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

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)

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

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

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

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

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

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

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

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

Efficient Support Services Ensure Malls' Success

Support services have become a major part in a mall’s image, and play a vital role in attracting footfalls. In India, facilities such as parking, security and housekeeping have evolved over the years to provide world-class services to mall customers. 

Pankaj Renjhen

In fact, it can be said that support services are the backbone for any shopping mall. Moreover, with the growing popularity of e-tailing, a superlative experience and provision of outstanding facilities in malls have become even more important to give customers are reason to visit, shop and use malls as social destinations that go beyond just plain shopping.

The expectations and aspirations of the consumers have increased over the years. The differentiating factors for the shopping malls today have become offer of integrated value-added services and facilities. The ambit of key support services has also expanded to include more facilities and services. Services which were considered value-adds few years back are now basic requirements which any mall should provide.

These services include valet parking, pharmacies, clothes alteration and shoe repair, car wash, first aid, travel desks, rent-a-stroller facilities, baby feeding and changing rooms, privileged parking for women, wheelchair ramps and various forms of assistance for the differently-abled, digital mall directories, currency exchange, cab service on call, and concierge desks, among others.

India Vs. Global Standards

Almost all the Grade A malls in India provide excellent support services and facilities for their visitors. Nevertheless, despite the massive progress seen so far in Indian malls, we have still to see the arrival of genuinely international standards. In international malls, a variety of other support services such as lockers on rent, print and copy centres, tour buses, Metro ticket machines, coupon books, pet stations, prayer rooms, post boxes and security escort are provided to visitors. 

Some of these aspects are obviously dictated by the culture of a nation, while others have more to do with what other infrastructure and social facilities are available in a city.

For instance, The Dubai Mall offers superlative services and facilities to its visitors. It is a mall of truly international standards that caters especially to tourists from around the world. From personal shopping experience to tour buses and mobile charging stations to Metro ticket machines, it provides a genuinely bracing and superlatively convenient experience to shoppers and the tourists alike.

Not surprisingly, it is one of the most visited shopping and leisure destinations in the world, attracting over 92 million visitors in 2015 alone. It is also home to one of the world's largest aquariums and aquatic zoos, and other attractions that make it immensely popular.

The Role of Mall Management

Professional mall management is a critical component for the smooth functioning of a shopping mall, and we are seeing increasing adoption of such services by the mall developers. As the Indian retail real estate sector moves towards for greater sophistication and maturity, the demand for increasingly advanced and efficient mall management service providers will see a quantum forward leap.

In today’s dynamic market, it has now become imperative not only to manage shopping malls well but also keep the operational cost competitive for optimal net returns. Professional mall management ensures that all operational aspects of the shopping mall are taken care of in an integrated manner.

Support services are required in every region and each city as they attract the consumers to the mall, and mall management has become an integral factor that decides how successful a mall is. Today, consumers need a reason to come to malls over and above shopping. They expect a high quality of services, comfort and hassle-free shopping. 

An efficient customer interfacing strategy adds to the image of the mall and leads to repeated visits. Likewise, a clean and attractive ambiance, good infrastructure, efficient and sufficient parking facilities and frequent organization of events extends the stay of the consumers in the mall.

By Pankaj Renjhen, 

Managing Director - 

Retail Services, JLL India

Bahrain-based Al Namal Group Partners with Square Plums for Co-living Apartments

Al Namal Group , a multinational conglomerate founded by Bahrain-based NRI Varghese Kurien, is entering the co-living homes sector in India through an 'operating agreement' with Square Plums, an upcoming brand of co-living homes based in Bengaluru.

Co-living homes are fully furnished, ready-to-move-in homes based in gated communities available on rent for youngsters relocating to cities for job placement.

Al Namal Group and Square Plums have been in discussions for the last few weeks and cemented the deal during Kurien's visit to Bengaluru for Pravasi Bharatiya Divas in January.

As part of the agreement, Billionaire Kurien led Al Namal Group plans to build 2 million sq ft of co-living homes in Indian metro cities. The group has earmarked investment of Rs. 300 crores for this foray.

Square Plums was founded in early 2016 by Rajesh Kotta and Hemant Attray, both alumni of BITS Pilani. It has managed to create an aspirational brand of co-living homes that is popular among the young executives working at leading MNCs and IT companies. In August last year, it had announced raising an undisclosed amount of funding from Indian Angel Network.

Kurien remarked, "We are bullish on the India story and have already invested hundreds of crores in commercial and real-estate projects in many cities of Karnataka and Kerala. Co-living homes are a new class in the sector and we have been watching this space for a while."

