Build India

Build India: Government Initiates GST Rate Cut and Redefines Af...

2019-02-24T21:43:00.001-08:00

Build India: Government Initiates GST Rate Cut and Redefines Af...: The slash in GST rates to 5% without ITC from the previous 12% with ITC for premium homes, and to 1% minus ITC for affordable homes from...

Government Initiates GST Rate Cut and Redefines Affordable Housing Slab

2019-02-24T21:40:00.001-08:00

The slash in GST rates to 5% without ITC from the previous 12% with ITC for premium homes, and to 1% minus ITC for affordable homes from the earlier 8%, gives the beleaguered realty sector the much-needed breathing room and will certainly help it maintain some forward momentum in 2019, feels Anuj Puri, Chairman – ANAROCK Property Consultants adding, another booster shot given by the government is changing the very definition of the budget-range of affordable housing.

Extending the definition to housing priced within INR 45 lakh is credible. It will make more properties from the premium budget fall in to the affordable segment category, and thus benefit buyers in cities like MMR where property prices are exorbitant.

Yet again, affordable segment has got a major push today and buyers of this segment will benefit immensely. This will certainly cause sales of housing units within this segment to rise to a significant extent. Most players currently have considerable unsold stock within this segment.

ANAROCK data confirms that there are as many as 5.88 lakh under-construction homes lying unsold in the top 7 cities. Of these, 34% are priced below INR 40 lakh alone. With affordable housing now being defined within INR 45 lakh budget, more properties qualify for this ‘sweet spot category. The GST cut, coupled with this critical change in definition, will induce more sales in homes falling in this budget range – a win-win for both builder and buyers.

Cash-strapped builders have been hoping for all and any Government interventions which can help boost their sales volumes. This GST cut will provide such a boost, at least in the short-term as more fence-sitters who had been postponing their purchase decisions now have an additional incentive to take the plunge.

For the premium segment, this move may not be a game-changer leading to vastly improved housing sales, but we will see sales rise to an extent. More importantly, this move sets the stage for a stronger revival for the real estate sector in the future. The reduced rate, though nominal, will alleviate developers’ liquidity issues to some extent. Along with the other positives that the recent interim budget provided, it will create a more positive environment for all real estate stakeholders.

An important factor in this rate cut is its timing. With the general elections closing in, builders have been worried on account of the lower sales which were invariably a by-product of the period preceding elections. Investors generally refrain from market plays in this time, and buyers also go into wait-and-watch mode as they await sops from a newly-elected government or stronger market sentiments resulting from continuity of the incumbent government. For this reason, builders also generally refrain from launching new projects in this period.

It would have been ideal of GST had been entirely removed for all residential property categories. This would have provided some serious acceleration for the market. That said, this GST cut is very welcome, and the industry now looks forward to proactive solution to the underlying issues that the sector faces. Until then, even small booster shots in sufficient numbers can help incite positive sentiment and developers can now look forward to some improvement in their balance sheets.

GST on RTM Projects Without Completion Certificate will Affect Home Sales

2018-12-18T04:59:00.001-08:00

Anuj Puri,
Chairman – ANAROCK
Property Consultants

The applicability of GST in the Indian taxation system was a move aimed towards ‘one nation, one tax’. Post land abetment, the applicable GST for under-construction properties was 12% while ready-to-move-in flats were kept out of the GST ambit.

Even for under-construction properties, there was a ruling of Input Tax Credit (ITC) pass-over to the buyer to ensure that it becomes a tax neutral proposition.

While calculations and ITC pass-over still remain a challenge after 1.5 years of GST regime, a recent announcement stated that there is no GST applicable only on ready-to-move-in flats wherein sales took place after the issue of completion certificate. This is likely to add woes to buyers as well as developers.

Impact on Buyers

Until now, all properties that were treated as ready-to-move-in were out of GST ambit, so buyers had significant choices. As per ANAROCK data, more than 90,000 units out of total unsold inventory of 6.87 lakh units (as of Q3 2018) across the top 7 cities were ready-to-move-in - a massive 14% of the overall unsold stock.

However, after this announcement, projects which are ready-to-move-in but do not have completion certificates will attract GST. For buyers, this means that either their purchase cost will increase if they decide to purchase such a property, or the overall spread of options will reduce. After all, not all unsold ready-to-move-in properties may possess a completion certificate.

Impact on Developers

Developers were already struggling with huge unsold inventory and were leaving no stone unturned to make sales and generate cash flows. The sudden NBFC crisis jolted the sector and fund-raising became a major concern. Amidst all this, developers were cashing in on the buyers’ preference for ready-to-move-in units since these were not liable for GST.

With this announcement, developers are now left with no choice but to absorb the GST charges in ready-to-move projects that have not been given completion certificates. If they attempt to pass this additional burden on to their buyer, their ready-to-move-in units without completion certificates will be at par with under-construction projects in terms of cost to buyers.

Boost for Secondary Sales Market

This announcement may be a blessing in disguise for the secondary market. The secondary real estate segment does not attract GST as such properties are by definition complete. Buyers eyeing ready-to-move-in units will now certainly evaluate this option rather than paying 12% GST on first purchase units.

Impact on Unsold Inventory

The burden of unsold inventory in the primary market is likely to increase as more home buyers may now consider buying resale units which are exempt from GST. The additional GST levy on ready-to-move-in units without completion certificates is an extra cost which developers simply cannot afford to pass on to their customers. Given their existing woes with regards to unsold inventory, developers have little choice but to absorb this additional cost either partially or completely if they want to keep sales going.

Demand to rise for RTM with completion certificates

Another obvious trend that will emerge is that ready-to-move-in projects with completion certificates will draw significant demand. Developers with such stock will not miss the opportunity to cash in on it.

We will also see developers step up their efforts to obtain completion certificates so that they can declare their projects as free of GST. This would be a notable change from the previous times when developers with ready-to-move-in units were in no real hurry to obtain completion certificates.

Affordable housing will also see a massive boost because such projects attract only 8% GST as compared to the other segments which attract 12%. More than ever before, affordable housing - already the king of the current market, will become the strongest contender in the rapidly-changing regulatory regime.

Piramal Capital and Housing Finance Receives Global Recognition

2018-09-17T02:09:00.000-07:00

Piramal Capital & Housing Finance Limited (PCHFL), the wholly owned subsidiary of Piramal Enterprises Limited, has been recognized as the 'Best Overall Investment Manager' for Asia and India at the 14th Annual Global Real Estate Survey conducted by Euromoney.

Piramal Capital and Housing Finance has won this award in India for four consecutive years for setting new benchmarks and outstanding performance in the industry.

In addition, it also marks its victory in one of the largest market - Asia this year for the first time by demonstrating its commitment & remarkable performance in the global real estate market.

Khushru Jijina, Managing Director, Piramal Capital & Housing Finance, said, "PCHFL has been consistently recognized by the industry and its peers for its quality, performance and professionalism.

We believe that awards are a validation of our Group values of Knowledge, Action, Care and Impact and a testament of our employees' efforts who strive to be the best, as well as our developer partners who motivate us to do better. We are delighted to win this award and are thankful to our stakeholders for their steadfast support."

This prestigious award has been voted and nominated by industry peers such as advisors, developers, investment managers, banks and corporate end users. Euromoney Real Estate Survey is one of the most prestigious and widely recognized global surveys that canvasses the opinions of the leading firms in the real estate sector, across the globe.

Company Awards:

Best Domestic Fund House by CNBC Awaaz in 2014

Best Overall Investment Manager (India) by Euromoney's Real Estate Awards for 3 years in a row - 2015, 2016 and 2017

Firm of the Year (India) by the PEI Global Private Equity Real Estate (PERE) awards in 2014 and 2016

Great Places to Work in Financial Services: 2016, 2017

MCHI CREDAI Golden Pillar Awards: Piramal Housing Finance - Emerging Home Loan Provider of the Year and Piramal Finance for Leading Real Estate Project Finance Company of the Year

Assetz Group launches premium properties in Bangalore

2018-09-17T02:02:00.000-07:00

BENGALURU: Assetz Property Group, a reputed builder in residential, commercial and warehousing space, has launched three alfresco row houses, Soul & Soil, Earth & Essence and Leaves & Lives, along with 38 & Banyan, an architectural masterpiece in the heart of Bangalore.

The properties are located in prime areas for investments in Bangalore and the true essence of these homes is the integration between the architecture and the environment.

Established in India in 2006, Assetz Property Group has been in the forefront in developing four business verticals - Residential, Commercial, Fund Management & Warehousing. Despite the continuous gloom in real estate market in India, the company has launched four projects in the last two months.

Projects launched by Assetz:

Earth & Essence - Starting at 2.37 Cr are 3, 4 & 5 BHK row houses, off Bangalore International Airport.

Leaves & Lives - Starting at 2.29 Cr are 3 & 4 BHK row houses, off Sarjapur Road.

Soul & Soil - Starting at 1.93 Cr are 3 & 4 BHK row houses, off Hennur Road.

38 & Banyan - Starting at 3.5 Cr are 3 & 4 BHK homes, off Indiranagar.

