Why Dwarka Expressway has given a boost to Gurgaon`s realty

By: Karshni on 02:10

Ravi Saund

COO,
CHD Developers Ltd.

He holds a Bachelors Degree in Commerce from Sydenham College, Mumbai and he further pursued an MBA from Sydenham Institute of Management and Research, Mumbai. He is a proud alumnus of The Scindia School, Gwalior, Madhya Pradesh. With over two decades of experience in the real estate sector, his impeccable knowledge of market dynamics has helped him successfully launch various projects in sync with the requirements of the market. Prior to his engagement at CHD Developers Limited, he was associated with South Asian Real Estate (SARE), Ansal API and Navjyoth Constructions Pvt. Ltd. at various positions of responsibility.

In addition to the availability of good infrastructure and basic facilities in the vicinity, connectivity today is a major deciding factor while buying a property. Road connectivity has a massive impact on real estate development and prices. It comes as a little surprise that Dwarka Expressway is poised to become the New Shangrila and centre of Gurgaon. It has become a significant real estate investment destination owing to its vast potential for robust growth and expansion in the coming years. It provides an immaculate blend of strategic location, varied residential options, world-class amenities and easy accessibility via infrastructure development in the area.

The eight lanes, 150 meter wide and 18 km long Dwarka Expressway will be a boon to commuters travelling from Delhi to Gurgaon and Manesar providing them a congestion free travel especially when the Delhi- Gurgaon Expressway has witnessed higher-than-expected traffic volume growth. Due to its proximity to Delhi and unparalleled connectivity with Gurgaon and Manesar, the real estate development in the area has seen an upsurge. The infrastructural development in and around the area has played an instrumental role in its growth. It is likely to evolve into a seamlessly connected real estate destination.

After it is complete, it will provide faster access to the airport; connect close to the 100-metre-wide road proposed in the new master plan, and the areas will also have good connectivity with the proposed diplomatic enclave and the current Metro corridor. This is the prime reason for the buyers and investors to be bullish about this zone. Sectors along Dwarka Expressway are going to be well planned, premium, contemporary urban area when complete as per the Gurgaon Master Plan-2021. One can easily say that the areas that will fall in the periphery of this expressway will become posh areas and will compete with areas like Shanti Niketan and Vasant Vihar. It won’t be ambitious to easy that the areas that will fall in the periphery of this expressway will become as posh as its neighborhood in the noble southern part of Delhi. The faster access to the Indira Gandhi International Airport draws in vote from the NRI clientele too. Educational institutions will also be there. The lifestyle here is going to surpass the ordinary.

The investment value of residential properties along the Dwarka Expressway has not been lost on investors, who are now making a beeline to residential developments in this area. No wonder country’s leading developers have launched their projects here. The various residential options are available at a price lesser than most places in Gurgaon. The response to the projects has been phenomenal as the buyers have started to realize what potential the area holds. The pace of development is strong and the return on investment will be high in this area. The prices in the area have almost tripled - from Rs 2,250 per sq ft to Rs 6,250 per sq ft.

The expressway will also open up avenues for planned commercial and urban development in the region. In fact commercial development is visible in and around Dwarka Expressway. It has been rechristened `New Gurgaon` due to the booming IT/ITES sectors, corporate offices, shopping malls, markets etc here.

Most of the consumer base in this region is the upper and upper-middle class working segment. For working professionals in Manesar, Gurgaon and Delhi, Dwarka Expressway is the ideal residential destination as well as an excellent investment option.

The expanded supply in Dwarka Expressway would correct property prices in areas like the Sohna Road and Golf Course Extension Road. Also, a lot of developments are being launched in the affordable to mid-sized market segment of residential housing. In fact, these areas are now emerging as the answer to the question of what will fill the gap for mid-income housing demand.

http://www.moneycontrol.com/news/real-estate/why-dwarka-expressway-has-givenboost-to-gurgaons-realty_788671.html

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Dear realtors, ‘online brand managers’ are not the answer

By: Karshni on 04:29

Real estate companies seem to have finally found out that online is the best way to boost their image, which has taken a severe beating after disgruntled buyers started teaming up on social media to vent their displeasure.

According to a report in the Economic Times, the companies are seeking the help from online reputation managers to deal with the situation.

For home buyers facing delivery delays of over two years in certain instances, online forums have become a convenient meeting place to share their issues, as the country is yet to get a real estate regulator.

However, it would be interesting to see how these reputation managers can deal with such online complaints as the home buyers are likely to see it as a mere PR exercise that seeks to divert attention from the core issue. Given that they are called ‘reputation managers’ rather than, for instance, ‘customer grievance officers’.

First, it would be better if these companies can seize the opportunity, and use networks like Facebook and Twitter to become more transparent or provide regular updates and take steps to prevent buyers from being cheated.

Second, branding only works if a developer has a reputation which promises to deliver. Many developers in India constantly misguide buyers with an artificial pricing policy, where prices are inflated to benefit builders, politicians and investors. You can read all about the builder’s manipulative pricing policy here.

“PR agencies cannot change the momentum or angst towards builders, only the builders can do that by checking their own self conduct and not cheating buyers from their right to deliver,” says Pankaj Kapoor, MD at real estate consulting firm Liasas Foras.

Most real estate companies display Photoshoped images and promise world-class facilities. On delivery, buyers find the flat is no where near the promise. In most cases, they may have to be content with poor-quality raw material, smaller carpet area and half-done job, with only costs exceeding expectation.

At the crux of this debate is the vast unsold inventory lying vacant while developers continue to undertake more projects which are again delayed due to regulatory and funding hurdles, but continue to demand a premium value. A survey by Liasas Foras found that nearly half of the 323,000 homes to be delivered in 2013 are lagging behind construction schedule.

The Economic Times report quotes Hareesh Tibrewala, joint chief executive officer of Social Wavelength, as saying “Consumers in India are very forgiving. They are fine if their voice is heard and responded to. A solution may take time, but being heard takes care of most of the problems.”

Again, he has failed to fathom the real problem. Merely being heard is not going to satisfy the consumers. They want answers and more importantly, transparency in transactions.

Until there is transparency on the house cost with builders margins, no amount of branding can clean a builder’s image. Until then, it will be seen as an unwanted marketing expenditure which will in the end have to be shelled out by the home buyer himself in the form of hidden costs.

