Kochi: The key
infrastructure drivers include the Kochi Port, which is set for an
expansion with various green field infrastructure projects, including the
Vallarpadom International Container Transshipment Terminal. The Kochi
international airport was the first Indian airport to operate on a PPP model
with multiple stakeholders such as the government, airline operators, financial
institutions and non-resident Indians (NRIs). "Aerotropolis" is an
airport based industrial park being developed by the Cochin International
Airport Limited (CIAL). The project is spread over 450 acres of land under the
ownership of CIAL.
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After 6th pay award to government employees,
it is now the turn of lakhs of PSU
bank employees to earn a 17% pay hike, with arrears from 1997. With NCR alone having over a lakh bank employees, realty
firms are eyeing them as a captive customer bank, says
Sarthak
RK Bhandari, a senior official in
railways, had not thought of buying a
house before the implementation of 6th Pay Commission report for government
employees. And understandably so — before the report came in, his salary was
not enough to run both the household as well as pay an EMI on a home loan.
Once the much awaited pay commission report was implemented and salaries of
government employees increased appreciably, Bhandari booked a flat in a residential project of a
reputed realty firm in Ghaziabad.
"As my office is in Baroda House, I thought I should book my flat in Ghaziabad. That is
nearest to my office compared to other NCR
cities", says a delighted Bhandari.
Well, this is the story of a large number of government employees. There is no
doubt that last year, when realty sector was also facing the heat from economic
slowdown and people were loosing jobs, it was these government employees who
had given necessary push to realty firms. According to Samir Jasuja, CEO of
PropEquity, government employees were the ones to come to the rescue of realty
sector when the chips were down. It was a most unexpected bonanza for realty
firms. "The best thing about government employees was that there is no
issue of job loss for them. And, secondly, they got good hike in salaries after
6th pay commission report was implemented. That was enough for them to buy
their dream homes."
Realty experts say that even though many cash-rich
government employees with secure jobs are still looking for suitable homes, the
coming weeks and months would see a flurry of activity when public sector bank
employees would also get their new pay scale. The new pay scale has already
been implemented with an average hike of 17% in salaries. Now, realty firms
would and should try to woo them as well as bank employees will surely throng
new projects to book their flats.
In a recent survey by realty advisory, Century 21
India, around 12,000 flats would be available in both Ghaziabad and Greater Noida this year.
Devinder Gupta, CEO of Century 21 India, feels it is high time developers woo
both government employees and bank employees. "The over one lakh Delhi and NCR based bank employees can be tapped to buy
flats. As they do not get government accommodation, unlike many government
employees, they would like to buy their own houses," he says.
According to V K Suri, secretary of All India Bank
Officers' Association, there are over one lakh employees based in Delhi and NCR, and they would also get hefty arrears,
effective from November
1,1997. Moreover, they would be given new pay scales from, probably
next month. "I know for sure that many colleagues of mine have already
started looking for flats in the ongoing projects of various realty firms. Once
they get their arrears, as well as new pay, they would in all probability start
booking for their new homes," says Suri, who is also looking for a flat -
either in Ghaziabad
or Greater Noida - for investment purpose.
Do realty firms have a strategy to woo both government
and bank employees to book into their projects? Sunil Jindal, CEO of SVP
Developers, says that there cannot be any developer worth his salt who is
oblivious to the fact that they have a ready clientele in bank employees, even
as a large number of government employees are still on the look out for a
suitable home. "Our marketing guys are already on the job and they are
contacting government employees and bank employees. And due to their efforts,
we managed to sell over 200 flats in our projects in Indirapuram and Ghaziabad, during the
last 12 months or so," says Jindal.
The supply in Ghaziabad
will be spread across locations like Indirapuram,
Vaishali, Vasundhara and Raj Nagar Extension. According to a Knight Frank
report, 40% of this supply will be in the 3BHK category and 46% in the 2BHK
category. Due to availability of cheap land parcels on NH-58, Raj Nagar
Extension and NH-24, builders have explored these areas for developing
affordable projects. Supply in Greater Noida will be located in sectors Alpha,
Beta, Pi and Sigma. Ghaziabad
is all set to establish itself as a middle-class affordable realty destination,
while Greater Noida will emerge as a premium housing area. Realty experts also
point out that while Greater Noida means a good investment because of great
infrastructure, Ghaziabad
scores over Greater Noida because it is closer to the national capital.
"As Metro has already reached Noida and Ghaziabad, there is no
doubt that both these places will see a flurry of activity among new buyers of
flats," says Anil Sharma, MD of Amprapali group.
Meanwhile, Avinash Aggarwal, marketing director of OrangeCounty,
says that they (government employees) have always remained very high on their
agenda. That is a reason why developers always try to sell their products to
them. Aggarwal says that they follow values very vigorously and see to it that
they give them hundred per cent to their customers in terms of satisfaction.