Furthermore, Marq, the integrated township, phase 1, which was launched about 4 years back, has been almost sold out with just few units remaining for grab. The company is set to launch their phase 2 of Marq 2.0 in the beginning of October this year.

Alfresco architecture and contemporary design

The new launches by Assetz Property Group address the problems of living in an urban city like the block out of crisp breeze and lush greenery. Mixing old-world charm with luxury, the company has launched golf villa plots at 18 & Oak, Sarjapur-Attibele Road, East Bangalore which will give occupants a chance to live with nature while having a view of an 18-hole golf course at a mere stone throw away.

The property will spell out homes designed by nature and will be known as one of the most luxurious addresses in Bangalore.

Homes in prime residential locations

Assetz Property Group puts careful thought into providing their customers with a home that caters to their every need, for which the location of the home is just as important. Each of their projects is located in some of the best neighbourhoods in Bangalore. Marq Phase-2, for instance, is one of the upcoming launches located in the burgeoning locality of Whitefield. This 22-acre enclave will be a home ahead of its time with a unique design approach and kid-centric amenities and facilities.

Global amenities at home

Every property developed by Assetz goes hand-in-hand with impeccable construction and world-class facilities. 38 & Banyan, a property situated off Indiranagar, is the leading example of this fact. From a state-of-the-art amphitheatre to an infinity pool, class and sophistication are ways of life here. Find the dream home in the thoughtfully designed property of 38 boutique apartments, around a 150-year-old banyan tree.

Variety of world-class projects

Magnificent apartments have always been one of the striking landmarks in the bustling city of Bangalore. However, the variety of residential projects launched by the Assetz Property Group will alter the landscape of the city.

The residential portfolio of Assetz Property Group includes:

18 & Oak- Golf villa plots located off Sarjapur-Attibele Road.

Marq (phase 1) - Luxury homes located off Whitefield-Hoskote Road.

63° East - Luxury Eco homes located off Sarjapur Road.

Here & Now - Uber modern apartments Located behind Manyata Tech Park.

38 & Banyan - Boutique apartments located near Indiranagar.

Earth & Essence - Row houses located off Bangalore International Airport Road.

Soul & Soil - Row houses located off Hennur Main Road.

Leaves & Lives - Row houses located off Sarjapur Road.

Kumari Builders Embarks Rs 300 Crore Villa Project in Bangalore

2018-09-13T23:18:00.001-07:00

Bangalore: Kumari Builders and Developers is investing Rs. 300 crore in a 46-acre villa project in the city. Through this investment in Kumari Hamlets, the Bengaluru-based residential real estate developer is expanding its property portfolio by 1.8 million sq. ft.

Established in 2012, Kumari Builders and Developers was founded with the foremost objective of fulfilling the housing needs of working professionals. Its aim is to help young professionals take their first step into affordable independent living.

Ashok Naidu, Director, Kumari Builders and Developers, says, "We are investing Rs. 300 crore in Kumari Hamlets as it is one of our most promising projects. We have built a space where you can be with nature. Here you get to relax, refresh and rejuvenate, making the imprint of coming home the best feeling ever. Seeing the vast potential for connectivity and infrastructure development, Malur has emerged as the most feasible location for this project. The affordability factor has enabled us to transfer the benefit to our customers."

Located just 40 to 50 minutes from the Hope Farm, Whitefield and well connected to major business hubs, Kumari Hamlets is the ideal destination for people who prefer to experience a relaxed lifestyle. Spread across 46 acres with about 750 units, the project aims to connect its residents with Mother Nature. With more than 4,000 trees and 8 acres of parks, the setting is perfect to de-stress from busy life.

With the intention of making villas affordable for people in the mid-income group, the best of architectural minds have designed Kumari Hamlets, with prices starting at just Rs. 60 lakh.

"Superior-quality villa projects situated in and around business hubs are priced at the higher end. We want to enable professionals working around these prime locations to own their dream villa at rates that are accessible to them," explains Ashok. He further adds that the project is within 40-45 minutes of drive time from some of the major IT hubs.

After demonetisation and a year-and-a-half of struggle, the Indian real estate market is on a recovery mode. With the implementation of RERA and GST, there was much confusion in the market. However, the industry is limping back to growth and has seen a significant rise in residential property launches over the past few months. As per the Knight Frank India Real Estate Report, Mumbai and Bengaluru were the largest markets in the country in terms of residential space and accounted for 56 percent of the total supply during H1 2018.

"With real estate market back on track, what better time than now to announce a project that caters to the needs of the mid income group. The project offers a home that lets them be one with Nature while living in a burgeoning city," adds Ashok.

About Kumari Builders and Developers:

Kumari Builders and Developers is one of the fastest-growing real estate companies in Bengaluru. With eight projects to its credit, the company currently has ongoing projects adding up to 2,54,610 square feet of built-up area. It was founded in 2012 with the foremost objective of fulfilling the housing needs of young working professionals in the city.

Surbana Jurong and Mitsubishi to Jointly Develop Developmental Projects in Asean Countries

2018-09-13T23:09:00.000-07:00

SINGAPORE: Surbana Jurong Capital, the newly established financial services arm of Surbana Jurong, and Mitsubishi Corporation has signed an agreement to set up a fund management company (FMC). The FMC will be a 50:50 joint venture between the two companies and will be jointly managed by both partners.

The FMC will set up an Investment Fund (Fund) to invest in urban development projects in emerging Asia, primarily in Myanmar, Vietnam, Philippines, Indonesia, India and Sri Lanka. Such projects may include transit-oriented developments (TOD) such as aviation or rail-related developments, affordable housing, as well as other urban-related infrastructure.

The partners will each contribute up to US$250 million to seed the Fund, and the FMC will also raise and manage funds from other accredited or institutional third-party investors.

According to Asian Development Bank's (ADB) estimates, developing Asia will need to invest at least US$1.7 trillion per year in infrastructure until 2030 to maintain its growth momentum. However, there remains a huge gap between the demand for such infrastructure and the region's access to financing.

The FMC will seek out commercially-viable urban infrastructure projects which are in an advanced feasibility stage or in the early phases of construction, and provide equity investment to support such projects.

Qualifying projects will need to meet sustainable environmental, social and corporate governance metrics. Institutional investors seeking to participate in the sustainable growth of the region can therefore do so through the Fund.

The FMC will leverage both partners' unique strengths to deliver optimum long-term risk-adjusted returns for the Fund. Surbana Jurong, as one of the largest Asia-based urban and infrastructure consultancies, has direct exposure to project opportunities in the region. It has over 70 years of successful project deliveries and technical teams in over 40 countries to provide insights on the risks of such projects.

Mitsubishi Corporation, a global integrated business enterprise with diverse business operations, has experience in investments and financial products, and has been investing in real estate projects in ASEAN countries since 2013 totalling JPY250 billion.

Wong Heang Fine, Group Chief Executive Officer of Surbana Jurong, said, "Emerging countries in Asia continue to see rapid economic and population growth, which drives the demand for urban infrastructure projects including transit-oriented developments and affordable housing. For project owners looking for funding, and investors looking for long-term sustainable returns, Surbana Jurong and Mitsubishi Corporation's new FMC will provide that capital bridge. Our JV will tap both partners' know-how across financing and investing, as well as technical and risk analysis to deliver sustainable returns. This JV is also timely, as Singapore positions itself as the regional infrastructure hub."

Surbana Jurong Capital

Surbana Jurong Capital, as the financial services arm of Surbana Jurong, will source, invest, plan, develop and manage infrastructure and real estate projects, generating long-term sustainable returns for its stakeholders. It will draw on its ability to plan and manage the risks of development stage projects, seeking to bring together existing market liquidity with appropriate opportunities, providing risk-adjusted returns for investors.

Wong commented, "Surbana Jurong Capital will augment Surbana Jurong Group's complete value-chain of solutions. Through Surbana Jurong Capital, we are now able to provide equity investment and long-term financing solutions to our global clientele, further enhancing the value-add we bring to our partners."

About Surbana Jurong

Surbana Jurong is one of the largest Asia-based urban and infrastructure consulting firms. Leveraging technology and creativity, Surbana Jurong provides best-in-class consultancy solutions across the entire value chain of the urbanisation, industrialisation and infrastructure domains.

Headquartered in Singapore, the Surbana Jurong Group has a global workforce of over 14,000 employees in more than 120 offices across over 40 countries in Asia, Australia, UK, the Middle East, Africa and the Americas, and an annual turnover of around S$1.5 billion.

Surbana Jurong has a track record of close to 70 years, and has built more than a million homes in Singapore, crafted master plans for more than 30 countries and developed over 100 industrial parks globally.

Surbana Jurong's motto 'Building Cities, Shaping Lives' reflects its belief that development is more than just steel and concrete. Surbana Jurong creates spaces and designs infrastructure where people live, work and play, shaping cities into homes with sustainable jobs where communities and businesses can flourish.

About Mitsubishi Corporation

Mitsubishi Corporation is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.

Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

ANB Capital Merges with Anuj Puri’s ANAROCK Property Consultants

2018-05-08T05:03:00.002-07:00

ANAROCK Property Consultants and ANB Capital Advisers today announced the formal merger to create ANAROCK Capital, which will be headed by Shobhit Agarwal as MD & CEO.

