Author Archives: Priyanka

Infrastructural development Real Estate Real Estate News Smart Residential Living

Bengaluru city that is struggling to get skywalks constructed, will any of these projects see the light of the day

Dec 6,2017 / By / No Comment

Consider three mega infrastructure projects, Bengaluru Development Minister, Mr. K.J. George has been pushing for: a) determined network of elevated corridors of over 100 km in the city at an assessed cost of ₹25,000 crore.
b) Proposal to build four tunnels in the city adding up to a length of 17.65 km at an expected cost of over ₹10,000 crore.
c) Pod taxis on six stretches in the city at a cost of over ₹1,700 crore.

With the city government aggressively pushing these mega projects to smoothen the traffic, the question on the decision-making process and the lack of funding model have again come to the front.

There was no public meeting held before choosing the projects. The cash-strapped government companies, reluctant to spend a rupee on them, want to execute the projects through the Build Own Operate and Transfer (BOOT) model under public-private partnership (PPP). However, till date, none of the projects has received any funding from interested parties.

Though the pod taxis and the tunnels are comparatively new, the city authorities have been pitching the network of elevated corridors at multiple routes for two years now, including at Invest Karnataka 2016, but failed to receive any interested bidders.

Pod taxis
The Bruhat Bengaluru Mahanagara Palike (BBMP) has called for an Expression of Interest (EoI) for pod taxis on six stretches totaling to 35.5 km at an approximate cost of over ₹1,700 crore. BBMP Commissioner, N. Manjunath Prasad, said while a private firm had come forward to do a small pilot project as proof of concept; the project was yet to receive bidders.

Skywalks in the city
However, the city authorities have not succeeded in attracting private investment for infrastructure projects. For example, the BBMP has circulated multiple tenders to build over 100 skywalks in the city with no success. In the recent State budget, the State government has released a gap funding of Rs 80 crore.

PPP projects
V. Ravichandar, member, BBMP Restructuring Committee, said that nowhere in the country had PPP projects been doing well in the city center, except the Worli Sea Link in Mumbai. He also pointed out that the successes have mainly been in the highways sector.

Urbanist Ashwin Mahesh had a different take on the issue. He disagreed that the problem was in the choice of projects. None of the projects for which the government was seeking private investments were conceptualized following the classification of a gap in the infrastructure and a successive study on the possible result, he pointed out. Like the steel flyover, megaprojects are being moved from drawing boards to implementation without any discussion, he said.

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Government directs states to adopt new technologies for constructing affordable homes

Dec 1,2017 / By / No Comment

The government has instructed states and Union territories to follow 16 alternate innovative technologies for fast and better building of homes under the affordable housing in partnership (AHP) and in-situ slum rehabilitation (ISSR) schemes.
It also requested to launch the global housing construction technology challenge (GHCTC) to globally identify best technologies which are convenient for bulk housing.

The housing ministry said in a release, “States and shall adopt 16 alternate innovative sustainable, modern, green and disaster resistant technologies that have been recognized.”

Announcing seven strategies to speed up implementation of the Pradhan Mantri Awas Yojna (Urban), the ministry on November 29 asked states and Union territories to implement necessary land reforms to make sure that recipients have a legal land document, and put in place a single-window time-bound clearance system for plan approvals and construction permissions.

It has also requested states to organize a land databank to make sure the availability of land for affordable housing.
The ministry further added “States and Union territories may meet their state’s policies with new 8 PPP models and utilize suitably to promote affordable housing,”

While asking states to provide incentives like transferable development rights (TDR) and additional floor area ratio (FAR) to make the ISSR projects feasible, the ministry also asked the states to offer rental accommodation to the slum dwellers while relocating them in ISSR projects.

It has also instructed states to share their individual roadmap with respect to slum redevelopment projects under ISSR.
To encourage its flagship Credit Linked Subsidy Scheme (CLSS), the government has asked states to aim Anganwadi workers, teachers, state police departments, Paramilitary forces, etc.