Experts say that those who work for government or
semi-government organizations generally look for flats between the range of Rs
30 lakh and Rs 50 lakh.
Meanwhile, experts also say that there is still enough
scope to book flats in places like Gurgaon, Sohna, Sonipat, Bhiwadi, Faridabad and Meerut.
Prospective buyers should not ignore these places if
they want to invest money. "As they say, property always pays," says
Alimuddin Rafi Ahmed, MD of ILD group. In all these places, developers like
ILD, Omaxe, Supertech, DLF
and several others are building projects with great speed. Naturally, one would
not be a looser if they were to book flats in the projects of these players.
Today, National Highway 58 in Ghaziabad is among the important places to
invest in. This stretch has been seeing a lot of development and investment
potential. "For any person who is looking out for an affordable house, this stretch
promises a lot. Many developers are coming out with projects on this stretch to
meet burgeoning demand of middleclass end users," says Sanjeev Shrivastava, MD
of Assotech.
In a nutshell, it can be safely said that developers
will pull out all stops in wooing sarkari babus and banks employees over the
next couple of months.
Courtesy:- Times Property dtd:- 06-02-2009
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Sobha
Developers founded in 1995 by Mr. PNC Menon, (who returned back from middle
East where he was acclaimed for quality interiors and construction since 1977),
is a Rs. 12 billion plus company as on date.
The company has gone from strength to strength completing 18.0
million square feet of area as of September 2007, 42 completed
residential/commercial in house projects, 36 ongoing projects and 104
contractual projects beginning with the first residential project in Bangalore
in 1997.an industry leader in Bangalore, Karnataka, contractual projects have
also been constructed in Kerala, Andhra Pradesh, Orissa, Tamil Nadu, Panjab,
Harayana and Maharashtra.
DLF, the country’s largest realty firm, today bagged a 350-acre plot for Rs 1,750 crore in Haryana for developing a recreation and leisure project, making it one of the costliest land deals in recent times.
“The letter of acceptance has been issued to the successful bidder (DLF) after getting the approval from the state government,” Haryana State Industrial & Infrastructure Development Corporation Ltd (HSIIDC) Deputy General Manager Priya Sardana said.
Earlier this week, DLF emerged as the sole bidder for the 350-acre project after the bids of other parties — Unitech and Malaysia-based Consortium comprising CountryHeights, Country Club of South Africa and Rajarhat IT Park — did not qualify on technical grounds.
The qualified bidder, DLF, had quoted its bid at Rs 12,000 per sq mt against the reserve price of Rs 11,978 per sq mt for the project.
Earlier, BPTP had bagged a 95-acre plot in Noida for Rs 5,006 crore in 2008, but later surrendered because of inability to arrange funds for the payment.
DLF had acquired 38 acres in the heart of Delhi for Rs 1,675 crore. Unitech had bagged 1,750 acres in Vizag for Rs 3,350 crore, while the company won 340 acres in Noida at Rs 1,582 crore in 2006.
HSIIDC had invited competitive bids in January this year for allotment of 350 acres of prime land on freehold basis, at village Wazirabad in Gurgaon, for setting up of a recreation and leisure project comprising commercial and residential buildings and golf courses.
The corporation reinvited the bids after the sole bidder at that time — DLF — pointed out certain difficulties in project implementation.
In the second round of bidding, Unitech was disqualified as its partner was found ineligible for developing the project, while the bid of the third party did not qualify as the net worth of the Malaysia-based company CountryHeights was less than the required amount of Rs 500 crore.
Courtesy:- BS dt:- 21-08-09
REALTORS CASH IN ON THE GREAT INDIAN AFFORDABLE HOME RUSH
A fortnight ago, Jaypee Greens started bookings for its housing project— Aman — at the 70-acre residential township on the Greater Noida Expresssway. All the 3,000 flats, priced at Rs 2,100 a sq ft, were sold out by the first day. Exactly a year ago, the Jaypee Group company was offering flats along the same expressway for Rs 4,500-6,000 a sq ft.
Two days later, another Delhi-based developer, BPTP, announced that it had received bookings nearly four times more than its offer of 1,000 flats at its 1,500-acre township at Faridabad.
Welcome to the great Indian home rush at a time when the glitter of the premium segment has faded. Real estate companies are now going to the other extreme and falling over each other to offer affordable housing at a price range of Rs 5 lakh to Rs 50 lakh.
The varied pricing is a function of affordability being a relative term, depending on the location. For instance, a Rs 50 lakh apartment in Mumbai is considered affordable housing. In a city like Nagpur, the same price will qualify for premium housing. There is no confusion, however, with the huge target consumer base: 23 million Indians earning at least Rs 5,000 a month who do not own a house but aspire to do so, according to a study by Asish Karamchandani, CEO of Monitor India, a management consultancy firm.
That’s a good enough reason for Unitech’s GM (Corporate Planning) R Nagaraju to say the company would be “churning out affordable flats just like a factory produces goods”.
