Outlook for real estate sector in India in 2019

The year 2019 will be both challenging and opportunistic and the ones likely to succeed are those who embrace the changing market dynamics. Apart from elections, credit growth and improvements in infrastructure will set the tone for economic growth in the future. Historically real estate prices have traditionally remained soft ahead of the elections, but have regained momentum afterwards. While the polls might not substantially impact property prices, they could slow down policy clearances and infrastructure projects critical to real estate. A stable government at the centre in 2019 will further boost the growth in the sector. 

 The lack of credit off take compounded by the current NBFC crisis has been a cause of worry for stakeholders in the sector. Despite the concerns, the economic indicators have remained positive with India's GDP growth rate pegged at 7.3% and inflation been reined in at 4.8% in 2018. However, more efforts will have to be put in 2019 to maintain the existing momentum.

In 2018 developers largely focused on clearing existing inventory and adjusting to the new policy requirements. The increased transparency and accountability has created a more efficient environment which has found favor with both domestic and institutional investors. The stringent measures enforced by Real Estate Regulatory Authority (RERA) has erased out non serious players and only credible developers with proven track record are driving the market, both organically and via consolidation. This is expected to continue in 2019 as well and we will see established names further capitalize on their brand to strike joint development deals with smaller players.

The implementation of title insurance that will lead to renewed confidence among buyers and will definitely impact the real estate market favourably. Digitisation of land records will further aid in improving transparency in the land records maintenance, updating settlement records and reducing the scope of land disputes, thereby enhancing the real estate market.

Affordable and mid-income housing took centre stage in 2018 will continue to drive residential housing both in metro and Tier 2 cities. There been an uptick of almost 15-20% with preference for ready to move in units owing to RERA and GST benefits. The massive push for improvement in infrastructure by the Government of India (GOI), including significant capital expenditure for roads, railways, development of smaller airports and expansion of schools and hospitals at the outskirts will benefit this segment further. This will provide better connectivity and have a multiplier effect thereby allowing developers to explore new projects in the peripheral areas of the cities.

The Logistics & Warehousing sector gained significant traction this year after the centre granted infrastructure status to logistics. It is showing a massive growth owing to large infusion of foreign capital.

The commercial space in real estate is expected to remain the most buoyant force in the sector. Growing demand for Grade A office spaces across major cities, including new sectors like co-working spaces that is further expected to push the demand for commercial properties. The government’s push towards promoting start-ups and developing smart cities will create a lucrative environment for businesses to work and expand. Major markets in South India such as Bangalore and Chennai can gain further traction owing to fair pricing, increasing growth of IT companies.

Real Estate Investment Trusts (REIT) listings in 2019 will infuse liquidity in commercial real estate. It will fuel demand for office space from major sectors like logistics, manufacturing and consumer goods, besides IT and ITeS and the banking and financial services sectors. Rentals in metros and Tier-1 and Tier-II cities will continue to remain in demand.

Developer’s focus will further shift to customer centricity through the use of technology and digital platforms in the coming year. The ability to predict human behaviour through qualitative data analysis of social media such as ‘likes’ on Facebook, YouTube videos, twitter feeds and similar trends have become a game changer for the real estate sector. This will help them customize as per the ever evolving needs of the buyer.

To sum it up, 2019 will start on a cautious note due to the upcoming elections, but will pick up significant momentum thereafter, in all real estate segments. 

Top Real Estate developments in 2018

This year has been a trail-blazing year for Indian real estate after a landmark 2017 which saw major legislation like RERA implemented. In post-RERA 2018, the realty sector has moved forward with more reforms and complementary market changes which have boosted performance for the better. Let’s take a look at some of these developments during 2018:

Unchanged Repo Rate

By leaving the repo rate unchanged just before the festive season in October this year, the RBI provided a much needed boost to the real estate sector. An unchanged repo rate means banks’ lending rates continue to remain attractive and thus boost buyer sentiments. The festive season is a time when many Indians plan to invest in homes by also taking advantage of numerous festive home buying offers.

Depreciating Rupee

The continued rise of the American dollar this year has meant that most other currencies have depreciated in value against it. For an emerging country like India this has meant a steep depreciation of the Rupee to it’s all time low of 74 against the dollar. However, this also makes investment in the country’s real estate sector more attractive to NRIs, thus boosting buying sentiments among this section of investors.

Title Insurance

RERA has made it mandatory for developers to take title insurance which protects investment in real estate and provides coverage against financial loss arising in case of title disputes. This is a common form of indemnity available in Britain, Canada, Australia and Europe which promotes transparency.

Increased Carpet area of PMAY- U Homes

This year the government increased the carpet area of residential units eligible for interest subsidy under the government’s Credit Linked Subsidy Scheme (CLSS) for the middle-income group (MIG) under PMAY (Urban). This brings more homes under the scheme and increases the choice available to homebuyers who would previously decide against buying a home under the scheme due to the limitation in sizes. This is a boost to residential sales and investment in affordable housing.