Anarock Property Consultants was launched by prominent real estate consultant Anuj Puri while ANB Capital was headed by Shobhit Agarwal as MD & CEO.

The ANAROCK Group’s residential services division has already defined itself as India's leading, fastest-growing and most disruptive consultancy in the industry. With the addition of the Capital Markets vertical, ANAROCK takes a major step forward towards its ambitious expansion plans.

"The Indian real estate market is in its next evolutionary stage, and perfectly primed for ANAROCK Capital. The firm will fill the massive real estate investment banking advisory gap that exists in a market completely redefined by RERA in terms of how the market operates and who will operate it going forward. Among several other functions, ANAROCK Capital will advise on big-ticket funding, acquisition and consolidation mandates. Shobhit's vast experience and deep-rooted industry relationships will come into play with immediate effect. I take particular pride in announcing the second merger of equals in my professional life - and more are to follow," says Anuj Puri, who will be the chairman for the new entity.

Shobhit Agarwal has been a prominent deal-maker in Indian real estate capital markets for over two decades and looks forward to taking the massive stakes involved to the next level.

"Our capital markets team consists of well-honed industry experts who are adept at handling multi-million-dollar capital mandates" says Agarwal, who has already traded capital in excess of US$ 10 billion in his previous assignments.

"Leveraging the ANAROCK Group's tremendous market penetration and superb operational infrastructure with 10 operational offices in India and 1 in Dubai, ANAROCK Capital will lead the real estate investment banking business from the front. There is over US$ 150 billion of capital to be traded in Indian real estate over the next 5 years - and with our collective expertise, existing exposure and resources, we are perfectly poised to capture a major share of it," he adds.

Building on ANB Capital's existing strengths and expertise, ANAROCK Capital will provide services in real estate investment banking, financial management of big-ticket mergers, acquisitions and restructurings. The firm already provides capital advisory services to some of the country's leading corporations, institutions and state governments, based on a unique business model that eliminates the conflicts of interest inherent to large, multi-product financial institutions and multi-vertical international property consultants.

Shapoorji Pallonji to Make a Mark in Mulund with residential projects

2018-05-07T05:57:00.000-07:00

Leading real estate developer in India Shapoorji Pallonji Group has decided to develop residential project in Mulund, targeting real estate enthusiasts and home buyers from Mumbai and adjoining areas.

This upcoming project's development and marketing will be managed by Shapoorji Pallonji Group's real estate faction, in collaboration with Nirmal Developers.

Mulund - A blessed suburb

The location of the project is probably enough to get the home-buyer to reach halfway towards an agreement. Mulund, also known as the prince of the suburbs, has been bestowed with the best of geography with the existence of the pristine Yogi Hills and the Sanjay Gandhi National Park.

For long now, the Sanjay Gandhi National Park has been a weekend/picnic that many Mumbaikars have taken a liking to. It depicts the nature perfectly with dense trees, plush greenery, and an artificial lake where boat rides can be enjoyed. One of its popular rides called the 'van rani' and a walk up to the Gandhi Tekdi are two other good reasons why this spot is frequented by many age groups.

Needless to say, Mulund is very convenient in terms of infrastructural facilities. From educational institutions to shopping malls, Mulund is perfect for a polished lifestyle.

Mulund is a proud suburb that houses a cosmopolitan mix. Many age groups can find their idea of leisure outing here. There are temples and parks for the middle aged while the young guns can frequent the malls, cafés and cineplexes.

The suburb has also contributed to the economic growth with various industrial factories and pharmaceutical companies like Hoechst, Wellcome, Glaxo, Merind and Johnson & Johnson; not to forget, the various engineering companies boasting of their addresses in the prince of the suburbs namely Bombay Oxygen, Chicago Pneumatic and ACC.

Connectivity has been another trump card for the city's economic development with Mulund's railway station, the Eastern Express Highway and LBS Marg.

Today, old constructions are making way for newer prospects and there is a spurt of new malls and movie theatres. Korum Mall & R-Mall have remained as some of the most favoured shopping complexes amongst the middle-class and upper-middle class crowd. The people's ever favourite D-mart can also be found in this suburb along with one of the world-class hospitals, Fortis Hospital.

Why is Shapoorji Pallonji investing in Mulund?

Being a pioneer in the field of real estate, Shapoorji Pallonji has indubitably had a hawk's eye vision for good locations. Many of their projects are constructed in what one could call, 'lifestyle-friendly' locations like Howrah, Bengaluru and Pune. It's no surprise that they have envisioned an edifice in Mulund, one of Mumbai's leading suburbs. This upcoming project's development and marketing is managed by Shapoorji Pallonji Group's real estate faction, in collaboration with Nirmal Developers.

Rustomjee Launches New 2BHK Homes in Thane (W) with Special Payment Scheme

2018-05-07T05:48:00.002-07:00

Rustomjee Group has launched new residential township ‘Rustomjee Urbania’ with modern amenities at the upscale and happening Majiwada Thane West.

The skyline of Majiwada Thane has been dotted with high-rise towers that not only are privy to the facilities of the township but boast of exclusive amenities as well.

The Azziano towers of Urbania will have 32 podium level amenities which include gymnasium, mini golf, indoor play area, alfresco dining, mini theatre, business centre, box cricket, basketball, senior citizen's relaxation area among others.

The high rise towers have adequate provision for parking and an enviable view of the Yeoor Hills and Thane city. This is the perfect investment opportunity as not only are all the approvals in place but one can also save 2.5% on stamp duty as per special approvals from Thane municipal authorities. All this comes at a very reasonable price of Rs.99 lacs + Taxes for the 2BHK aspirational homes.

Moreover, Rustomjee has introduced a special 10:90 subvention scheme wherein buyers need only pay 10% + taxes now and no pre EMI till November 2019 or possession, whichever is earlier.

The Azziano Towers are one of the most premium set of residential towers in Rustomjee Urbania. The township is not only a self-sufficient entity but is strategically located so that residents find ease of commute and living. It is just off the Eastern Expressway, approximately 4.7 kms away from Thane station and about 8 kms from Airoli. In addition, there are several corporate parks in the vicinity as well as hypermarkets and shopping malls like Korum and Viviana.

Speaking on the launch of the tower, Percy S. Chowdhry, Director, Rustomjee Group, said, "We at Rustomjee have always put our customers first and want to offer them the best amenities to experience an upgraded lifestyle. At Rustomjee Urbania, and the Azziano Towers in particular, we have taken care to ensure that every member of the family will feel comfortable and experience an elevated standard of living. For families with young children, Urbania is ideal - after all here 'Childhood's Available'."

About Rustomjee Urbania

Located in Majiwada, Thane (W), Rustomjee Urbania caters to almost every need of a resident. It is the only township in Thane (W) that has received Pre-Gold Rating from IGBC (Indian Green Building Certificate) and is probably one of the most awarded township projects in India.

Rustomjee Urbania houses the Rustomjee Cambridge International School, the first school in the integrated township. Affiliated with International General Certificate of Secondary Education (IGCSE) Program of University of Cambridge, it makes a global level of education available to students, at walking distance from their homes.

How RERA Protects Home buyers from Errant Builders

2018-05-02T22:38:00.002-07:00

The Indian real estate industry, particularly the residential sector, was in the past correctly characterized as being unregulated and unorganized with unreasonable project delays and poor quality of construction being definitive aspects.

The arrival of the Real Estate Regulatory Act (RERA) in March 2016 brought in a paradigm shift in the sector and metamorphosed it into a more mature, systematic and regulated one. RERA came into force on May 1, 2017, and is meant to be a homebuyer-friendly regime which will address their grievances and promote transparency, efficiency, financial discipline and accountability in the sector.

Indeed, buying a home is not only the most cherished dream for many Indians but also one of the biggest long-term financial commitment in the buyers’ lifetime. Considering this, there are 14 important guidelines incorporated in the RERA umbrella to prevent unscrupulous players from raining on consumers' homebuying plans:

1.  Enforcing timely delivery of projects: In case of project delays, buyers have the right to - (i) Seek withdrawal of booking (the developer is liable to refund the entire amount along with interest)

(ii) Go ahead with the project (with the condition that developer will pay interest for every month of delay until the property is ready for possession). The maximum time for refunding the buyer's investment is with in 45 days of it becoming due.

2.  Facility to check RERA registration number: All builders have to mandatorily register their projects under RERA with the respective state regulatory authority and obtain a registration number for every project. Without RERA registration, developers are not allowed to sell the project. The project details, construction progress, commencement/occupation and other certificates, sales details, etc. must be updated on the single-point information window i.e. RERA portal, at regular intervals.

3. Financial safety via an escrow account: Homebuyers’ investments can be considered safe, as RERA obliges developers to deposit at least 70% of the buyers' money received for a particular project into an escrow account. This prevents the developers from 'rolling' these funds into other projects. The rolling of funds was a major reason for project delays in the past.

4.  Ability to verify the builder's track record: Buyers can now opt for properties only from reputed developers who are complying with RERA norms and have a good track record and financial stability, which can be verified by buyers.

