Vadodara turns out to be favourable investment destination in the real estate segment

Investing in real estate constitutes largely to identify the right opportunity. The key factors to look for investment are requirements,  appreciation, value and various reasons – One of the crucial ones being – the city and the area. There are various cities in India that are favourable from investment point of view. One of the cities that is into the radar is the cultural centre of Gujarat – Vadodara, says Pankaj Srivastava Chief Operating Officer, Maitreya Realtors & Constructions Pvt Ltd.

Pankarj Srivastava, Naresh Kanodia and Janardhan Parulaker at the inauguration of Maitreya Paradiso at Vadodara.

Maitreya Realtors & Constructions Pvt Ltd (MRCPL), the construction arm of the Maitreya Group of Companies, started in 1998 is a real estate company engaged in the business of commercial, residential and retail projects. Under the leadership of its CMD, Varsha Satpalkar, the company currently focuses on construction and development of real estate properties across the states of Maharashtra and Gujarat. The acumen of Pankaj contributes largely to the success of the company.

With the proud track record of building trust and delivering values to all its stakeholders, MRPCL is poised to become a leading brand in the real estate sector. The company is recognized for its quality, sustainable projects, transparent deals, timely delivery and services for all income groups. Its strategic alliances and partnerships, as well as highly competent in-house team, enables the company to undertake and smoothly execute construction of high-end bungalows, villas, residential apartments as well as shopping malls across the country. To its credit, the company has several sophisticated myriad housing projects in various cities of Maharashtra such as Pune, Aurangabad, Vasai, Dhule, Jalgaon and Sangli, to name a few; while it has also constructed several commercial projects in Mumbai, Sangli and Kolhapur.

Currently, MRPCL is engaged in designing, building and marketing of its several residential and commercial projects in Nashik and Sangali. Some of these key projects are:

Maitreya Greens – It is the first ever IGBC Gold pre-certified green project in Nashik. Spread across ten acres of lush green land, of which only 40 percent would be developed into six residential towers. Comprises of Ground plus 14 floors, these towers are constructed in a complete eco-friendly manner.

Maitreya Pandav Van – Located beside famous Pandav Caves, Pandav Van is a 40 Exclusive 2 BHK Twin-bungalows Scheme. Each bungalow comes with a private garden, car parking, balconies and terraces, planned in a way that it ensures full privacy and at the same time offers lot of open space.

Maitreya Sankul – Located amidst lush green landscape of Pathardi, Maitreya Sankul is a residential project that comprise of six storey buildings offerings 2 BHK spacious flats that easily fits into the budget of middle-income families.

Maitreya Sunrise – A perfect combination of commercial and residential units, Maitreya Sunrise consists of 62 residential apartments, 39 shops and 10 godowns. This finest complex is constructed at a prime location in Sangli which is well connected to railway station and bus stand.

A veteran for over 20 years in real estate sector, Pankaj is responsible for strategic planning and managing overall business operations of the company. He started his career as an Assistant Civil Engineer at Continental Constructions Limited following which he joined Larsen & Toubro Ltd as a Civil Engineer for a span of five years. His stint as a project manager in Gherzi Eastern Limited and Macquarie Real Estate helped him climb the ladder. In July 2010, Pankaj joined Tata Housing Development Co. Ltd as General Manager – Engineering after which he earned the designation of Vice President with Octamec Engineering Limited.

Today, Pankaj has successfully established Maitreya Realtors & Constructions Pvt Ltd by managing the company’s day-to-day operations smoothly. With a sound knowledge of statutory, municipal rules and regulations and labour laws, strong technical and commercial acumen, experience in macro and micro level planning and ensuring contracts are administered effectively and efficiently, Pankaj has capitalised the stature of Maiterya Realtors & Constructions Pvt Ltd in the real estate space. His scheduling and implementing construction projects by ensuring development of integrated Program Plan that addresses contingency and minimises interruptions and provides safeguards against project over-runs and implementation of project control has resulted into rapid expansion.

A Post Graduate in Civil Engineering from Birla Institute of Technology and Science – Pilani Rajasthan, has also attended a Short Term Course on Sesmic Designs from IIT Kanpur and course on an Internal Auditor for ISO Systems – BIS.

In a tete-a-tete, Srivastava shares insights on the real estate overview in Vadodara and how the city favours to be a favourable investment option. Exerpts:

Naresh Kanodia at the opening of Maitreya Paradiso at Vadodara.

JM: What are the reasons which define Vadodara as a favourable investment destination?

PS: Various reasons secure defining Vadodara as a favourable investment destination. To mention a few, the city is emerging as an IT hub. There are major infrastructural developments planned in the city coupled with the industrial areas, which shall lead to improved connectivity to the city and increased employment opportunities within and around the city. The Delhi-Mumbai Industrial Corridor passes through Vadodara, making it a key destination for attracting industrial investments.

Gujarat’s leading educational institutions are located in Vadodara, offering skilled and intellectual manpower in abundance for various industries and R&D activities. Interestingly it is an ideal destination for the Non-Resident Indians (NRIs) to settle down as well. It is also an emerging hub for various glass manufacturing companies and automobile ancillary plants. Various towns are home to Pharmaceutical and other Chemical manufacturing ventures.

Vadodara is home to a large number of reputed large scale industries and public sector units like Indian Petrochemicals Corporation Ltd (IPCL), Oil and Natural Gas Corporation (ONGC), Gujarat Alkalies and Chemical Ltd (GACL), and Gas Authority of India Ltd (GAIL). A large number of builders have also become a major part of Vadodara real estate.

JM: Can you talk about Maitreya’s projects in Vadodara?

PS: Maitreya Realtors & Constructions Private Ltd (MRCPL), the construction division of the Maitreya Group of Companies had launched its premium plotting project near Ajwa Funworld in the name of Maitreya Paradiso.

Maitreya Paradiso is located at the Rasulabaad Jharod crossing, before Ajwa Funworld. Surrounded by lush greenery, the project entails 120 plots ranging from 1800-8000 square feet targeting a range of buyers depending upon their choice and preference. Customers can buy these plots and construct their desired villas as per the standard elevation and specifications.  The Infrastructure that includes a attractive designed compound wall, grand entrance plaza, internal roads, electricity and water connections to individual plots, storm water drains, Sewage treatment plant, soft water supply and an elegant club house.