The proposals were extracted from a day-long National Workshop on Accelerating Implementation of Urban Missions: Swachh Bharat mission (Urban) and PMAY (Urban) that was conducted here in the month of November.

The government launched its flagship ‘Housing for All by 2022′ scheme on June 25, 2015, which is divided into two schemes namely PMAY (Rural) and PMAY (Urban). It has so far approved 30.81 lakh houses under PMAY (Urban), in which around 15.65 lakh houses have been grounded and are at various phases of construction and about 4.13 lakh houses have been built since the launch of the scheme.

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Real estate market trend 2018

Dec 1,2017 / By / No Comment

Author –Mr.Vineet Goyal, Joint Managing Director,Kohinoor Group Pune

Indian real estate has seen a historical trend in 2017, which started with demonetization and then picked up with RERA (Real Estate Regulation Authority) and then GST (Goods and services tax) was the next step. The sector saw renaissance with absolute transparency, ease of transaction and confidence of buyers in the realty sector. What 2017 has given to real estate will not only have long-lasting effect in this sector but in the Indian economy as well. The year ahead will have many positive changes.

Increase in (FDI)Foreign Direct Investment

India has become one of the fastest growing investment destination for foreign investors , one of the reasons is the increase in the real estate and infrastructure investment. According to the World Bank, private investments in India are expected to grow by 8.8% in 2018-19.Indian real estate will see further increase in the global capital flow.

Due to the transparency brought in by RERA , NRIs will find Indian Real Estate market reliable and hence next year will see an increase in NRI homebuyers.

Demographic dividend will benefit real estate

Indian real estate will reap the dividends of its demographic potential. While more and more young men and women will join the workforce even aging workforce population will generate housing business. This will increase the overall demand for the residential and commercial spaces.

Real estate will contribute to the Sustainable Development Goals (SDGs)

The government has launched several ambitious programmes to implement SDG agenda. One such programme is Housing for all by 2022 which is providing direct financial assistance to the poor households. Affordable housing segment will see an upsurge in 2018 and the developers will consciously contribute towards the mission of Housing for all by 2022.Residential projects launches will be more focused on the affordable housing segment.

Smart City initiative

Real estate will play a vital role in Government’s Smart City initiative by developing the social and economic infrastructure of any smart city.The requirement for commercial space will go up due to improved infrastructure and connectivity. The development of smart cities will also push the demand from other asset classes such as serviced hostels, hotels and shopping malls. New job opportunities will be created which will push up the economic growth of the city.

Space Management

Fast growing cities will attract more and more people due to which cost of urban real estate per square metre will increase. With the increase in the competition for the space, the developers will become more innovative in terms of designing and building abodes .Apartments will be smaller but will be space efficient.

Digital presence will be more

Technology is influencing the buying behaviour and it is very evident in the home buying process. Homebuyers and home sellers will be using online platform more. Real estate firm will partner with major search engines and portals for the mutual benefit.

Consolidation in the realty sector will gain momentum

With the implementation of triple reform Demonetization, RERA and GST ,the real estate market has become transparent and the home buyer’s confidence has increased. The realty sector which is crowded now will become leaner and meaner. Smaller players will be bought by the bigger better organised players. Smaller players will not be able to comply with the rules of RERA and hence they will merge with the established players.

High energy prices, climate change and government regulation are already pushing “Sustainability” up the real estate agenda, but by 2018, their impact will be far greater. The real estate community will take a greater role in driving the financial ecosystem.