5.  Transparency in advertisement and marketing collaterals: Developers can now promote a project only after registering it with RERA. The unique RERA registration number has to be published with every advertisement/brochure, or in any kind of project promotion at all.

6.  Clarity on carpet area: The hitherto conventional practice of developers charging homebuyers on the basis of the super built-up area no longer works. Under RERA, the quoted price has to be mandatorily based on the carpet area of the property. What you see is what you get (and buy).

7.  Strict norms on building changes: Around 2/3rd of the buyers’ consent in a particular project is necessary in case the developer intends to modify the building or layout plans/specifications/liabilities in the project.

8. Facility to check payment plans: Homebuyers can do due diligence before opting for a particular payment plan, a variety of which developers now offer - including flexi-payment, down-payment, possession-linked and construction- linked plans.

9.  Booking amount cannot exceed 10%: Developers can only take 10% of the total property cost as a booking amount while the sale agreement is drafted at later stages. RERA prohibits developers to accept more than this. If guilty of charging more than 10%, the developer potentially invites a penalty of imprisonment of up to 3 years.

10. Brokers must be registered under RERA, too: As service providers to real estate consumers, property brokers are also liable for all deliverables committed by the developers they represent. Hence, they must register themselves with their respective state Regulatory Authorities.

11. At long last, a reliable redressal mechanism: RERA provides a strong redressal mechanism to consumers by imposing a penalty on developers/brokers for any breach of obligation. Homebuyers can file complaints against developers/ brokers which will mandatorily be resolved in a span of 60 days from the date of the complaint.

12. Structural defects must be addressed: In case of issues within the building or apartment, such as inefficient plumbing, visible cracks, etc. in the initial five years after possession, developers are liable to rectify the defect in less than 30 days or else give compensation to the buyer.

13. Availability of land title documents: These vitally important documents were, more often than not, inaccessible to buyers before RERA. Now, they can scrutinize documents related to a project's land title ownership on the RERA website.

14. Goodbye to soft/pre-launches: RERA has put a complete halt to soft launches, pre-launches and any other interpretations of selling something which doesn't exist as yet. As a result, speculators have now been pushed out and the market has turned extremely buyer-friendly.

Overall, RERA is a boon to the homebuyers. While the progress of RERA implementation across states, barring a few, is going at a slower pace than predicted, it is definitely regaining the trust of homebuyers by consolidating the sector and plucking out unscrupulous real estate players.

Know your rights and get protected from fraudulent activities of builders. RERA will protect home buyers from delay in possession or any issues with the property.

Author: Anuj Puri, Chairman - ANAROCK Property Consultants

Buy a home for as little as Rs 15 lakh near Mumbai at Xrbia Expo

2018-03-16T00:06:00.000-07:00

Imagine a home amidst rising mountain peaks instead of ugly high rises where one could listen to the melody of a chirping bird as opposed to the incessant honking of traffic laden roads. This is exactly why, sprawled over a lush and vast 22.32 acre, Xrbia Neral is the perfect urban escape for the tired city dweller.

Nestled close to the banks of the Poshir river and the popular hill station of Matheran, this is a township embraced by the soothing calm of mother nature herself.

A flat at Xrbia Neral can be available for as little as Rs. 15 lakhs however if one is really looking for a bargain, they can head over to the Xrbia Expo running at Chembur Central from the 15th to the 18th of March to get the deal of a lifetime.

One's total savings on a flat can be to the tune of 50% while they also enjoy incredible benefits such as 0% stamp duty, 0% registration and 0% GST while they only start paying EMIs upon possession. The homes on offer will be fully furnished, and have zero maintenance charges for up to a year.

Interested home buyers have an opportunity to avail more exciting offers which include a unique 'Zero Document Home Loan Scheme' wherein they can avail a home loan with basic identity documents, such as an Aadhaar card and a 2% down payment scheme too. Effectively, with a downpayment of INR 30,000 one can own a flat at this project, without having to pay anymore EMIs until possession.

Additionally, eligible buyers can avail of the government housing subsidy, Pradhan Mantri Awas Yojna, of up to 2.35 Lacs.

Xrbia earlier in 2016 had some stellar success by getting 1661 bookings only in a space of three days. The company is hoping to match and in fact better that success with Xrbia Neral, the project being right at the centre in more ways than one.

Rahul Nahar, CEO, Xrbia Developers says, "Whether you are looking for a second home or a home away from the hustle and bustle of crowded Mumbai, Xrbia Neral is the ideal opportunity to invest in."

Xrbia Neral is a serene township complete with amenities such as a swimming pool, club house and community centre, landscaped gardens and walking spaces, gymnasium and even a shuttle bus service to and fro from Neral Station. The township is a very commutable distance from Mumbaicity and has close proximity to two proposed international airports in Navi Mumbai and Pune.

If one is looking for a house then, this Gudi Padwa, they must be at the Xrbia Expo between 15th - 18th March at Chembur Central.

Address: Eastern Express Highway, Ghatkopar East, Mumbai - 77.

About Xrbia Developers Ltd.:

Xrbia understands India's need for smarter, efficient and sustainable cities which offer a higher quality of life to its people. Superior living experiences being priority, brand Xrbia delivers end-to-end urban infrastructure services to its inhabitants. With a goal and vision of building '100 future ready cities by 2030', Xrbia is embarking on a new journey that lays the benchmark for quality and modern urban development in the country.

The brand is driven by technology in all they do from construction & operations to enabling customers to measure, manage and pay for services that they use. Xrbia matches the global trend of increasing affordability by designing compact homes and offering standard amenities of free car park, community center with swimming pool and commercial complexes.

This year alone they built cities across 18 locations in India and launched 40,000 houses spread across Maharashtra. At Xrbia, the aim is not to build only houses, but cities that are environmentally friendly, technologically advanced, committed to education, dedicated to health, and that foster community spirit.

Rustomjee launches private homes Isle Residences at Bandra-Khar locality

2018-01-21T22:53:00.004-08:00

Rustomjee Group, one of the leading builders of premium houses, has launched limited edition private homes ‘Isle Residences’ at Badra-Khar area which will be part of their gated community project - Rustomjee Paramount.

The new product will have only 3BHK homes and further, to ensure the privacy of the residents, there will be only two apartments on each floor. A private lobby and sun deck add to the exclusivity of the homes.

Every apartment boasts of well-appointed interiors with only the best fittings including home automation and modular kitchens by the leading premium lifestyle brand - Magppie. Four RFID lifts grace the building and ample parking has been provided for at the Isle Residences.

Commenting on launch of Isle Residences of Rustomjee Paramount, Percy Chowdhry, Director, Rustomjee Group, said, "Rustomjee Paramount is a shining example of the spaces that Rustomjee creates. It offers not only homes but lifestyle opportunities.

Every aspect of the project has been thoughtfully planned keeping in mind the requirements of residents of a gated community - from entertainment, fitness, children's recreation, space for elders… all aspects have been looked into. Our A and B Wings at Rustomjee Paramount are sold out and the recently launched C Wing, christened Isle Residences, is sure to meet the exacting expectations of our esteemed clientele."

The multi-storeyed towers are brainchild of two renowned architects in the Real Estate Sector, Sanjay Puri of Sanjay Puri Architects and Patty Mak of Suying Metropolitan Studio. The self-sufficient gated community is strategically located - with easy access to the Western Express Highway, S.V. Road, Bandra-Worli Sealink and also the international airport. It is close to the BKC business district as well as in proximity to education, healthcare and entertainment facilities.

Most of the residences have sea views and the project is in great demand by discerning clients, such that the A and B Wing have been sold out.

Living in a gated community fosters a sense of bonhomie and the chance to connect with like-minded individuals who share similar status and interests in life.

Elderly residents can enjoy the peace and quiet of the Senior Citizen's Zone… all while being assured that their safety and security has been taken care of. In fact, the Alfresco sky lounge, Toddler Studio and Business Centre are ready and functional, with several events already being hosted at the Alfresco Sky Lounge for the benefit of the residents and their guests.

Rustomjee ensures that residents can truly enjoy the luxury of space - 'My Space' - the opportunity to unwind and de-stress with their hobbies and interests.

What Indian Real Estate Needs from Union Budget 2018-19

2018-01-16T00:19:00.000-08:00

Every year, the Union Budget presents the Government with an opportunity to tweak the direction that the Indian economy is taking. Sometimes, hard decisions are taken which, while necessary, do not necessarily go down well with Mr Everyman. At other times, the Union Budget is clearly meant to be a crowd-pleaser. This invariably happens when an incumbent Government is finishing its term and general elections loom, for obvious reasons.

Anuj Puri

The current Government has done a lot for the Indian real estate industry, even when it was in the form of hard decisions like demonetization and the disruptive but very necessary RERA.

With the hard decisions now taken, the Indian real estate sector fervently hopes that it is at the receiving end of the benevolence implied in a populist budget. This benevolence needs to go beyond improving personal finances and the implied boost to real estate investment appetite.