 

http://www.firstpost.com/real%20estate/dear-realtors-online-brand-managers-are-not-the-answer-538140.html

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Are warranties offered by property developers worth the premium?

By: Karshni on 23:52

Many of the top property developers in metro cities like Mumbai and Delhi have come out with a new marketing strategy to lure potential buyers. They are offering warranties on the houses they sell, similar to those offered by manufacturers of electronic appliances like TVs and refrigerators. The warranty period ranges from 1-3 years on all electronic appliances in a fully-furnished apartment, to as high as 10 years for waterproofing of flats.

The Maharashtra Chamber of Housing and Industry claims that nearly 80% of its members are offering such guarantees across the country. However, is this warranty a convincing reason to buy a flat at a premium? Most real estate experts don't believe so. Here's why.

It's the appliances, not apartments

Most warranties being advertised by developers are for the appliances that come with a semi- or fully-furnished flat, not much on the construction-related aspects of the house. While offering appliances with apartments is nothing new, the only difference is that a few builders have started handing out the warranty cards to buyers when they take possession of the house. "The developer purchases these products from various companies, which offer their warranties. The builder merely passes them on to the customer as his own," says Pankaj Kapoor, managing director of Liases Foras, a real estate research firm.

A significant construction-related guarantee some developers have begun to offer is on the paint job. However, many reputed paint companies already offer a warranty of 5-7 years, subject to a minimum quantity of paint purchased by the builder. The warranty includes shade fading, growth of fungus and algae on walls, flaking and peeling of paint.

The company maintains records of the customer warranty electronically and issues a warranty identification number. Even if the builder offers other construction-related guarantees, say, for waterproofing, these come with the building, not individual apartments. "In the case of warranties on construction materials, the buyer should ask for relevant documents from the developer and scrutinise the level of accountability implied," says Om Ahuja, CEO, residential services, Jones Lang LaSalle India.

No extra cost for developer

The builder is only offering convenience in terms of providing access to guarantee papers. You are anyway entitled to warranties on products that come with the house, such as electrical wiring, switchboards, appliances like CFLs and ceiling fans, kitchen chimneys, exhaust fans and bathroom fittings like branded taps. So, is offering warranties just a gimmick? The builders want you to believe otherwise. "Most top developers want to protect their reputation, so they opt for branded material. The guarantees are a genuine effort by builders, not a gimmick to sell their projects," says Boman Rustom Irani, chairman & managing director of Rustomjee Group.

However, the fact is that when a home owner wants to use the warranty, he will have to approach the manufacturers. The developer could wash his hands off any defects later. The only solace for buyers is that the guarantee may mean it is a better product than an unbranded one. "Appliances covered by manufacturer warranties tend to be of a better quality," says Ahuja.

Cash discount is better

While most such warranties are offered for fully furnished premium projects and projected as being free with the apartment, if the builder offers these at a premium, ask for a cash discount instead. This may work to your advantage in two ways: you get to buy what you like, even at a lesser cost, and something that suits your needs.

Besides, the builder has low incentive to buy the most energy-efficient appliances since it is you who will pay the bills, not him. The motivation for the builder is minimising investments and maximising returns, and he is more likely to choose not-so-efficient appliance at a lower cost rather than an expensive five-star one. The large number of investors today is also a reason for minimising the cost on appliances. "When an apartment is being bought just as an investment or to rent it, the owner would want the builder to install cheaper appliances. This is because the maintenance cost is minimal if the flat is locked up, or the tenant will pay the charges," says a Delhi-based real estate expert.

Before you buy

Another important factor to be kept in mind is whether the construction is suitable for all the fancy appliances on offer. For instance, a fully air-conditioned apartment requires proper sealing of doors and windows and your electricity bill may go up if this is not done. Similarly, if the chimney in the modular kitchen is not powerful enough, you will have to spend more on getting it cleaned more frequently.

http://articles.economictimes.indiatimes.com/2012-11-26/news/35365213_1_warranty-developer-purchases-appliances

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Clearwater Capital to invest Rs 100 crore in Ramprastha township in Gurgaon

By: Karshni on 01:42

Real estate firm Ramprastha Group today said that US-based investment firm Clearwater Capital Partners will infuse Rs 100 crore in its 600-acre township in Gurgaon being developed at a cost of about Rs 4,000 crore.

The company has so far launched six group housing projects comprising over 3,000 flats and plans to offer plots in 250 acre next year in its integrated township 'Ramprastha City' located near Dwarka Expressway.

"Clearwater Capital has decided to invest about Rs 100 crore in our township in Dwarka," Ramprastha Chief Executive Officer Nikhil Jain told PTI.

The investment would be in the form of debt, he added. Clearwater Capital Partners is an investment firm with a 10-year track record of investing in credit and special situations in Asia.

Jain said the company had earlier raised about Rs 150 crore from India Property Fund in the two group housing projects -- Skyz and Rise -- that are part of this township.

India Property Fund, a joint venture between Varnado of US and TCG of India, has picked up 49 per cent stake in these two group housing projects.

On the total investment in the townships, Jain said the project cost is about Rs 4,000 crore and this would be largely funded through internal accruals and advances against sales.

Besides group housing and plots, the township would have commercial space and institutional area.

Ramprashtha Group is currently developing over 10 million sq ft area and has land bank for development potential of over 140 million sq ft.

"We have a huge land bank in Gurgaon of about 1,500 acres and we have land in Ghaziabad also," Jain said.

Asked about revenue, he said the group turnover is about Rs 600 crore.

http://economictimes.indiatimes.com/markets/real-estate/news/clearwater-capital-to-invest-rs-100-crore-in-ramprastha-township-in-gurgaon/articleshow/17358304.cms

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Rushing into real estate?

By: Karshni on 01:10

Many high net worth individuals are stuck on property. And for good reason, too. With 30 per cent plus returns annually, it seems like a gold mine. But like a Madhya Pradesh [ Images ] -based doctor realised, putting all your eggs in one basket or investing the entire investible surplus in real estate can backfire - badly at times.

The doctor's son needed Rs 25 lakh (Rs 2.5 million) for a course in a foreign country. And he waited, in peace, for the property price to rise as he was sure to get buyers. 'Why lose on the incremental benefit by exiting early,' he confessed to a financial planner.

But when he entered the market to sell the property a month before his son's departure, there were no buyers. On paper, he was sitting on property worth Rs 3 crore (Rs 30 million), but in reality, he did not even have Rs 25 lakh of liquidity.

