SEBI Bans Jeevan Suraksha Real Estate and Directors

Market regulator Sebi has imposed a ban on Jeevan Suraksha Real Estate and its directors for violation of market norms in raising of funds from public through equity shares.

According to media reports, the company, in 2006-07, had allotted equity shares of face value Rs 100 per share to 65 persons to raise Rs 10 lakh.

The regulator observed that allotment of the shares by the firm was a public issue, which under the rules require a compulsory listing on a recognised stock exchange. It was also required to file a prospectus, among others. Jeevan Suraksha Real Estate failed to fulfil these obligations.

Accordingly, the regulator restrained the company and its directors -- Chandan Das, Ashok Chakraborty, Uttam Acharjee, Pankaj Biswas, Champa Biswas, Sangita Das, Arju Acharjee and Dipamoni Acharjee from the securities market till further directions.

Further, the company and its directors have been barred from issuing any offer document or advertisement for soliciting money from the public for the issue of securities, a TOI report said.

The capital market watchdog has also asked the entities not to dispose any of the properties or assets acquired by that company without prior permission from the regulator as well as not to divert the funds raised from the public.

Meanwhile, in a separate case of alleged unauthorised fund mobilising activity from the public through Redeemable Preference Shares, a ban has already been imposed on the entities by the regulator.

In a separate order in the matter of Rising Agrotech Ltd, Sebi said one Lina Kayal, a director in the company, is also responsible for making refunds to the public.

In August last year, Sebi had asked the company and its directors to refund the money it had illegally raised from investors. The name of Lina Kayal as a director of the company came to the regulator's notice later.

Accordingly the regulator has said "Lina Kayal shall, jointly and severally along with the company and others as ordered vide the SEBI Order dated August 3, 2015, forthwith refund the money collected by the Company through the offer and issuance of Preference Shares" which violated market norms.

Kayal has also been barred from the capital markets till the expiry of four years from the date of completion of refunds to the investors, the report further stated.

Orris Infrastructure Launches Two New Projects in New Gurgaon

Taking a step further in their commitment towards Building a new India, Delhi NCR based real estate developer Orris Infrastructure Private Limited organised the Bhoomi Poojan of two projects one after another on the same day.

Speaking on the occasion, the Managing Director Amit Gupta shared his enthusiasm, “The primary requirement towards choosing a location or project to reside is Education, Healthcare, Retail & Entertainment. And in that order. At Orris, we believe in raising the bar when it comes to Customer Expectations and then delivering beyond that. Bhoomi Poojan of two projects on the same day is an exemplification of our spirit to deliver experiences that people would love to come back to.”

Bhoomi Poojan ceremony at The Blue Lagoon

The day had a blessed start with the Bhoomi Poojan at Sector 89, New Gurgaon wherein a Senior Secondary School will be constructed on a land parcel spanning 5.07 Acres. This will be first in the series of 10 such schools planned by Orris over the next 5 years. This business vertical of Orris will be headed by one of the most renowned academicians on Delhi who is already on board to develop & design the operational & aesthetic paradigms of the school. The first school at Sector 89, New Gurgaon will be spread over 2.5 lakh sqft and is been developed with an overall investment upwards of 85 Crores and the first batch up to Class V will be operational from April 2017.

This auspicious occasion was followed by another with the Bhoomi Poojan of a 10 Acre premium residential project in Sector 85, New Gurgaon. Christened as The Blue Lagoon, this top-of-the-line development is designed to offer a unique blend of the contemporary amidst the finest in natural habitat that architecture can imbibe. The development sports a Floating Restaurant right in the middle of the lagoon which dissolves into the horizon over infinity edges offering a magnificent mini-lake-view from the balconies of the 2-3-4 BHK Apartments that surround.

Open-to-air theatre, herb gardens and abundant landscapes, gazebos, and minimal covered areas distributed over never-ending green trails for lazy walks and much more add grandeur and style quotient to daily living. Positioned a quick drive away and in proximity to proposed public transport through Metro, The Blue Lagoon is poised to be a lasting breath of freshness in city living.