Mumbai DP 2034

The Mumbai Development Plan 2034 envisages a revamped Mumbai with a big boost to real estate. It proposes increased FSI which will provide more commercial and residential units in the city. The plan also proposes to unlock 3,734 hectares of no development zones (NDZ) which will be used for development of affordable housing and increased social amenities such as parks, playgrounds and gardens. The city is expected to benefit from more green zones, homes and jobs.

Plotted Developments

2018 emerged as the year where more buyers preferred to purchase plots due to their lower prices and relative affordability. It offers them the freedom to buy a plot and build a home as per their needs. This trend has prompted a number of organized developers to also launch various plotted developments across Bangalore and Chennai realty markets. A number of plotted developments come with numerous amenities such as clubhouses, paved roads, water and electricity connections, and drainage systems making them more attractive.

Ready-to-move-in homes

Another trend this year has been the sale of ready-to-move-in homes. Ready or completed projects come with the benefits of having all the amenities and supporting infrastructure in place as opposed to investing in an under-construction property and waiting for completion. As a result more homebuyers preferred to purchase ready-to-move-in homes across cities and markets.

Lower Circle rates

Budget 2018 offered relief to buyers and sellers of property by proposing a tax relief up to 5% of the Circle rate. By allowing the 5% variation between transaction value and circle rates for computation of capital gains the secondary real estate market has received a boost.

A Checklist for Investing in the Real Estate Sector

The real estate sector has recently seen better performances in recent times, not only in terms of sales but also in terms of regaining customers’ trust. Just as with any other investment, investing in real estate also requires the investor to do their homework, exhaustive research and background check. This pertains to the location of the property, its surrounding, the general history of the location and its future prospects as well as the background of the company developing the property and documentation relating to the project.

Here’s a ready reckoner or checklist to follow while considering your next investment in property:

Background of Developer

It is imperative to check the track record of the developer - the number of properties developed, locations, execution, and timeliness of delivery of the project. One can also talk to other customers who have invested in the respective developer’s projects and get to know their experience.

Project Location

Location is everything in real estate. A good, thriving location ensures a steady growth in value of the property as well as rental and resale values. A number of sources provide ready data and trends about various locations vis-a-vis their price graphs, rental and resale values, and demand. Studying such data is useful in making a real estate investment decision.

Location’s Growth Prospects

Some areas are in the early stages of their growth with increasing infrastructure and commercial development, while others have seen better days. Where are you investing? Is your location of choice witnessing a phase of growth or decline? Are there plans for upcoming infrastructure or new business districts? For example, the Bangalore International Airport in Devanahalli has boosted the growth prospects of this suburb; more commercial and residential projects have been planned here making it a prospective location.

Location’s Social and Civic Amenities

Proximity of schools, hospitals, markets, business centres and multi-modal transport determine a location’s attractiveness. Check your prospective location for all these basic and necessary amenities which will ascertain how comfortable your life in this place will be. It will also determine the overall value of your investment.

Cost Benefit of Financial Schemes

Many developers enhance the attractiveness of a property by offering potential customers numerous financial schemes which aim to reduce the financial burden of purchase. Evaluate each one to understand its suitability to your individual financial needs. Some may seem more attractive but may be less suitable for you. Understand these differences so you can choose the best scheme suited to you and ensure the most value-based investment.

Read the Fine Print

All project offerings have many details encapsulated in legal language which many of us are not familiar or comfortable with. Some of these include the declaration by the promoters of the project, the stated completion time of the project and the legality of the land holding. Check the documents for these factors and ensure correctness and validity of all declarations.

RERA Registration

RERA has been a game changer in real estate ever since its implementation was enforced on developers. It has empowered customers and ensured their rights. Check the RERA registration of any project you are considering investing in and note the registration number. Projects with RERA certification are considered more attractive to customers as the developer is required to file numerous documents with the respective state RERA authority before receiving the RERA number.

Confirm Little Details

Recently there has been a spate of cases where homebuyers and investors were still waiting to receive possession from the developer. In light of such cases, an investor must be prudent about checking that the affidavit they receive from the developer carries a possession date and the rate of interest you will receive in case of a default by the developer.

The more prudent and astute one is while investing in real estate the better the results. Make the right choices, be patient, invest for long term, and watch as your real estate investment creates value and wealth for you. Read more about long-term investment avenues, their past trends, potential gains and the promising future of realty investment in our latest newsletter - Long-Standing Realty.

Chatbots, AI and Real Estate

Chatbot: “Good Morning! How may I help you?”

Buyer: “Hi! What apartments are available in your new project in Hebbal?”

Chatbot: “We have 2 BHK and 3 BHK apartments.”