The country’s second-largest developer has shelved all premium housing projectsfor now. Poor response from buyers also prompted the company to recently convert its luxury project, Unitech Grande in Noida, to a mid-income project.
If Jaypee and BPTP hit the jackpot in the National Capital Region, others weren’t far behind. The Lodha Group, for example, has broken the sub-Rs 2,000 per sq ft price barrier in Mumbai by launching a 6,500 unit affordable home project at Dombivli at Rs 1,998 a sq ft. The integrated township will be spread over 125 acres with 3,500 houses.
The scene is the same elsewhere in the country. Bangalore-based CSC Constructions has launched three projects in the IT city, offering 2,000 apartments at Rs 5-13 lakh. Encouraged by the response, CSC has six more such projects in the pipeline.
Chennai hasn’t escaped the low-cost housing bug either. A subsidiary of Puravankara Projects, for example, sold 2,500 such homes in the Tamil Nadu capital within days and is now planning to develop 60 million sq ft of such properties over five years across five cities.
There are no firm estimate of the total number of such affordable flats on offer, but back-of-the-envelope calculations show top developers such as DLF, Unitech, HDILand others are planning over 55 million sq ft of new launches this financial year, around 90 per cent of their total number of new projects.
According to a study by PropEquity Research, 74 per cent of residential apartment sales in Mumbai in the first quarter of 2009 came from the low-cost segment. The trend was the same in Gurgaon and Chennai, too, where the corresponding numbers were 60 and 58 per cent. In all these cases, the apartment sizes were reduced and the average prices corrected 15-25 per cent, PropEquity data show.
This shift towards low-cost or affordable housing started after home sales fell up to 70 per cent in the early part of this calendar year from their peak in 2007-08. “People were earlier going for aspirational houses, as their salaries were going by 20 to 25 per cent every year. But now they have realised that salaries are not going to go up any time soon and those who have reached the top levels have already bought houses,” said Anshul Jain, chief executive officer, India, DTZ International Property Advisors.
CITY TO READY 27,000 UNITS IN 30 MONTHS AS SENTIMENTS IMPROVE
Developers in Pune have tried it all — discounts, trips abroad, cars and fixed rates — to lure buyers. In the last three months, there has been a pick up in sales of residential properties and prices have stabilised after slipping from the peaks of October-November. Canny buyers saw no benefit in the freebies or schemes, preferring instead lower rates. So, even those offers are over. The reason for an increase in enquiries and these turning into sales is the stable outlook. As people feel more secure, with fears of job losses receding, they are turning to purchasing homes. But housing finance institutions recommend a two-three month wait before pronouncing that the sector is really back on track.
“We are seeing some increase in sales of residential properties and most buyers want projects that are in the final stages of completion, say in six to eight months from now. In Pune, there is a lot of stock in this category so sales are actually happening,” said a senior official at a leading housing finance institution. Rates for homes in the city have come down by 20-25%, with actual rates being down 15-20%, the balance depending the customer’s bargaining abilities in getting the best deal. While Satish Magar, chairman and managing director of Magarpatta City Development Corporation and chairman of local builders’ body, CREDAI, Pune, agreed that the market has begun to look up, he said rates have actually come down only 7-10%.
“Builders have re-positioned their projects and they are all talking about affordable housing. I am referring to homes that the average middle-class buyer would buy, which would earlier have been a 1,200 sq ft two-bedroom-hall-kitchen (BHK). This has now become a 900-950 sq ft, two bedroom flat. The fastest moving flats in the city are priced in the Rs 25-45 lakh bracket,” Mr Magar said.
Changed specifications include reducing the size of the flat, thus its overall price, and reducing specifications. So, Italian marble will make way for either Indian marble or ceramic tiles, leading to a substantial cost reduction which builders are now passing on to buyers.
Lalit Kumar Jain, chairman of Kumar Builders, said: “In the last nine months, sales at our projects were near zero. And that was the case with a lot of other builders, too. Now that a new government is in place, sentiment is up and we are getting enquiries. March was a good month and May even better. We believe that in the next 45 days, Pune will have a demand for 5,000-7,500 units. A total of 27,000 units will be ready in the next 30 months in Pune, with a 5-7% price correction,” Mr Jain said, adding that this correction in prices would be immediate.
Property consultantsJones Lang LaSalle Meghraj (JLLM) maintained that the highest demand is for flats in the 900-1100 sq ft, in a price range of Rs 27-30 lakh. There is also a trend towards to the small one BHK flat or compact studio. However, builders claim that projects require a lead time of a couple of years so any changes they make now will actually come onto the market only a couple of years from now, when they hope these products will sell. On high-end residential real estate, Mr Magar said: “This is a recession-proof segment. The buyers in this segment are not job-dependent buyers and the builders in this segment, too, are specialists who do not look at bulk or mass housing schemes.”
