Villas In The Sky-line of Bangalore

Chennai: Cushman and Wakefield, the global property services consulting firm has announced that it has been appointed as exclusive marketing partners by Equinox Realty, the real estate arm of Essar Group, for Villas In The Sky range of apartments at Water’s Edge in Hebbal, Bangalore. 

These super premium homes christened ‘Villas In The Sky’ are luxury four bedroom apartments with study that come with exclusive features such as a private elevator, lap pool and Jacuzzi, raising the luxury quotient.

Situated in a 40-storeyed-tower, each of the 4995 sq.ft. apartment offers residents a truly world class lifestyle, complete with an exclusive concierge and home support service. The sprawling apartments have their own private study, provision for a bar and home automation system. 

Each apartment is open on three sides and offers a breath taking panoramic view of the Nagavara Lake and surrounding cityscape.

Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield said, “Bangalore is a promising destination for both buyers and investors alike for making mid to long term real estate investments. The city has witnessed an increase in demand for high-end properties, thereby witnessing significant capital appreciation for quality units. The Water edge Project is one such project that offers international amenities for discerning home buyers and given its location can provide promising returns to an investor.”

Sanjay further added, “C&W strives to provide best in class real estate solutions to our clients, going beyond expectations using our experience and market knowledge. In this assignment, C&W hopes to take on a strategic role through focused and result oriented marketing services which will help our client realize the full potential of their portfolio. We appreciate the opportunity to partner with Equinox Realty, as it would give us another significant opportunity to showcase our Project Marketing services in the residential market.

Cherag Ramakrishnan, Head of Equinox Realty, said “‘VillasIn The Sky’ are residences created for those who seek that little extra in terms of luxury and lifestyle. They have been designed to give the feeling of exclusiveness and cater to a refined taste for fine living. We have appointed Cushman & Wakefield as marketing partners for these residences as we feel they have right clientele, reach and experience to efficiently market this product in the luxury segment. We are confident that this association will be a mutually beneficial one.”

Highlights of the Villas in the Sky:

·         Private elevator opening into the apartment

·         A 20 feet long lap swimming pool

·         Indoor Jacuzzi

·         Private study

·         Home automation system with control for lights, security, curtain control, climate control etc.

·         Exclusive concierge and home support services

Water’s Edge features five 40 storeyed towers, opposite the Nagavara Lake and is currently under construction. It is estimated for completion in phases during 2016-17.  Hebbal is serving as the new address for the upper crust offering a breath taking lake side scenery and creating an ambience of comfort and a tranquilizing experience.

Arcadia at Sahakar Nagar - Luxury Redefined

Sahakar Nagar represents a unique blend of traditional and modern lifestyle, and the real estate balances these two splendidly, says, Kishor Pate, CMD - Amit Enterprises Housing Ltd.

Pune's rapid urbanization causes new areas to spring up as real estate destinations with every passing year. Simultaneously, the city's population itself is becoming more and more homogenized, with traditional value systems giving way to a more modern, all-encompassing outlook.

Pune is witnessing a very high rate of cross-border cultural exchange, with an increasing number of its citizens traveling abroad even as more and more international tourists explore the city each year. The IT culture, glitzy shopping malls boutiques offering the latest in global fashion trends and international schools are all part of this process of cultural homogenization.

Nevertheless, the old Pune - the city, which holds on to its traditional values and outlook - continues to exist. It is less visible today than it was just ten years ago, but the spirit of Punyanagari lives on in its core areas. Sahakar Nagar is perhaps the prominent of these strongholds.

Sahakar Nagar represents a unique balance because it has retained the city's traditional culture and sophistication while at the same time evolving to keep pace with the times. From the outside, the tranquil dignity and old-world charm of Pune's most exclusive and desirable residential location gives no visible indication of change. Nevertheless, Sahakar Nagar as a real estate location has been seeing a constant process of reinvention.