Buyer: “What is the price for both?”

Chatbot: “2 BHK starts at Rs. 75 lakhs and 3 BHK at Rs. 90 lakhs. Would you like to see a sample apartment?”

Buyer: “Yes. Can that be arranged?”

Chatbot: “Sure. When would you like to visit?”

Buyer: “Next saturday would be good.”

Chatbot: “Sure. Please type your mobile number and email address and we will follow up with details for the site visit.”

This hypothetical conversation between a prospective homebuyer and a chatbot provides insight into the ease with which customers can explore home buying options without human intervention. Chatbots or intelligent virtual assistants present an opportunity for customers to gather important information and even set up initial project site visits. All this can be done without calling a contact centre, standing in long queues, being put on hold while retrieving important information or call drops. In essence chatbots offer a seamless interaction to the customer at any and all hours of the day, week or year.

Technology’s unbridled advances continue to offer previously unexplored avenues for better customer interactions, data gathering and analysis, improved customer services and much more. Most of us are already familiar with intelligent virtual assistants such as Siri and Alexa on our mobile devices. Chatbots powered by artificial intelligence and machine learning algorithms have the capacity to engage with customers and learn with every interaction, thus enhancing the customer experience.

For customers, chatting with an AI-powered entity may initially seem underwhelming as opposed to speaking with a live customer service executive. However, some of the advantages include:

1)    24x7 access to information via chatbots

2)    Quick and polite responses to questions

3)    Responses to routine queries can be efficiently received

4)    Relevant responses can be expected since the chatbots are powered by algorithms which are based on specific built-in keywords

5)    Chatbots are unaffected by fatigue or irritation from having to provide responses to repeated queries. As a result one receives unwavering quality of responses.

As we make advances in machine learning and artificial intelligence the experience of interacting with chatbots or virtual assistants will improve further.

There are advantages for real estate companies too in adopting such technologies. Data collected from the interactions of customer with chatbots can be processed, analysed and summarised for future use in understanding customer needs better.

Many companies and large businesses are already leaps ahead in implementing this technology in some form or the other. With Indian real estate sector in the post-RERA era it is perhaps the best time for realty companies to also adopt technologies such as chatbots, artificial intelligence and machine learning algorithms. At the end of the home buying spectrum we already have smart homes with IoT powered household devices which residents can manage from their smartphones. Thus, it makes sense to power the first step of home buying - information gathering - through intelligent virtual assistants or chatbots.

At House of Hiranandani, we are already in the process of using technology in a big way so as to improve customer’s experience. Technology is an empowering force and we are empowering our customers.

Hebbal - One Of Bangalore's Scenic And Well-Connected Suburb

Hebbal was once known for its pristine lake and scenic beauty situated away from Bangalore’s city limits. But now, this suburb has transformed into a residential and commercial hub in the northern quadrant of this thriving city. Hebbal has a vibrant real estate market that is supported by a network of flyovers that enable access to Outer Ring Road and NH-7.

Hebbal has witnessed massive growth and development particularly in the last 15 years because of IT hubs like Kirloskar Business Park and Embassy Manyata Business Park, which are located nearby. This suburb is also only 10.3 km away from central Bangalore (Majestic). If you are looking for a home in a suburb where there is a balance between nature and the city, Hebbal is just the place for you.

Connectivity

When we search for our dream house, we always look at suburbs which have good connectivity to reduce the time spent on the road. The Hebbal flyover is the heart of this locality, with an expansive length of 5.2 km which connects it to two main arterial roads - Outer Ring Road (ORR) and Bellary Road (NH7). The MG Road is also connected to ORR, making Koramangala only 12 km away from Hebbal. This suburb is also just 20 km away from the Kempegowda International Airport, which makes national and international travels easier.

There are many BMTC buses which run to and from Hebbal, and connect it with the rest of the city. These buses are very frequent and reliable and you can find one which goes to almost any locality you want to go. The Hebbal railway station improves the connectivity of this place even further. The proposed Namma Metro Station nearby would give Hebbal’s residents access to places like Banashankari, K.R. Market, M.G. Road, Indiranagar, and many more.

Employment Hub

The boom of IT companies in this locality has put Hebbal on a fast route for development. Hebbal is home to many giants such as Philips Software, Integra Micro Software Services, Electronics Limited, IBM and AstraZeneca. There are prominent employment hubs like Kirloskar Business Park and Embassy Manyata Business Park. This attracts IT professionals from all over the country. Yeshwantpur which is a business hub is only 10 km away from Hebbal. Other important companies located in Hebbal are Shell, BEML, Tyco, Wipro Fixtures, and National Seeds Corporation.