A consolidated input of 700 Crores spanning over a product lifecycle of 6 years will ensure that the eye for detail & quality remains the lighthouse of the construction teams.

RICS and CREDAI to Train Middle Managers in Real Estate & Construction

RICS, the global professional body for chartered qualifications and standards in built environment, and CREDAI, the leading association of real estate developers in India, have announced the second phase of the “RICS-CREDAI Skills Development Initiative” aimed at jointly working towards capacity building and skills development in the Indian real estate sector.

Amongst many challenges in Indian real estate sector, the immense shortage of skilled professionals leads to delay in project deliveries, cost overruns and compromised quality.

RICS has been offering specialized education and training programs – ranging across full time degree programs (through RICS School of Built Environment, Amity University), Executive education, Management development programs, Distance learning certificate courses etc.

CREDAI has taken the lead to ensure that development and construction firms upgrade the knowledge and skills of their staff and has thus partnered with RICS to offer Management Development Programs (MDPs) – i.e. short residential programs in metro cities. To begin with, MDPs will be offered in three priority areas namely - Construction project management, Quantity surveying, Real estate sales & marketing. The programs are targeted specifically for middle management professionals and will be implemented by delivery partner – RICS School of Built Environment, Amity University.

Commenting on the importance of this initiative, A Balakrishna Hegde, Chairman, Training Committee, CREDAI said, “CREDAI and its members are at the forefront of building real estate in India. With this collaboration, we hope to enhance the professional expertise in order to execute complex real estate projects. We are happy to partner with RICS, the leading global professional and standard setting body in built environment. Being the global accrediting body for over 600 built environment university courses; we strongly believe their programs are unmatched in terms of curriculum and learning outcomes. We are sure that the courses offered under this Skills Development Initiative will enhance skills in order for our members and their teams to better deliver projects that are completed on time and at reduced costs.”

Commenting on the partnership, Sachin Sandhir – Global Managing Director, Emerging Business RICS said - “Although the real estate and construction sectors are key contributors to economy, there is a complete vacuum of education and training options available for professionals to up-skill. RICS launched distance learning programs a few years ago and there has been overwhelming participation of professionals from small and big towns. This partnership is a huge stepping stone to ensure that a majority of industry now has easy and economical access to education and training options of the highest standards, which in turn will help the sector become more professional and efficient. In this regard, CREDAI’s forward thinking and focussed effort in making sure all their members give due importance to up skilling their professional teams, is to be applauded.”

Prestige Group Launches Prestige Lake Ridge off Kanakapura Road

The Prestige Group, India’s second largest developer, brings yet another splendid addition to Bengaluru’s growing residential market with the pre-launch of Prestige Lake Ridge. 

The residential development, located in the fast developing suburb of Subramanyapura, off Kanakapura Road, Bengaluru is built across a sprawling 15.37 acres comprising of 1120 residences spread across 12 buildings.

Prestige Lake Ridge

Commenting on the pre-launch, Irfan Razack – CMD, Prestige Group said, “The residential real estate market has remained steady for a while now, without witnessing any significant highs or lows. However, the commercial sector has been on an upswing with high volumes of leasing taking place. This is an extremely positive sign as with companies taking up more space, it means that more jobs are being created, which ultimately is a boost for the economy. This also means a higher demand for housing.”

“In recent years, Kanakapura Road has emerged as a viable location for investment for home buyers given the affordable property prices, steadily improving connectivity to other parts of the city and rapid infrastructure development. The location also has the additional advantage of receiving Cauvery water supply, something that is still not available in most other parts of the city. Furthermore, it is a preferred destination by those employed in Bannerghatta Road and Electronics City. Keeping this increasing demand in mind, we present Prestige Lake Ridge – a premium residential development with all amenities and facilities required for a life of comfort and ease, amidst the hustle bustle of everyday life,” Irfan Razack said.

HomeShikari to Focus on Rentals and Property Management Services

HomeShikari, a real estate startup of the TTK Group that was launched initially as a listing model, has now shifted its focus on home rentals and property management. 