Despite the Government's very proactive stance towards cleaning up and regulating the sector, there are still several policy-related pain points where the coming Union Budget can make a decisive difference:

Single-window clearance

Why this has not happened despite it being a very clear and dire need - even more so given the Government's dream of Housing for All by 2022 - is a bit of a mystery. The clearance and approval process for residential real estate projects has been an impediment for a long time. Although many initiatives have been taken to create a conducive business environment in the sector, the demand for single window clearance mechanism in totality is yet to be fulfilled.

If implemented, single-window clearance can significantly reduce the overall projects cycle time and developers will be able to focus on their core business of project execution. Post-RERA, it has become all the more important to facilitate smooth clearances and approvals so that there are no execution delays due to procedural hindrances.

Industry status to real estate sector

Again, a long-standing demand which has so far gone unmet. Real estate is one of the key GDP contributors and the fourth-largest employment generator in India. Extending industry status to the entire real estate sector will help developers to raise funds at lower rates and, in turn, reduce their project costs - which will help in pushing demand. Additionally, the inclusive growth of the real estate sector will help in generating employment across various sectors which are directly or indirectly related to it.

Tax rationalization on REITs

As of today, the first REIT is yet to be listed in India. Simplifying the taxation norms for REITs is a critical requirement for listings to start flowing in, which will benefit the entire real estate sector by the enhanced participation of a much broader bandwidth of investors.

Higher income tax benefits for the first time home buyers

Yes, this always matters for the residential real estate sector. Currently, a first-time homebuyer can claim an additional tax deduction of up to INR 50,000 per financial year under section 80EE of the Income Tax Act, provided certain conditions are fulfilled. Tax exemption should be increased so as to incentivize first-time home buyers.

Reduction in GST rates

As of now, under-construction properties are levied a GST of 12%, which is significantly higher than the previous taxes. The Government should strive to make GST a tax-neutral proposition so as to help in reviving demand in the real estate sector. Clarity and transparency on input tax credit will also help in rationalizing the taxes.

Higher incentives for green buildings

They are the indisputable need of the hour in India's deteriorating urban environment, but the marginally higher cost of construction of green buildings has kept a majority of developers away from such projects. Keeping the current and certain future challenges to the environment, the Government should encourage developers with higher incentives in terms of FSI and/or some degree of tax exemption to encourage them to adopt green building technologies.

Article by Anuj Puri,

Chairman - ANAROCK Property Consultants

ZAK Awards 2017 for Excellence in Façade & Fenestration

2018-01-11T05:02:00.000-08:00

The first edition of the ZAK Awards 2017 for Excellence in Façade & Fenestration culminated at Sofitel BKC in Mumbai, which saw a participation of over 600 delegates.

"We're humbled by the overwhelming response we have received and it has reinforced our belief in the importance of recognising the unsung heroes of this important aspect of construction industry," said Syed Zakir Ahmed, Chairman & Managing Director, ZAK Group.

ZAK Awards aims to give global recognition to Façade & Fenestration designs which drives individuals and companies to fabricate the unthinkable.

ZAK Awards 2017, in its first year itself received 300+ entries. Round 1 of qualifiers basis the registration submitted online was screened by Ernst & Young who are the Process Advisors for this unique initiative. Round 2 was screened by Jury members basis forms submitted by the contestants and the winners were decided from amongst the shortlisted by means of case presentation to the grand jury with Q&A in discretion of the process advisors.

The final winners are in accordance to the evaluation averaged out for each finalist basis their implied diligence in the project submitted.

The final winners of ZAK Awards 2017 for Excellence in Façade & Fenestration are as below:

]ZAK Awards for Excellence in Façade Design - RESIDENTIAL

- Cadence Architects - B - One, Bengaluru

ZAK Awards for Excellence in Façade Design - COMMERCIAL

- Cadence Architects - KMYF, Bengaluru

ZAK Awards for Excellence in Façade Design - INSTITUTIONAL

- Sunil Patil & Associates - Collector Office, Pune

ZAK Awards for Excellence in Façade Design - HOSPITALITY

- Ace Group Architects - Y - The Boutique Hotel, Mysuru

ZAK Awards for Facade Project of the Year - DEVELOPER (COMMERCIAL)

- ITC Group - ITC Green Centre, Bengaluru

ZAK Awards for Excellence Window Execution - Aluminium Project

- Glass Wall Systems - One Avighna Park, Mumbai

ZAK Awards for Excellence Window Execution - uPVC Project

- Lingel Windows & Doors Technologies - The Leela Ambience Hotel & Residences, Gurugram

ZAK Awards for Excellence in Window Execution - uPVC Retail

- Lingel Windows & Doors Technologies - Farm House - Mr. Saraf, Gurugram

Remarkable Façade Bringing Paradigm Shift

- Venkatramanan Associates & Glass Wall Systems - Lupin Research & Development Centre, Pune

Outstanding Contribution to the Façade Industry (Contractor)

- Navin Keswani, Managing Director, Aluplex India

ZAK Awards for Excellence in Façade Execution (SKYLIGHT)

- L&T Constructions - Seawoods Grand Central, Navi Mumbai

ZAK Awards for Excellence in Façade Execution (CLADDING)

- Alufit - TCS Gitanjali Software Park, Kolkata

ZAK Awards for Excellence in Façade Execution (POINT FIXED GLAZING)

- Aluplex India - Godrej One, Mumbai

ZAK Awards for Excellence in Façade Execution (CURTAIN WALL)

- Alufit - Godrej BKC, Mumbai

Outstanding Contribution to the Façade Industry (Architect)

- CN Raghavendran, Partner, CRN Associates

About ZAK Trade Fairs and Exhibitions Pvt Ltd

ZAK Trade Fairs and Exhibitions Pvt Ltd., is one of the leading conference and exhibition organisers. Since its inception in 1994, ZAK has organised over 600 exhibitions and conferences involving 22 different industries globally. The core strength of ZAK is acting as a bridge between the visitor and the exhibitor.

ZAK is a specialist in events related to glass, facade, fenestration & aluminium extrusion industries and its conference ZAK World of Facades is the world’s largest conference series on facade design & engineering with a presence in 16 countries. Close connection with the industry stalwarts and professionals gives them the edge and allows them to address key challenges and issues faced by the industry through their events.

Sheth Group Waives off Stamp Duty and Registration charges for six Mumbai home projects

2018-01-10T00:17:00.000-08:00

Sheth Group, one of the leading developers in the luxury and mid-housing segment, has waived off Stamp Duty & Registration (SDR) for its upcoming six residential projects in Mumbai as a limited period offer to its customers.

Home buyers can avail the offer on the groups' 1, 2 and 3 BHK residences across properties - Sheth Avalon and Sheth Vasant Lawns Phase 2 at Thane; Sheth Clarion, Borivali; Sheth Midori, Dahisar; Montana, Mulund and Avante, Kanjurmarg. Home buyers buying home from any of these projects can avail the offer on 20th and 21st January 2018.

Speaking on the offer, Chintan Sheth, Director, Sheth Group said, "We continually strive to provide our customers with great value-for-money offerings, and in this New Year, we wish to reciprocate the faith our customers have shown in us, with an offering that will give them great savings and value. This campaign will play an important role before the financial year-end, as we can achieve good sales turnover with this offer."

About Sheth Group:

Sheth Group is a leading developer in the luxury housing, retail and commercial segment of real estate, with a global footprint.

Sheth Developers Pvt. Ltd. was founded in 1986 by Ashwin Sheth, a visionary with implacable determination. Since its inception, the organization has created some of the largest townships, complexes and tallest skyscrapers through resourceful planning, an unwavering focus on quality and customer-oriented designs.

Today, Sheth Developers Pvt. Ltd is known as Sheth Corp Pvt Ltd. The company's portfolio boasts of over 40,000 homes built, 80 projects and over 20 million square feet, developed and delivered.

Sheth Group has also extended its real estate presence abroad with great success. Sheth Estate (International) Ltd, a wholly-owned subsidiary of Sheth Developers Pvt Ltd and its international arm, is an established realty name in the UAE. Its Dubai brand, IRIS has enhanced Dubai's skyline with ambitious developments in the residential, commercial, and mix use projects space, adhering to the highest standards of design, planning, location, luxury and comfort.

Currently, Sheth Group has 7 ongoing projects in Mumbai: Midori at Dahisar; Montana at Mulund; Avante at Kanjurmarg and Avalon, Zuri, Vasant Lawns & Fiona at Thane.

Embassy and Taurus Investment Join Hands for Landmark SEZ Development in Trivandrum

2017-09-26T04:43:00.000-07:00

Embassy through its entity Embassy Property Development Pvt Ltd, has entered into an agreement with Taurus Investment Holdings, a Real Estate Private Equity Investment and Development Company headquartered out of Boston, Massachusetts, U.S. to form a joint venture called Winterfell Realty Private Limited to develop an SEZ property in Trivandrum, Kerala.

This will be Embassy's first project in the State and it will be known as Embassy Taurus World Technology Centre, Trivandrum . Embassy will have an equity commitment of 49% while Taurus Investment Holdings will hold the remaining 51%.

The partnership entails an economic interest of 50:50 for both entities in the Joint venture. This partnership strengthens Embassy's Commercial office space portfolio and development of SEZs in key strategic locations.