Mohammad Mansoor, MD of Exelon Solutions who advised Al Namal on the deal added, "After 

doing our diligence, we have found that Square Plums, with its focus on high-end, branded homes specifically designed keeping in mind the needs of co-living youngsters, is an ideal operator partner for us. The technology and marketing platform they have built is the key for us to succeed in this venture." 

Rajesh Kotta, founder & CEO of Square Plums, commented, "Finding a quality rental home is still a challenge in Indian cities, especially for singles. Over the last one year, especially following the investment from Indian Angel Network in August, we have built a branded product that ideally suits youngsters looking for a home in the city."

Hemant Attray, co-founder of Square Plums, signed off, "Homeowners who partner with us have found that on an average, rental yields from Square Plums branded homes can be up to 80% higher. In this partnership with Al Namal Group we look forward to bringing the Square Plums co-living home experience to over 7000 youngsters across 3 cities in India."

Piramal and Ivanhoé Cambridge Announce Joint Residential Developments in India

Piramal Enterprises Limited has announced a strategic partnership with Ivanhoé Cambridge, a real estate subsidiary of CDPQ (Caisse de dépôt et placement du Québec), to provide long term equity capital to blue chip residential developers across the five major metro cities in India.

Ivanhoé Cambridge is allocating an initial US$250m for this purpose. PEL will commit an additional amount alongside and co-invest between 25% and 50% of each transaction.

There is a strong demand for equity in the capital stack as blue chip real estate developers increasingly prefer the option of partnering with investors in the early stages of the development life cycle over high cost financing.

Naturally, the capital will be made available to a selective list of Grade A developers who have already demonstrated a track record of execution capability, corporate governance and strong return potential. The investment focus shall include the Mumbai Metropolitan Region, Delhi (NCR), Bangalore, Pune and Chennai.

Ajay Piramal

Ajay Piramal, Chairman, Piramal Enterprises Limited said, "We are extremely pleased to be partnering with Ivanhoé Cambridge, a global institutional leader of great reputation with a long term value system and investing philosophy aligned with our own. Given the scale of our existing real estate offering and roster of existing developer relationships, the partnership will enable us to execute on very compelling opportunities to deliver high quality residential developments in the local markets that we service."

Khushru Jijina, Managing Director, Piramal Fund Management said, "This alliance with Ivanhoé Cambridge is consistent with our philosophy of acting as a perpetual provider of capital and underlines the confidence reposed by institutional investors time and again in our abilities as a fiduciary. We believe that the timing is opportune for the provision of both pure and preferred equity capital at an early stage in the project life cycle. Such equity funding with Tier 1 development partners will enable us to deploy capital over a longer time horizon and facilitate participation in larger projects with the ability to generate returns across real estate cycles."

Michael Sabia, President and Chief Executive Officer, CDPQ, said: "India represents a key market for our global growth.  We look forward to a long-term and fruitful business relationship with Piramal in the years to come."

Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge said: "We are excited to participate in India's success story alongside one of India's leading fund manager. Piramal, with its long experience, impressive track record and strong relationship with India's top developers, will certainly play a key part in the success of this important investment. India's compelling demographic and economic fundamentals combined with supportive government policies bode well for a long-term residential development strategy such as this one." 

Budget or Luxury Property: Which Is a Better Investment?

This is a big question in every property investor's mind - do you stand to profit more from luxury properties or budget homes? Generally, lower-end real estate needs lower capital, which makes it especially appealing to small-time investors. Luxurious real estate, however, is an asset class reserved for people with a lot of capital to spend on a prime residential property.

So, what are budget properties?

Budget housing primarily targets the middle and lower-middle income bracket of buyers. This would include regular starter homes in emerging or non-prime areas. Such homes are cheaper and not top of the line, but they are adequate to meet the requirements of the mid and lower income groups. In other words, investors with smaller budgets can invest in such properties - though even the more well- heeled property investors in India often investing in bulk in budget housing projects to capitalize on the high-demand middle and lower middle-class marketplace.

Now that we've defined budget housing in a nutshell, what is high-end real estate and how does it compare as an investment with budget housing?

What is luxury property?

Luxury housing caters to the wealthy who have a predilection for first-class amenities and facilities, which they are not averse to paying a premium for. Basically, such properties must be exclusive, desirable and unique in many ways. Premium central location used to be a primary factor while selecting a luxury property - but with the new trend of extremely prime and ultra-modern projects coming up even in newer areas, this is no longer strictly true.