The inherently high economic profile of this area has ensured that old residential buildings have been constantly redeveloped. This is largely because Sahakar Nagar's elite residents themselves have a stake in preserving the ethos and viability of this locality. As a result, Sahakar Nagar has shown none of the signs of urban decay so common to most other areas where no new development is possible.

In fact, the past few years have seen no new residential developments at Sahakar Nagar because of the lack of land. Redevelopment and up-gradation of existing buildings is largely being undertaken by the area's own HNWI stakeholders. Against this backdrop, Amit Enterprises Housing Ltd is now developing what will literally be Sahakar Nagar's last addition to this exclusive landscape.

Arcadia, in the final stages of completion next to AEHL's previous project 9 Green Park, is spread over 4.3 acres of Sahakar Nagar's most spectacularly beautiful hilltop location. Comprising of two high rise towers of ultra-luxury living spaces, each supported by multi-storeyed reserved parking, Arcadia will deliver 62 apartments to Pune's most discerning home buyers in the city's most aspired-for residential location. Arcadia is the final brush-stroke on a priceless masterpiece called Sahakar Nagar - a location that always has, and always will, capture the very essence of all that is truly Pune.

Cities Shed Labels As Office Space Trends Diversify

Cities once known to be the long-time bases of specific occupier sectors are now experiencing a different and more divergent client patronage. This is because occupiers are increasingly taking a different path by choosing cities that have not historically been associated with particular industries or business sectors, says Ashutosh Limaye, Head - Research & REIS, Jones Lang LaSalle India.  

 The last twenty-one months (January 2012-September 2013) have differed notably from what was generally observed in the seven years up to December 2011. 217 million sq ft of office space was leased between 2004 and 2011, and in the twenty-one months since then another 46 million sq ft was taken up by occupiers. Of this, the share of IT-ITeS companies in total space leased across India up to December 2011 was 43% - this has now fallen to 36%.

Mumbai, Pune, Kolkata, and the Delhi National Capital Region (NCR) strengthened their share of IT-ITeS leased space from 38% to 52%, whereas Bangalore’s share fell to 18% from 34%. Since January 2012, manufacturing companies have accounted for 28% of the total leased space across India - 7% more than their take-up up to December 2011. 

Bangalore turned out to be the dark horse, leasing 41% of its space to this sector and relegating the IT-ITeS sector to second spot with 35% of the city’s take-up. Prior to January 2012, the share was IT-ITeS 44% and manufacturing 26%. 

Mumbai has attracted more IT-ITeS companies than anyone imagined likely, and Pune’s dependence on IT-ITeS has fallen from 59% to 45%. Since January 2012, the vacancy rate in IT Parks-SEZs in Mumbai has fallen to 24% from 29%, while that in non-IT buildings has risen from 16% to 21%. This trend may continue, as by December 2015 another 13 million sq ft of non-IT office space will hit the market - contrasting with just 6 million sq ft in IT Parks-SEZs. It is pertinent to note here that while IT Parks can host non-IT occupiers to a certain extent, IT occupiers have to operate from IT Parks-SEZs for business efficiency.

Hyderabad has emerged as the city of first choice for healthcare, biotech, telecom, and construction companies, which together have taken up 28% of the total space leased in the city (up from 12% up to December 2011). This improved Hyderabad’s share to 16% (up from 8%) of total space leased across India for these sectors. Meanwhile, more consultancy companies have moved to NCR and the Banking, Finance and Insurance sectors (BFSI) has evidently re-assessed its hitherto singular focus on Mumbai and added Pune to its preferred destinations.

It will be interesting to observe how commercial space developers across cities respond to this new diversity trend.

Singnifiance of buying home during festive season

Why do we Indians see such deep significance in buying a home during the festive season? Is it really only about the freebies and schemes that some developers offer? This is a myth which needs to be debunked. To understand the real basis of this traditional trend, one needs to grasp the key concepts behind the Indian festive period - security and prosperity, says Arvind Jain, Managing Director of  Pride Group.

