Square Yard's tri-city Property Show draws huge crowd

Square Yards, a technology-enabled transaction platform for the primary real estate sector, has organized a two-day property show “Indian Realty Revelry (IRR),” at top three Indian cities – New Delhi, Mumbai and Bengaluru.

Touted as one-of-its-kind property show in India, the event witnessed over 100 A-grade builders showcasing their properties, according to a press release.

There were over 6,000 visitors with almost 1,500 from Mumbai and 1,200 each from Delhi and Bengaluru. The property show was held simultaneously in three cities on 17th and 18th October.

The IRR brought together top builders such as DLF, Godrej, Tata Housing, Lodha, Artha & Brigade, Shapoorji & Palonji, Kalpataru, Embassy and many more.

“All the three venues – New Delhi, Mumbai and Bengaluru – were abuzz with activity. It was as if the excitement never died,” says Kanika Gupta Shori, COO, Square Yards, who will soon be travelling to Hong Kong to conduct the next edition of the show over the coming weekend.

There were a host of exciting prizes for those who participated. 48 gold vouchers, 6 holiday vouchers and 8 Titan watches were all up for grabs for people who transacted during these two days.

Since its inception, Square Yards has been proactive in harnessing the power of such events. Through its flagship event IRR it has marketed over thousands of world-class Indian properties across the globe.

After IRR, the real estate aggregator will soon introduce the concept of 3D projection of properties at events where visitors will be able to see 3D images of properties, helping them get a more real picture. “Technologies such as 3-D projections could be the game changer in the realty event market,” added Kanika.

Supertech Limited launches Supertech Hill Crest Floors in Gurgaon

Supertech Limited, a leading real estate developer of Delhi-NCR, has launched its new project, Supertech Hill Crest Floors in Gurgaon.

Spanning over more than 140 acres of land, the project comprises of 3 BHK apartments ranging from 1350 sq. ft. to 1820 sq. ft.

The project is strategically located in Sector 2 on Sohna Road with an enviable connectivity, meticulous planning and execution by some of the veterans in the business today. The project is well connected to Golf Course Extension Road, Indira Gandhi International Airport, Ambience Mall, Medanta Hospital, G.D. Goenka School, B-Schools, daily utility stores, proposed metro corridors, Gurgaon-Delhi Expressway, Gurgaon-Faridabad Expressway and the NH 8.

Supertech Hill Crest Floors have been designed to cater to the needs of the modern society. Each apartment has a three-side open face and is aligned in an east-west direction. They comprise of spacious rooms with a 180 degree view extended area and are fully furnished with a modular kitchen, wardrobes, split ACs and much more.

An array of modern amenities and state-of-art clubhouse is also offered to the residents in the vicinity.

Embassy Group, Warburg Pincus to Jointly Develop Embassy Industrial Parks

Bengaluru: Embassy Group, India’s leading real estate developer has entered into an agreement with an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing to form a joint venture, Embassy Industrial Parks. 

The joint venture entity marks the Embassy Group’s entry into a new business segment focusing on the development of industrial and warehousing spaces near key cities across India. The market for modern industrial and warehousing spaces is rapidly expanding and is estimated to reach 125 million sq. ft. over the next five years.

Embassy Industrial Parks will have an equity commitment of up to USD 250 million, from its joint venture partners, to fund land acquisition and development. The business will primarily operate on the lease-rental model that the Embassy Group has successfully deployed in its commercial projects. These modern, well planned, technology-enabled industrial and warehousing spaces are targeted at industry verticals such as 3PL, e-commerce, FMCG, automobile ancillaries and retail. Warehousing in India is rapidly evolving from traditional set-ups with inefficient facilities to sophisticated solutions and modern state-of-the- art facilities.

Embassy Industrial Parks has developed a pan-India strategy and has built a dedicated team to execute its plans, making Embassy one of the few players to have a focussed all-India presence in this attractive segment of real estate.

Commenting on the formation of the joint venture, Jitu Virwani, Chairman & Managing Director, Embassy Group, said “We look forward to working closely with Warburg Pincus and leveraging their successful global experience in the industrial real estate asset class. This is an exciting new foray for the Embassy Group that allows us to move into a space that we expect to see grow tremendously - spurred by government policies, concepts like “Make in India” and the booming e-commerce industry.

It also gives me great pleasure to formally announce that Anshul Singhal has come on board as the CEO of Embassy Industrial Parks. He has a track record of consistently developing new businesses, driving innovation, aligning global joint ventures and nurturing strong client relationships that will help Embassy Industrial Parks quickly expand operations.