Embassy Taurus World Technology Centre will be constructed within the existing Techno Park primarily on a 10-acre SEZ land parcel, as part of a mixed-use development spread across a total of 20 acres. The office component will encompass 2.3 mn sq feet i.e. 65% of the total area of the larger project, with the rest to be developed as retail and a hotel. The 1st Phase of office development comprises of 1.4 mn sq feet office space, and is expected to be completed within 24-30 months.

The land parcel will be leased from Techno Park for a period of 90 years, with an additional renewal option of another 90 years. The 2nd phase will be launched subsequently based on the leasing velocity, with a projected total completion period of 60 months. Brookfield Financial advised on the transaction.

Commenting on the formation of the Joint venture, Jitu Virwani, Chairman & Managing Director, Embassy, said, "The establishment of SEZ in India has been envisaged as an important strategic tool to expedite the growth of international trade and services. We are committed to be a part of this significant growth, with our exclusive SEZ project developments across locations. Our partnership with Taurus Investment Holdings fosters this vision, and marks our foray into the state of Kerala. Embassy Taurus World Technology Centre is strategically located and has tremendous potential, with well-known firms planning major developments in the region. The great synergy we share with Taurus Investment Holdings, will help us nurture a longstanding relationship with them."

Ajay Prasad - Country Managing Director, India - Taurus Investment Holdings LLC said, "Taurus has a legacy of more than four decades of successful investments across countries. Real estate is a focused play and we have been on the constant lookout for a suitable strategic partner for this venture. We are excited to begin a new chapter in our history in partnership with Embassy, which is a well-established developer in India with unmatched expertise in office development as well as a class-leading client portfolio. Together, Taurus and Embassy will develop a landmark project in a very exciting new market."

Rustomjee Paramount Receives Occupancy Certificate for A and B Wing at Khar (West)

2017-09-26T04:32:00.001-07:00

Rustomjee Group has received the Occupancy Certificate for the A and B wing of Rustomjee Paramount, Khar (West).

Rustomjee is renowned to be a 'thoughtful developer' and for good reason; they create not just impeccably designed structures with the best quality construction and stylish interiors but also create a lifestyle that is superlative in every way.

Rustomjee Paramount is one of the largest developments in Khar and also probably the only gated community project in the Khar-Bandra area.

It's strategic location makes it perfect for everyone - the busy executive who wishes to avoid traffic snarls and reach work on time, the lovely lady who seeks out shopping and leisure establishments, the children and youth who can have access to the best educational institutions a short distance from home and the senior citizens who are secure in the knowledge that hospitals and medical facilities are close by.

Besides, there are the multi-storeyed towers themselves which are an architectural masterpiece designed by renowned architects Sanjay Puri from Sanjay Puri Architects, Mumbai and Patty Mak from Suying Metropolitan, Singapore.

Each floor has been designed so that there are only two apartments on a floor, allowing one the luxury of privacy as well as the option of establishing good neighborly ties. In variants of 3 and 4 bedrooms, the apartments offer breathtaking views and spacious sun decks. The interiors are a work of art with flooring and fixtures sourced only from the best companies that create an aura of luxury and comfort

A gated community offers its residents the advantage of being around like-minded individuals. At the Rustomjee Paramount there are several opportunities to socialize, thanks to the extensive amenities that have been thoughtfully provided.

These include the Saltwater swimming pool which is more effective and hygienic than a chlorinated pool; Kids pool with anti - current flow which adds to the fun; Aqua gym - a facility for low impact aerobic workout partially submerged in water, walking trails, Gymnasium, Business Centre, Resting Pavilion, Concierge services, Party Lawn, Mini Theatre, Sand Pit, Toddler studio, Yoga deck,

Artificial Rock Climbing Wall for kids, Alfresco sky lounge that affords a rooftop dining experience with sea view, Star gazing deck that inculcate love of the cosmos in children, Pool deck; Luxurious cabana, Senior citizens' zone; Indoor games room; the list goes on and residents are absolutely spoiled for choice.

At the core of planning the amenities and homes, lies one central thought process - the creation of 'My Space' for the residents. Rustomjee's My Space concept strongly advocates the need of every individual to follow their own passion and interests. In the 'rat race' to ascend the corporate ladder, many have sacrificed their hobbies at the altar of success and My Space inspires them to reclaim those lost interests and bring a new dimension to their lives - one that is stress free. My Space represents the understanding that Rustomjee has, of what their customers truly want and desire - not just a home with four walls but an opportunity to reclaim life.

Security is a major concern of all these days that that is where one finds the advantage of living in a gated community, not only are the residents known to each other and have developed friendly relations, but the children are safe as well. There are CCTVs in the children's zone connected to all the homes so that parents can keep an eye on the children. In addition, for further safety and security, there is a provision for RFID tags for children and pets.

Throwing light on the OC received for A and B Wing of Rustomjee Paramount, Percy Chowdhry, Director, Rustomjee Group said, "Rustomjee Paramount encapsulates everything that Rustomjee stands for. We believe in not just creating brick and mortar buildings but homes that are an experience in themselves, bringing all the trappings of aspirational living to the residents that will elevate their standard of living. All our projects are registered under RERA and in fact, the A and B wings of Rustomjee Paramount have received the OC so our customers can enjoy the pleasure of living in an exclusive gated community without having to stretch their budgets to pay GST."

Property Management Start-ups to the Rescue of NRI Investors

2017-09-26T04:12:00.000-07:00

Periodic inspection of properties, assured care and rental assistance make companies such as Rentprop4u a hit with those away from home

If there is one reliable thing NRIs have always vouched for and continue to invest in, it is property back home in India. Bengaluru, Kochi, Mumbai, Ahmedabad and Delhi have been investment hotspots. However, the lucrative investment comes with strings attached - how does one know their tenant is good, that their house is not damaged in their absence, or what if the tenant calls them from across the seas to get a plumbing problem fixed?

Being so far off, and rarely visiting their hometowns, NRIs now are turning to property management companies to take care of the nitty-gritty of their treasured properties.

Rentprop4u, a Bengaluru-based realty start-up, says it has seen an almost 60 per cent increase in the number of enquiries over the past one year from NRIs in Australia, US, Canada, New Zealand and the Gulf. The company helps NRIs realise the full potential of their real estate investments.

"Usually, NRI homeowners are worried about things like finding the right tenant quickly, showing the property, tenant vacation hassles and legal implications, rent variation, lack of tenant screening and house maintenance, dependency on brokers and inability to inspect the property during tenant stay," says Nagaraju M, CEO, Rentprop4u.

Nagaraju lays out the current details, very specific to NRIs - nearly 25 per cent of apartments in Bengaluru are bought by NRIs. In Kochi, it is about 40 per cent. Investment by NRIs in other cities such as MMR, NCR, Ahmedabad, Chennai and Dehradun varies between 5 to 10 per cent of the overall market sales.

According to the 2011 census of India, out of the 90 million residential census units, 11 million units were vacant; that is about 12 per cent of the total urban housing stock. And a lot of homeowners prefer to let their investments lie idle rather than face the trouble of letting them out.

Nagaraju speaks of how companies like his have now become popular with NRIs, because they offer 100 per cent property assistance - including rent assistance, rental agreements and payments, maintenance, quarterly inspection of properties with photographs taken and sent to owners. They also offer niche on-demand services such as furnishing and payment of property taxes.

Rentprop4u takes care of one other worry for NRIs - safety - through tenant screening and background verification as well. They do a police verification of the tenant through their legal team.

Established in 2016, Rentprop4u currently has 200-plus registered properties and more than 400 users. Be it a single property or a large portfolio, the company is so confident of its tenant placement services that it guarantees to let out the property in less than 30 days or start paying the rent to the owner within a month.

"We give them 15-20 per cent higher returns compared to brokers, so NRIs find our deals attractive. We can assure uninterrupted rent payments to property owners even when some of the properties are vacant for short periods," he adds.

Shree Krishna Group Unveils Ready-to-move-in Properties in Chembur

2017-09-11T05:26:00.001-07:00

Mumbai-based Shree Krishna Group, one of the leading developers, has unveiled limited inventory at its Eastern Winds project, with 1 & 2 BHK apartments starting at Rs. 94 lakhs.

The project, which is a freehold property with a gated community, offers spacious 1 & 2 BHK air-conditioned apartments at a prime location i.e. off Priyadarshini Circle, Chembur.

The project offers 7:93 Subvention scheme, making it easier for first time home buyers to move in. The ready-to-move-in apartments at the property offer the best infrastructure and easy connectivity.

This residential area is now witnessing an increase in population, owing to the development of transport infrastructure such as the Santacruz-Chembur Link Road (SCLR), the Eastern Freeway, the monorail from Chembur to Wadala and the proposed elevated road from Bandra-Kurla Complex (BKC) to Sion, thereby reducing the travel time.

Sundeep Jagasia, Director, Shree Krishna Group said, "We have reduced the pressure of payment by introducing the subvention scheme 7:93 for our Phase 2 of construction which has already completed 70% of the work and possession is due in July, 2018. Phase 1 is ready-to-move-in and O.C was obtained in April, 2017. Also, with this project, one can reach south Mumbai, BKC, the western suburbs or Vashi within 20-30 minutes. "

It is a good to own a home in Eastern Winds, which offers air-conditioned apartments with the finest modern amenities, which suits the needs of an end user and has a great connectivity as it's located a minute away from the Eastern expressway off Priyadarshini Circle.