The rise of real estate as an investment option in the past few years has been due to the fall in equity markets and low returns from debt. The only instrument that has given comparable returns is gold.

Whether it is direct or indirect - through private wealth managers - investors have been flocking to real estate. So much so that sometimes the returns from real estate seem unreal. Yet, growth rates of 40-50 per cent annually are being touted. Sometimes, much more.

But going aggressive on only real estate has its pitfalls. The main one is liquidity. Investors are known to buy property in far-flung areas and at particularly high prices because some airport, station, or highway is likely to come up. And invariably, such projects get delayed, sometimes by a good two-five years.

Then, there are financial requirements. If you are purchasing it on loan, there are a number of financial requirements such as high initial down payment, servicing cost on loan and so on. This apart, it is difficult to maintain as there is property tax, property maintenance cost, etc. that pile up.

Should real estate be a part of the portfolio and how much exposure should one have in this asset class? Gaurav Mashruwala , certified financial planner, admits to advising real estate - a second property - as an asset class for portfolio but simply because it is a good hedge against inflation.

So, asset allocation becomes the key for every portfolio. Put money in liquid instruments such as equities, gold and debt that will ensure a steady flow. And when you are comfortable with the liquidity position, go for a second property as investment.

The traditional advice of starting investment early in life does not apply to real estate, as this is a big financial commitment.

"Real estate is not meant for everyone and comes later in life as it requires a lot of cash and so needs to be considered after one is stable in terms of career and savings for non-negotiable goals," says Mashruwala. Sometimes, it may seem like loss of opportunity but then, liquidity is always more important.

http://articles.economictimes.indiatimes.com/2012-11-23/news/35317237_1_gulf-nris-indiabulls-group-first-overseas-office

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Investment in real estate can give upto 145% returns: Survey

By: Karshni on 00:23

The real estate sector will continue to remain an attractive investment destination with the possibility of prices in residential areas appreciating by 91 to 145 per cent in select cities over the next five years, a survey released today said.

In a first of its kind report prepared by Knight Frank, a real estate advisory firm, high possible return on investments ranging between 18.6 percent and 29 percent per annum over the next five years will emerge as a key driver for investors' interest in the sector.

The report highlights that despite the slump in the real estate market, Mumbai will continue to be the most promising investment destination followed by Delhi-NCR, Chennai, Pune and Bengaluru, Knight Frank Executive Director (retail, advisory and hospitality) Gulam Zia told reporters here today.

The study has identified 13 destinations across these five cities where prices are expected to appreciate in the range of 91-145 percent over the next five years, he said.

"With property options ranging from Rs 3,200- Rs 15,000 per sq ft and price appreciation in the range of 91 per cent to 145 per cent, residential real estate will emerge as a promising asset class for the next five years," he said.

From the perspective of return, real estate investment especially in India has garnered superior returns in comparison to other asset classes over a long term, Zia said.

According to the survey, performance of IT and ITeS industry will have a major bearing on the real estate market in cities like Bengaluru, Chennai and Pune.

Ulwe, Wadala and Chembur in Mumbai will witness price appreciation of 145 percent, 133 percent and 125 percent respectively in five years, the report said.

Noida Extension and Dwarka Expressway in Delhi-NCR will see an appreciation of 111 percent and 108 percent respectively over the period.

In Chennai's Medavakkam, prices are expected to appreciate by 103 percent from the current Rs 3800 per sq ft while prices in Pallikarni could rise by 93 percent.

Pune's Hinjewadi, Tathawade, Ravet and Wakad would witness rise in prices by 100 percent, 98 percent, 97 percent and 91 percent respectively mainly due to the IT and ITeS sectors.

Hebbal and KR Puram in Bengaluru will see an increase in prices by 94 percent and 91 percent respectively, the report said.

http://articles.economictimes.indiatimes.com/2012-11-20/news/35226027_1_gulam-zia-real-estate-price-appreciation

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Real Estate capital markets predictions for 2013:JLL

By: Karshni on 02:16

In 2013, the availability of debt capital is likely to increase while the flow of equity capital will remain more or less stable. The bid-ask spreads will reduce, increasing overall transaction volume even as additional cuts in CRR and repo rates will infuse more liquidity into the system. Cross-border capital will begin to make a gradual comeback in the coming year and cap rates for office and retail properties are likely to descend to 10.5% and 11.5% from 11% and 12% respectively.

Investors will focus more on transparency, governance and liquidity before investing. Given the on-going challenges that the Indian real estate sector faces on these fronts, even fewer development companies will be successful on the public equity markets. Nevertheless, private equity deals volumes will increase, and there will be more M&A activity within the PE industry. A number of vintage funds from 2007-2008 will have to look at exiting in 2013, some of them at low IRR’s. Given the overall uncertainties, these funds would look at postponing their exits to 2014.

Insurance firms will start investing directly in low-risk, income producing office real estate. Investment bidders per property will increase, this time around with lower return expectations. Investment periods of funds will reduce from 5 years to 4 years.

In 2013, after a lull of two years, banks are likely to start offering construction finance to residential projects with approvals. They will also become marginally more flexible on interest rates, collaterals, LTV’s and upfront fees. Established funds will get back into the fund raising mode after a 3-year hiatus.

As before, developers with longer operating history such as Oberoi, Shobha and Prestige who have managed growth effectively over the years and predictability of income will find it easier to raise funds in 2013. It is unlikely that any major player will venture out nationally, with the accent for 2013 remaining firmly on local expansion. Also, we will see developers focusing more on joint ventures with landlords rather than on buying land.

In 2013, we will see most PE deals being structured to give the investor the first preference to cash flows. Most real estate PE investments will be focused on Tier I cities. Funds with a good track record that have a strategy to target a narrow asset class within specific locations such as last mile funding for residential under construction projects in Tier 1 cities and having strong delivery teams will be able to raise funds more easily. Regulatory authorities will increase their scrutiny of private fund raising offerings and closely monitor if the funds raised by the companies are being used for stated objectives.

Private Equity funds will raise distressed real estate funds and get traction from bank NPA’s and ARC’s. A number of new domestic real estate PE funds backed by corporate entities are likely to be launched in 2013. Also, large family offices will now begin creating dedicated real estate teams.