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BDA to give residential projects another shot

Nov 30,2017 / By / No Comment

The Bengaluru Development Authority (BDA) has taken a turnaround from its earlier standpoint that it would not take up any new residential projects till all its current flats get homebuyers. Recently, BDA has gone ahead with floating proposals for two mega residential projects worth Rs 759 crore. The projects will come up at Konadasapura village in Bidarahalli Hobli in Bengaluru

The project will have more of 3BHK options as most buyers are seen to prefer this over 2BHK or 1BHK flats in its previous projects. The upcoming project will have 1,344 flats (3-BHK – carpet area of 1,150 square feet), 672 (2-BHK carpet area of 672 square feet) and 448 (1-BHK carpet area of 450 square feet). They are going to construct a total of 22 blocks, each of 14 floors.

A senior official of the BDA said, “We believe it to get a good response as it is located in the suburbs. This residential project is a part of many other property development projects, comprising of commercial complexes, amusement parks, and others.”

He further added that the BDA decided to take up the project to achieve revenue as it is facing a serious financial crunch. The BDA is anticipating on accepting business models that private builders use. The official said this is the first big residential project that the BDA is taking up after the Karnataka Real Estate Regulation Act (RERA) came into effect.

The BDA is trying hard to sell the flats that are already completed. The agency had to announce schemes like ‘across-the-table’ sale of flats for applicants because of the poor response from the public. The official said that after the initiative, 500-odd flats were sold, but a majority of the 2-BHK flats left unsold.

Last year, the BDA had marketed 3,100 flats for sale but received only 800-odd applications. The homebuyers had shown more interest in 3-BHK flats. Another BDA official said, “Our earlier experience tells us, there is more demand for 3-BHK flats so we have decided to build more of them. The project will also address various other issues like parking. In one of the projects, parking lots will be made available for more than 1,500 cars. We are hoping that people working in the IT sector may be interested in the project location is close to Whitefield.”

Peripheral roads will be constructed around the housing project borderline of 24-m width. Facility for solid waste management and other facilities has been made.

 

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Guidelines to distinguish between a good floor plan and a bad floor plan

Nov 29,2017 / By / No Comment

There are many ways to judge while buying a property when it is mainly for the end-use purpose. One of such things is the floor plan. There are various things and components that contribute to making a good floor plan.
Here are few guidelines to distinguish between a good floor plan and a bad floor plan and how you can classify these:

View
For a pleasing view of the home, keep the kitchenette away from the entrance. The visitors should have a vision of the living room interiors and there should not be any obstruction in the inside view.

Common area
Space used by huge cupboards, big doorways are a waste and are of little use in average-sized apartments. Rather, go for built-in furniture such as convertible sofas, shelves, desks or tables that can also be used as iron table etc.

Room size
Choose a rectangular room over a square one. A good floor plan is the one that has a room of at least 12 ft long and 10 feet in width.

This means that in India the typical size of the bed is about 7-9 ft in length. The extra 5 ft space should be left for free movement in the room as well as placement of other things.

If you are thinking of a master bedroom, space should be at least 7-10 ft along with a master bathroom and a walk-in closet.

Loading
Homebuyers should make sure that the loading area should not be more than 30 percent and less than 25 percent as the common area spaces get compact.

The variance between carpet area and the super area is known as loading and is generally 30 percent of the total floor plan area.

Furniture
Any furniture in the residential space is kept at least 3 feet away from the wall. Make sure that there is enough space for placing furniture at different angles to avoid overcrowding.

Kitchen
A good floor plan provides an open kitchen as it offers easy access to other parts of the house and makes the common area appear large.

Make sure the kitchen and dining area are side by side as these are the most used areas of the home and should have a suitable access.

Bathrooms
This factor totally depends on the homebuyers’ necessities. Generally, a 1BHK has 1 attached bathroom while a 2BHK flat might have two, one attached to the room and the other one with the hall.

For a 3BHK flat, the third bathroom can be replaced as a storeroom, if you have a small family. It is suggested to keep the common area bathroom functional for guests.

Balconies
The area used for building the balconies is not calculated in the Floor Space Index (FSI). However, real estate developers add this in the carpet area to manage the loading.

Therefore, go for a larger balcony rather than several small balconies to make sure healthy ventilation.

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