The startup has several innovations to its credit including being the first to introduce physically verified listings to the market in 2012, to ensure accurate and reliable information that searchers could bank on. This eliminated unnecessary visits to properties that didn't match customers' needs.

"The real estate market was opaque and had a huge 'trust' deficit. We tried changing this by initially attempting a brokerage-free, advertising-free listing model, along with the right services to boot. But not everything went as per plan. Along the way, we learnt that mere information is not enough and that real estate requires hand-holding," said Sunder P, Director, HomeShikari.

Unlike in the US, where one can create a data-based predictive pricing model, here, it is not possible because the true value of each transaction never gets reported. Given this situation, many startups that have been attempting to solve this problem merely with technology and no services, have met with little success even after burning through loads of money.

So, HomeShikari that started off as an advertisement-free, brokerage-free model, is now entering into  brokerage services'.

Explaining the rationale behind this, Sunder said, "We did start off in 2012 thinking that the DIY (Do-it-Yourself) model is the right one for the market once you provide information. However, over time, we realized that it was still a game of chance and it didn't remove the hassle out of handling a real estate transaction for the customer.

Information was improving but the last mile services were not. So, we were forced to rethink this aspect."

He further added, "We decided to create a brokerage service for home owners because we found that most required assistance to conclude a transaction or didn't have the time to deal with it. And where services can save time and effort for consumers while bridging the trust deficit, there is a clear value proposition."

Over the last year, HomeShikari has been experimenting with the brokerage model on its home turf, Bangalore. It has seen an encouraging 30+% success rate on brokerage and this figure is expected to improve with time and better focus. It has also served more than 2500 clients on various real estate services in the last year and that number includes a significant proportion from the NRI segment. After getting the pilot right, it is now expanding its operations to Chennai and Hyderabad.

The firm has an established presence in the NRI segment through its service, YourManInIndia since the year 2000. YourManInIndia has successfully helped NRIs manage rentals, monitor vacant properties, handle paperwork and end-to-end transaction assistance, while they were thousands of miles away. "Our domain expertise and experience in making things happen, not just providing information, was the key to our success," said Sunder P.

The firm intends to leverage technology to provide every kind of transaction-enabling service that may be required by a homeowner during the lifecycle of a property asset. And unlike the typical broker next door, customers can rest assured that HomeShikari will always represent only one party in any transaction and will provide unbiased advice.

And most importantly, the rental brokerage fee for homeowners is disruptively priced at 50% of a month's rent, while it will remain brokerage free for searchers. 

Brevitas Announces Collaboration With Embassy Group

Commercial real estate marketplace, Brevitas, has announced its collaboration with one of India's largest development companies, Embassy Group. The collaboration serves to further expand Brevitas' presence in one of commercial real estate's emerging markets. 

Brevitas is the leading online platform dedicated to off-market commercial properties. Membership is limited to qualified investors and brokers of commercial real estate assets from around the globe.

The agreement cements the relationship between one of the world's pre-eminent asset management and development firms with the most powerful resource for buying and selling commercial real estate privately. With an influx of activity throughout the primary American markets and Western Europe, Brevitas has seen rapid growth since launching this past September, now boasting over ten billion dollars in assets for sale. The collaboration with Embassy Group seeks to build on this growth to create new opportunities for Brevitas members.

"Working with Embassy Group gives us unheard of access to arguably the world's most important real estate market. We see it as a win-win for both sides of our marketplace. This allows us to connect our members with investment opportunities they would not otherwise have access to," said Brevitas CEO, Ardian Zagari.

The commercial real estate industry has been slow to embrace technology, therefore a vast majority of commercial assets are never sold online. This collaboration is representative of real estate's biggest players arming up and preparing to adopt new, disruptive technologies in order to gain a competitive advantage.

"The Embassy team is led by forward-thinking individuals who are always pushing the envelope - it was part of why we felt this was such a natural fit. We are giving buyers and sellers of flagship real estate assets unprecedented opportunities to connect and build relationships; our agreement with Embassy Group serves to further these relationships," explained Zagari. Details of the collaboration between the two companies are expected to be released in the coming weeks.