It is a well-known fact that one can judge a country's economy on the basis of its real estate market. However, the traditional correlation between housing and personal security, wealth creation and financial growth is far more important, yet far less discussed.

Housing is among the most fundamental of all human needs. It is only when people's housing needs are adequately addressed that they can turn their attention and resources towards securing the family's future. The generation of financial resources to sustain the family over the long haul can only begin in earnest when the family's housing needs are adequately met. Until then, there is a disturbing sense of incompleteness and insecurity.

It is only when the family is secured in a self-owned home that actual wealth creation can truly begin. This is also the point at which an Indian household tends to contribute more to the economy. This is true regardless of whether the home has been bought outright or via a loan. While monthly rents are simply a heavy recurring expense, EMIs towards a home loan are actual investments.

Operating from this newly emancipated mindset, the family will now put more money into lifestyle-enhancing goods and services, maintenance and home improvements. It will also pay property tax - and, with increased financial security, often invest surplus income in schemes and instruments that fund infrastructure projects and keep industries afloat

In India, a self-owned home is in itself perceived as the cornerstone of personal wealth and the family's assured long-term financial security. This is why the purchase of permanent homes is such an important feature of a festive season that denotes prosperity and happiness. With this milestone, the family has put the bondage of monthly rent, landlords' whims and other subtle restrictions to growth behind it. It can now embark on the journey of building a secure financial base for the current and future generations.

There are also other reasons why Indian families buy homes during the festive season. By doing so, families embrace the assurance that their adults will have the dignity of a place to live in during their Golden Years, and that their children will grow up in a secured environment that they will eventually inherit.

The family is putting down permanent roots, often after years of perceiving itself helplessly at the mercy of unpredictable forces. The appreciating value of the purchased property also stands as a firm fortress wall between the family and financial setbacks. Owned property is a tangible asset against which a loan can be procured in an emergency.

Given all these factors, it makes perfect sense that Indian families prefer to buy their homes during a period of high religious sentiment. The human spirit's quest for higher ideals can only begin when it has a safe harbour to anchor in.

Perhaps it is appropriate to recognize this deeper significance of buying a home during the festive period - and to understand that it is less about freebies than about freedom.

About The Author

Arvind Jain is Managing Director of The Pride Group, a world-class property development conglomerate that is changing the cityscapes of Pune, Mumbai and Bangalore. Established in 1996, The Pride Group has built and delivered over 10 million sq.ft. Of constructed area and has an ambitious target of over 15 million sq.ft. by 2013. In Pune, Pride Group has ongoing projects in Baner, Wakad, Dhanori and Aundh. The Group also has 400+ acre township at Charoli near Lohegaon Airport in the pipeline.

Delhi NCR developers to cash festive season to boost sales

Over the last two quarters, the residential property market in South Delhi has shown only marginal appreciation in capital values and rentals. This could have more to do with the recent upward revision in circle rates in various zones than anything else. 

Supply and demand dynamics in South Delhi have been more or less constant, and the revision in circle rates has resulted in larger cheque amounts and lower potential for offloading cash in real estate transactions. This has, in fact, acted as a check on the anticipated price appreciation in South Delhi, feels,  Santhosh Kumar, CEO – Operations, Jones Lang LaSalle India.

South Delhi residential markets such as Saket, GK1, GK 2, Green Park and Hauz Khas have not shown much price fluctuations over the last two years. The average pricing seen in Q1 2011 does not differ visibly from the current averages. Currently, residential property price points in South Delhi are in the range of Rs. 24000-32000/sq.ft.

In Gurgaon, almost all major micro-markets have witnessed significant variations over the 2011 levels. Super-luxury residential price points have definitely corrected, currently being in the range of Rs. 23000-28000/sq.ft. as compared to the Rs 30000 - Rs 35000/sq.ft. range two years back. Premium / luxury projects in Gurgaon are currently priced between Rs 12000 - Rs 17000/sq.ft.

