Tag Archives: Piramal Realty

Core developers outperform corporate conglomerates

Posted on by Track2Realty
Track2Realty Exclusive

Bottom Line: It is time to debate whether the homegrown developers with real estate as core business are better brand performers or corporate conglomerates have outperformed them.

Brand Realty, Real estate brands, brand leadership in Indian real estate, Top brands in Indian real estate, Track2Realty, Indian real estate news, India property market news, Brand reputation of Indian real estateIn a business that lacked the critical element of trust and transparency, forget brand equity, the entry of corporate conglomerates was widely perceived to be change of business outlook for the sector. The collective consciousness accepted the promise that the corporate giants would change the brand perception of the sector in no time. This load of trust & opportunity goaded many corporate houses into the non-core expertise area of real estate.

The last decade has been witness to the entry and consolidation of a number of corporate conglomerates. The giants in their core areas of expertise – Godrej, Tata, Mahindra, Piramal, Shriram, Hero Group, Ambuja, Zandu-Emaami, phoenix Mills, L&T, Shapoorjee Pallonji – have found the real estate as a happy hunting ground. The very fact that they are credible players in their areas of expertise and command corporate goodwill has earned them seal of trust in real estate.

A homebuyer who has been cheated, harassed and humiliated by the petty developers obviously finds the corporate giants more professional and trustworthy. A perception has hence gained ground in the last few years that these corporate groups are going to be the brand leaders in Indian real estate.

However, now that many of these corporate giants have spent years in the business of real estate and delivered some of the projects, it is pertinent to take stock of the performance of the brand. The debate needs to be shifted to not their brand legacy but brand performance. The larger issue today is whether these corporate groups have replicated the consumer satisfaction index of core areas of expertise into the real estate business.

Even more pertinent question is whether the corporate conglomerates have finally arrived as the brand leaders of the Indian real estate. And it is here that the issue of brand optimism versus the brand performance on the ground comes into play. The fact of the matter is that many of these corporate groups have either failed to live up to the consumer satisfaction or yet to deliver a sizeable inventory to be awarded the leadership mantle.

Godrej properties is the only exception that has continuously scaled up the brand leadership with both the delivery performance as well as the consumer satisfaction with the delivered projects. Tata Housing, on the contrary, fails to live up to the brand promise. The company is sitting over piles of consumer grievances and the chart is growing northward with their brand leadership chart moving to southward. If they still manage to be in the top leadership chart the credit, or the lack of it, goes to other bigger defaulters in the business. The brand study is, after all, relative study of the performance of the brands.

In the fifth edition of Track2Realty Brand X Report 2016-17 it has been noted that the performance of the homegrown developers with core expertise in the business of real estate has a slight edge over the corporate conglomerates who don’t have real estate as a core business. Most of these corporate giants are actually leveraging their brand goodwill and financial clout to the distressed small developers.

The Joint Development (JD) model or the Joint Venture (JV) partnership between corporate giants and small time builders may be a boon for the cash strapped developers and bring the hope back to the distressed buyers, the trend is not enough for these established business houses to be elevated as the top performers of Indian real estate.

Track2Realty study finds that going forward the leadership race is set among the homegrown Davids versus the corporate Goliaths. Who will win the brand leadership race? Well, for the corporate conglomerates there is a long way to go before they can claim to have earned the same kind of trust and goodwill of the buyers that they otherwise command. On the contrary, while the track record of real estate developers in general might be bad, a handful of them nevertheless command better brand equity than these corporate houses.

For this year brand leadership also, the race has been pretty close between the real estate focused group Sobha Limited and Godrej Properties. As a matter of fact, Godrej Properties has been way ahead of Sobha on some of the metrics, like financial performance among others, but in the end it is the vote of consumer confidence that has elevated Sobha Limited as the brand leader of the year. As a matter of fact, Sobha creates a history by becoming the first real estate developer to make a hat trick of brand leadership this time around.

It is not the brand leadership of Sobha alone that makes the turf more promising for the developers who have real estate as core business. The performance of Prestige Group or Purvankara this year is also testimony to the fact that the developers with core expertise in real estate have an edge over the corporates who are by and large yet to turn their promise into performance.

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.

Piramal Realty launches Piramal Aranya at Byculla

Posted on by Track2Realty

Spread over 7 acres in metropolitan Mumbai, Piramal Aranya will be approximately 70-storey high and the luxurious residences range from 1700 square feet to 2600 square feet (carpet area) are priced Rs. 8 crore upwards.