The 1 & 2BHK air-conditioned apartments are in the size-range of 434 sq. ft. carpet to 659 sq. ft. carpet area constructed using the latest and fastest construction technology. Eastern Winds offers a wide range of amenities which include garden area, gymnasium, library & coffee area, senior citizen sit-out and yoga & meditation corner. In addition, the sheer value homes include invaluable specifications with zero compromise on all fixtures and amenities.

Other ongoing projects by Shree Krishna Group in Chembur include Amrita Prive, Rajeshwari, Udya Bhavan, Bellavista and Krishna Niwas.

Omkar Realtors Registers All On-going Projects Under RERA

2017-09-08T23:31:00.001-07:00

Mumbai-based Omkar Realtors & Developers (Omkar.com), a leading real estate firm in the luxury development space, has complied with Maharashtra state's housing regulator Maharashtra Real Estate Regulatory Authority (RERA) by timely registering all its projects with the authority.

According to Devang Varma, Director, Omkar Realtors, "All projects on offer are either RERA compliant or have received an Occupation Certificate. This is a major confidence booster for our widespread existing and prospective customer base across domestic and global markets. We expect the faster turnaround in customer conversion, especially in the overseas markets. RERA is a pro-buyer Act and said to make the process of buying and selling of houses transparent and faster."

Devang Varma

Omkar Realtors' India inventory portfolio spans across South Mumbai and city's western suburbs. It includes the company's flagship and uber-luxury development, Omkar Worli 1973 with 3 towers (up to 300 meters) offering world-class services.

Other developments include Omkar Alta Monte, the largest luxurious gated development in North of Mumbai, located on the Western Express Highway, Omkar Meridia and VIVE, which are adjacent to Mumbai's leading business hub Bandra Kurla Complex (BKC), Signet - a low-ticket sized luxurious boutique apartments, adjoining Alta Monte. Omkar's offering in commercial space The Summit Business Bay (TSBB), located next to Western Express Highway in Andheri East offers best-in-class business office spaces.

Currently, Omkar Realtors has a 4,000-strong customer across Mumbai and India's western, northern markets. The brand 'Omkar' has witnessed a strong growth path with investors and retail buyers in GCC markets, US, Hong Kong, Singapore, Kenya, Australia, and UK markets.

Omkar's residential projects enjoy collaborations with the likes of the UK-based Foster + Partners (architecture) for Omkar 1973 Worli and US-based Callison (architecture) for Omkar Alta Monte.

Omkar has already delivered 13 projects (including 2 commercial) and carried out 20 million square feet construction in India's premier real estate market and is currently working on an upcoming 40 million square feet space of deliverables.

Raheja Universal Receives OC For 4th Project In A Row Before Deadlines

2017-09-01T01:58:00.001-07:00

Mumbai-based developer Raheja Universal has beaten the RERA and GST deadline and received an occupancy certificate for Raheja Exotica - Sorento, the 4th phase of their ultra-luxury project Raheja Exotica located at Madh Island. ‘

Sorento had the delivery date of October 2017 but received its OC in April 2017 itself, a company press release claimed.

As the project has received the OC, customers buying a ready-to-move-in property from them will not have to pay service tax and VAT (or GST, as and when applicable) which amounts to a saving of a minimum of 5.5% on the base cost.

Expressing his views on the same, Ashish Raheja, Managing Director, Raheja Universal, said, "Raheja Exotica - Sorento is an offering that brings together our years of experience in combining great quality and superior offerings along with exotic locations that provide the buyers an experience that is unparalled. This project evangelizes the second home concept to buyers who get the advantage and benefits of a city, sans the perils that come with a home situated outside the city.

He added, "The principle of delivering on time and keeping our buyers happy is something we constantly strive for as is reflected in our other projects that have been completed well within the promised deadlines. Raheja Universal has benchmarked luxury living concepts and continues to go all-out in delivering homes that enhance the lifestyle of our customers."

'Raheja Exotica - The Ocean City' at Madh Island, Mumbai carves out one of Mumbai's most luxurious edifice 'Raheja Exotica - Sorento' in the midst of an entire township project developed across 22,000 sq.mt. of magnificence. The opulence is mirrored through an elegant designer cluster of ownership villas, condominiums and modern styled apartments. 'Raheja Exotica - Sorento', has a fresh grandeur breathing beauty and serenity beyond the fast and furious pace of life.

With state-of-the-art amenities, 'Raheja Exotica - The Ocean City' is well connected to the mainland. The serene expanse of the Madh Island is mapped and connected to Versova by ferry, along with 25 minutes of drive through greens by road from Mindspace, Malad (W). “

With life and infrastructure in Mumbai getting upgraded at a fast pace, there is a proposed bridge connecting Versova to Madh reducing the travel time of the affluent travellers' to half. Also, the proposed Coastal Road is perceived to make south Mumbai more accessible and bring Madh Island even closer to mainland Mumbai.

Equipped with 37 amenities in five demarcated branded zones to provide a holistic lifestyle, The Ocean City promises consistent extravagances in all aspects. The amenities provided to residents in the project include operational club house, swimming pool, rejuvenating spa, squash court, Cafe Lagoona, gymnasium, well-equipped business centre, multipurpose banquet, games room, high-end security services, 24/7 assistance, housekeeping and laundry, food court with kitchen, supermarket, medical centre etc. The five zones include Ocean City park, Club Exotica, Vista - The Sky Avenue, Score - The activity zone and DownTown - The town centre.

For a lifetime experience and to retire into the lap of luxury, the twin towers of Raheja Exotica - Sorento create extravagance with hi-rise above 36 storeys into the sky. The towers with 376 apartments are spacious and perfectly styled in configurations of 2 BHK (843 sq ft carpet onwards), 3 BHK (1119 sq ft carpet onwards) and 4 BHK (1828 sq ft carpet onwards) apartments that promise to give a spectacular view of the calm and peaceful Arabian Sea.

The modestly priced luxurious project offers 2 BHK starting from 1.85 Crore. Spacious 3 BHK is listed at 2.25 Crore and 4 BHK in the grand scheme of design stands at 3.33 Crore onwards. It is specifically designed by keeping the second-home concept in mind pleasing the achiever and affluent.

Design Forum International Brings About a Revolution in Affordable Housing

2017-08-24T04:26:00.000-07:00

Increasing by nearly 100% since the first half of 2016 from the year-ago period, there is a buzz around the affordable housing segment after the announcement of slew of rebates on home loans under the Pradhan Mantri Awas Yojana. However, this sudden augment of the real estate market has led to a decline of quality homes in the affordable segment.

Design Forum International (DFI) felt the need to solve this problem looking beyond the buzz word and coming out with a design solution and setting benchmarks in this domain.

The market potential of affordable housing projects in the country is expected to touch trillions in a few years and the demand for affordable housing is expected to remain healthy, emanating to young demographic profile, shift towards nuclear families and rapid urbanisation.

DFI, being the first architectural firm to get approval under affordable housing scheme by Haryana Government, has successfully delivered projects in that region and other states without compromising on quality and the facilities provided. The projects delivered by DFI were finished at a cost lower by staggering 15-25% compared to similar developments.

Summer Palms in Faridabad is a fine example of affordable housing projects by DFI. This project was finished at an average cost of Rs. 1,050 per square foot yet has a thoughtful and efficient landscape design, with a blend of play and leisure areas, a fully functional and aesthetic club and sports facilities. DFI takes pride in successfully delivering similar affordable housing projects across the country such as BDI Ambaram - Bhiwadi, Paradise 62 - Gurgaon, Blue Jay Housing - Bangalore, Surya Housing - Lucknow, Vibrant Township - Bahadurgarh and many more.

The influx of professionals to Tier 1 and Tier 2 cities has increased the demand for affordable homes. Very often, the affordable housing schemes are equipped with substandard amenities and are designed keeping in mind the EWS and lower income sections.

They are not designed for the middle working class that needs quality homes. Affordability is often misinterpreted in Indian context, this means cost-cutting by developers that leads to provision of poor level of amenities provided to end user. The scheme to this should be quality with value for money.

Affordable housing built under the public-private partnership model is facing limited success in achieving its purpose, i.e., reducing the existing urban housing shortage. The major reasons are the mismatch in demand and supply and location coupled with dwindling quality.

A cost-efficient quality home has all the attributes of a premium property, but is affordable to a larger segment of the population. The benefit of affordable housing is in its ability to enable families to have the opportunity to live in communities close to work, education, and affordable transportation, while making provision for those most at-risk in our society. The affordable luxury market is fast expanding its base to include home buyers from the middle class.

DFI, with their futuristic approach towards architecture and design, hit on 'Concept Homes'. These homes will allow homeowners to reconfigure their home as their lifestyle and economic situation changes. Rooms can change in size and/or a complete floor may change in function. The dwelling can be reconfigured as the size of the family increases or its needs change.

