By Accommodation Times News Service
Ms. Manju Yagnik, Vice Chairperson, Nahar Group
The Real Estate sector has moved rapidly towards being more professional and corporate in its approach towards its customers and all stakeholders. Today, well renowned developers have built a good brand around their product offerings and are on par with other well-known national brands from FMCG and other sectors. This has come about due to realty brands providing home buyers with quality products, timely delivery, better transparencyanda more professional approach.
For instance, Nahar Group established in 1973 and headquartered in Mumbaihas developed over 15 million sq. ft. of prime real estate projects, making it one of the few names to reckon with in Mumbai’s realty sector. Pioneers in building townships, the Group is now expanding exponentially by constructing approx. 1.5 million sq. ft. annually.The Group seeks to build a better future for its customers, leveraging its expertise and collaborates with the best in the industry to create landmark destinations of design and quality that exemplifies the highest standards of international living. The Group is today recognized for its quality, reliability and professional approach and this is reflected in its product offerings to customers.
Developers with a good brand name and past record have an edge over the others. In these trying times, home buyers will opt to buy property from a renowned and well reputed developer who has a good track record of completing projects on time and delivering them to customers as per the given time frame.
The Indian homebuyer in the luxury housing space has changed over a period of time. They have huge aspirations as he is well traveled or have lived abroad and exposed to the lifestyles there, he expects the same type of product and service here in India too without bringing a change in his lifestyle. At Nahar Group we understand our consumers and design our products to match their aspirations in terms of style and quality to match international standards. We try and ensure that the lifestyle provided at all our projects match our consumers living experience.
Achieving such standards requires conscious efforts during planning stage to implement international design and construction quality. Having this insight, we have partnered with leading international architects, landscapers and contractors to plan and create an end product that meets the consumer’s growing aspirations of international level.
Being Mumbai centric, we have now expanded our footprint with a Pan India presence having launched projects in Chennai, Pune and will soon venture in Bangalore. Establishing in a new city from the start is quite challenging for any brand as markets are very different in terms of planning, liaison, execution local language and the likes. The rules and regulations also differ from state to state. Various factors come into play such as land cost, product pricing, customer preference, local customs etc., differs. This is where corporate real estate comes into play thus taking it to a different platform making it competitive and gives the sector a level playing field within the economic ambit of the country.
P Ravindra Pai, Managing Director, Century Real Estate Holdings Pvt. Ltd
1.Retail and commercial real estate scenario are far better than residential as of now. Reason being, there’s hardly any gap in supply and demand in case of commercial and retail unlike residential where we see a much higher inventory overhang. APAC experienced the strongest leasing activity recorded this year, Bengaluru & NCR being the best contributors in Q1 2016. Bengaluru saw the highest leasing volumes in Asia Pacific on the back of big-ticket transactions. This city clocked more than 0.2 million square meters of gross leasing (net leasable area). While in residential, Bengaluru is still sitting on around a Lakh inventory surplus.
2. In coming days, commercial & retail real estate are expected to grow and residential real estate to catch up the pace. At a global level, 2016 is expected to represent the peak of the office development cycle with 16.8 million square meters of new deliveries anticipated in tier-I cities. On the other hand, adequate measures have been taken to liquidate the stock for residential inventories both from Government & Developers’ side. Positive signs are being seen in buyers’ sentiment as well.
Mr. Ashwin Sheth, Chairman & Managing Director, Sheth Corp
Headquartered in Goregaon (Mumbai), Sheth Corp is a leading developer in the luxury housing, retail and commercial segment of real estate, with a global footprint.
When a landmark is created, it is a subdued tribute to the land and its people. It was this philosophy that steered the course of a humble real estate company towards becoming a leading construction house in 21st century India. Sheth Developers Pvt. Ltd. was founded in 1986 by Mr. Ashwin Sheth, a visionary with implacable determination. Since its inception, the organization has created some of the largest townships, complexes and tallest skyscrapers through resourceful planning, an unwavering focus on quality and customer-oriented designs. Today, Sheth Developers Pvt. Ltd is known as Sheth Corp Pvt Ltd. The company’s portfolio boasts of over 17,000 homes built, 60 projects and over 15 million square feet, developed and delivered.
Sheth Corp Pvt Ltd has also extended its real estate presence abroad with great success. Sheth Estate (International) Ltd, a wholly owned subsidiary of Sheth Developers Pvt Ltd and its international arm, is an established realty name in the UAE. Its Dubai brand, IRIS has enhanced Dubai’s skyline with ambitious developments in the residential, commercial and mix use projects space, adhering to the highest standards of design, planning, location, luxury and comfort.
Each Sheth project is conceived to offer value for a lifetime and even beyond the present generation. This is ensured right from the inception of the project, which begins from meticulous site selection. A stepwise procedure is charted out which takes the minutest details into account which is strictly adhered to and is constantly monitored at every stage by an in-house Chief Project Engineer and his team. Independent and renowned firms are appointed for layout, landscaping, and labor execution. The appointment procedure is strictly based on a proven track record and the demands of the nature of the project. The management is personally involved at every stage. Here’s is our perspective on the residential, commercial and the retail segments of the current real estate market.
The increase in residential sales by 9 per cent in the January-March 2016 quarter has brought a ray of hope in the real estate industry which saw a dip in the year gone by. The government’s efforts to promote affordable housing and infrastructural development in the city are some of the significant movements the realty market has witnessed which promises better times for the sector going forward. With the new government policies that real estate sector has witnessed in last 6 months there has been a significant hope for the growth in the realty sector especially in the residential segment. The government’s initiative like Housing for All by 2022 has given an impetus to the affordable housing segment. The passing of the Real Estate Bill has given a boost to the entire industry and will definitely prove to be a game changer for the market.
Commercial real estate is emerging as a bigger market and attracting more buyers, investors and corporate houses. For the growth and development of commercial property market we would like to see government take more initiative in improving the infrastructure of the city as it will help in better commute for people working in these areas. Also proper and uninterrupted supply of power and water are necessary for commercial property to thrive.
The implementation of REITs will ensure more liquidity in the sector. It will attract both foreign and domestic investors in the sector and also act as an alternate source of funds for the developers. Also FDI in real estate is expected to provide a significant boost to the sector in terms of greater foreign capital inflows. We now look forward to seeing FDI flow into the sector, thus creating more job opportunities and revitalizing the growth of the realty sector.
In the commercial segment, we have developed couple of commercial properties in Prabhadevi namely Cynergy and Sigma Estate.
The lifestyle quotient of the metros is changing with numerous retail options, multiplexes and other leisure facilities coming with biggest of spaces and offerings. With the development of malls, multiplexes, the influx of big retailers, cosmopolitan population and modern lifestyle, the retail market has seen a clear shift in its growth in recent years.
We entered the retail segment with Viviana Mall in Thane which happens to be our most ambitious development venture till date.