Thursday 12 March 2015

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"Many people are desperate to sell today as they need money for alternative use. These people are willing to sell at a much lower profit," said Santhosh Kumar, CEO, operations, at real estate consultancy JLL India. In a recent deal, an apartment built on a 1,200 square yard plot in Delhi's posh West End area was sold for Rs 13 crore.

The sellers were asking for Rs 17-18 crore a year back. During the peak, it would have sold for around Rs 22 crore. Similarly, a builder sold a floor in Niti Bagh for around Rs 13-14 crore, climbing down from his ask of Rs 18-19 crore about 10 months ago. A 1,200 sq yard plot in Hauz Khas that a family was asking Rs 60 crore for six months back isn't getting sold for Rs 45 crore today.
A south Delhi broker, who did not wish to be named says every builder today has unsold inventory. "Many of them are unable to hold on to this inventory anymore as they are strapped for cash." MK Minocha, general manager, luxury housing, at Delhi-based builder Uppal, said, "There is a correction because buyers are taking time to decide. They are still waiting." In Gurgaon's Phase 1 area, a second floor apartment has been sold for Rs 1.72 crore to an end user, down from Rs 2.25 crore that the seller was asking for some time back.

Even in not so prime areas such as Chittaranjan Park, brokers say apartments that were quoting at Rs 2.4 crore are now available for Rs 1.8 crore. While piling up of inventory is a major culprit, the recent decision by the government to increase circle rates in the capital has also impacted sales. Buyers clearly have the upper hand, and are negotiating favorable payment terms of up to six months from the standard three months so far. Kumar of JLL India said many buyers and investors are waiting for further correction.

"Also, people do not have the kind of confidence on getting returns from real estate that they did earlier. That confidence is back in the securities market but not here," he said. As a result, a lot of residential apartments in areas such as Vasant Vihar, Defense Colony, Greater Kailash, New Friends Colony, Panchsheel Park and Gulmohar Park are lying vacant, increasing the stress. Some brokers say the situation is showing signs of improvement.

Mudassir Zaidi, national director — residential at real estate consultancy Knight Frank India, said that while the market is still slow, there is slight improvement since the new government has been sworn in. "Sellers were asking for unreasonable prices during the peak. Now both sellers and buyers are becoming more rational because of which deals are starting to happen," he said. Sunil Kapur of property broking firm KK Real Estate said that for many months it was hard to sell anything.


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“Experts predict that 50% of occupations today will no longer exist by 2025 as people will take up more creative professions. This means that jobs will evolve and so will real estate development. Through this report, we are looking to better understand how we can create new success high-performance, convenient workspaces that are not only aesthetically pleasing, but are also in line with the social values of the workforce of the future. This research provides a new perspective for the real estate industry, and we hope will help pave the way for shaping the cities of the future by improving the quality of work and life,
Key findings of the report were as follows:
1. Artificial intelligence will transform businesses and the work that people do
• Process work, customer work and vast swathes of middle management will simply disappear: 50% of occupations today will no longer exist in 2025
• New jobs will require creative intelligence, social and emotional intelligence and the ability to leverage artificial intelligence. Those jobs will be immensely more fulfilling than today’s jobs
• Workspaces with row of desks as we know them today will be completely redundant. Not because they are not fit for purpose, but simply because that purpose no longer exists
2. For employees, purpose is more important than financial success
• There is a significant and global trend amongst all people, but particularly the youth, towards happiness, purpose and meaning being as or more important than financial success
• Many Asian parents share this outlook for their children
• Corporations will not only need to be lean and agile they must be authentic to attract talent: authentic in their values and in making a real contribution to the social good
• As the nature of work changes we expect to see more social entrepreneurship
3. Emergence of online trading for real estate
• By 2030 the majority of real estate transactions may be made online, and the majority of transactions will be made by the users of the space using real time marketplaces (similar to Uber) that help find the best and most effective place to work
• Real Estate traditionally changes slowly but these new emerging aggregators could revolutionize the market, allowing tenants and many types of building owners in cities to contribute wasted and unused space back into an eco-system of available space
4. Landlords to focus more on delivering services
• Buildings will be much healthier environments, and landlords will need to create partnerships with providers who can help create services and experiences in addition to basic lease tenancies
• As landlords start delivering more complete solutions they will rate their building’s value not by the cash flow of rent but in the cash flow from the services
High Performance Workplace of the Future
Given the coming dramatic changes in how we work, companies will need to re-learn how to obtain high performance from employees and contractors.
“The ability to attract and retain top talent will be the top competitive advantage for businesses in 2030, followed by innovation, adaptability, and technology adoption. The design and organization of the new workplace will be key to achieving this,” added Peter Andrew, Director of Workplace Strategy for CBRE Asia Pacific.