Foldable furniture can also be brought in to add more space and functions to a room. This, as they foresee, will bring about a revolution in the affordable housing market in India.

About Design Forum International

In the year 1995, three young architecture graduates from IIT Kharagpur started an architectural practice called Tevatia, Chauhan & Sharma Architects (TCS). In 2003, the practice was rechristened as Design Forum International (DFI) headed by three partners Anand Sharma, Anoj Tevatia, and Goonmeet Chauhan, with a clear intent to foster an egalitarian organizational ethos where distinctive architectural talent finds self-expression and can contribute in a democratic and collaborative work environment.

The practice has since grown from strength to strength pursuing a distinctive value-based architectural spirit that DFI imbues with a portfolio covering large array of work in the domain of architecture.

Rustomjee Launches 'Special Limited Edition Homes' in Thane West

2017-08-24T01:45:00.001-07:00

Rustomjee has launched its special limited edition homes in their 30-storey standalone tower, Aurelia, which is a part of its Rustomjee Urbania Township in Thane West.

With an existing occupancy in the township of over 2000 families, Aurelia has witnessed an overwhelming response in its pre-booking sales with over 160 families having expressed their interest through pre-bookings last year during the time of its launch. Aurelia provides rooftop amenities, a first for Thane residential real estate.

Rustomjee Urbania Township

Aurelia, the 30-storey standalone tower offers 2BHK apartments ranging from 599 - 612 sq ft (Carpet Area) coupled with rooftop amenities. From rooftop swimming pool with deck to a stargazing deck and a party terrace, Aurelia has it all to choose a life not limited by square feet. What makes Aurelia perfect for families is that it caters to every generation cutting across age groups with amenities like gymnasium; kids play area, senior citizen area and party/multipurpose hall.

Speaking on the launch and inception of the tower, Percy S. Chowdhry, Director, Rustomjee Group said, "The demand for 2BHK has gone up considerably in the last few years and Thane has gradually become a preferred investment option for aspirational housing. It is very heartening to see the interest of home buyers in Rustomjee Urbania Township and given the overwhelming response, we have launched special limited edition homes in Aurelia, the 30-storey standalone tower within the township at a price that this segment is comfortable with. What differentiates this tower from the rest in Thane is the rooftop amenities that promise to deliver a bespoke living experience to its residents as well as its strategic location within the township that has an operational IGSE school, retail, kid's playing area, multi-sports arena, fire station open."

Location

Located in Majiwada, Thane W, Aurelia offers its residents an easy access to the public amenities. While on one hand there are several corporate parks in the vicinity, on the other there are best-in-class hypermarkets and shopping malls like Korum, Viviana and Hypermarket that will solve the shopping woes of the residents. The proposed 11-km long tunnel between Thane-Borivali and the proposed metro lines connecting Ghodbunder to Wadala are set to make Thane one of the most well-connected suburbs in the Mumbai metropolitan region (MMR).

Rustomjee Urbania Township is aesthetically designed by the most renowned architect in India, Hafeez Contractor. This township houses a Multi-Sports Arena which is artfully composed within the project to engage its users in a healthy and refreshing environment. The new micro environmental condition will not only provide for a healthy environment for the residents but also cast a positive effect on the surrounding parts of the city. Rustomjee Urbania is one of the only township in Mumbai that has received Gold Rating from IGBC (Indian Green Building Certificate) and is one of the most awarded township project in India.

Rustomjee Urbania houses the Rustomjee Cambridge International School, the first school in the integrated township and brings forth a solution to issues of access to good educational institutes faced by students and parents in crowded metro cities like Mumbai. Affiliated with International General Certificate of Secondary Education (IGCSE) Program of University of Cambridge, it makes global level of education available to students, at walking distance from their homes.

It also houses 'Leon's World' which is a space developed, in consultation with experts, to provide children a stimulating environment. It caters to different aspects of growth and development. Mentors present at the center guide children in exploring various fields including arts, mathematics, science and language through play way learning methods. In the past two years, Rustomjee Urbania has organized activities such as a Summer Fest, Adventure Carnival, Urban Farm Fest, among other monthly workshops that encourage children and parents to come together and spend quality time.

About Rustomjee:

Rustomjee has carved a niche for itself in the ever-growing real estate sector, with a portfolio that includes 14.32 million square feet of completed projects; 12 million square feet of ongoing development and another 28 million square feet of planned development in the pipeline, spanning across the best locations of Mumbai Metropolitan Region (MMR). Their portfolio currently includes two very large townships, residential spaces, office complexes, retail developments, spaces for healthcare and education spread across BKC Annex, Khar, Off Juhu Circle, Kandivali, Borivali, Virar and Thane.

Rustomjee lays emphasis on adding value to the lives of their homeowners through their core business, their CSR initiatives and philanthropy. They have strived to ensure that every blueprint includes child-friendly spaces for parks, playgrounds, and learning rooms and thereby encouraging families to spend quality time with each other.

Investment Tips: Buying a Home That Delivers

2017-05-03T22:52:00.000-07:00

With Real Estate Regulation Act (RERA) as well as various other policy initiatives such as the Benami Transactions Act and the Government’s determined push for affordable housing, the time has never been better to buy a home.

We are already seeing a lot of increased activity in the residential property market in the larger cities. After the dampener of the demonetization move late last year, the positive buyer sentiment visible now is especially significant.

With the return of buyer sentiment, builders are obviously determined to capitalize on it via increased marketing efforts. Given that there is already a lot of supply on the residential market - a lot of it for ready possession - fresh launches have been curtailed so that existing inventory can be absorbed. Much of the intensified marketing efforts are centered around special deals and offers.

Advice To Property Buyers

Obviously, it is a very advantageous time for property buyers right now. Yet, they should be judicious while evaluating offers and schemes and base their purchase decisions solely on the real value of the home instead of on freebies. Buying a home is an expensive undertaking, often involving a substantial part of a middle-class family's savings as down-payment and a prolonged commitment to pay EMIs for several years.

Freebies such as gold, cars and household goods have an undeniable attraction, but they are fundamentally frivolous in nature and do not add to the value of the home.

The price of a home is obviously an important consideration for middle-class property buyers. However, the strategy of looking for the cheapest options on the market does not make much sense because it is quality that determines value. In the case of residential property, the quality of an offering is vested in three aspects:

- The quality of the location

- The brand value of the builder

- The availability and quality of facilities and amenities in the project and in individual units

The evolution of 'location value'

Central locations are traditionally the costliest, thanks to the fact that they offer great access to many important parts of the city - most importantly the CBD and SBD (central and secondary business districts). These areas tend to host the offices of high-profile companies, which also tend to offer a vast cross-section of jobs - from highly-paid management to more modestly-paid support staff jobs. Even the second category of jobs is attractive because growth prospects in high-profile companies are usually very good. This is what makes living in central locations very desirable - and, from a real estate pricing perspective - very expensive.

In India, this mantra was rather inflexible and held true for a very long time - until the advent of the Infotech culture. The IT/ITeS industry tends to offer very good salary packages but is not focused on high-value locations. Quite to the contrary - such firms prefer to set up shop in peripheral locations so as to save on the real estate costs. As a result, many of a city's outskirts have become very desirable places for homebuyers, and they are far less expensive.

For IT professionals and industrial employees as well as property investors, buying a home in a peripheral location that connects to an IT hub and/or manufacturing belt makes perfect sense. Unfortunately, such locations attract all kinds of developers - from those who have a reputation for creating true lifestyle value offerings to those who specialize in constricted, lifeless 'pigeon-hole' homes. This is where the brand value of a developer plays a significant role.

Brand value stands for assured quality

With a lot of housing supply available in the new growth corridors, buyers are spoiled for choice. The consideration of 'ticket size - the cost of a flat - is obviously important, but one still only gets what one pays for. Ultimately, a home is not just an asset but one which performs the very critical function of offering refuge, comfort and security - the three mainstays of lifestyle. Buyers must look for options which offer them these three advantages to a satisfactory level. Branded builders provide these as part of their standard value offering because their reputation demands it.

Facilities and amenities - life beyond mere living

If four walls and a parking space would be enough to serve our housing needs, the real estate industry the world over would be a very unexciting one at best. The fact is, urban life today places a lot of stresses and demands on us, and our homes cannot only be places of refuge but must also provide healing and rejuvenation from these. A clubhouse, swimming pool and children's park are no longer luxuries but the bare minimum an Indian homebuyer can and should expect. A residential project that does not offer these falls far short of the required mark.

Obviously, even projects without such offerings will find buyers because of their lower prices - but such buyers find very little comfort in their purchases. While short-listing prospects for home purchase, it is definitely important to ensure that the final selection provides a decent lifestyle and not just an abode.

If one looks at the supply on the residential property market from such a focused perspective, the bewildering choice of options automatically narrows down to a more manageable and comprehensive level. Always to be kept in mind - buying the right home is not just about present and future comfort but also about investment growth. Homes in good locations, built by reputed developers with a good saturation of amenities and facilities will always yield better capital appreciation as well as potential rental income for property investors.

Contributed by

Kishor Pate, CMD

– Amit Enterprises Housing Ltd