PE fund terms such as waterfall structure, carried interest, general partner commitment and management fees will change to address investor concerns such as governance, transparency, reporting and operating controls post the global financial crisis. Limited partners will scrutinize fund platforms lot more carefully before investing on the heels of previous negative experiences with issues such as integrity of the general partner and quality and sustainability of earnings. Many more funds will adopt a conservative cash flow-driven investment approach and focus on investing in income producing office assets, with an accent on asset repositioning, refinancing and refurbishment.

We expect new guidelines for non-banking HFCs to assist in pushing funding for the housing sector in 2013. There will be more liquidity available in the housing finance market as rules for raising external commercial borrowings will be relaxed for HFCs, and with SEBI allowing debt funds to invest an additional 10% in HFCs. HFCs will also look at tapping the QIP market to raise funds in 2013.

http://www.indiainfoline.com/Markets/News/Real-Estate-Round-Up-November-12-to-November-16-2012/5543834450

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Black money in real estate: Why the proposed regulation bill won't solve the issue

By: Karshni on 23:35

Ulwe, a village of dusty, uneven streets on the outskirts of Mumbai, lacks basic amenities like water supply and electricity, but a two-bedroom, 1,000 sq ft house costs about Rs 5 million ($91,000), beyond the reach of many middle-class Indians. 

According to prospective buyers, many developers will demand up to 30 percent of that price in cash, a small slice of the ubiquitous, unaccounted "black money" that costs India's straitened exchequer billions of dollars in lost taxable income. 

Legislation that would bring more transparency to the industry will be considered during the winter session of India's parliament, which starts on Thursday. However, investors, tax officials and bankers Reuters spoke with were sceptical the law would stamp out illegal practices they say are closely entwined with politics. 

"Four out of 10 developers were ready to do it in full white and six were asking for a black component," said 35-year-old Umesh Kolhapure, who was looking for a three-bedroom house around Ulwe, near the proposed site of a new international airport serving the country's financial capital. 

Recent high-profile scandals in coal and telecoms sectors involving large corporate houses and politicians have rattled investors in Asia's third-largest economy, where undeclared wealth has long been rampant. 

Real estate accounts for a large share of illicit transactions, thanks to lax regulation and the numerous approvals needed for projects, making many ordinary people party to corruption and pricing some of the emerging middle class out of the market. That has prompted the newly-appointed housing minister, Ajay Maken, to push a real estate regulation bill. 

Designed to bring greater accountability, transparency and prevent fraud and delay, the bill proposes appointing the sector's first national regulator. However, it will not have control over land deals, which is where illicit activity is widely believed to be rampant. 

"The bill is not going to help solve the issue of black money," said Anurag Mathur, chief executive officer of project and development services at Jones Lang LaSalle. "Black money is tied in or shifted through land transactions and the regulator will have no jurisdiction over that." 

TAX AVOIDANCE 

In the year to June 2012, about $6 billion, or 30 percent of total transactions in the property sector, were executed using black money, according to Liases Foras, a consultancy. Real estate accounts for more than a 10th of India's $1.85 trillion economy. 

The government says black money, a term widely used in India to describe undeclared funds, often meant to avoid taxes, can be present in every stage of a project from land acquisition to home sales. For the purchaser of a Rs 5 million home like those in Ulwe, a developer might typically ask for Rs 1.5 million in cash while making out a sales agreement for 3.5 million.

http://economictimes.indiatimes.com/news/economy/policy/black-money-in-real-estate-why-the-proposed-regulation-bill-wont-solve-the-issue/articleshow/17301859.cms

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Real estate capital markets predictions for 2013

By: Karshni on 00:50

Ramesh Nair

Managing Director- West,

Jones Lang LaSalle India

Leads all business lines for Jones Lang LaSalle in Mumbai and Pune.

In 2013, the availability of debt capital is likely to increase while the flow of equity capital will remain more or less stable. The bid-ask spreads will reduce, increasing overall transaction volume even as additional cuts in CRR and repo rates will infuse more liquidity into the system. Cross-border capital will begin to make a gradual comeback in the coming year and cap rates for office and retail properties are likely to descend to 10.5% and 11.5% from 11% and 12% respectively.

Investors will focus more on transparency, governance and liquidity before investing. Given the on-going challenges that the Indian real estate sector faces on these fronts, even fewer development companies will be successful on the public equity markets. Nevertheless, private equity deals volumes will increase, and there will be more M&A activity within the PE industry. A number of vintage funds from 2007-2008 will have to look at exiting in 2013, some of them at low IRR's. Given the overall uncertainties, these funds would look at postponing their exits to 2014.

Insurance firms will start investing directly in low-risk, income producing office real estate. Investment bidders per property will increase, this time around with lower return expectations. Investment periods of funds will reduce from 5 years to 4 years.

In 2013, after a lull of two years, banks are likely to start offering construction finance to residential projects with approvals. They will also become marginally more flexible on interest rates, collaterals, LTV's and upfront fees. Established funds will get back into the fund raising mode after a 3-year hiatus.

As before, developers with longer operating history such as Oberoi, Shobha and Prestige who have managed growth effectively over the years and predictability of income will find it easier to raise funds in 2013. It is unlikely that any major player will venture out nationally, with the accent for 2013 remaining firmly on local expansion. Also, we will see developers focusing more on joint ventures with landlords rather than on buying land.

In 2013, we will see most PE deals being structured to give the investor the first preference to cash flows. Most real estate PE investments will be focused on Tier I cities. Funds with a good track record that have a strategy to target a narrow asset class within specific locations such as last mile funding for residential under construction projects in Tier 1 cities and having strong delivery teams will be able to raise funds more easily. Regulatory authorities will increase their scrutiny of private fund raising offerings and closely monitor if the funds raised by the companies are being used for stated objectives.

Private Equity funds will raise distressed real estate funds and get traction from bank NPA's and ARC's. A number of new domestic real estate PE funds backed by corporate entities are likely to be launched in 2013. Also, large family offices will now begin creating dedicated real estate teams.

PE fund terms such as waterfall structure, carried interest, general partner commitment and management fees will change to address investor concerns such as governance, transparency, reporting and operating controls post the global financial crisis. Limited partners will scrutinize fund platforms lot more carefully before investing on the heels of previous negative experiences with issues such as integrity of the general partner and quality and sustainability of earnings. Many more funds will adopt a conservative cash flow-driven investment approach and focus on investing in income producing office assets, with an accent on asset repositioning, refinancing and refurbishment.