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“Noida real estate has changed over the years from industrial belt to affordable and now high end. In this shift from Industrial belt to residential place the government has played a major role by releasing land for development of housing. Earlier it was only affordable options but recently various luxurious projects have come up. The major reason for luxury projects to come is the well developed infrastructure and availability of quality land parcels,” says Gupta.
Nikhil Hawelia, Managing Director of Hawelia Group agrees that great connectivity, infrastructure, abundance of facilities and the entry of large number of corporates have made Noida a leading real estate market today. He believes any city, in order to grow as a residential or commercial hub and to lure its potential customers, need to set in place its basic infrastructure and facilities as these factors are pivotal in decision making. Noida has done all the things right and hence it has become one of the fastest developing sub-cities in the NCR, creating a buzz around the region. Appreciation in property prices over the year has also made it a sought after destination.
“With acute shortage of land parcels in and around Delhi and a surge of demand for property in surrounding regions, Noida will continue to entice potential customers and investors as a preferred destination. With massive infrastructure work in the pipeline, Noida has been in the limelight for progressive growth of residential and commercial hubs. There has really been a lot of development across various sectors which are witnessing healthy absorption trends, thanks to projects that promise world-class architecture and amenities. Great infrastructure, good road network and metro connectivity to all key destinations are the prime reasons that have enticed the buyers and investors to this area,” says Hawelia.
Everyone within the built environment agrees that in the initial stages of its inception, the emphasis was on meeting the basic needs and all construction and development works were majorly concentrated in fulfilling the required demand. Initially emergence of Noida was to be an industrial town but after the settlement of big scale industries the authority also realised the need of residential as well as commercial establishments. Over the years the market forces assumed the command and are now taking this market to a new high where the developers are only catering to the emerging demand of the region. Noida is thus transforming into a global city today.
This may give an impression that the emergence of Noida as a city with global standards has been a natural progression. But the fact of the matter is that Noida’s growth story has actually been a case of being delayed but not denied. Noida for quite some time had been witness to the fact that global corporate and other high net worth individuals were looking towards Gurgaon market despite the fact that physical infrastructure in this zone has been much better.
The authorities were also conscious of the fact that the absence of an international airport has been an investment deterrent and hence concerted efforts were made to create the best social infrastructure in the entire Delhi-NCR. This led to change of perception and Noida soon got into an image makeover.
There is no doubt that the upcoming Delhi Mumbai Industrial Corridor (DMIC) and a proposed airport around would redefine Noida in terms of its future roadmap. Those who have been witness to Noida’s emergence in the last 38 years call it awesome and those who have not come to this part during all these years will find it hard to believe. Noida nevertheless continues to grow on the fast forward lane of prosperity.


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Cities come into existence either by design or by default and the first movers (either the local urban bodies or the private developers) give it a definite outlook & shape in terms of urban planning and overall outlook of the given city. This has been the pattern of urbanisation and rise and growth of the cities across the world with Indian being no exception.

But wait! Before one would think that development of the city is an organic process everywhere, there comes Noida into reckoning which has defied the conventional growth pattern of cities. As a matter of fact, the emergence of Noida, though an organic process by the local body, gradually shaped up in a way that can neither be described as organic nor inorganic.        
Noida, as a matter of fact, has been witness to a holistic growth led by the market forces and hence this has also shaped up as one of those rare markets where the demand supply gap is much lesser than many other markets across the country. The genesis of Noida’s emergence goes back to the first master plan of Delhi, prepared in 1962, that suggested a planned decentralisation of large scale economic activities from Delhi and development of towns around it. It finally came into existence during emergency in 1976 with an objective to cater to Delhi’s commercial needs and to address the Capital’s concern of polluting industries.

On April 17, 1976 the Uttar Pradesh Government had notified 36 villages of the Yamuna-Hindon-Delhi Border Regulated Area as New Okhla Industrial Development Area, better known as Noida. The State Government also constituted a new statutory body, the New Okhla Industrial Development Authority (NOIDA) to ensure planned development of the area for industrial and allied uses.
What actually was conceptualised as an industrial zone soon transformed into an affordable residential zone with land prices being as cheap as Rs. 120 per sq feet. People from South Delhi and West Delhi started moving to Noida, added to the fact that the ex army men also found it an ideal location to settle in post retirement. In the initial stages it was mainly the plotted developments in the city. However, the apartment culture soon started changing the outlook of Noida and it started turning into a most favoured destination for the upwardly-mobile middle class as well as global companies. The influx of IT/ITeS further goaded the property market of Noida to northwards and today Noida is no longer seen as the poor cousin of Gurgaon or any other part of Delhi NCR.
Analysts believe the seeds of modern city have been sown by the policy makers with the creation of better infrastructure and connectivity and the location close to Delhi proved to be the icing on the cake. Gaurav Gupta, Director, SG Estates maintains that Noida Property market is relatively more matured market and has been successful in establishing itself as the preferred place for people looking to buy house in Delhi NCR. According to him, due to its close proximity with South Delhi, multiple connecting points and metro connectivity Noida is shaping up as the real growth driver today. Infrastructure growth in Noida has kept pace with the growing population. Buyers here have multiple options to choose from both in affordable and luxury segments.