On Golf Course Road, normal apartments are currently priced in the range of Rs. 12000-16000/sq.ft. as compared to the price range of Rs. 8000-9000/sq.ft. two years ago. On MG Road, the current prices for residential apartments range from Rs. 10000-12000/sq.ft. as against an average of Rs. 8000-9000/sq. ft. in 2011.

Residential apartments on Golf Course Extension, which has a huge upcoming supply, are currently priced in the range of Rs. 8000-13000/sq.ft., while the corresponding figures two years back were Rs. 6000-9000/sq. ft. The current prices for apartments on Sohna Road range from Rs. 9000-9500/sq.ft., while the prices for comparable properties in same location at beginning of 2011 were in the range of Rs. 7000-7500/sq.ft.

Apart from the traditional high-demand residential micro-markets, other locations that are emerging as promising destinations are the Southern Periphery and Dwarka Expressway. Today, the Southern Periphery has properties priced in the range of Rs. 6000-7000/sq.ft. as against the price levels of Rs. 4500-5500/sq.ft. a couple of years back. Prices for properties on Dwarka Expressway are currently selling at rates ranging from Rs. 6000-8000/sq.ft. - this represents an appreciation of over 50% over the corresponding 2011 levels.

The Gurgaon residential market has currently stabilized, and there is no scope for any significant appreciation in the near term. Gurgaon has transformed to being an end-user driven market from an investor-driven market – short-term speculators on the lookout for immediate capital gains have ceased to exist in this market. 

On the other hand, the Southern Periphery essentially remains a hotbed as at the current price points, as it has the highest magnitude of affordable options. The proposed widening of Golf Course Road, the construction of the underpass and the proposed expressway will boost connectivity is further going to improve significantly. This will help improve sales to some extent.

Developers in the NCR region have been hit adversely due to the drop in residential prices at a time when they are running high inventory levels. Residential sales have picked up only marginally over the last three quarters. Against this backdrop, boosting sales in the top-most priority for developers, who will use all means to cash in on the festive season. 

 

In this period, buyers can expect serious incentives and discounts. If the various offers currently being put out on the market do not elicit the required response, developers will be forced to reconsider their pricing.

NDTV launches portal for property assistance

Following the success of NDTV’s Property Show and the weekend edition ‘Property Its Hot’, NDTV has taken it to an all new level and launched an official website - ndtv.com/property. It is India’s singular online portal where buyers and investors will have the ease to navigate through the most researched and insightful content on real estate in the country.

The website will be the sole online destination for all real estate related information, featuring latest policy issues that affect buying decisions; exclusive interviews with leading industry voices and decision makers; insights from thought leaders; advice from top legal, finance and tax experts and much more. The site also has a special section dedicated to address queries from NRI investors and buyers.

Commenting on the launch Vikram Chandra, Group CEO NDTV Network, said, “We have received extremely positive feedback from our viewers on our Property Show. With the introduction of the official website, we now hope to be able to provide our viewers with assistance on every aspect of the industry round the clock.”

The exclusivity of the site lies in it being a one of its kind online platform, featuring residential projects recommended on the basis of exhaustive research done by a team of on ground researchers. The experts' recommendations are placed citywise and are in all budgets and sizes across 24 cities in the country.

Going that extra mile to bridge the gap between buyer and the builder community NDTV has also introduced a special section called ‘Rate Your Developer’ where buyers can give feedback on their developers through a simple survey.

Will REITs revive the struggling real estate sector?

SEBI's recent guidelines on REITs is the good news is that the regulator has clearly expressed willingness to kick-start REITs at the earliest, says  Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India.

The market regulator Securities and Exchange Board of India (SEBI) has recently released guidelines for operation of Real Estate Investment Trusts (REITs) in India after five years of delivering its first draft. The statement clearly spells out the need for REITs implementation in India at the earliest, considering the huge popularity of this real estate investment platform across the world. 