We expect new guidelines for non-banking HFCs to assist in pushing funding for the housing sector in 2013. There will be more liquidity available in the housing finance market as rules for raising external commercial borrowings will be relaxed for HFCs, and with SEBI allowing debt funds to invest an additional 10% in HFCs. HFCs will also look at tapping the QIP market to raise funds in 2013.

http://www.moneycontrol.com/news/real-estate/real-estate-capital-markets-predictions-for-2013_783384.html

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Despite plunging sales, demand for luxury homes booming: Report

By: Karshni on 02:21

Driven by new offerings, greater influx of NRIs and changing lifestyles, the demand for luxury andultra-luxury homes with a price-tag in the range of Rs 1-20 crore, or even more in some cases, is again making a comeback in metros, according to a report.

Despite sluggishness in overall real estate sector, a few luxury residential projects were launched in Mumbai, Pune, Delhi and Chennai in October, according to a report by real estate consultancy firmJones Lang LaSalle (JLL).

"Demand for luxury housing is growing gradually mainly due to the rise in the number of high networth individuals (HNIs), rapid pace of urbanisation, influx of global lifestyle trends and an increase in the number of NRIs," real estate consultancy firm JLL research headAshutosh Limaye said.

For instance, the per unit price at under-constructionWorld One Tower by Lodha Group in Central Mumbai has a price tag of up to Rs 50 crore.

Also, the recent fall in the value of rupee in globalfinancial markets boosted buyers' interest in investing in luxury housing and encouraged developers to launch luxury and super-luxury housing projects priced from Rs 1 crore and running up to Rs 20 crore, Limaye said.

The total value of luxury homes, launched in 182 luxury residential apartments, offering a total of 25,570 units across the top seven cities of NCR-Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata in 2008-2012 was around USD 30 billion, the report said.

"The value of luxury homes will be fuelled by the presence of around 1.53 lakh HNIs whose numbers are growing at a fast rate, people who inherited wealth and have dynamic lifestyles, as well as those in the newly rich segment," Limaye said.

Lodha, Sunteck, Kohinoor Developers, Sobha, DLFBSE 0.42 %, Hiranandani are some of the players who largely cater to the luxury residential segment.

http://economictimes.indiatimes.com/markets/real-estate/realty-trends/despite-plunging-sales-demand-for-luxury-homes-booming-report/articleshow/17264905.cms

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Indian Real Estate Tycoons

By: Karshni on 07:10

Real estate has become one good option to invest as well as to make money out of it. Real estate tycoons are those who reign supreme in the real estate business. They not only have made a million bucks from the business but also are known to provide quality projects. Below is the list of well-known real estate tycoons in India.

4) Sameer Gehlaut

 

Self made billionaire, Sameer Gehlaut is one of the most successful young real estate entrepreneurs in India. In the year 2008, Gehlaut has made through the Forbes’ list of richest individuals. In 2000, he founded Indiabulls after obtaining a stock brokerage firm, Orbis Securities in Delhi. Gehlaut owns personal property worth around $1.2 billion. In a short span of time, the group Indiabulls become one of the prominent financial services and real estate firm in the country and obtained a land bank of around 10,000 acres. 

3) G.L. Raheja

 

Gopal L Raheja often known as GL Raheja in the industry, built the empire of Raheja real estate over five decades. He is the one who introduced first apartment hotel in India in Powai and departmental store, Shoppers Stop in Mumbai. His real estate company is one among the largest private land owner in Mumbai and owns properties in different parts of India followed by The Carlton in Kodaikanal. This leading real estate group has completed around 2000 projects in different sectors in India. It is one of the oldest construction group in India and is worth around 11,000 crore.

2) Ramesh Chandra:

 

Real estate tycoon Ramesh Chandra is the founder of Unitech, one among the leading real estate company in India. He came into construction business back in seventies but only in the mid eighties, he shifted his focus more on real estate. The firm started to develop affordable housing projects in nineties and in the year 1996, Unitech came up with its first commercial office complex called Global Business Park. And, from 2000, Unitech became more active in real estate market where they mainly dealt with buying lands in the extended regions of Delhi. Later, the company expanded its business and become popular in other cities like Bangalore, Kolkata, Kochi, Mumbai, Chennai and Hyderabad. Besides, Chandra has an estimated net worth of $695 million according to Forbes. 

1) Kushal Pal Singh Teotia

 

When it comes to Indian real estate moguls, Kushal Pal Singh Teotia or KP Singh is the best example to know. This Indian richest man is one known personality in the field of real estate. He is the Chairman and CEO of DLF Universal, one of the largest real estate developers of India. The group has a land bank of around 10,255 acres and about 3000 acres alone in Gurgaon which is known as DLF City.

Over a period of ten years, Gurgaon has become a world-famous outsourcing destination and the man behind this success is none other than realty czar, KP Singh. He has incorporated world-class earthquake-proof office buildings, Shopping malls, apartments and so on, which led to the development of Gurgaon. He stood at 130th position in the Forbes list of world’s richest people in 2011. He has an estimate wealth of about $7.3 billion.

So far, DLF has developed projects over millions of square feet in segments like residential, commercial and retail. He is the soul person who made DLF to climb the ladder of success not in India but globally in terms of earnings, revenues, development areas and market capitalization. 

http://www.siliconindia.com/realestate/news/Indian-Real-Estate-Tycoons--nid-134225.html

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Real Estate sentiments sluggish: Survey

By: Karshni on 23:53

Despite aggressive marketing and great offers made by developers on the eve of Diwali festival, the investment in the property have remained lukewarm due to high prices of houses in and around the NCR region, according to a latest survey.

Major factors cited have been high prices of land and the unprecedented rise in the cost of construction materials, iron, cement, labour etc., says an ASSOCHAM survey.

There has been a surge in demand of only 20% on the eve of the festival comparing to the normal average sale per month. The builders and the investors say like in the past they had been expecting 100% jump both in new and the huge inventories lying at the disposal of the developers on the festival seasons.

The survey was carried out in the major cities like Delhi-NCR, Mumbai, Bangalore, Chennai, Kolkata, Ahmedabad, Hyderabd, Pune, Chandigarh, Dehradun etc. The survey was able to gather information from 250 property dealers, noted 40 builders/ developers and 20 divisions of housing financing.

Majority of the developers have complaint that the inordinate delays in getting necessary approvals from multiple regulations and authorities result in cost and times overruns. 