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Tuesday 27 January 2015

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Buying a property is perhaps the biggest investment for salary earners, so buyers must undertake detailed planning before committing themselves to this long-term investment. However, for those looking to buy a house in Delhi or the National Capital Region (comprising Noida, Greater Noida, Gurgaon and Ghaziabad), a good deal might be around the corner.
Property prices in some pockets in Delhi and the NCR have fallen by over 20 per cent year-on-year, according to the National Housing Bank's Residex index, which tracks residential property prices across 26 cities in the country. In fact, Delhi is the only metro, where prices have dropped in the March quarter.
Property prices have fallen because a combination of sluggish economic growth, high inflation and high interest rates have impacted consumer spending. Developers are saddled with high debt and inventory levels forcing them to cut prices in some markets.
In Delhi, prices have dropped most in suburbs such as Dwarka and Mayur Vihar, where buyers can get two-BHK (bedroom, hall, kitchen) apartments starting Rs. 65 lakh. Such apartments in NCR will cost much less depending on the stage of construction and location.
The sharp correction in property prices is not the only reason to go for a purchase in the near term. Here are some other aspects that one should consider before committing massive resources towards buying a property,


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If you are looking to buy a house in Delhi this could be the best time. Secondary market prices of properties in posh South Delhi localities have fallen 25-30 per cent over the last one year as a pileup of inventory and need for money turn many investors into desperate sellers. Compared with peak prices, the discount is as much as 40 per cent, say brokers. Property brokers and consultants say there are several distress deals available in the market today.

"Many people are desperate to sell today as they need money for alternative use. These people are willing to sell at a much lower profit," said Santhosh Kumar, CEO, operations, at real estate consultancy JLL India. In a recent deal, an apartment built on a 1,200 square yard plot in Delhi's posh West End area was sold for Rs 13 crore.

The sellers were asking for Rs 17-18 crore a year back. During the peak, it would have sold for around Rs 22 crore. Similarly, a builder sold a floor in Niti Bagh for around Rs 13-14 crore, climbing down from his ask of Rs 18-19 crore about 10 months ago. A 1,200 sq yard plot in Hauz Khas that a family was asking Rs 60 crore for six months back isn't getting sold for Rs 45 crore today.
A south Delhi broker, who did not wish to be named says every builder today has unsold inventory. "Many of them are unable to hold on to this inventory anymore as they are strapped for cash." MK Minocha, general manager, luxury housing, at Delhi-based builder Uppal, said, "There is a correction because buyers are taking time to decide. They are still waiting." In Gurgaon's Phase 1 area, a second floor apartment has been sold for Rs 1.72 crore to an end user, down from Rs 2.25 crore that the seller was asking for some time back.



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Even in not so prime areas such as Chittaranjan Park, brokers say apartments that were quoting at Rs 2.4 crore are now available for Rs 1.8 crore. While piling up of inventory is a major culprit, the recent decision by the government to increase circle rates in the capital has also impacted sales. Buyers clearly have the upper hand, and are negotiating favorable payment terms of up to six months from the standard three months so far. Kumar of JLL India said many buyers and investors are waiting for further correction.

"Also, people do not have the kind of confidence on getting returns from real estate that they did earlier. That confidence is back in the securities market but not here," he said. As a result, a lot of residential apartments in areas such as Vasant Vihar, Defense Colony, Greater Kailash, New Friends Colony, Panchsheel Park and Gulmohar Park are lying vacant, increasing the stress. Some brokers say the situation is showing signs of improvement.

Mudassir Zaidi, national director — residential at real estate consultancy Knight Frank India, said that while the market is still slow, there is slight improvement since the new government has been sworn in. "Sellers were asking for unreasonable prices during the peak. Now both sellers and buyers are becoming more rational because of which deals are starting to happen," he said. Sunil Kapur of property broking firm KK Real Estate said that for many months it was hard to sell anything.


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