JM: What makes this project unique…

PS: It is a unique venture for those who wish to invest in land parcels or for those looking for their second home or thinking about their retirement homes. One can buy the plot and construct home as per his requirements.

With the urban development authority of Vadodara continuously encouraging many construction companies to establish residential areas, IT parks and shopping malls within the city, the city promises a bright future not only for itself but also for those who intend to draw on the prospects of an emerging cosmopolitan.

 

Ashiana Housing offers exclusive luxury apartments, Tree Houses and Residencies at Bhiwadi

Though, Bhiwadi is known for low and middle income housing, the next real estate boom town after Gurgaon, however, with the launch of Tree House Residences – an all luxury apartments by Ashiana it has slowly entered the map of  luxe housing destination. The sample flat of first such luxury project is ready and shown to selected  audiences on March 2, 2014 during Ashiana Housing’s know your neighbour initiative, according to a company statement.

‘Tree House Residencies’ in Bhiwadi for those who desire to live a statement-making lifestyle but cannot afford one in Delhi and Gurgaon.  The apartments are for those who believe in living with the state-of-art facilities. It is an exclusive, niche, stylish project with top-notch amenities for the modern buyer who aspires for a quality life.
The project consists of thirty six extravagance apartments. Total of nine stories in four towers spread in the area of one acre land; each apartment is designed to provide grand life style, maximum comfort and convenience. These are high-end apartments with a choice of thirty-four 4BHK apartments in the area of 3255 square feet and two 5BHK apartments in the area of 3755 square feet. It guarantees excellence in the living archetype with a wide range of facilities like, in-house gymnasium, children’s playing area, community hall and much more. They have ensured that everyday living is a pleasure at Tree House Residences with the membership of well-equipped facilities at Treehouse hotel, spa and club.
Among others, Tree House Residency customers will have access to the club,  with facilities such as swimming pool, spa, food courts, gym, sports bar, rest­aurants, tennis court, business centre, For safety, it will have high-level security with fire sprinklers and fire hydrants.
Vishal Gupta, Managing Director of Ashiana Housing says: “We share a very special bond with the place Bhiwadi. Our every project in Bhiwadi seeks to bring about a constructive transformation in the lives of millions and build a world into the land of serene coexistence for every resident. The Tree House Residences will fill in the gap prevailing in luxury segment between Gurgaon and Bhiwadi”.

Namrata Kohli: Journalist, Writer, Foodie, Musician all rolled into one

Journalist, writer, foodie, musician, travel buff, all rolled into one, that is Namrata Kohli for you. Namrata is a well known writer and  journalist who has written extensively for domestic and international media. Especially known for her coverage of real estate issues, Namrata’s work has been published in leading publications such as The Times of India, Economic Times, Property Report Asia, and Gulf based magazines.

Career
Namrata started her career by working with Bennett Coleman and has written on lifestyle, education, food, healthcare and travel. Recently, she edited “Indian Realty Year Book’-a one of a kind coffee table book on Luxury Real Estate with publisher Hundred Communications, in October 2013; which was featured on NDTV Profit.
Creative energies
When not spinning a yarn with words, she loves to infuse her creative energies into food, music or travel. A self confessed foodie, when not eating her mind is still on food – how by she loves to be ‘concocting meals.’ Playing harmonium and exploring new travel destinations are other passion of her life.
Academics
Namrata is a silver medalist in english literature from Delhi University and has done her mass communication from Indian Institute of Mass Communication. (IIMC) She was selected for a special Executive programme at Indian School of Business (ISB) Hyderabad, recently which was sponsored by Goldman Sachs.
Indian Realty Year Book

In a pioneering effort, publishing company Hundred Communications has come out of a first-of-its-kind coffee table book on luxury real estate.

Indian Realty Yearbook (IRY), the exclusive publication maps the universe of luxury real estate in India. Presenting a snapshot of the Indian luxury market, the book gives a guided tour of key projects in the luxury and branded home segment; cruising along the latest trends and introducing the-best-in-class luxury accessories, gadgets and gizmos. In short, IRY has everything to aid and abet the investor, in his business of cherry picking a home.
Delving into insights that go beyond just ‘facts’, the book deftly captures the ‘facets’ and the essence of luxury. It tries to define luxury in the Indian context, where the luxury residential market in India is headed and the distinguishing characteristics of the Indian luxury home buyer.

Editor Namrata Kohli who has put together IRY, says that it was ‘just the time’, to capture the luxury end of Indian real estate industry. “Luxury may be just five of the total residential real estate market but growing number of HNIs, makes this space the one to watch out for. In year 2012, India clocked the second highest growth rate of HNI population in the world, next only to Hong Kong, The country has been adding millionaires at one of the fastest rates in the world, and they drive the demand for a life, a living, a living space, which is at par with the best in the world. At the heart of this demand for luxury homes, is the fact, that Indians are becoming affluent, ambitious and aspirational.”
Coffee table book
Informative, insightful and perceptive this coffee table book is supplemented by impactful images that make it a visual treat. But the highlight of the book are perspectives shared from globally acclaimed names on several aspects of Indian luxury real estate – the world’s best, have converged onto one exclusive space ‘By Invitation Only’. Their views ‘quote unquote’ on design, architecture, construction, engineering aspects add value and appeal to the book.
Today, global leaders are betting big on India’s luxury real estate market- Swarovski is seen lending its shine to Indian real estate, Trump giving its trademark to Indian projects, Armani and Versace interior designing of Indian homes, Greg Norman creating premier signature golf courses, Philippe Starck making its foray- we can confidently say that India is where the best minds in luxury space are converging today. Nobody wants to miss a chance of being in India after China, which went from Mao suits to Armani and a ‘luxeplosion’ of sorts in the last decade.