Well-Developed Social Infrastructure

Hebbal has easy access to many prominent schools, colleges, hospitals, shopping centers and several other amenities in close vicinity. Reputed schools in Hebbal include the VidyaNiketan School, Jain Heritage School, VidyaShilp Academy, and MallyaAditi International School. Famous engineering colleges like REVA University, Altria Institute of Technology and NITTE Meenakshi College are also located here. Presidency College, National School for Journalism and Karnataka College are other important colleges situated in this vicinity.

The famous Columbia Asia hospital, Aster CMI Hospital, Bangalore Baptist Hospital, and M.S. Ramaiah Hospital are located in Hebbal. There are numerous shopping centers located in Hebbal such as Elements Mall, Esteem Mall, Orion East Mall and Mantri Square Mall. These shopping malls along with cinemas, restaurants and branded stores cater to more than just daily essentials.

Gateway to Adventure

Hebbal Lake is one of the most desired rejuvenating spots of this suburb. This lake is well known for its park, boating facility and for the bird watching; numerous bird lovers can be seen here regularly watching out for their favourite bird species. Hebbal is close to Jakkur Aerodrome which offers adventurous folks the thrilling experience of parasailing. Soaring through the limitless horizon like a bird provides an unbelievable adrenaline rush. The Jakkurlake is also a popular destination which is located near Hebbal.

At House of Hiranandani we believe in the balance that nature provides. We are developing luxurious residences close to nature in Hebbal. Hiranandani Glen Classic is a 10 acre development which offers homebuyers urban-centric amenities balanced with the grandeur of space and comfort of privacy. Finely crafted 1, 2 and 3 BHK apartments are available which offer unmatched lakeviews. Come, experience a unique home created by House of Hiranandani in a picturesque, emerging suburb of Bangalore.

6 Neo-Classical Influences in Modern Indian Architecture

Architecture and culture have been intertwined since the beginning of human existence. In fact, architecture can be considered as the cultural expression of the people of its time. It is the reflection of the challenges faced by our forefathers and their pioneering and thoughtful ways of getting around them with intelligent design. Those solutions are the backbone of modern day architecture. They speak of who existed, their influences and act as anchors of our past.

Indian architecture is rooted in its varied cultures, history, traditions and religions. It is as old as the history of civilization. The earliest remains of recognizable building dates back to the Indus Valley civilisation. Moreover, India’s architecture is an amalgamation of the various influences that stemmed from its global discourse with other countries of the world throughout its millennia-old past - the French, Portuguese, Mughals and Britishers among many others.

Here we take a look at the various neo-classical architectural styles that were inducted into Indian architecture over the centuries. These forms have evolved with time in terms of its aesthetics and functionality but still bear the signature of its influencers.

Balcony

Balcony is derived from an old Italian word ‘balcone’ meaning scaffold. It is a platform or external extension of a floor enclosed up to a certain height by a wall, balustrade or railings. They are generally supported by columns or console brackets. The balcony serves to increase the living space of a house and also ensures adequate amount of sunshine and greater ventilation in the house.

Baluster or Balustrade

A baluster also known as spindle or stair stick is a moulded shaft square or lathe turned form, cut from a square or rectangular plank. It is made of wood, stone or sometimes metal. Multiple balusters are known as balustrades. Balustrades stand on a unified footing and its function is to support the coping of a parapet of a staircase, handrail, balcony or terrace. Throughout history, balustrades can be seen in the architectural creations of a wide variety of cultures like the French - ‘balustre’, Italian - ‘balaustro’, Latin - ‘balaustium’ and Greek - ‘balaustion’.

Canopy

A canopy is an overhead roof or structure over which a fabric or metal covering is attached. Its main function is to provide shade or shelter from external weather conditions, but they can also be constructed for decorative purposes. Modern day canopies may be independent of other structures or may project out from a building, typically providing shelter at an entrance.

Pier

A pier in architecture is a support for a structure or superstructure such as an arch. It acts as a vertical load bearer thereby minimising load on the structure. They are mainly made of concrete. Example of piers can be seen in multiple monuments across India like the India Gate, Gateway of India.

Grillwork

Grillwork or simply grill comes from the Old French word greille. It is a decorative grating of metal, wood or stone or other materials used as screen, divider, barrier, or as a purely decorative element. In Indian homes, grillwork is predominantly featured in windows, verandahs, balconies and main gates.

Pediment

A pediment is an architectural element consisting of a gable of triangular shape, placed above the horizontal structure, typically supported by columns. The pediment is a widely present feature in the architecture of classical Greek temples as well as Renaissance, and Neoclassical architecture.

Architecture is an expression of style and culture. At House of Hiranandani, we have cultivated a unique style of architecture which is expressed in all of our real estate developments. Architectural features such as balustrades, canopies and grillwork sit elegantly alongside contemporary Indian elements such as Mangalore tiles, as seen at our Devanahalli residential project. Piers are a notable feature of the stately towers of our project ‘City by the Sea’ in Egattur. House of Hiranandani celebrates architecture in every project we design and develop, ensuring stylish yet comfortable homes with a signature design.