In fact, the entire REIT framework was more or less withdrawn after the 2008 draft to make way for Real Estate Mutual Funds (REMFs) - which eventually did not materialise either. The current draft is open for public comments until 31st October.

Broad Operating Guidelines Defined

The eligibility criteria for REITs that have been spelled out suggest that initially, only large and established asset management firms can participate. The minimum asset size of REITs should be Rs 1000 crore. The REIT shall have parties such as trustee (registered with SEBI), sponsor, manager and principal valuer. 

To begin with, all REIT schemes will have to be close-ended real estate investment schemes that will invest in real estate with an aim to provide returns to unit holders. Returns will be derived mainly from rental income or capital gains from real estate. 

The minimum size of an initial public issue will not be less than Rs 250 crore, of which at least 25% has to be publicly floated.

Low leverage and limited participation seem to be the initial safeguards. While the 25% public float criteria exists, SEBI has limited participation in REIT IPO to HNIs and institutions until the market develops fully. Thus, the minimum ticket size for investment is kept at Rs 2 lakhs. 

Also, in order to safeguard against over-leverage, the borrowing limit for REITs is limited to 50% of the asset size. If the borrowing limit crosses 25%, an approval must be sought from investors and a credit rating must be obtained from a reputed rating agency. Also, any transaction that exceeds 15% of the asset value needs investor approval.

Highlights of SEBI's draft proposal:

• 90% of the investment must be done in 'completed' revenue-generating properties
• The remaining 10% can be invested in other assets as deemed fit by the REIT manager
• There will be no investment by REITs in vacant or agricultural land
• 90% of the net distributable income after tax is to be distributed to investors (the issue of double taxation, as raised by industry participants reacting to the previous draft, still exists)

These guidelines amplify in some greater detail what was shared in the previous draft. The good news is that the regulator has clearly expressed its willingness to kick-start REITs in India at the earliest. 

The cautious approach adopted by SEBI during this initial period is acceptable and appreciable. One concern is with regards to the strengthening of our legal framework surrounding real estate in India, which is a pre-requisite for REITs to thrive here.

The Real Estate Regulatory Bill, which was approved by the Union Cabinet in June 2013, was therefore a move in the right direction.

Is it right time to buy a home in Pune?

This question is being asked by countless Puneites still living in rented properties, and by people seeking to make this beautiful city their home. The answer is - it is certainly the right time to invest in property in the right cities, right locations, at the right price and for the right duration. Not all cities currently have real estate markets which are performing well - in other words, where residential supply is being bought up at a healthy pace, says Kishor Pate, CMD - Amit Enterprises Housing Ltd.

Kishor Pate

Pune is one city where the residential property market has maintained its momentum even in these challenging times. In fact, Pune has been one of the best-performing residential real estate markets in the recent past. 

Not all locations in Pune are performing equally well - many areas do not yet have enough infrastructure to pull them up. But on the whole, pricing of mid-income and even premium housing is still affordable to buyers when compared to cities like Mumbai and Bangalore. In contrast, there is currently not a single location in the Mumbai Metropolitan Region which is performing well, both because of exorbitant pricing and severe infrastructure deficit everywhere.  

It is a good time for end users to buy property, but a bad time for investors. End users have a variety of options to choose from in most locations, and are in a position to bargain with developers. Also, they benefit from the inevitable long-term appreciation of residential real estate because they purchase property for self-use over long periods that often span several generations. This is an ideal scenario for appreciation, since real estate investment must always be done with a long-term view. 

Investors, on the other hand, are actually being kept at bay by most established developers as they tend to drive up prices unnaturally. Their sole intention is to sell their properties at inflated figures as soon as the market picks up again. Investors are one of the prime reasons why residential property prices in Mumbai have spiraled out of control. 