Atul Pandey, Publisher Indian Realty Yearbook, says that with IRY we have captured, yet another important aspect of the universe of luxury- “As a boutique publishing house, we have so far mapped the segments of beauty, wedding, fashion and lifestyle, in the world of luxury. So far, the luxury residential home space was an unchartered terrain, but we saw potential in this segment. No wonder, there are so many such projects in various stages of construction throughout the country.”
IRY was launched recently by actor Chitrangada Singh, Soha Ali Khan and boxer Vijender Singh at an exclusive event of Indian Realty Awards 2013 held at Hotel Lalit, New Delhi. It was a televised event covered by NDTV Profit.
Hundred Communications (P) Ltd is the name behind some of India’s finest coffee table books across the fields of luxury, fashion, lifestyle, wedding, real estate among others. This boutique publishing house is known for its top end publications. Some of the annual publications include premium fashion guide- Fashion Resource Book and The Great Indian Wedding Book, a luxury coffee table book on signature weddings, launched by Sonam Kapoor last year.

In an informal chat, Namrata talks about her latest book IRY and other aspects of life to Jayashankar Menon. Excerpts from Interview:

JM: Tell me something about your latest launched coffee table book- IRY?
NK: Indian Realty Yearbook (IRY) is a coffee table book that encapsulates the luxury end of Indian real estate market. India is seeing the advent of branded homes in the organised space – as you know Grand Hyatt Branded Residences, Armani/Versace/Swarovski homes are being launched now, as also the Trump homes, Four Seasons Private residences- all this indicates an appetite for luxury in Indian real estate. These trophy homes or luxury homes celebrate the coming of age of Indian residential real estate. India has recorded the second highest population of HNIs in the world, and logically the first aspect that gets an up gradation is the living space.  There is demand and hence there is supply. Slowly but surely, the story of luxury homes has begun and we felt the urge to document it. Our book aims to be a ready reckoner for anyone looking to buy in this segment, as also create in this segment- in that sense it is targeted at the HNI, as well as the industry stakeholders such as the developers.

JM: You are a well known journalist and writing for leading english daily of India,  so what prompted you to undertake editing of IRY?
NK: I believe this was an exciting opportunity at the right time. I have been tracking real estate for last few years and have developed some insights and interest in this sector. Moreover luxury segment in the real estate sector had not been documented so far in a single place. As they say.. opportunity comes disguised as hard work – you just need to recognise it.

JM: India is the fastest growing economy, luxury segment  is on rise, but still malls  are craving for more sale conversion. Whats your take on this?

NK: True – sales conversion is not adequate. However, there are many high performing retailers, though there are many more under performers. India is a challenging market and one cannot use a cookie cutter approach to succeed here. I feel catering to the Indian buyer is not so easy. We have a certain culture, a set of values and brands that sustain in the long term are those that respect and understand the consumer. The Indian buyer may have a huge appetite for luxury but is value conscious. We may be lavish in taste but discreet in purchase. So, a good brand spends a lot of time understanding the consumer mindset – and evolves itself soon – just copy paste from a foreign market does not always work. As you can see, Mc Donalds sells lots of Aloo Tikki burgers and even KFC serves veggie burgers – these brands have tailored themselves to the market and hence are doing well.

JM: What were the key deciding factor before showcasing any luxury brand in IRY?
NK: To be able to qualify for the book, the brand had to be one with a proven track record, a good reputation and credibility. Two, a presence and interest in India was mandatory – however global in scope, it was important for the brand to have executed a project or be in the stage of execution. For example Foster + Partners is a well known architecture firm and now they are implementing the Ireo township at Gurgaon. Likewise for John Hitchcox’ yoo design studio – their designers such as Jade Jagger and Philip Starcke have designed homes in Pune and Mumbai. There were some brands not ready to talk, yet, about their work, and we respected that – they should feature in our second edition.

JM:What are your future plans? Apart from Indian Realty yearbook, when do you plan to write some book?
NK: A writer breathes through writing – I will embrace just about any project that offers creative excitement and makes for an interesting read. This could range from traditions rooted in the past to the present contemporary issues, the cultural and social milleu, travel and traditions, tourism and weddings – anything that pushes the boundaries of thought and expression. We live in such dynamic times that there is a lot to talk about.

Real Estate Regulation Bill to create a positive change towards organised approach to real estate in India

The Real Estate Regulation and Development Bill, can be seen as a positive change towards a more organized and transparent approach to real estate in India. But with elections coming up, the fate of the Bill and its current form faces an uncertain future, says Sunder P, CEO and Co Founder of HomeShikari.com. In a free-wheeling interview, Sunder provides the Real Estate forecast in 2014. Excerpts:

JM: What were the key external factors impacting the residential real estate market in 2013?
SP: The year 2013 saw a lot of key external factors affecting the residential real estate market. RBI guidelines, revisions on FDI, the draft Real Estate Regulation and Development Bill and a volatile economy are among a few.

JM: Will the proposed Real Estate Regulation Bill create any positive impact on the Real Estate horizon in India?
SP: The Real Estate Regulation and Development Bill, can be seen as a positive change towards a more organised and transparent approach to real estate in India. But with elections coming up, the fate of the Bill and its current form faces an uncertain future.
JM: Has the RBI guidelines on funding created a negative impact on builder cash flows?
SP: The change in RBI guidelines on the 20:80 funding has had a serious impact on builder cash flows. Most builders have highly leveraged balance sheets and the slowdown in demand has led to a serious pile up of inventory in most cities.

JM: What are the other deterrents for overseas investors in shying away to foray into Indian market?
SP: Transparency issues and associated risks with the residential real estate market too act as a deterrent for foreign investors. The REIT market for commercial real estate is just beginning to see some action. In the current scenario, organised bulge bracket investors see commercial real estate more favourably than the residential market.

JM: According to you, which category will see the highest demand in the outlying and newer areas of the city?
SP: The budget homes category will witness the highest demand in the outlying and newer areas of the city, especially because there is a good deal of price flexibility that developers display. The locational preferences are based on factors of affordability, followed by urban and social infrastructure to support living. Yet, within each of these sectors, price is still seen as the largest pain point amongst buyers. The investment market will therefore see less traction than the end-user market.