Evolution of Architectural Elements in Indian Homes: Traditional to Contemporary

The evolution of mankind and architecture has always moved hand-in-hand. Many elements of architecture have developed across eras, civilizations, climate change and geographies such that there evolved an established indigenous style in every part of the world. These elements have metamorphosed in design over time, from traditional to contemporary. The story of Indian architecture, through history till date, has numerous unique architectural elements which are still imbibed in our contemporary structures in interesting ways. Here are a few such elements which have made it to modern Indian homes.

Jaalis

As soon as we hear the names of palaces in Rajasthan and Gujarat, the first thing that comes to our minds are the intricately cut-out patterns on the doors and windows of these structures, known as ‘jaalis’. These patterns allow sunlight to filter through the openings and create an interesting play of light and shadow. Jaalis also prevent direct sunlight from entering the room as they dissipate the light. Also, they enable ventilation in the room and provide privacy for users of the space.

While passing through the jaali holes, the air is compressed and hence the temperature is lowered, thus cooling the home. Jaalis are represented in modern home designs as an external aesthetic feature or in internal partition walls.

L- Traditional Jaali in at Sarkhej Roza; R- Contemporary Jaali style in Brick Curtain House by Design Work Group

Jharokas

A traditional balcony which also acted as a semi-open space is called a ‘jharoka’. This architectural element is generally designed in the form of an overhang with intricately carved railings in stone or wood. Jharokas are also covered on top with domes or other semi-circular styles, usually supported by posts or columns. The original use of these jharokas in palaces or houses was primarily for the female members of the family who preferred to be a part of functions without being visible to the public. Jharokas also have a romantic element involved in the stories from our history, as the princess was generally ‘spotted’ standing in the balcony. Apart from this, jharokas also added to the aesthetic appeal of the structure.

In contemporary structures, jharokas have been imbibed using different materials such as brick, concrete or marble. They add a traditional appeal to the design and also provide a semi-open space in the house which can be an inlet to natural light and ventilation.

L- Jharokas in Rajasthan; R- Modern day balcony by Sandesh Prabhu Design Studio

Courtyards

Courtyards are open spaces within the structure itself; in India courtyard styles vary based on the climate of the region. Be it the Wadas of Maharashtra, Havelis of Rajasthan, Pols of Gujarat or Nalukettu of Kerala, courtyards played a major role as a functional and aesthetic space of these houses. Courtyards work on the principle of convection currents, where warm air is drawn out and replaced by cool air. Therefore it works in both summer and winter- to keep the house cool and to bring in the winter sun, respectively. These centrally located courtyards also serve as spaces of congregation for family get togethers and other functions. They also act as buffer spaces between public and private areas of the house.

In modern day homes, this architectural element is a mark of luxury where architects use their creative energies to make the space unique and well connected to nature.

L- Haveli Dhrarampur; R- The Courtyard House by Hiran Patel Architects

Verandah, Pitched Roof and Mangalore Tiles

Pitched roof with Mangalore tiles or red baked tiles are a common sight in Indian villages. Coupled with this, we usually find a verandah or a semi-open space - generally at the entrance or as a buffer between the closed and completely open spaces. Mangalore tiled roofs add to the beauty of a house more than a concrete one. They are also suitable for India’s climatic conditions as they keep the inner spaces of the house cool. Pitched roofs add on to the height of the ceiling of the house as well.

Verandahs, which make the intermediate space- are also a symbol of the Hindu tradition of welcoming guests with an open heart or more precisely- an open and welcoming house.

L- Pitched roof with Mangalore tiles and a verandah in an old house in South India; R- Pitched roof with Mangalore tiles and Verandah in Fernandes House by Khosla Associates

The wonderful aspect about architecture is its unstagnant nature- it will always change with time. This gives one the chance to keep modifying necessary elements of structures in one’s own creative way. At House of Hiranandani, we explore with design and meld the traditional with the modern. Our residences boast large living spaces with spacious balconies. Our project in Devanahalli boasts roofs with the classic Mangalore tiles. To quote from a movie- ‘we have to take the tradition and decorate it in our own way’.

Why One Should Invest in Devanahalli - Bangalore's Emerging Industrial and IT Hub

Bangalore, the Silicon Valley of India, is home to a large number of IT companies and startups, and is one of the leading employment hubs in the country. This aspect of the city draws professionals from all over the country and abroad. To accommodate this influx of people, the city’s borders are gradually but steadily expanding, and newer suburbs are emerging. North Bangalore is one of the recent areas to experience a growth spurt.