Viraj Sawhney, Managing Director, Warburg Pincus India Pvt Ltd said: “We believe the industrial and warehousing real estate sector in India presents strong growth potential, as companies in e-commerce and other industries seek reliable developers who can work with them nationally to meet their needs for quality warehousing infrastructure. We are excited to partner with the Embassy Group, a highly regarded real estate developer with a proven track record in leasing and timely execution of the build to suit model, and strong corporate relationships. The joint venture has assembled a dedicated, high quality team that we believe will help drive a rapid growth trajectory.”

Anshul Singhal, Chief Executive Officer, Embassy Industrial Parks, stated, “Embassy Industrial Parks is looking to build and lease 15-20 million sq. ft. over the next few years. The immediate focus will be to ensure that we take up strategic land positions near the six key markets of Mumbai, Delhi, Bangalore, Chennai, Pune and Ahmedabad. We will focus on providing our clients with spaces that are optimized to enhance supply chain efficiencies. These spaces will be developed with a host of amenities and will ensure we comply with the most exacting requirements for power, water and connectivity to distribution centres along major logistical corridors and ports.”  

Embassy Industrial Parks will offer spaces in industrial parks and help clients setup or expand their operations in India. These spaces will bridge the gap between light manufacturing units, distribution hubs, key consumers and source markets. Allowing Embassy Industrial Parks to address the distinct demand for modern industrial and warehousing spaces for the new world.

DHFL Cuts Home Loan Rates

DHFL, one of India’s leading housing finance companies, today announced a reduction in its Retail Prime lending rate by 20 bps. DHFL has also reduced rates for its new customers and the rate will now start from 9.65%.

 Additionally DHFL has also announced a festive season offer whereby it will be providing a promotional rate of 9.55% (further 10 bps reduction from its new rate) to its new customers for loans upto Rs. 25 lakhs. This offer is valid upto December 31, 2015.

The company largely caters to the low and middle income segment in the Tier II, Tier III towns, with an average loan ticket size of below Rs. 15 lakhs. The Low and Middle income segment customers, which comprises majority of the total home loan book size, would stand to benefit the most, with the fresh rate cut and the festive season offer.

Commenting on the interest rate,  Kapil Wadhawan, Chairman and Managing Director, DHFL said, ” Over the last three decades, DHFL has been committed towards ensuring affordable housing finance to the Low and Middle income consumers. We believe that owning a home especially in this season is a deep desire within our customer segment. Our festive season offer reflects our commitment towards enabling home ownership in tier 2 and 3 towns for each and every Indian especially in the LMI segment.”

 DHFL has emerged as a one-stop-shop for its customers’ financial needs, extending beyond home loans. The company offers a range of home loan products including home loan, home extension loan, home improvement loan, plot loans, mortgage loan, SME Loan and non-residential property loan to all customer segments across India, retaining its concerted focus on the low and middle income segment.

DHFL also offers an array of Fixed Deposit Products for public including individual and trust investors that ensure high yield, safety and liquidity. DHFL Fixed Deposit Products for individual investors also offer an accidental insurance cover of Rs. 1 Lakh free of cost to customers. DHFL Fixed Deposit Products are rated CARE AAA and BWR (FAAA) ensuring high safety. Further, DHFL offers value-added and customized insurance solutions, along with its home loan products. Additionally, DHFL also offers project loans essentially for development of low and middle income housing projects.

 The company registered strong performance in the 1st quarter of the fiscal year – the loan book portfolio increased by 26% to Rs. 538 Bn as against Rs. 428 Bn for the corresponding quarter in the previous year. Priority sector lending to the low and middle-income segments in Tier-II and Tier-III cities has been the major growth driver for DHFL. As of June 30, 2015, DHFL’s Assets Under Management stood at Rs. 600 Bn.

Redevelopment: Rules that need to be followed

Mumbai: With limited availability of open land parcels in Mumbai, major developers are now looking at venturing into the redevelopment space.

Dilapidated buildings on the verge of collapse are a grim reality for thousands of housing societies across Mumbai. Developers, as an incentive to owners of older buildings, offer additional area, money, and the promise of a new flat with better amenities.

Housing redevelopment refers to the process of reconstruction of a residential premise by demolition of the existing structure and construction of a new one as per approvals from the Municipal Corporation of Greater Mumbai (MCGM). It ideally works best when a society is in dire need of extensive repairs but is starved of the necessary funds for it.

As per the terms of the agreement between the developer and the society in question, existing members of the society receive new flats in the reconstructed building of an area equal to or more than the area of their existing flats. But redevelopment can only take place if 75 per cent of the members tender their consent.