JM: Do you think the foreign investments into the commercial sector are likely to increase any time soon?
SP: Yes, foreign investments into the commercial sector are likely to increase with the formation of REITs. Commercial office spaces with long term lease agreements are going to attract more such investments. Growth is expected to be muted until a new Government is formed at the Centre after elections. Cities with large pile up of inventory like Mumbai, NCR and Chennai are likely to witness a slow down. Some pockets within NCR like Greater Noida may do well. Bangalore, by far is expected to outperform all other markets in 2014. Pune is expected to do reasonably well. Hyderabad has witnessed lackluster performance in 2013 due to the political uncertainty over Telengana row, but may see some renewed buying as things become clearer and since the market has almost bottomed out.

JM: How about the luxury and super premium segments?
SP: In the luxury and super premium segments where buyers are not D-I-Y is where middlemen (the professional firms) can play a role in assessing the needs and finding a good fitment. It may also work with the speculative investor class.

JM: What according to you is the cardinal problem in the Indian Real Estate arena?
SP: The key problem in the Indian real estate segment is the lack of accurate information to make an informed choice. The middlemen while having relatively better information are also handicapped. The only information that they probably have better access to, is availability. The rest is a matter of reverse bidding and price discovery, which middlemen do more efficiently than end users.

Ashianaites in Jaipur witness fun filled evening with the King of Entertainment, Junior Dev Anand

The Sunday evening  Ashianaites of Jaipur witnessed an evening full of fun laughter and togetherness at  the site of Gulmohar Garden – an upcoming landmark destination in Jaipur by Ashiana and Maglam. The presence of Junior Devanand, who was especially in the pink city made the evening even more colourful and sparkling with his mimics and one liner.

This entire initiative was endeavoured by Ashiana Housing Ltd, rated as the best Indian Real Estate Company by Forbes Magazine, to ‘Build a sturdy link of familiarity between the residents’, where the existing and futuristic ASHIANAITES meet, mingle and celebrate the sprit of neighbourhood. This initiative was just to turn Gulmohar Garden neighbours into supportive inmates, noted a company statement.

The hot shot of the event Junior Devanand was spotted mingling and interacting with the families and entertaining them in the everlasting legendry Devanand style. His singing and dancing along with all the fun filled game kept the crowd busy and enthralled all evening. Besides, the live band performance, family games and fun zone spiced up the evening.

Cdr Sanjeev Rawat, Vice President, Ashiana Housing said: “Organising such events is a platform to spell warmth, comfort, and ethos which sooth people and would nurture a bonding of understanding and trust. And Calling Junior Devanand to be the part of this initiative is just to add another flavour of colours as he is the one who can make Ashianaites laugh and forget life’s worries”.

Kajaria Ceramics launch new display centres in Amritsar, Guwahati, Nagpur, Patna and Aurangabad

Kajaria Ceramics Ltd, the tile manufacturing giant, today announced the launch of display centres in Amritsar, Guwahati, Nagpur, Patna and Aurangabad.

According to a company statement, the display centres innovatively showcase Kajaria’s extensive selection of tiles including ceramic tiles, polished vitrified tiles and glazed vitrified tiles, all set up in an attractive display of design and colours.

Speaking on the launch, Ashok Kajaria, Kajaria Ceramics Limited said: “We understand that tiles are experiential products and nothing can drive preference quite like visual appreciation.  We are in a business which is increasingly becoming a business of aesthetics. These centres will showcase mock-up bathrooms, walls and floors – helping the visitors visualise the same experience in their homes, by making it tangible. Our comprehensive mock ups bring to life our fantastic designs and allow you to experience what it would be like to have your dream space become a reality. Visitors are free to Mix and Match our available designs to create the perfect combination that satiates their choices”.
Visitors can avail many exciting benefits at these display centres including a touch and feel experience of the complete range of wall and floor tiles that the company has to offer. Systematic and attractive displays to help visitors visually enjoy the products to the fullest.

In addition to this, Kajaria’s expert team and center managers will consult and guide customers on the basics of tile installation, step by step guidance on the purchasing process so that there are no possible ambiguities. The team will also assist customers in selecting the right designs as per their preference and other material and technical aspect of tiles.
For over 25 years, the brand Kajaria has become synonymous with innovation and customer satisfaction. Today, the company has become a household name for tiling solutions and continues to delight consumers’ delight with perfection. Kajaria is the only company in the tile industry to receive the “Superbrand’ award seven times in a row. It has also been conferred with “Asia’s Most Promising Brand” award in the Premium Tile Category and is the most certified ceramic tile company in the world.
Kajaria Ceramics Limited is the largest Wall and Floor Tile manufacturing company in India with a capacity of 45.2 million square metres per annum and has a turnover of over Rs 1,700 crore. The company has seven manufacturing plants, one each in Sikandrabad (UP), Gailpur (Rajasthan), Vijayawada (AP) and four in Morbi (Gujarat). Kajaria has a pan-India presence with a strong distribution network of about 6,000 dealers and their sub-dealers along with 24 offices-cum-display centres.
Over the years the pace of technological advancement has increased in momentum. New techniques such as digital technology are diligently applied to create tiles that stand apart. Kajaria offers more than 1000 options of Ceramic Wall and Floor Tiles, Polished Vitrified Tiles, and Glazed Vitrified Tiles to the discerning customer.

Indian Housing: The Game Changer Leading to Double-Digit Growth

The first day of the CREDAI Conclave kick-started yesterday with the first session, titled: Reebooting India Estate, where speakers such as Sushil Mantri, Managing Director of Mantri Developers; C Shekar Reddy, President of CREDAI and Managing Director of CSR Estates Ltd and Geetamber Anand, President Elect, CREDAI and CMD of ATS Infrastructure Ltd deliberated.