Piramal Realty, Piramal Aranya, Anand Piramal, Byculla property, South Mumbai property, Luxury residential property in Mumbai, India real estate news, Indian property news, Track2Realty, NRI investment Piramal Realty has launched its signature luxury project at Byculla called Piramal Aranya. Reaching about 70-storey high, the residential skyscraper will be amongst the tallest buildings in the city.

Piramal Aranya is spread across 7 acres and has breathtaking views of the 60 acres of lush botanical gardens on the west and the picturesque Mumbai skyline and Mumbai Harbour on the East.

Over the lifecycle of this project, Piramal Realty will invest INR 4300 crores for its signature project and employ over 2000 people directly & 10,000+ people indirectly.

Piramal Aranya is adjacent to Jijamata Udyan, better known as the Byculla zoo, which just celebrated its 150th anniversary and boasts of 1200 species of flora and dense foliage, which makes this a unique opportunity to experience the abundance of nature in South Mumbai.

This is a limited pre-launch opportunity, between March 5 to March 22, for select luxurious 3 and 4 bedroom residences – that range from 1700 square feet to 2600 square feet carpet area, priced between INR 8 crore to INR 12 crore, respectively.

For the first 25 units, there is a special offer which will assure a price benefit of INR 30 lacs on 3 BHK and INR 40 lacs on 4 BHK over the pre-launch price.

For this exclusive launch, the company has adopted a unique EOI (Expression of Interest) strategy that allows customers to understand the product proposition and register for the pre-launch offer with a token amount of INR 10 lacs only. 

Anand Piramal, Executive Director, Piramal Group said, “Piramal Aranya will be our company’s most significant residential development. We endeavour to build a world-class luxurious residential high-rise in the city. We have assembled one of the world’s best teams to deliver this project. The residential towers will be as good as any that you see in the finest cities of the world. We strive to delight our customers and be true to our core Piramal values and brand.”

Commenting on the location Anand added, “Byculla is blessed with tree-lined avenues and several heritage buildings such as Bhau Daji Musuem, Magen David Synagogue, Gloria Church amongst others. It was also home to the Mumbai’s most prestigious club – The Byculla Club. We hope that with several new developments in tandem with Piramal Aranya, Byculla will once again emerge as the cultural nerve centre of the city. It enjoys easy access to South Mumbai via JJ Flyover and the Eastern Freeway that has opened connectivity to northern Suburbs and Navi Mumbai. We foresee it becoming the new hub for Mumbai’s elite.”

Piramal Aranya’s design is contemporary yet classical. Sophisticated landscape, private residences, dual aspect homes with light, space and ventilation, community spaces and outdoor terraces are artfully enhanced by rich and luxurious materials. Elegant and environmentally sound, each material has been selected to captivate and soothe the senses of its residents. Piramal Aranya has international partners such as:

         Make Architects is an architectural practice based in the United Kingdom founded by Ken Shuttleworth and are Piramal Aranya’s principal architects. They are currently engaged in projects worldwide ranging from high rise offices to urban masterplans, Make Architects have also been ranked 46th in The Sunday Times 100 Best Small Companies to Work For & Practice of the Year – South East and London by the Architects Journal at the AJ100 Awards.

         Hirsch Bedner Associates leading the hospitality interior design industry since 1964, Hirsch Bedner Associates are the name behind The Ritz-Carlton at Dubai International Financial Centre, Waldorf Astoria, Shanghai and The Ritz-Carlton, Hong Kong.They have won numerous awards such as the Best Overall Resort Design for the Four Seasons, Seychelles which was one of the six awards won at the 2010 Hospitality Design Awards

         BuroHappold who are world leaders in sustainable design are Piramal Aranya’s Lead Structural & MEP Consultants. This London-based firm was founded by the well-known Edmund Happold who before founding BuroHappold worked on projects such as the Sydney Opera House and the Pompidou Centre, Paris.

         EDSA who are the lead landscape architects for Piramal Aranya and have worked in almost 100 countries across the globe creating sustainable places to live, work, learn and play. Some of the projects EDSA has worked are the Dubai Opera House, Atlantis, Paradise Island in the Bahamas their legacy has grown in stature to one of the world’s most renowned landscape architecture firms.