the average cost of apartments across the major cities of Britain. And the fall in prices and the fall in Pound rates make it ever more tempting for Indians to invest in Britain.

By: Ravi Sinha

Piramal Realty launches Phase II of Piramal Vaikunth

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News Point: The second phase of development at will launch two residential towers: Vahin & Vrisa. 

Piramal Vaikunth, Piramal Realty, Mumbai real estate, Luxury property in Thane, India real estate news, Indian property news, Real estate news magazine, Indian Diaspora, NRI investment, New house launch, Track2Realty has launched 170 apartments at its residential towers Vahin at Rs 9040 per square feet and Vrisa at Rs. 9280 per square feet as part of Phase II of Piramal Vaikunth. This price is limited to the first 40 units only. Bookings commence from June 18, 2016.

The 2-BHK and 3-BHK apartments on offer range from a carpet area of 908 square feet to 1262 square feet. Each residence is fully air-conditioned, offering quality marble flooring in the living-room and bedroom, and private balconies. Both towers are positioned directly in front of the clubhouse and offer panoramic views of Thane creek.

Commenting on the launch Anand Piramal, Executive Director, Piramal Group said, “Piramal Realty aspires to be the most quality conscious and the customer-centric real estate company in India. There is a dearth of quality development in the city, and we have seen that there is a lot of potential for a high quality product. This is reflected in the overwhelming response we received for Phase 1 of Piramal Vaikunth, where we attracted buyers from South Mumbai, Western & Eastern Suburbs of the city as well as international markets such as USA, Singapore, London and Middle East.  Today, we have pre-launched Phase 2 of the project with two towers, Vahin and Vrisa, and look forward to receiving a positive response to our premium offerings.”

Piramal Vaikunth is a residential complex spread over 32 acres, featuring high-rises, townhouses and world-class facilities. The development intends to provide residents with a temple, a retail boulevard, a community center, multi-purpose badminton and basketball courts, squash courts, swimming pools, mini cricket ground, state-of-art gymnasium, day care & crèche, cafes & restaurants, convenience stores, guest suites & banquet halls, etc.

Housing.com to achieve profitability in 18-24 months

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News Point: Housing.com claims prepare a blueprint that would lead to achieve profitability within the next 18 to 24 months.

Housing.com, Property portal in India, Online property search, Best property portal in India, Online home search in India, India real estate news, Indian property news, Home Finder, NRI investment, Track2RealtyHousing.com says that driving profitable growth is a top priority for the management team and that it has a robust plan in place to become cash flow positive by late-2017 to mid-2018.

The Company, in the last 6 months, has taken several key steps to set the business on a path to profitability, including focusing the business model & strategy, aggressively scaling up monetization and optimizing its costs.

At the end of last year, Housing.com focused its business on home buying and selling, the largest and most lucrative segment of the real estate market. Subsequently, the Company carried out a reorganization under a new leadership team to establish a single and unified focus on home buying and selling in the top 7 metros.

As part of this exercise, the Company discontinued non-core categories like Rent, Land, Commercial, PG & Hostels etc. and improved operational efficiencies across the board. Compared to six months ago, the Company has reduced its cost base by 2/3rds or 67% – while strengthening or retaining all key capabilities for future growth.

Beginning this year, the Company has initiated aggressive monetization efforts and exhibited strong performance with revenues growing on average 200% month-on-month and on track to achieve $10 million this fiscal year, a 10x increase from the previous year.

In addition, Housing.com’s visits per month have increased 3.5x in the last six months from 1 million to 3.5 million per month and will be at least 50 million visits this fiscal year, likely emerging as the highest for home buying and selling in the country.

Commenting on this, Jason Kothari, Chief Executive Officer, Housing.com said, “We are extremely pleased with the Company’s transformation in the last 6 months. With all of the business’s fundamentals now in place, Housing.com is set to achieve its revenue and cost targets and poised to attain both exponential growth and cash flow profitability within 18-24 months.”

The renewed focus on the home buying and selling real estate segment has resulted in tremendous growth for Housing.com’s business. The Company has revamped its management team by hiring new, experienced and accomplished industry professionals and also through a series of internal promotions.

The investor sentiment has been extremely positive, with the Company having raised a fresh round of financing from SoftBank in December of INR 100 cr. The Company recently also received a personal investment from Vineet Singh, ex-business head of 99acres, a competitor of Housing.com.

Piramal Fund invests Rs. 425 crore in a Lodha Project

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News Point: Piramal Fund Management (PFM) has invested Rs. 425 crore in a Central Mumbai project being developed by Lodha Group.

Piramal Fund Management, Lodha Group, Private Equity in Indian real estate, PE Fund in real estate, India real estate news, Indian property news, NRI investment, Track2RealtyPFM has committed Rs. 425 crore to a project being developed by a 100% subsidiary of Lodha Developers. The investment is towards construction of premium residences being developed by Lodha Group in a project with more than 5 lakh square feet of saleable area.

The project, which is already 40% sold, is in the midst of construction. The deal has been structured as a fixed return debt investment with periodic coupon payments and has an appropriate security mechanism in place including hard asset cover as well as escrow of receivables.