Panelists at the first session of the CREDAI conclave agreed that there was not much scope for reduction of prices of homes unless the Government took steps to relax Floor Space Index norms, reduce tax burden on the real estate industry, implement single window clearance for real estate projects and reduce interest rates.
Developers opined that profit of real estate developers had gone down substantially and there was no scope for further price reduction. Mantri said: “Housing industry is in deep shortage. It is wrong to say that prices should come down. How can prices come down when there is a shortage of housing”.
Floor space index
Reddy urged the Government to do away with the Floor Space Index (FSI) concept, take the approval process online and reduce tax burden on the industry. “The real estate industry has a tax burden of 30-40 percent. This has to come down to less than 15 percent. There are multiple taxes on the industry, which eventually gets passed on to buyers,” Reddy said and added that these measures will create huge supply of homes and in a competitive market the supply will bring down home prices”.
Single window clearance
Anand hoped the Government would soon implement single window clearance system. ‘Every time we ask the Government to implement single window clearance, they say we understand but it hasn’t happened’, he said. The second session was on the topic of ‘Challenges opportunities 2014′. Speakers were RK Arora, Chairman and Managing Director, Supertech Ltd; Vijay Mirchandani, national secretary, Confederation of Real Estate Developers’ Associations of India; Jaxay Shah, MD, Savvy Infrastructure Pvt Ltd, Vice President, CREDAI; Kumar Gera, Chairman, Gera Developments Pvt Ltd
and Rajni kanth S Ajmera, Chairman, Ajmera Group. The panel discussion deliberated on ‘Will 2014 be better than 2013 was for real estate industry’.
Slowdown
The year 2013 was marked by a slowdown in the real estate industry. Will 2014 be better? Panelists at the third session of CREDAI conclave believe the industry is going through a temporary blip and will bounce back next year. RK Arora, Chairman and Managing Director, Supertech Ltd said, the slowdown in 2013 was led by sentiment and not so much by a slowdown in sales or a fall in demand for homes. Arora said since it was more of a sentiment led slowdown, home prices will not fall. ‘In fact, I think prices will go up, so it is a good time to put money in real estate,’ he said.
Arora said there was a lot of scope for growth in the affordable housing segment. “We have observed that 90 percent of the demand for housing is in the affordable housing segment. I think even in 2014, there will be good demand for this segment of housing,” he said.
Mirchandani said: “The aspiration for a home remains constant. The dream for a home will never be over. The weak sentiment towards housing is because of uncertainty in political environment. I think we will quickly recover.”  While Mirchandani agreed with Arora that the maximum demand for homes is in the affordable segment, he said the definition of affordable housing changes from city to city. “What is affordable housing in one city is luxury housing in another city but demand is always there for affordable homes,” he said. Mirchandani said with the increase in cost of land and construction material, the only way a developer can make homes affordable is by reducing the size of apartment. Shah gave a parallel to Dubai and US. ‘In Dubai and US, there were worse problems but they survived, so we are hopeful of 2014,’ he added.
Recovery
Gera said: “We expect real estate industry to recover in 2014, because of a change in Government at the centre. “In 2014 there will be change because we have Lok Sabha elections. The UPA Government is not giving priority to housing. Their focus is only on slum housing,” he lamented. Gera reiterated that 2014 will bring a positive change in every industry, which will improve the sentiments in the real estate industry. Gera also called for allowing foreign investment for individual housing. ‘A change must come. Foreigners should be allowed to invest in real estate sector like it is allowed in countries such as Spain,’ he concurred.
Ajmera, Chairman rued that the Government treated the real estate sector like an ‘untouchable’ industry. He urged the Government to give priority sector lending to the industry. “Banks finance only about 40 percent of construction financing, which constitutes roughly 70 percent of the cost of our project. Banks should finance 100 percent of the cost of construction,” Ajmera added.
The third session was on the topic: ‘Shaping the future – A Challenge’. Mohit Goel, CEO, Omaxe Ltd, and son of Rohtas Goel, Chairman and Managing Director, Omaxe Ltd; Viswajith Kumar, Director,  Navin Housing and Properties Pvt Ltd and son of Dr R Kumar, Managing Director, Navin Housing; Mohit Arora, Director, Supertech Ltd and son of RK Arora, Chairman and Managing Director of Supertech and Kruti  Kumar Jain, Director, Kumar Urban Development participated in the panel discussion.
The young turks of the real estate industry place winning customer trust and loyalty as one of their top priorities. Mohit Goel, CEO, Omaxe Ltd, and son of Rohtas Goel, Chairman and Managing Director, Omaxe Ltd, says that he has brought in aggression into the company.  “I am impatient in a good way and I believe in creating an emotional connect with our buyers. Anyone who does business with us should feel satisfied,” he said.
Kumar said one of the biggest challenge the current generation of developers faced was keeping in tune with changing customer preferences.  “Staying with the market is critical. Lifestyle changes are happening. We need to see how we can catch the pulse of young home buyer. It is part of the evolutionary process. If I don’t catch it, I won’t survive. We are trying to create a revolution in housing. Things are being done in same way. I want to change the status quo”.
Lack of transparency
Arora is worried that the real estate sector does not have enough transparency. “We need to be as responsible as a bank and we need to bring in more transparency for buyer. We need to build more trust in the industry,” he said.
Jain said: “Any city is identified with modern skyscrapers built there. Real estate is part of the identity of a nation. So I knew I had to be part of the industry”. ‘Every project has different challenges. This isn’t an opportunity any other industry will give us,’she added.
The fourth session was the keynote event. Dr Giriji Vyas, Union Minister of Housing and Urban Poverty Alleviation, C Shekhar Reddy, President, CREDAI and Managing Director, CSR Estates Ltd and Senior BJP leader, Venkaiah Naidu took part in the discussion.
Dr Vyas assured real estate developers that the real estate regulatory bill will be suitably modified if necessary. Speaking at a real estate conclave organised by CREDAI in New Delhi, Dr Vyas said the industry should not have any fears about the real estate regulatory bill. ‘There is no reason for worrying about this. We will talk to you first on the real estate regulatory bill,’ she said.
Mutual interaction
The Minister, in response to criticism from the industry said there should be more dialogue between the Ministry and the real estate industry. “Real estate has the potential to create the right economic environment. We are keen to bring in reforms for the real estate sector. The sector has to grow,” she said.
Multiple taxation
In what could be a relief for the real estate sector, Dr Vyas agreed that the Government will do a rethink on multiple taxation of the real estate sector. “We will think about relaxing Floor Space Index (FSI) norms as well and on relaxing loan facility to the sector,” she said.
Reddy raised issues related to the real estate sector such as FSI norms, multiple taxation, strict lending to the real estate sector and issues related to the Real Estate Regulatory Bill. “The Bill, if it is implemented in its current form will push up prices by 30 perfcent, instead of reducing it. We need a comprehensive regulatory authority that covers all the stakeholders of the real estate industry,” the Minister concluded her statement with the assurance that all the issues discussed at the conclave will be taken up by the Government.
Industry status
Senior BJP leader, Venkaiah Naidu asked for real estate sector to be declared as an industry. Speaking at a real estate conclave organised by CREDAI in New Delhi today, Naidu said the Government has not focused enough on creation of homes. “The NDA Government had brought in housing sector reforms but a lot more needs to be done. As a first step, the sector needs to be declared as an industry,” Naidu said.
Naidu also called for simultaneous reforms in the banking sector, land reforms and rationalization of interest rates. “Real estate developers should be given quick clearances. Also, housing sector has been removed from priority sector lending.  Back then, I had protested against it,” he said.
Naidu said during NDA rule, the then Prime Minister, Atal Bihari Vajpayee had brought down interest rate from 16 percent to seven percent for real estate industry. ‘Interest rates need to be brought down again,’ he said. Naidu also opined that the problems of the real estate sector, is a reflection of the problems that India faces. ‘There is a lack of decision making in the country. This is the reason for the present crisis,’ he asserted. Naidu said the NDA Government had taken India’s GDP growth to 8.4 percent, which has now come down to around 4.5 percent.  “There is fiscal account deficit, current account deficit and trust deficit. While people from outside are looking to come into India, businessmen from India are going outside. The Government should have clarity in mind,” he said. Naidu also said that CREDAI’s demand for abolishment of urban land ceiling, stamp duty rationalisation, priority lending to the real estate sector, should be taken up by the Government.
Fifth session was on Urbanisation – Dream of Young India, where the speakers incldued Anurag Thakur, President, Bharatiya Janata Yuva Morcha and MP and Lalit Kumar Jain, Chairman, CREDAI.
Thakur said: “It is important for the real estate sector to grow, because it will create many job opportunities. Overall growth today has come down. This needs to change. India is experiencing urbanisation at a fast pace. When people come from villages to urban centres, they want to buy homes. The question here is are there enough homes and are they affordable. When the NDA Government comes to power, it will improve GDP growth to 8.5 percent, which will in turn motivate people to buy homes. Therefore, we are pushing for more transparency in the real estate sector”. Jain said the industry was the victim of a corrupt system and not its beneficiary. ‘Real estate industry is transparent. We can debate on this’, he added.
Sixth session was on the topic of Road to recovery, where the speakers included Pankaj Bajaj, member executive committee, CREDAI, MD, Eldeco Infratsructure; Vk Sharma, MD,  LIC India; Rajiv Sabharwal, Executive Director, ICICI Bank and Vishal Kumar, MD, Xander Advisors India Ltd. Bajaj said new home absorptions were not happening because of negative sentiment in the country. “I think like every other industry, there is some deference of purchasing decision. Everyone is in wait and watch mode,” he said.
Timeline adherence
Sharma said: “There is a clear signal of a slowdown in upper and upper middle segment of housing. In the Rs 40 lakh to Rs 1 crore bracket of homes, there is a strong demand. The basic issue that home buyers have is that developers are not maintaining timeline. If you are not able to stick to project timeline, then you will be redundant,” he held.
On the issue of delays in projects, Sabharwal said that typically projects with bank funding don’t get delayed. “Projects usually get delayed because approvals don’t come on time.  The other reason for delay in projects is when a developer does not have financial closure for a project and is dependent on debt to finance the project. Bankers also suffer when delays happen,” he said.
Kumar said the mood among private equity players was very bad. “There are very few traditional players left now. A few years back, there were 132 PE players and today we might have ten players, of which only three are doing PE deals while the rest aee doing debt deals,” he said. Kumar said PE players were however making good returns on the deals they were doing. “Earlier, if one out of ten deals gave decent returns, now half of the deals give decent returns. Deals will be fewer but larger,” he concluded.