Devanahalli, a suburb located in North Bangalore is one of the emerging real estate destinations of choice. Popularly known as the birthplace of Tipu Sultan, it is now better known as the location of the newly built Kempegowda International Airport. Devanahalli is also developing as an industrial and technology hotspot. Let’s look at why homebuyers are attracted to Devanahalli.

Location & Connectivity

Devanahalli enjoys excellent connectivity to the main city centres via the NH-7 or the Bellary Road which has been widened to a 6 lane highway, thus ensuring better and efficient flow of traffic. The Bangalore Metropolitan Transport Corporation [BMTC] buses operate a regular service, catering to the ever-increasing demand of public transport. It has major transport nodes located at easily accessible distances. The international standard airport located here is the second busiest airport in the country, with flights to various cities all across the country and the world. Devanahalli is also well-connected to the nearby suburb of Yelahanka, and Bangalore City by railway.

Upcoming Transport Infrastructure

Devanahalli’s multi-modal transport connectivity is set to receive a boost with future infrastructure developments. The suburb has been included in the construction of Phase 2 of the Namma Metro network which will connect the Airport to central Bangalore and thus Devanahalli as well. The proposed Peripheral Ring Road (PRR), which will complement the existing routes of NICE and ORR, will connect the outer suburbs of Bangalore and major roads like OMR and Bellary Road. This will enhance connectivity between Devanahalli and the rest of Bangalore.

Social Infrastructure

Devanahalli benefits from a well-established social infrastructure such as schools, hospitals and recreational spaces. Some notable schools in this area are NPS School, Delhi Public School, Akash International School and Canadian International School. The healthcare options available to residents include Leena Multispecialty Hospital, Akash Hospital and Cyte Care Cancer Hospital. This suburb also has a D-Mart outlet as well as numerous convenience stores to meet residents’ daily needs. Devanahalli is also a popular tourist destination due to the many temples and the Devanahalli fort.

Industrial and IT Hub

The relative affordability of land in Devanahalli, as compared to many other suburbs in Bangalore, has made it a focus area for real estate and infrastructure development. This includes some of the biggest projects already operational here such as IT Investment Region [ITIR] and the Aerospace SEZ, making them employment attractions. Some big companies which have been set up in the Aerospace SEZ are Thyssenkrupp Aviation, BEML, Dynamatic and Centum Electronics.

Popular IT companies such as TCS, Infosys and Wipro are expected to set up base in the Devanahalli ITIR. Companies such as Shell already have a significant presence in this area. Also, an upcoming Science Park as well as a Financial City, is expected to compete with India’s financial capital Mumbai and the Gujarat International Finance Tec-City in Gandhinagar. This, proximity to industrial clusters and IT Hubs, is another key attraction of Devanahalli.

To Conclude...

As highlighted above, this north Bangalore suburb is experiencing a growth surge and is developing economically, demographically and infrastructurally. As the connectivity improves, and more companies set up base here, more residents will also follow. This will enhance the investment value of homes in Devanahalli. Hence, there is no better time than now to invest here.

House of Hiranandani understands the growth opportunity Devanahalli presents. We are developing an integrated township here which brings together elements of luxury living within green expanses. We offer 2, 2.5, 3 and 4 BHK apartments as well as 3 & 4 BHK villas and cottages. The project boasts contemporary designs, neo-classical architecture and lavish lifestyle amenities. Irrespective of the reason you choose to invest in Devanahalli, you can be assured of higher yields in the future.

Mumbai Development Plan 2034: All set to make Mumbai a world-class city

The much-awaited Development Plan (DP) 2034 by the Maharashtra government is finally here, paving the way for the space-starved city to have more land available to build homes and commercial spaces. The Mumbai DP 2034 has increased the FSI (Floor Space Index) which means developers can now build more on the given plot. More supply of homes coupled with Govt focus on infrastructure is going to be instrumental in changing the city’s skyline for a better tomorrow.

All you need to know about the DP Plan Mumbai 2034:

• The new Mumbai DP 2034 offers promising FSIs for commercial and residential properties. For commercial, it is raised up to 5 & for residential properties, the revised FSI is 3. Earlier it was 1.33 for both residential and commercial developments. For suburbs, new FSI will be up to 2.5 and 5 for residential and commercial properties, respectively. The existing FSI for the two categories is 2 and 2.5, respectively. 

• The Mumbai Development Plan for 2034 intends to utilise salt pan lands for affordable housing. According to the plan, out of the 3,355 hectares in no-development zone, BMC has earmarked 2,100 hectares as well as 330 hectares of salt pan land for affordable housing.  

• A provision has been made to add 42 hectares of open space. The DP plan Mumbai has also designated 12,859 hectares to natural spaces, a new category where no new construction will be allowed.  

• The Mumbai Development Plan is all set to create approx. 1 million affordable houses and 8 million jobs in the city. 

• The new plan encourages the growth to create parks, theatres, playgrounds, theme gardens and museums- something that the city desperately needs. 