PFM is uniquely capable of catering to the entire capital stack – right from early stage equity to late stage debt and construction finance and is therefore able to act as a perpetual provider of capital for the real estate development life cycle.

Khushru Jijina, Managing Director, Piramal Fund Management said “We are pleased to lend to the Lodha Group; this is our first structured deal with the realty developer. We look forward to deepening our ties as we evaluate their portfolio of projects.”

Abhishek Lodha, Managing Director, Lodha Group said “We are pleased with Piramal Fund Management’s decision to invest with us given the experience, scale and depth of their financing platform. We are constantly looking to grow our pool of credible funding partners and look forward to a long term relationship with them.”

PFM also recently announced the ‘Piramal Preferred Partner’ program whereby its selected existing development partners are allowed to draw from a pre-sanctioned limit in order to pursue opportunistic acquisitions.

Lodha Group has recorded sales of over Rs. 8,000 crores in FY 15-16, sustaining market leadership and unparalleled growth across market cycles.

Naushad Panjwani quits Knight Frank India after 15 years

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News Point: After 15 years of stint with Knight Frank India, Naushad Panjwani floats business venture Mandarus Partners.

Naushad Panjwani, Knight Frank India,  IPC in India, Mumbai real estate, India real estate news, Indian property news, Track2RealtyNaushad Panjwani, Senior Executive Director, Knight Frank India has moved out of the international property consultancy after a 15 year long association. Naushad will now be floating Mandarus Partners as its Founder & Managing Partner.

At Knight Frank, Naushad has always been in leadership roles heading businesses across geographies. As the Senior Executive Director, his role encompassed a strategic focus on Business Development and he mentored an array of verticals and departments across geographies.

An ace dealmaker, in the last few years he has been a rainmaker for Knight Frank, clinching several important businesses. He is also the Past President of Bombay Chartered Accountants’ Society and on the boards of many institutions.

His new venture Mandarus Partners will focus on Cross Border Mergers & Acquisitions. It has a clutch of partners who are ex CEOs of reputed listed companies.

With a commerce background Naushad is a Fellow Chartered Accountant with the Institute of Chartered Accountants of India.  A former President (2013-14) of Bombay Chartered Accountants’ Society, he has experience of more than 23 years across geographies.

He has been with Knight Frank India since 2001 and has handled various portfolios from CFO to heading various businesses. Now as the Executive Director – Corporate Projects, he has focus on cross vertical collaboration and selling, sustainability of business model of all the verticals.

With strategic focus on the West and Special Projects, he has also mentored HR vertical, key client engagement initiatives and Residential Agency business.

Prior to joining Knight Frank, he ran a consulting firm specializing in tax, audits and management consultancy. He is a WIC member of Indo American Chamber of Commerce and member of British Business Group, European Business Group and Indo German Chamber of Commerce. Naushad is the co-author of the book ‘Real Estate Laws’, one of the ‘best seller’ in the domain having sold over 7000 copies.

Naushad is also in the jury board of Track2Realty Brand X Report.

Nahar Tower of Adyar gets A Rating

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Track2Realty Exclusive

News Point: Track2Realty Investment Magnet Report 2015 picks up 100 best housing projects across India.

Noah Group, Tower of Adyar, Chennai real estate, Chennai property market, Super luxury housing in Chennai, NRI investment, India real estate news, Indian property news, Track2RealtyLocation: Lattice Bridge Road, Adyar, Chennai

Project type: 4 BHK Condominiums

Price: Rs. 4 Crore

Project execution lifecycle: March 2015-December 2018

Nahar Group has proven expertise in destination development and with their flagship project ‘Nahar Amrit Shakti’ at Chandivalli in Mumbai they have created luxurious villaments also. Yet, with this small project of 56 units they seem to have redefined their own architectural craftsmanship and in the process promises to set a new benchmark of luxury that very few thought in Chennai.

These luxurious sea-facing 4BHK ultra-modern global apartments with traditional pooja room are crafted to perfection and provide a feeling of openness without compromising on privacy.

Tower of Adyar promises to offer the residents a unique experience of exclusive rooftop amenities starting from café to amphi theatre to state of art, and gym to spa. Interior living areas are elegantly integrated with scenic greens and the stunning ocean view, thus symbolising perfect harmony.

Tower of Adyar, nestled within Adyar’s finest neighborhood is just a stone’s throw away from city landmarks and is well linked with connectivity hubs such as rail, metro and airport.

Located on L.B.Road in Adyar, one of the prime area situated by the southern banks of the Adyar River, the property is closely connected with the IT hubs, educational institutions, hospitals and main markets.

In terms of competitive advantage, it cannot only challenge some of the most prized luxury properties of Chennai, but across India as well.

Track2Realty Rating: A

  • Location & Aspiration: 8/10
  • Physical Infrastructure: 8/10
  • Social Infrastructure: 7/10
  • Appreciation Potential: 6/10
  • Competitive Advantage: 8/10
  • Rental Potential: 5/10
  • Launch2Sales Ratio: 5/10
  • Construction Quality/Timelines: 7/10
  • Livability Index: 9/10
  • ROI Cycle: 5/10

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