What exactly does exclusivity mean? After all, by virtue of every home having only a single owner, can it not be argued that all homes are technically 'exclusive'? Not really. As far as high-end real estate is concerned, exclusivity means closeness to other high-end residences, and suitable access to a variety of tasteful conveniences like five-star hotels, shopping malls, sports complexes, and parks.

In areas like Pune's PCMC where planned urbanization has preserved a lot of the available green cover, natural beauty is also an essential determinant in defining exclusiveness. While some buyers may favor mountainside views, others are more into countryside or lakeside and park views. In recent years, integrated luxury townships have been offering such features - and a lot more.

Generally, well-to-do luxury home buyers want the same things that all buyers for lower-end properties do, just on a considerably bigger scale. While budget home buyers are satisfied with rudimentary security, regular maintenance of the project and basic fixtures and fittings, luxury homeowners expect advanced facilities and project management that provide a seamlessly comfortable, convenient and visually enriching experience. They also expect round-the-clock electronic and human surveillance of the premises, smart security and convenience features in the properties, and top-grade international branded fittings.

Obviously, luxury properties cost a lot more than budget homes. The question is, do luxury properties make more sense investment-wise than budget homes? There are various schools of thought on this, with a lot of emphasis being laid on the fact that the highest demand in India is for budget housing.

However, market readings also indicate that the number of wealthy home buyers in India is on the rise - and these buyers all seek top-class, refined housing with all the latest amenities and facilities. 

Moreover, they are invariably not dependent on home loans and have enough wealth to make outright purchases. Simultaneously, a huge complement of India's highly cost-sensitive budget housing segment of buyers is sitting on the fence, waiting for declining home loan interest rates and a correction in property prices.

Also, over the last couple of years, a volatile economy has significantly impacted pricing of luxury homes, making them more affordable.

Closing Verdict

It is fairly safe to say that both budget housing and luxury properties are finding buyers in India. It is certainly advisable to run an all-inclusive market analysis locally before embarking on a real estate investment, since the exact dynamics driving ROI on different property typologies differ on a market to market basis.

For instance, investment in a luxury integrated township in the Pimpri- Chinchwad Municipal Corporation make a lot more sense that investment in a small budget housing project, because luxury townships offer residents neighbours of comparable status and purchasing power, highly adequate facilities such as green open spaces, in-project schools and shopping malls and superlative project maintenance and smart home features at a unit level.

 By Anil Pharande, 

Chairman - 

Pharande Spaces

XRBIA's Affordable Housing Model to Expand Globally

After carving a niche for themselves in the Indian affordable housing sector, affordable housing giant, XRBIA Developers has identified international locations where demand for affordable housing is predicted to increase in the next decade, and has prioritized six projects in UK, Africa and Dubai as initial locations for international expansion.

XRBIA has initiated its inaugural international project, through a partnership with a social housing developer in the UK, which is expected to launch in April this year.

XRBIA's decision to expand internationally is underpinned by the fact that affordable housing shortages are not unique to India, but present across the globe. Similar long-term market trends are driving supply shortages in many cities, namely, population growth, urbanisation and shrinking household sizes.

According to the United Nations World Urbanisation prospects Report (2016), continuing urbanisation and population growth are projected to add 2.5 billion people to the world's urban population by 2050, with 90% of the increased concentrated in Africa and Asia. At the same time, there has been a reluctance of existing real-estate suppliers to cater to the budget-friendly sector of the market and provide solutions on the scale necessary to address the scale of the issue.

In London, for example, the proportion of Londoners aged between 25 and 34 who own their home has fallen from 38 per cent in 2008 to just 25% in 2016, while the supply of 'genuinely affordable homes' slumped to a mere 780 homes in the same year.

Rahul Nahar, Chairman of XRBIA Developers Ltd commented: "Since we are going into an international market, we will have to tie-up with local developers. XRBIA is currently leading the drive for affordable housing supply in India, with a sale and build rate of 2000 houses a month. 

Having fine-tuned a business model that works, XRBIA is now rising to the opportunity and international partnerships are the logical next step to expand reach. Such partnerships will combine the efficiencies of XRBIA's large-scale operations with the local expertise of developers."

"The scale of the challenge we face is greater than the capabilities of any one enterprise, and industry leaders, local experts and public bodies must work together if a solution to world's housing shortage is to be realized," he said.

About XRBIA Developers:

XRBIA understands India's need for smarter, efficient and sustainable cities which offer a higher quality of life to its people. 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, 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 including free car parking, a community center with a swimming pool and commercial complexes.

This year alone XRBIA 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.