Category : Smart Residential Living

Buying property Real Estate Smart Residential Living

Walk-to-work concept is gaining momentum in Indian Real Estate

Dec 6,2017 / By / No Comment

The concept of new urbanism and walk-to-work is gaining momentum in major cities. The concept of new urbanism inspires developments such as housing, workplace, and shopping in the vicinity of each other, and walkable streets and blocks and reachable public spaces play a vital part in such developments.

According to Colliers Research, about 90 million sq ft of office space under the different stage of construction across India is likely to complete in the next three years, and to be precise IT-ITeS districts of the cities will promote such walk-to-work concepts in Indian cities.

Bengaluru residential developers have already started trying out the concept of walk-to-work with projects near Whitefield and Hebbal. Integrated developments with schools, colleges, malls and public spaces within 500 mts to 1 km range will further counterpart such walk-to-work growths.

Tier 1 developers are concentrating on integrated developments. Some of the most popular samples of the integrated township are Prestige Shantiniketan and Brigade Metropolis in Whitefield, World Trade Center in Yeswanthpur. More developers are going to join the league.

The Magarpatta city in Pune is also one such successful example of a viable development model integrated with the commercial zone, housing developments, institutions, healthcare facilities and entertaining spaces with best in class infrastructure.

At the same time, Transit Oriented Development (TOD) trends should create a balanced land-use blend with residential developments along the transit corridor that help in succeeding controlled developments within the cities.

With a focus on the creation of mixed-use development in the effect zone of transit stations that are within the walking distance of (500-800 m), TOD is possible to lessen the average travel time and expenditures on transportation.

TOD should also include a facility for public spaces, systematized parking and support foot-travelers, bicyclists and non-motorized transport (NMT) users in cities.

Recently, India has observed a notable economic growth, Indian cities are emerging at a rate faster than other cities in the world. According to the Ministry of Urban Development (MoUD), the urban population in the country, which is approximately 377 million, is expected to grow up to 600 million by 2030.

This rapid development coupled with growing residential and commercial developments has led to many critical significances such as road traffic issues, increased pollution, public safety, and flooding. This, in turn, is weakening the livability quotient in the fast urbanizing metro cities.

While India’s collective annual infrastructure investment amounts to 35% of GDP, the government evaluates that it needs USD 1.5 trillion in infrastructure investment in another ten years. Even this huge amount will possibly only help bridge the infrastructure shortfall rather than create room for future infrastructural development.

As per the study was done by Colliers Research, the real estate developers should also focus on mixed-use developments at city fringes or beyond the city limits to house the overflowing population of the urban region to stabilize population explosion in main cities.

This planning method will not just ease the burden of urban infrastructure but also drive affordable housing as it remains as a distant dream owing to the high land cost in overbuilt areas in the city.

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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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Buying property Real Estate Real Estate News Smart Residential Living

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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Real Estate Real Estate News Smart Residential Living

BMC to form a new cell for monitoring 30 years old buildings in Mumbai

Nov 28,2017 / By / No Comment

Brihanmumbai Municipal Corporation (BMC) will soon form a new cell for auditing neglected buildings which are under its jurisdiction. The new cell will recognize structures that are older than 30 years and will issue notices to the concerned societies for further structural audits.

As per the new policy, the municipal corporation has made it necessary for the dweller or owner to give in the structural inspection of the building.

The policy will be uploaded on the BMC website in December to encourage suggestions and objections from general public.
Initially, the civic body had only one committee to take care of the issues associated with the neglected buildings but now BMC has formed a total five committees to deal with appeals related to such buildings.

Out of five committees, four will make available for appeals related to private buildings and one for municipal buildings. Recently, the policy received a green signal and will be applied to ensure speedy recovery of ramshackle buildings and evade building collapses in future.

The policy makes it necessary for the occupants to inform the civic building and factory department about the status of structure. The policy is only valid for private and municipal buildings which are under the civic body’s jurisdiction. BMC has made it compulsory to get the structural audit done by registered a BMC structural engineer.

If a building certified as non-dilapidated collapses in future then registration of that specific engineer who certified the building will be void and the BMC will initiate legal process against the person for the same.

Once a structure receives notice from the civic body then it is the owners/tenants’ concern to submit the structural audit to BMC within a month’s time. BMC will later scrutinize the status and select the category of the structure.

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Real Estate Real Estate News Smart Residential Living

Will PRR happen or it’s a distant dream?

Nov 25,2017 / By / No Comment

At this point in time, Bengaluru city is extremely overcrowded with congested road corridors and vehicular pollution. The Outer Ring Road (ORR), Bengaluru is one of the most affected roads, as it is used by the daily travelers from Doddaballapur Road, Bellary Road, Old Madras Road, Sarjapur Rd and NICE Ring Road (NRR) for their individual job locations in and around Bengaluru city. To ease the traffic movement on ORR, concerned authorities of the state has proposed the Peripheral Ring Road (PRR)

R Roshan Baig, Urban development minister, who is also the minister in charge of KUIDFC, said it was long-awaited project was executed and expected it will pick up in the coming days.

The PRR will connect four highways -Tumakuru Road, Ballari Road, Old Madras Road, and Hosur Road. The road will create smooth connectivity with Kanakapura Road and Mysuru Road, two other main highways linking to Tamil Nadu and Kerala

Central Government is discovering the PRR project. According to sources, the total project cost is estimated to be around Rs. 41,000 Crore. Once the project starts will take 36-40 months to complete the same as per information.

The project was first recommended in 2005. Issues which kept the project on hold so far are as follows the acquisition of land belonging to farmers, litigation, and the dearth of funds with Bangalore Development Authority (BDA). Later, a series of protests for reimbursement from the farmers whose lands were marked for acquisition kept the project at a standstill till now.

The project is now included under Bharat Mala Pariyojna. This is a project which was formed in order to develop the connectivity in the country through roads & highways along coastal areas, borders, tourist destinations, places of religious importance & district headquarters.

For the PRR, an SPV (Special Purpose Vehicle) has been formed together by BDA and KUIDFC (Karnataka Urban Infrastructure Development Finance Corporation) in order to raise finances and add further momentum to the project.

Moreover, the capital risk is partially shared by the government which will draw a number of bidders for this particular project. The Government is thinking of hybrid annuity based PPP model. Here, the developer bears 60 % of the project cost while the rest would be borne by the Centre.

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