Reputed developers in Pune are not keen on having such a scenario replicated in this city. It has already seen a significant degree of investor activity, resulting in around 30% of the current residential stock being held by investors. Apart from the unnatural effect on pricing, short-term investors now represent a high-risk category for developers. Because of the slowing of the economy, many such investors are now defaulting on their payments to developers.

The genuine customer is now once again king, and no longer at the mercy of the market. The festive season is an ideal time to buy a home if one has studied the available properties on the market carefully. Developers look on the festive season as 'peak time' for sales, and are therefore very responsive to genuine buyers who are looking for a better deal.  

Advantages of Ready-Possession Flats over Under-Construction

Given the current market dynamics, ready-to-occupy flats are certainly desirable choice for the risk-averse, as well as for those in a hurry. However, ‘desirable’ does not necessarily equal ‘feasible’, since such flats are quite expensive in our metros, says, Kishor Pate, CMD – Amit Enterprises Housing Ltd.

In cities like Mumbai, Delhi and Bangalore, ready-to-occupy flats are certainly not options for everyone. On the other hand, more rational markets like Pune are seeing quite a lot of absorption of ready-to-move-in flats because the prices of even such flats are still within one’s budget.

Currently, the demand in Pune is more or less equally balanced between under-construction and ready-for-possession flats. That said, we are definitely seeing a noticeable predisposition for fully-constructed budget flats in the less expensive areas as well as for luxury homes in lifestyle housing locations such as Sahakarnagar, Koregaon Park, Viman Nagar and Aundh.

Under-construction flats are preferred by mid-income home buyers as they are more cost effective. Buyers on a tight budget tend to favour these options for the economic advantage, even if they have to stay in rented housing for the duration.

Buyers focused on under-construction flats in Pune are aware of the fact that rates increase as a project nears completion. Those who can wait for a while definitely avail of the early-mover advantage by booking under-construction projects. We must remember that Pune’s residential property market is driven primarily by the middle class, with its implied limitations in spending power.

Investors are also more aligned towards under-construction properties, since the price advantage adds to the overall profit they hope to generate. Investors invariably come into the picture at an early stage of the project cycle, while end users come in at every point in time.

Investors seek to lock in the cheaper purchase price at the under-construction phase of a project, and then benefit from the price advantage of selling a ready-to-move in flat when the project is complete.

One can understand the philosophy behind this strategy if one looks at the price difference between a flight ticket booked months in advance and that of a similar ticket bought on the day of flight. There is no difference in the distance traveled or the quality of services offered – yet the previous option is more cost-effective than the latter.

The demand for ready-to-occupy properties in Pune is driven by the IT/ITES sector and some components of the manufacturing sector. Everyone is under pressure, but the salaries that many people draw in these segments mean that they can afford the luxury of a ready-to-move in flat.

Fundamentally speaking, buyers who can afford ready-for-possession flats do not fall in the category of those who are overly focused on home loan interest rates or similar market dynamics. Middle-income buyers are not motivated by their need for greater convenience, but by their ability to pay for a home. Seen in this context, the greater demand in Pune will always be towards affordable housing options.

Delayed Projects Plague NCR Residential Market

Delayed delivery of residential projects has become a significant issue on the real estate market, leading to high levels of ire among customers, says, Santhosh Kumar, CEO - Operations, Jones Lang LaSalle India. 

In terms of the average delay in delivering residential projects across India, more than 25% of the committed supply has not been able to hit the market as per schedule. The National Capital Region’s performance in terms of delivery of residential supply due in 2013 has been the worst across all the major Indian cities.

In Gurgaon, only one-third of the total committed supply for 2013 has been delivered so far. The situation has been even more alarming in other NCR regions such as Noida, where only about one-fifth of the residential supply committed for delivery in 2013 has been delivered so far.

In the West, Pune and Mumbai have shown a much better performance in terms of project completions - these cities could deliver more than 40% of the committed supply of 2013 as per scheduled delivery.