The another factor reported was that in the absence of industry status apathy of banks in financing the real estate projects, adds the ASSOCHAM survey.

The resale or secondary market was dull this festival season as there is very little resale going specially in the NCR and surrounding areas which shows that very few investors are there in the market says ASSOCHAM Secretary General D.S. Rawat while releasing the survey.

The property analysts have predicted that till March next year the demand for plots, houses and flats may drop by at least 15 to 20 per cent.

The housing inventory in the NCR area is huge as a large number of projects are coming up in the peripheral areas, said Rawat.

Rawat also said although the prices had generally remained stable - both for commercial and residential properties, the lack of buoyancy and weak investor sentiments have added to the woes of developers.

ASSOCHAM report said the government should act as a facilitator rather than a regulator of the real estate projects, particularly where demand is more than supply. Also, all approvals of real estate projects must be accorded in a time bound, accountable and simplifies manner. 

Process and status of all approvals be made on line so as to bring transparency.

The state Governments should complete their land records process and make the same computerized and supporting infrastructure; not only transportation and logistics but also water, power, housing, healthcare and sanitation must be taken up in tandem, said ASSOCHAM.

The Government must grant industry status to real estate sector and the real estate projects must be classified as infrastructure and priority lending should be made available for keeping pace with the demand and supply scenario, it said.

http://www.sify.com/news/real-estate-sentiments-sluggish-survey-news-economy-mlqaf9ajjic.html

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‘Re depreciation spurring NRI investment in property’

By: Karshni on 04:43

The decline in the value of the rupee over the last one year is luring NRIs living in the UAE to buy property in India even if the price stretched up to Rs 1 crore or more, according to a survey.

According to the survey conducted here by Sumansa Exhibitions who are organisers of the Indian Property Show, 89 per cent of NRIs (non-resident Indians) in the UAE are planning to leverage the power of their additional income by investing in properties worth up to Rs 1 crore and beyond.

The weakening rupee gives more power to dirham currency that they have and the current sluggish market enables them to buy properties at a cheaper rate in India, it said.

It added that 26.7 per cent NRIs are looking to buy properties as additional investment, a sharp rise of 6 per cent in one year.

NRIs in the UAE mostly prefer investing in property as it is one of the safest options and gives good return as the capital value of any property appreciates, Sumansa Exhibition CEO Sunil Jaiswal said.

“Plus, there is always a feeling of returning home since NRIs don’t get citizenship in this region, so property investment becomes a natural choice. We can support this further as the survey also reveals that Mumbai, Bengalore and Delhi feature in the list of top five destinations,” he said.

This shows that they are looking for cities which will give them good returns, he said. “Even if the NRI takes a home loan, his payouts are much cheaper as compared to last year. Hence, overall, investing in this sector when the rupee is low makes sense,” Jaiswal added.

Honey Katiyal, CEO of the Dubai-based Indian real estate consultancy Investors Clinic, said over the last year, his company has witnessed demand for properties which are higher in value as NRIs want to cash in on this situation and invest more to get better returns in future.

The trend is to invest in additional property in metro cities and enjoy capital appreciation in four-five years’ time, he added.

A representative of Indiabulls said with the rupee depreciating in the past couple of years, there has been a good amount of remittance going back to India.

Additionally, bank deposits have also started yielding good returns making that a good investment alternative.

“However properties continue to be a preferred choice for expat Indians for investment and asset creation. What they look for is a good brand to invest in and a price point which is good to enter. For NRIs, a reputed developer with good track record, quality and possible price appreciation is an important factor,” he said.

http://www.thehindubusinessline.com/news/real-estate/re-depreciation-spurring-nri-investment-in-property/article4094714.ece

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Madan Sabnavis: How about real estate futures?

By: Karshni on 23:15

When inflation is close to 10 per cent most of the time and an investor wants to maximise returns, the nominal return should be more than the inflation rate. Typically, the stock market is considered the best bet, while government securities (GSecs) give the most conservative yield, though the relative risks are proportional. Bank deposits are somewhere in between. One area that has not been looked at closely is the real estate market.

The National Housing Bank (NHB) tracks an index called the Residex, which looks at residential housing prices over 15 centres. This has been reckoned from 2007 onwards, and is tracked on a quarterly basis. Now, there are some very interesting observations over the 4.25 years ending March 2012. First, 11 of the 15 centres gave an average compound return that was positive against the Sensex, which declined around 3.5 per cent. In fact, nine centres gave returns between 12 and 20 per cent.

Second, Hyderabad, Jaipur, Kochi and Bangalore are the centres that reported negative returns. Third, the highest return was clocked by Chennai at 30 per cent, followed by Faridabad with 20 per cent and Bhopal with 18.3 per cent. Mumbai gave a return of 16.3 per cent and Delhi 13 per cent. Clearly, this is one avenue that the investor has not seriously considered, given the capital outlay involved. These returns cover inflation adequately, which averaged 7.6 per cent on a compound basis during the period.

Against these returns, the average price volatility, which is a symbol of risk, was 42 per cent for the Sensex, while it was above 30 per cent in two cities, between 20 and 30 per cent in five cities and between 10 and 20 per cent for eight cities. Clearly, real estate appears to be less volatile than the stock market and, hence, less risky, prima facie, in terms of idiosyncrasy. This becomes important because it also relates to risk-return tradeoff. The GSec market, on the other hand, had a volatility of just five per cent, but gave a yield of 6.7 per cent, which does not cover inflation.

The idea that needs to be worked on is whether we can think of going in for real estate “futures” in the same manner that the forex derivative market has evolved. This will give individuals an opportunity to actually start investing in this market, ultimately helping in efficient price discovery, which is absent today. The contract will be on the Residex – which NHB announces – so the settlement price will also have to be declared by NHB. It has to be non-deliverable and cash-settled.

Who will buy and sell these futures contracts? Individual investors can go long if they expect prices to move up, or go short if prices are expected to fall. Real estate agents and builders would also be keen to cover their risk as hedgers as will buyers of property, who can benchmark their own exposure to property with these indices. This way, they are covered as either buyers or sellers.

The advantage for the investor or speculator would be that unlike today, when the person borrows money to invest, this will be based on a margin calculated by the commodity exchange, which will be much lower than the cost of the project. The minimum lot size could be fixed at Rs 10 lakh, depending on the location.