Ashiana Housing conducts Bhoomi Pujan of Ashiana Navrang, the first residential housing project in Halol

Ashiana Housing Ltd, one of the leading Real Estate Developer in the country, organised the Bhoomi Pujan for Ashiana Navrang-one the most awaited residential project in and around Vadodra. To begin with, the firm has plans to set up over 500 residential units of spread across 10.65 acres in Halol, according to a company statement.

Ankur Gupta, Joint Managing Director, Ashiana Housing said: “We have a vision to elevate the real estate industry to the next level by providing the best customized end to end solutions to the customers be it in Residential Projects. My entire team is committed and working hard to make this project a success.  As per the costing concern we have kept in mind the budget of all classes”.
Middle income housing
Ashiana Housing is a key player when it comes to middle income housing. Ashiana’s expertise lies in creating new landmarks around upcoming industrial clusters like, the one in Bhiwadi and Neemrana on NH 8, which are rapidly developing as modern cities.  Halol is an another destination, close to NH 8, where, Ashiana Housing has decided to set up its foot prints and develop it as another residential hub for middle income housing.
Halol: a major hub
A number of real estate projects are coming up in the city as developers are keen on tapping the potential of this destination which is emerging as one of the best Industrial cum residential hubs. Godrej, Tata Housing, and Top real estate companies like JLL, Richard Ellis, and Cushman & Wakefield have also started focusing on Gujarat as they believe that even though it is a small real estate market, it has good growth prospects in medium to long term.
Sunit Gandhi, Vice President, Ashiana Housing said: “Since Vadodra, Ahmedabad, Surat are pretty much saturated, it is the new sectors where the next phase of growth will happen. And Halol will have the distinct advantage. The place has attracted a lot of industrial activity and provided scope for a boom in real estate. The rapid industrial growth coupled with good connectivity has made this place very attractive to people interested in real estate. With affordable prices, well within the reach of the middle class, Halol will give good returns in the long term. The expected movement of various companies too will boost the real estate market in Halol and Kalol and thus provide good appreciation. As people start moving into these companies the need to have house near their place of work will become imperative, which will also help in boosting the rental values”.
Ashiana Housing Limited (BSE / NSE Listed)-one of the finest real estate people in the country known for its timely deliveries & unmatched construction quality. Ashiana Housing a brand synonymous to middle income group housing has built over 10.29 million   sq. ft. of  residential and commercial space and put a smile on the faces of more than 8000 families who reside in various projects at Neemrana, Bhiwadi, Jaipur,  Jodhpur, Jamshedpur, Lavasa (Pune) and Patna. They are also pioneers in bringing the concept of Retirement Resort in India and spreading it to Bhiwadi, Jaipur and Lavasa. They are the first in retirement resort and one of the few to undertake the maintenance of residential properties developed by it. Setting up a new precedent in real estate sector ie before time delivery of the projects, post handover maintenance facilities have made Ashiana Housing a household name across India with the same ethics and exclusively Ashiana is all set to replicate the success story in Gujarat Market as well.