Mount Hill Realty and Garnet Constructions launch Luxury Homes at Panvel Hills

With the aim to emerge as a benchmark in luxury homes, The Pyramid – a state-of-the-art lifestyle destination - has been jointly launched in Mumbai by Mount Hill Realty and Garnet Constructions, heralding in the first phase of Mumbai's very own and luxurious private hill city township, Panvel Hills in Khalapur.

The Pyramid is strategically located in Khalapur, a location that is all set to be the smart city destination of the future. Another feature adding to the project's attractiveness and making it a great investment option is the close proximity and connectivity to the Mumbai-Pune Expressway, the upcoming International Airport, and Nhava-Sheva Sea Link.

Hemant Kumar Sikaria, Founder and CMD, MountHill Realty commented on the launch: "It gives us great pleasure to introduce The Pyramid, our first step towards the prestigious Panvel Hills project in Khalapur. In this fast paced world where health is a primary concern, we are introducing a luxury living concept based on pyramid energy, to enable residents live a holistic, healthy and content life with the positive effects of cosmic energy. Our aim is to bring an excellent opportunity for prospective home buyers to be able to afford the ultimate luxurious homes; hence we have come up with the 5% down payment scheme. We have already received tremendous response in the market and are very optimistic that our project is a huge success."

Arun Kumar Kedia, Director, Garnet Constructions said: "We are pleased to join hands with MountHill Realty and introduce The Pyramid project. The unique premise of pyramid energy, the project's excellent connectivity and accessibly, as well as attractive, signature class amenities make our project - The Pyramid as an excellent luxury residence as well as a great investment option for prospective home buyers. Panvel Hills is an ambitious project touted to make Khalapur as the future's ultimate luxury homes destination and The Pyramid is the inception of that dream."

Prospective home buyers need to pay only 5% of the down payment and the rest on occupancy which is a USP and positions this premium luxury residence in the affordable homes category. As India's first-ever pyramid energy homes, the destination is touted as a holistic lifestyle concept that focuses on amenities that provide the best of health, wellness and recreation options sprawling over 10 acres. With special emphasis on ultra-luxury and elegance, the design and infrastructure of the project spells architectural marvels right from the homes, to the grand lobby, designer landscaping and lavish amenities.

The project has total of eight Wings offering 1 and 2 BHK, with all amenities planned on the podium, stilt area and ground floor around the complex. Situated in the lap of nature and a home to world-class infrastructure, Panvel Hills is an upcoming unique private hill city township poised to become the most desired lifestyle destination.

Each and every home in The Pyramid is specially designed to emanate positivity, sense of calm and the evolved taste of the homeowner. Scenic hill views, spacious rooms, cross ventilation, natural light and superior quality fittings are a few highlight features of the project.

With a view to cater to varied tastes and preferences of home buyers, the residence is specially designed with state-of-the-art infrastructure and unparalleled amenities to encapsulate an array of unique luxurious avenues under one roof. The Pyramid promises countless experiences to cherish and contribute to a happy, healthy, much desired redefined living.

Signature class, innovative amenities like the poolside cafeteria with fireplace, gazebos and cabanas with landscaping water bodies, gaming and karaoke lounge, amphitheatre with party lawn and club house promise to ensure every homeowner has a well relaxed, fun and ultra-luxury leisure experience in the comfort of their homes. 

Other dedicated facilities including a yoga and pranayam courtyard, cycling track, ionized swimming pool; spa and sports amenities like a mini golf course, box cricket, indoor games arena, lawn tennis court provide residents easy access to a gamut of cutting-edge fitness facilities. 

Not stopping at that, thrilling services like horse riding training, rock climbing and trekking also form a part of the package to guarantee exceptional privileges to every privileged homeowner right at their doorstep. Apart from adult and family recreation, kids also have their very own fun, dedicated play spaces like tree house park with maze garden, kids pool with toddlers among other facilities which promise a happy, safe and exciting playtime for every child, making their special days more memorable.