• For the first time, Mumbai’s Development Plan has placed the focus equally on commercial real estate with double benefits– firstly decongesting existing CBD areas and secondly, extending the ‘walk to work’ aspect in newer locations.

Post independence, this is the first time wherein a serious effort has been put up for the holistic development of the city.

Real Estate Industry Redefined

The last two years have proven to be immensely eventful for the real estate industry of the country. So far the Government of India has enforced significant implementations like Demonetization, Benami Transaction Act, the Real Estate Regulations and Development Act (RERA), and Goods and Services Tax (GST).  These initiatives, when combined together, will magnify the growth of real estate sector in the long run.

Here are a few factors that consolidate towards redefining the real estate industry:

1. Investments of the future:
This ongoing transformation has given rise to investment inflow from both foreign and domestic institutional investors. As per syndicated reports, the Indian property market has received $3.15 billion from various investors in the first half of the current year. The expected launch of Real Estate Investment Trust (REIT) is supposed to act as a transparent process designed to generate funds from a lot of investors. REITs are predicted to act as a catalyst for increase in future real estate investments.

2. Infrastructure development :
India’s booming economy has attracted not only domestic but a manifold of foreign investors too. Since the Government of India liberalized the norms on Foreign Direct Investment (FDI), the construction sector has seen a massive growth in investments from around the world. This has doubled the funding in infrastructure development from ₹9,850 crore per annum. Also, the World Investment Report of 2016 claims an FDI investment of $ 5.7 billion in real estate.

3. Housing sector boom:
The Pradhan Mantri Awaas Yojana initiative by the Prime Minister raised its rural fund allocation from ₹15,000 crore to ₹23,000 crore, to ensure the completion of 10 million home projects by 2017-18. We are now looking at $1.3 trillion housing boom and with the timely implementation of the Goods and Services Tax (GST), there is uniformity in taxation on housing. Implementation if carried out well will ensure that various federal tax barriers are removed and a common market is created helping improve supply chain. To summarize, 60 million new houses and 2 million job opportunities are predicted by only 2018, thus boosting the nation’s overall GDP.

Given the future road map it is pertinent to say that the Indian real estate sector will only emerge stronger, healthier and is poised for sustained growth. These initiatives are stepping stones for the overall development which will redefine the real estate sector.

The Blueprint to Success

“Success is about liking yourself, liking what you do and liking how you do it.” – Maya Angelou.

Here are a few habits which I have followed throughout my professional career and I believe they might help you too:

1. Organize Yourself -

Getting organized is one of the most underrated skills in any form of work. Due to my architectural background, I deem it necessary for things to have a particular structure. An organised structure in life lets you focus on the most important plans. You could start with something as basic as organising your weekly calendar, and see how it helps you organise your career.

2. Stay Connected -

Stay connected to your employees and always be approachable for a healthy functioning of the organisation. It is essential to delegate the day to day running of your organisation to your trusted employees. Focusing on the bigger things is necessary, but at the same time, while focusing on the bigger picture it is a prerequisite that you stay updated on the day to day functioning of your company. 

3. Gain Knowledge by Reading -

Reading is vital, but not just to keep you on track with regards to constant innovations, the new laws, and other recent developments in the field. Reading goes a long way in cultivating a commendable intellect. Advancement through learning is the most important habit required to achieve growth.

4. Do Not Limit Yourself  -

Most people are shackled by restrictive beliefs and self-imposed limitations. Growth can be limitless. But belief in your own ability and cultivating discipline in your work is what gets the job done. It is what helps to reach new milestones.

5.   Make Wise Decisions -

Success is all about making the right choices. You have to be confident in the decisions you take and ask all the right questions to avoid roadblocks to your success. With experience, it will become all about making the choice that will yield the best result.

In conclusion I would like to say that there is no substitute to hard work & perseverance. It’s important to work hard daily if you want to see these habits make a positive impact. Do not let the vast landscape of the future scare you. Only habitual and tireless efforts will propel you to the summit of success.

Cities of Focus: Bengaluru

An interesting fact about Bengaluru: It is currently ranked among the 25 most high-tech cities in the entire world.

There are many other such records which the city boasts, credited to its unique approach towards development. It’s interesting to note how the city once specializing in the production of silk & cotton, machine tools and telephone accessories has now transformed into a booming IT hub. The glorious history of the city coupled with its futuristic approach has been the key drivers for us to undertake real estate developments here. The best reason for us to establish our developments in the city was its glorious past and its futuristic approach.

Let’s see why this city is our top pick for real estate developments:

●        Hub for IT companies –

Bengaluru is dubbed as the ‘Silicon Valley of India.’ The city has a GDP of $110 billion and contributes to more than 35% of India’s IT exports. Big multi-national corporations have their headquarters situated in Bengaluru. All these factors have transformed Bengaluru into a hub for IT companies across the world. This growth in the IT sector has given rise to a strong demand in the real estate.