There are certain rules that need to be followed:

• Society members should always appoint a lawyer before signing a contract with the builder. "Builder should be transparent, reliable and trustworthy. The most recommended way to choose a builder is to go by the tendering system.

• The society should prepare a comparative chart and, after checking the merit, reputation, technical capability, experience, financial status, quality of construction and successful completion of projects, it should select the builder.

• The contract should clearly mention the obligations of the builder and the society members and the penalty or consequences of any breach of the contract by either of the parties. Once the agreement is accepted in terms of area and corpus fund, it cannot be revised.

• If the carpet area, as documented in the agreement, is not given by the builder, the owner can claim appropriate compensation through a consumer court by filing a complaint against the builder under the counts of Breach of Trust, Cheating, Unfair Trade Practice and Deficiency in Service.

• The housing society should insist on a bank guarantee, which would take care of monetary compensation to ensure the project is not delayed or stopped midway. According to redevelopmumbai.com, successful bidder has to give a bank guarantee equivalent to 20 percent of the total project cost.

• The agreement should mention the time of completion of the project, the size of the new houses, the mode and nature of monetary compensation, if it's a one-time payment, reimbursement of rent, or a mix of both.

• The developer also has to offers a monthly compensation in advance along with the brokerage and transportation charge that the tenant has to incur while securing an alternate accommodation.

• The monthly compensation should suitably be agreed upon, which is equivalent to the prevalent rate of rentals in the same vicinity. The developer usually pays post-dated cheques. In case this advance rental is dishonored, the society has the right to prevent the builder from either selling or allowing any new flat purchaser to occupy their respective flats.

• At the time of vacating the premises, all the members have to give consent and vacate as per the resolution passed in the general body meeting. In case, a member refuses to do so the society or the builder may move to the competent court.

Today Hinduja Holdings Unveils boutique villament project in Bangalore

Bengaluru: Today Hinduja Holdings has announced its latest construction project "El Jardin", a boutique villaments projects placed close to one of the biggest Tech Parks in Bangalore. 

Hinduja Holdings said in a statement that the project is designed with latest Spanish architecture while keeping every detail in mind. Investors can find all units within this assignment equipped with private gardens or terraces.

Wonderful landscaping within this project will also make buyers feel like that you are in another world. Imported marble in living and dining room will add to the beauty of this project. Ample air and light will also make the dweller feel the comfort without much hassle. Other modern facilities the investors will be avail with are playing area for kids, swimming pool, club house, multi gym, lift facility, power backup, common or private garden and 24x7 security as well.

After the huge success of the previous projects such as Hinduja Park, Pearl Manor, Platinum Enclave, Palm Grove, and Hinduja Lake Front Estate, Sunil Hinduja, the founder of Hinduja Holdings believe the latest project "El Jardin" will be a grand success. 

"The company was started with the objective of offering unmatched construction projects to the inhabitants of Bangalore. Immaculate quality and top of the line design are unique hallmarks that differentiate a Hinduja property. Hinduja Park, Hinduja Lake Front Estate are the outstanding projects that reflect our vision," Hinduja added.

RealEstateIndia Enhances Property Search Feature

Realestateindia.com, one of the frequently accessed property portals in India, has upgraded its property search feature to perk up buyers’ search experience. The revamp will enable property seekers to easily locate residential, commercial, agricultural, or other properties across different locations within India.

The revamp introduces a plentiful option to search properties in multiple ways i.e. through property search tool, by property type, by property Id, and others, the company said in a release. 

The search tool is optimized to swiftly pick and display the most relevant properties, real estate projects, and realty dealers & services as per the inputs from a user. In addition, the property buyers can also use the advanced search tool to get the specific result against their requirement. 

Apart from all this, the users get an option to post the detailed information about their requirements, and can subsequently get contacted against the requirement from prospective buyers/sellers.

Sharing his views on the occasion of search feature revamp, S.K. Gupta, the Founder & CEO of Realestateindia.com said, “Real estate industry is an industry which is quite vast and the property buy/sell/lease opportunities get exploited quickly. Thus, it becomes very important to crack the deals instantaneously using convenient and quick technology driven tools. Our attempt of revamping the property search feature would add real power to speed up trade among real estate buyers and sellers”.

In light of the pervasive influence of the internet technology, the tech-driven revamps are the need of the hour today. Realestateindia.com has aptly attuned its functioning with changing technology to enhance user experience and deliver realty solutions to real estate buyers, sellers, and service providers.