Currently, there is no way of hedging risk when it comes to property. Once a buyer contracts for a price and starts paying instalments, and the price comes down, there is an implicit loss that can be covered on the exchange now (though this has not really been prevalent in recent times when prices move only in one direction). The same holds for developers who would have actually borrowed in the unorganised market at very high interest rates. They run a relatively higher risk given that capital investment is higher. This risk can be lowered through hedging positions on the exchange. The same holds for second-hand property, which will automatically be linked with the Residex.

The interesting part will, of course, be the daily settlement prices that have to be either polled by the exchange or declared by NHB. While this may not be possible on a daily basis, a weekly quotation can be attempted. With trading widening, there would be a tendency for the futures traded prices to feed back into the spot prices of property, thus making it more efficient, since it will be based on market forces and not on the builders/real estate companies, as is the case today. Prevailing prices today are opaque because property dealers are able to hold on to unreasonable prices at a time of a decline in the market.

While the structuring of the contract has to be designed carefully by the commodity exchange, the Forward Contracts (Regulation) Act needs to be amended to allow for indices to be traded. This is not allowed currently, but would go a long way in the development of other products, too, which will add to the efficiency of the system.

Given that the government has announced that it would be running this Act through the Parliament, there is a good chance that if passed, the Forward Markets Commission, would have the power to put intangibles on the table, which will include indices — which is what the Residex is. But, the real estate sector will surely get better organised and transparent, which is the need of the day.

 

The writer is chief economist, CARE Ratings. These views are personal

http://business-standard.com/india/news/madan-sabnavis-how-about-real-estate-futures/492374/

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Real Estate - accelerating the growth story

By: Karshni on 06:48

THIS weekend, all roads lead to Hitex where the Andhra Pradesh Real Estate Developers Association (APREDA) is holding the most sought after real estate annual event of the city. For two days on Saturday and Sunday, the APREDA Property Show 2012 will the one rendezvous which property seekers are sure to make for realising their dreams of a home.

In association with Jones Lang LaSalle (JLL), APREDA is also organising a conference at the NAC auditorium in Hitex with the theme “Real Estate-Accelerating the growth story”. The main sponsor of the conference is Sate Bank of India, while the Platinum Sponsor of the property show is LIC Housing Finance Ltd.

The Chief Minister Mr. N. Kiran Kumar Reddy will inaugurate the conference and the property show while the Union Minister for Housing and Urban Poverty Alleviation, Mr Ajay Maken, will preside over the event. Mr Maken who is the patron of NAREDCO will also inaugurate the AP Chapter of NAREDCO on the occasion. Also present at the function will be the State Housing Minister Uttam Kumar Reddy and Municipal Administration Minister Mahidhar Reddy. Representatives of leading players in the realty sector, top officials, civic administrators, dignitaries, planners, experts and key stakeholders in the realty and construction field will participate.

The event of the year

Since the time it was launched in 2010, APREDA’s property show has come to be recognised as the most important event of the year. This year’s property show will be the third milestone with the participation of 188 stalls, leading developers, builders, 15 banks and top housing financial institutions, material manufacturers and suppliers and interior designers. In 2011, APREDA’s property show had registered over 40,000 visitors and this year, the show is expected to attract over 50,000 footfalls.

Many attractive prizes are being offered in the Lucky Dip for all visitors such as the bumper prize of Honda car, JBL home theatre system, Hero motorcycle, refrigerator, TV and draws of gold and silver coins every two hours. The draw will be held for visitors who register themselves and entry to the show is free.

Knowledgeable speakers

The conference centred around the theme “Real Estate-Accelerating the Growth Story” will have several eminent national and international speakers from the industry and various leading institutions who will discuss the challenges faced by the realty sector at the national as well as local level and exchange ideas about innovative construction technologies, funding, finance and marketing strategies with Hyderabad’s realty giants.

Jones Lang LaSalle

JLL, APREDA’s knowledge partner for the conference, is a financial and professional services firm specialising in realty services, which offers integrated services delivered by expert teams across the world to clients seeking increased value by owning, occupying or investing in real estate. With a global revenue of US$ 2.9 billion in 2010, JLL serves clients 70 nations from more than 1,000 locations spread throughout the world.

Some of the high-profile participants in the property show are HMDA, GHMC, HMR, IGBC, the Registration Department, Sparsh Hospice and Akshay Patra Foundation, leading banks and housing financial institutions like LICHFL, SBI, India Bulls, DHFL, HDFC Ltd, ICICI, SBH, Can Fin Homes, Andhra Bank, Syndicate Housing Finance, Axis Bank, Punjab Housing Finance and Central Bank.

Genesis of APREDA

The Andhra Pradesh Real Estate Developers’ Association (APREDA) was established in 1995. The association today has a majority of leading builders and developers as its members (over 400) and has branches/associates in Vizag, Vijayawada, Guntur, Kakinada and Tirupati.

Over the years, APREDA has emerged as an effective “industry champion” helping the government formulate realty-friendly policies, development control rules (DCR), layout regulations and is the pioneer in Andhra Pradesh in putting in place a comprehensive model to serve realty and the public.

APREDA in conjunction with the authorities has also been proactive in helping the rationalisation of taxes and fees like VAT, Service tax, stamp duty, other registration charges, Impact fee and development charges, etc. benefiting all the stake-holders.

Sand policy for State

When the builders were faced with a serious crisis with regard to the supply of sand, a critical input for any builder, APREDA stepped in, took delegations to the government, represented the matter and helped the government put in place a new sand policy for the State.

Marketing development

The role of APREDA in the realm of real estate marketing is no less important. The association can be credited with streamlining the marketing process – a key input – for the economy of the realty sector. APREDA through its property shows and other interfaces has facilitated conducive and informed buying options to the public, through transparency and well meaning initiatives.

It has successfully brought all the stakeholders on a single platform and thrown open the doors for them to grow the business and gain mutually.

Additionally, APREDA has also provided efficient marketing channels, through the property shows, to developers, and motivated product suppliers and banks to be a part of this whole, big value chain.

Knowledge dissemination

In the process of the dissemination of information and knowledge, APREDA has carved out a niche for itself in a short time. The organisation’s monthly meetings, periodic seminars and workshops provide an insightful picture of the industry.

In 2010, the theme of APREDA’s conference was “Green Buildings, Townships and Destination, Hyderabad” and in 2011 it was “Vibrant cities for vibrant economy - Galvanizing for action“.