With delivery delays, inventory levels across India have risen significantly. The Pan India inventory of residential stock is now well above the comfort level of 14-15 months. Mumbai has an inventory of close to 48 months, Delhi of 23 months and Bangalore of 25 months. These are close to the levels of 2007, when the residential real estate market's inventories were at an all-time high.

Why Project Delays Occur

The issues leading to residential project delivery delays are manifold. Poor project management is often one of them, but this is not essentially the prime reason. In fact, it is the current economic scenario - defined by high levels of inflation and escalating construction costs - that is the leading reason for delayed projects. Developers are facing a severe liquidity crisis and do not have the capital to complete their projects. However, there are also other factors at play.

One of these often is nothing more than a lack of commitment to timely completion and delivery on the part of a developer. We are currently looking at an environment wherein developers are obsessed with launching new projects rather than making the completion of existing projects a priority. There have been many instances where funds that were raised for a particular project were diverted for uses other than expediting the completion of projects under construction.

Delay in regulatory clearances is another critical reason for delays in project deliveries. In many cases of delayed projects in Delhi NCR, the water and sand crises as well as environmental regulations which developers have not been able to meet have played a role. In quite a few projects, the lag caused by various bureaucratic processes has also been an operative factor in delayed project clearances.

There is no doubt that the new regulations pertaining to land acquisition have thrown a rather massive spanner in the works. In the NCR region, a significant number of residential projects in areas such as Noida have been delayed because of disputes with regards to land acquisition.

Advice For Property Buyers

In the current scenario, the secondary market seems to be a more promising avenue for end-user buyers, as they can get better price points there. However, transactions on the secondary market often require buyers to have higher initial liquidity so as to be able to meet the immediate capital requirements. Also, in many of the projects, developers have put in prohibitive measures such as high transfer charges before the completion of the project. In such cases, the valuation might also not be very attractive at all.

Nevertheless, developers are feeling lot of financial pain and are now offering attractive construction-linked and payment plans, with the bulk of the payment phased towards the time of possession. These plans allow buyers with limited liquidity to proceed with the purchase. Also, CLPs mean that buyers have reduced exposure to the risk of delays.

We expect that in the ensuing two quarters, developers will come out with more incentives and discounts to attract buyers. In other words, the primary market will continue to maintain its appeal. Buyers are, as always, advised to do a complete and thorough due diligence of the credibility of any developer they seek to deal with. Especially in the current scenario, the delivery track record for previous projects is a vitally important guideline for investment in the primary market.

Alchemist group to develop township at Kolkata Riverside

Kolkata:  Delhi-based real estate developer Alchemist Township India has bought two million square feet of prime residential land from Highland Group at Kolkata Riverside, a satellite township development, encompassing 262 acres being developed on the banks of the Hooghly River.

Altogether, Alchemist Township India has earmarked approximately Rs. 600 crore for this project. Leading international property consultant, Jones Lang LaSalle India was transaction partner for both the firms in this deal.

Mayank Saksena, Managing Director - Land Services, Jones Lang LaSalle India says, "Kolkata Riverside is a prime township project that incorporates the latest features in environment-friendly urban planning. It also has a very healthy mix of market drivers, including a 25-acre IT Park created entirely on sustainable development parameters, various commercial establishments catering to the services sector, world-class physical infrastructure and advanced lifestyle features such as a golf course. Alchemist Township India Limited have made a very astute choice in terms of location and land parcel magnitude, allowing them to fully capitalize on this township's residential real estate potential."

Sumit Dabriwala, Managing Director - Highland Group says, "We are very satisfied to have the Alchemist Group as development partners at Kolkata Riverside. Alchemist will be the only outside entity to acquire land for residential development in our project. We have found a lot of synergy with them and are satisfied that they will both contribute to and derive optimum value from this partnership."

A spokesperson from Alchemist Township India Limited states that the Group intends to develop golf-course facing apartments and group housing in the two plots they have acquired. The corridor where Kolkata Riverside is located is developing rapidly, with high-speed road connectivity to Alipore actively underway.