●        World's Most Dynamic City –

Bengaluru has emerged as the most dynamic city in JLL’s fourth annual City Momentum Index (CMI) of cities around the world. The groundbreaking achievement was determined based on the city’s economy and commercial real estate market. The abilities to embrace technological change, absorb rapid population growth and strengthen global connectivity lays down the foundation of this dynamic city.

●        Bengaluru Metro –

Bengaluru is a densely populated city. The newly launched Phase-1 of Namma has given an indication of what to anticipate from the metro network. With Phase - 2 in construction, a total length of 72 kilometers will be added to the current metro lines. It will create a more interconnected mode of transport to reach every corner of the city making commuting within the city a completely hassle free experience.

●        Features of a Smart City –

The Smart Cities Mission by the government of India is an initiative aimed towards urban development. According to the plan, Rs. 1,700 crores will be spent to improve infrastructure in the city. The establishment of Bengaluru as a smart city will create a modern commercial network.

These are some of the reasons as to why Bengaluru is one of the best cities in India. We at House of Hiranandani are developing three projects in Bengaluru.

Cities of Focus: Hyderabad

India is a country that is booming with development from every corner. The country has a total of 4000 cities & towns. However for us, choosing the next city for our real estate project wasn’t very difficult. Rooted in a deep ethnic heritage and captivating historical significance, we zeroed down on ‘Hyderabad’.

Hyderabad during its initial stages had been sparking signs of a global city. Nobody would have imagined the unprecedented growth & development this city was capable of achieving.

●     An influx in the IT sector –Since 1990, Hyderabad had seen a number of foreign IT companies entering the city. At that point, there were over 1000 IT and ITeS companies that included major firms such as Google, Dell, Facebook and more. The city boasts of an employment growth rate of 10%. The IT industry has inculcated a high standard of living for the city which has resulted in an increase in world class real estate projects in the city.

●     Hyderabad’s Infrastructure– One of the high points of Hyderabad’s infrastructure is its metro. The metro, which is already under construction, will have three phases to create unparalleled connectivity across the city. The metro is scheduled to begin operations by November 2018.Plans to decongest the city’s roadways by projects such as the Outer Ring Road are already underway. It’s a city that foresees the future and is already planning to upgrade the existing roads, adding skywalks and more.

●     High Standard of Living– As per the Mercer Survey, Hyderabad is known to have the highest standards of living in India. The survey is based on factors such as crime rate, air pollution and improved options for international and English-speaking educational institutes.

●     Emerging Startup Hub– Asa city that encourages enthusiastic entrepreneurs, Hyderabad is witnessing a support system to encourage startups. India’s biggest incubator for startups is in Hyderabad. On the overall the city is promising because of its stable environment and cooperation between the investors, startups and the government.

These are some of the reasons as to why Hyderabad is one of the fastest growing cities in India. It offers the perfect combination of a city immersed in history, and one that embraces development and modernization.

A Move Towards Sustainability

As per rankings of MoneySuperMarket, India ranks 75th globally in terms of human impact on environment per person. This ranking looks at the impact of human activities on the environment, biodiversity and other resources. More importantly, it also looks at the human use of sustainable and renewable sources of energy. This raises a strong concern as for a country of 1.34 billion people; the renewable energy that India is currently producing is only 15.2 %. Needless to say, producing renewable energy is a major need of the day. Relying on non-renewable sources of energy is not sustainable because these sources will not be replenished in our lifetime. Also, population growth and infrastructure development are only pushing for the increase-in-need of sustainable energy for the near future.

With vast lands and access to natural resources India has a huge potential to switch to sustainable energy. But what is sustainable energy? It is a form of energy that meets the demands of today without creating a danger of its depletion for the future generations.  This form of energy is found to be free of cost and does not harm the environment. Various renewable forms of energy are known to be sustainable forms of energy. Solar, wind, geothermal, hydropower and ocean energy come under this category. In 2016, India signed the Paris Climate Agreement and this move has brought a huge shift in India's attitude towards climate change. Our country has been developing sustainable forms of energy in order to control climate-change and remain self-sufficient.

Here are a few developments that highlight India's initiative to embrace sustainable forms of energy:

• Cochin Airport became the first fully solar powered airport in the world.
• The newly-built Kochi Metro will get 25% of its electricity from solar energy very soon.
• Pune airport will run on fully powered solar energy by next year.
• India made its 1st solar boat named 'Aditya' and this boat completed 150 days of voyage.
• Indian railway is installing rooftop solar panels on 250 trains.
• Indian railways also launched the first solar powered train from Safdarjung railway station in Delhi very recently.

We hope to see many more such developments in the future to ensure sustainability in India's energy generation.