Indian Realty Yearbook edited by Namrata Kohli unveiled

In a pioneering effort, publishing company Hundred Communications has come out of a first-of-its-kind coffee table book on luxury real estate, according to a press statement.

Indian Realty Yearbook (IRY), the exclusive publication maps the universe of luxury real estate in India. Presenting a snapshot of the Indian luxury market, the book gives a guided tour of key projects in the luxury and branded home segment; cruising along the latest trends and introducing the-best-in-class luxury accessories, gadgets and gizmos. In short, IRY has everything to aid and abet the investor, in his business of cherry picking a home.

Delving into insights that go beyond just ‘facts’, the book deftly captures the ‘facets’ and the essence of luxury. It tries to define luxury in the Indian context, where the luxury residential market in India is headed and the distinguishing characteristics of the Indian luxury home buyer.

Editor Namrata Kohli who has put together IRY, says: “It was ‘just the time’, to capture the luxury end of Indian real estate industry. Luxury may be just five percent of the total residential real estate market but growing number of HNIs, makes this space the one to watch out for. In year 2012, India clocked the second highest growth rate of HNI population in the world, next only to Hong Kong, The country has been adding millionaires at one of the fastest rates in the world, and they drive the demand for a life, a living, a living space, which is at par with the best in the world. At the heart of this demand for luxury homes, is the fact, that Indians are becoming affluent, ambitious and aspirational”.
Insightful

Informative, insightful and perceptive this coffee table book is supplemented by impactful images that make it a visual treat. But the highlight of the book are perspectives shared from globally acclaimed names on several aspects of Indian luxury real estate – the world’s best, have converged onto one exclusive space ‘By Invitation Only’. Their views ‘quote unquote’ on design, architecture, construction, engineering aspects add value and appeal to the book.
Betting big

Today, global leaders are betting big on India’s luxury real estate market- Swarovski is seen lending its shine to Indian real estate, Trump giving its trademark to Indian projects, Armani and Versace interior designing of Indian homes, Greg Norman creating premier signature golf courses, Philippe Starck making its foray- we can confidently say that India is where the best minds in luxury space are converging today. Nobody wants to miss a chance of being in India after China, which went from Mao suits to Armani and a ‘luxeplosion’ of sorts in the last decade.
Atul Pandey, Publisher Indian Realty Yearbook pointed out: “With IRY, we have captured yet another important aspect of the universe of luxury. As a boutique publishing house, we have so far mapped the segments of beauty, wedding, fashion and lifestyle, in the world of luxury. So far, the luxury residential home space was an unchartered terrain, but we saw potential in this segment. No wonder, there are so many such projects in various stages of construction throughout the country”.

IRY was launched recently by actor Chitrangada Singh, Soha Ali Khan and boxer Vijender Singh at an exclusive event of Indian Realty Awards 2013 held at Hotel Lalit, New Delhi.
Hundred Communications (P) Ltd is the name behind some of India’s finest coffee table books across the fields of luxury, fashion, lifestyle, wedding, real estate among others. This boutique publishing house is known for its top end publications. Some of the annual publications include premium fashion guide- Fashion Resource Book and The Great Indian Wedding Book, a luxury coffee table book on signature weddings, launched by Sonam Kapoor last year.

Maitreya Realtors poised to become a leading brand in the Indian real estate sector

Maitreya Realtors & Constructions Private Limited, (MRCPL), the construction arm of the Maitreya Group of Companies, started in 1998 is a real estate company engaged in the business of commercial, residential and retail projects.

Under the leadership of its CMD,Varsha Satpalkar, MRCPL currently focuses on construction and development of real estate properties across the states of Maharashtra and Gujarat. The acumen of Pankaj Srivastava, COO of MRCPL, contributes hugely to the success of the real estate major.

Ambitious plans

With the proud track record of building trust and delivering values to all its stakeholders, MRPCL is poised to become a leading brand in the real estate sector. The company is recognised for its quality, sustainable projects, transparent deals, timely delivery and services for all income groups. What is more, its strategic alliances and partnerships, along with the strength of its highly competent in-house team, enable the real estate giant to undertake and smoothly execute construction of high-end bungalows, villas, residential apartments as well as shopping malls pan India. .

Major projects

To its credit, the company has several sophisticated myriad housing projects in various cities of Maharashtra such as Pune, Aurangabad, Vasai, Dhule, Jalgaon and Sangli, to name a few; while it has also constructed several commercial projects in Mumbai, Sangli and Kolhapur.

Currently, MRPCL is engaged in designing, building and marketing of its several residential and commercial projects in Nashik and Sangali. Some of these key projects are:

• Maitreya Greens – It is the first ever IGBC Gold pre-certified green project in Nashik. Spread across 10 acres of lush green land, of which only 40 percent would be developed into 6 residential towers. Comprises of Ground plus 14 floors, these towers are constructed in a complete eco-friendly manner.
•   Maitreya Pandav Van – Located beside famous Pandav Caves, Pandav Van is a 40 Exclusive 2 BHK Twin-bungalows Scheme. Each bungalow comes with a private garden, car parking, balconies and terraces, planned in a way that it ensures full privacy and at the same time offers lot of open space.
• Maitreya Sankul – Located amidst lush green landscape of Pathardi, Maitreya Sankul is a residential project that comprise of 6 storey buildings offerings 2 BHK spacious flats that easily fits into the budget of middle-income families.
• Maitreya Sunrise – A perfect combination of commercial and residential units, Maitreya Sunrise consists of 62 residential apartments, 39 shops and 10 godowns. This finest complex is constructed at a prime location in Sangli which is well connected to railway station and bus stand.   For further information, please visit maitreyarealtors.com.