Additionally, study tours such as the visit of an APREDA delegation to the Canton Fair in China in 2011 was a landmark. Participants of the tour were highly appreciative of the exchange of ideas and the first-hand experience they had from their visit to the Asian giant.

CSR activities

As a responsible corporate citizen, APREDA has always been in the forefront of corporate social responsibility activities. Its active role for the encouragement of a green channel and suggestions for giving a boost to green buildings and providing incentives to them, so as to check pollution, has been lauded in several quarters.

When the tsunami struck some parts of the State like Prakasam district six years ago, it left many people homeless. APREDA took up construction of houses for tsunami victims. Later, when there was a devastating flood in Kurnool and Mahaboobnagar districts, APREDA took up the challenge and built houses for the flood-affected people.

When plastic was banned under the jurisdiction of the GHMC, APREDA along with organisations like Civic Exnora stepped in and popularised cloth bags and distributed them free.

In another gesture towards fitness and promotion of a healthy lifestyle, APREDA contributed 25 cycles to the GHMC for its cycling track on the Necklace Road.

Biodiversity conclave

The organisation of the UN-supported CoP-11 in Hyderabad in October 2012 provided APREDA the right opportunity to show its concern for the environment and a healthy lifestyle.

S&S Green Projects, a key member of APREDA, and headed by Mr Vijaya Sai, a keen environmental activist and an avid votary of sustained habitat, made an invaluable contribution to the launch of the Biodiversity Park and the pylon which was inaugurated by Prime Minister Manmohan Singh. Mr Vijaya Sai in conjunction with the IGBC has been adding great value to APREDA’s efforts in its green mission.

APREDA took up the beautification of both the entrance roads of Hytex and HICC, Hyderabad, ahead of the CoP-11 summit.

Pragati Resorts headed by G.B.K.Rao, also a very keen promoter of a sustained and healthy lifestyle, through his promotion of herbal and medicinal plants at his resort, came in for praise from top delegates attending the CoP-11. Mr Rao was honoured by many a dignitary for his commitment to the ecology.  

http://www.thehindu.com/todays-paper/tp-features/tp-propertyplus/real-estate-accelerating-the-growth-story/article4083570.ece

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What time is a good time?

By: Karshni on 23:22

Lenders attribute the slowdown to unaffordable realty prices. Homes within city areas are out of reach for most people, forcing them to look at suburbs and outskirts. Many buyers are waiting for builders to blink and reduce prices, while the latter sit on unsold inventory, seemingly in no rush to reverse or even slow the price juggernaut.

If you have the money to invest, is this the time to bet on real estate? The yea-sayers point to real estate’s superior returns over most other asset classes in the last few years (Table 2). They expect the good times to continue on the premise of finite supply amid growing demand. They say the builders’ formidable holding power will ensure that realty prices don’t dip. But the nay-sayers say that with supply increasing fast, the builders might buckle sooner or later and lower prices. They argue that given the weak economic and employment scenario, demand will translate into sales only if prices get affordable. Rates in Hyderabad, Kochi and Jaipur, for instance, are lower than five years ago.

Indian realty is characterised by city-specific idiosyncrasies. While Mumbai and Delhi are largely investor driven, Chennai is mostly end-user based. There is often staggering price variation among cities and within cities. Also, black money plays a big role, often upending conventional supply-demand logic. Given these dynamics, there cannot be a one-approach-suits-all theory to real estate investing and trying to predict price movements can be a mug’s game. For those who plan to or are already invested in real estate, here are some points to consider:

Scope for capital appreciation

First-time buyers cannot buy a house as investment since you might want to live there. For home-owners making a second investment, the important thing is to assess the potential for capital appreciation. Investing only for rental income is not a good idea. Rental yields — ratio of rent to value of property — are usually quite low. For instance, a 1,000 sq. ft residential apartment in T.Nagar, Chennai, today costs upwards of Rs.1 crore but will yield a monthly rent of about Rs. 25,000. At Rs. 2,40,000 to Rs. 3,60,000, the annual rent is only around 2.4-3.6 per cent of the capital cost, lower after taxes. Compare this to bank deposits at 9-10 per cent. Commercial properties may yield better but entail higher investments. Also, rental income is expended on property maintenance and taxes.

Realty investment is worthwhile only if it delivers a healthy increase in capital value, which compensates for higher risks and loan costs. Assess the city, the locality and the project that has the potential for this. Remember, there is no assurance that the recent high growth in prices will be repeated.

Houses in core areas that have already seen sharp appreciation may not be the best investment bet, simply because they are already saturated in terms of infrastructure and economic opportunities and there won’t be too many takers. Genuine end-users will prefer to rent economically than buy astronomically. Look for properties in the outskirts where employment and infrastructure development is picking up and rates are affordable. Such properties will appreciate more.

Risk tolerance

Investing in real estate needs the right mindset. Construction delays and declining prices can’t be ruled out, which can burn significant holes in your pocket. If you have taken a loan, the pain is magnified. Real estate is a fairly illiquid asset and increased supply will only add to the illiquidity risk. If you have deep pockets and don’t panic in a bear market, realty investment is for you. A good investment thumb-rule is whether you will be able to sell easily and for a good price.

Remember, the lower rates of pre-launch offers come with higher risks. The projects may not have necessary approvals, there could be completion delays, and you could be stuck for years before getting possession. Avoid pre-launch offers unless you have a high risk appetite.

Thorough checks

Do your homework. Check title deeds, encumbrance certificates, approvals for purchase and construction, and the builder agreements on timelines and penalties. Engage a legal expert to check out the deal. Evaluate payment plans from builders — a flexible schedule can translate into substantial savings and better returns.

Diversify

Don’t invest too much in real estate — this increases your concentration and liquidity risk. Invest across asset classes such as debt, equity, gold and real estate. This improves your ability to withstand reversals and generates better returns overall. Fix your optimal investment mix, based on age, net worth, return objectives, risk profile, and liquidity needs. Real estate investments are best made at a young age when you can take on higher risk and have a longer time horizon to ride out the market.

Review your investment

Don’t assume that real estate prices will only go up. Even growth markets such as China have seen realty prices crash. It is important to regularly review your investment and take an objective call on whether to stay invested (if there is scope for appreciation) or sell (either because you have reached the targeted return or to cut losses). Don’t get emotionally attached to your real estate investments, they don’t love you back.

http://www.thehindu.com/life-and-style/homes-and-gardens/what-time-is-a-good-time/article4080793.ece

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