Varsha Satpalkar is the Chairperson and Managing Director of Maitreya Group of Companies. She took over the reins of the company following the untimely demise of her husband Madhusudhan Satpalkar in 2003.

Genesis

Maitreya Group of Companies was started in 1998 by Madhusudhan Satpalkar with the goal of creating and generating employment opportunities and raising the standard of living of the people in Maharashtra. The company has its presence in more than nine states across India through its group companies Maitreya Plotters and Structures, Maitreya Realtors, Maitreya Mega net, Maitreya Hotels and Resorts, Maitreya Assurance and Maitreya Mass Communications.

Even as she dealt with a severe personal loss, Varsha had the whole business to look after and many of her late husband’s dreams to fulfill. Hitherto new to the nitty-gritty of the industry, Varsha, a commerce graduate, threw herself into the group’s various projects, most of them in the early stages since Madhusudhan Satpalkar had just started them. Madhusudhan Satpalkar had started the group’s new project – a resort called ‘Mamacha Gaon’ in Boisar near Mumbai’s. He died soon after the foundation stone was laid in October 2003. Varsha’s grit ensured that the resort opened to public in December 2003 — barely two months after Madhusudhan Satpalkar’s death. Even as she cut her teeth as a decision maker and leader, within a short span, Varsha turned Maitreya Group of Companies into a success story with its eclectic list of businesses. She completed work on Hotel Maitreya’s in Jalgaon — another unfinished project — that went on to become one of the first three star hotels in the whole of Khandesh.

Among the several defining moments for Maitreya, Varsha also strived to establish brand ‘Maitreya’ in the realty sector. She began by tapping the market in areas like Virar, Vasai, Jalgaon, and Sangli and successfully completed several projects there. Soon, she scaled up the business with bigger projects in Pune, Aurangabad, Baroda, Dhule, Nashik, Mumbai and Kolhapur too. Recently, she also launched Maitreya Mass Media Pvt. Ltd. that would be involved in production of films and documentaries as well as their distribution. Maitreya Mass Media’s first full length feature film ‘ Tapaal ’ is not only ready but it is selected for the world premiere in Busan international film festival, to be held in Oct in Busan in S. Korea. Mass media team is also working on a few short films and ad films. Maitreya recently started a new company, Maitreya Rural Growth Venture Pvt Ltd,[MRGV]

Maitreya Rural Growth Venture Pvt ltd. [MRGV] is committed to strengthen social entrepreneurs and help them provide livelihood to people based in villages. Right now MRGV is supporting a rural BPO in Wani, in underdeveloped Vidarbha region of Maharashtra, it has invested in native CONBAK and is working with them to set up bamboo production units for rural communities across the country. MRGV is also supporting network of micro entrepreneurs in Konkan, under the hedges of Konkan Nisarg Manch—KONIM, who process neglected fruits in Konkan belt. MRGV helped them launch their brand, Sindhusfurti in Global Konkan exhibition, recently held in Mumbai. She is also the chairperson of KONIM [ Konkan Nisarg Manch ] , a organization, which is working for upliftment of poor farmers in Konkan. Despite having no formal training in handling the business, what Varsha had going for her was the hunger to learn new things and an indomitable spirit.

While managing a successful business, Varsha also takes time out to personally look into the work of Maitreya Foundation — the Group’s philanthropic wing that has been doing extensive social work all across Maharashtra. Foundation also did a commendable work recently in Uttarakhand, when it was devastated by flash floods. At 40 plus, Varsha, now an astute entrepreneur knows how to get the best from her team and is the driving force behind Maitreya. She has won several accolades for her exemplary work as an entrepreneur. She has been honored with several awards including the Hirkani Puraskar, Udyog Vibhushan Samman Award initiated by the Indian Organization of Commerce and Industries, Pride of India Award by All India National Unity Council, DSK self made man award by DSK Group of companies and a very prestigious award Chanakya Puraskar given by public relations council of India.

In a free-wheeling chat with Jayashankar Menon, Pankaj Srivastava shares his insight on the growth of Maitreya Realtors and going forward, how the company is poised towards becoming a leading real estate brand in the country.

JM: Can you talk about Maitreya Realtors and its contribution to the construction and real estate space?

PS: Maitreya Realtors & Constructions Pvt Ltd. (MRCPL), the construction arm of the Maitreya Group of Companies, started in 1998 is a real estate company engaged in the business of commercial, residential and retail projects. The company focuses on construction and development of real estate properties across the states of Maharashtra and Gujarat.  It is recognized for its quality, sustainable projects, transparent deals, timely delivery and services for all income groups.

JM: What was the apparent reason for adapting the sustainable development route?

PS: Maitreya Greens is first ever IGBC Gold pre-certified project in Nashik, located on Pathardi road, one of the fastest developing areas of Nashik, just 1.5 km off main Mumbai. Maitreya Greens is totally eco-friendly, which helps in energy conservation and cost efficiency. It offers all the luxuries of life without compromising with the health of the environment. By combining the best of nature in the form of water, energy, air, greenery, and open area, Maitreya Greens promises to provide a serene life to its residents.

JM: What are the new projects in pipeline and the subsequent market expansion plans?

PS: The new initiatives would be centered around focusing on affordable and sustainable development.

JM: What are the potential for financial-growth can one see in this sector?

PS: The returns in the real estate sector are high provided, the projects are planned well and the approvals sanctions come in time.

JM: What are the typical sector led challenges and what are your market expectations?

PS: Challenges are getting the sanctions and approval from multiple agencies and statutory bodies and the time for getting the approvals at various stages in the life cycle of the project.