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Impact of the Statue of Unity on Real Estate in Gujarat

Sep 3,2019 / By / No Comment
Statue of Unity in Gujarat

About Statue of Unity:

Sardar Vallabhbhai Patel’s statue is also known as the Statue of Unity. It is situated in the Indian state of Gujarat. Sardar Vallabhai Patel (1875–1950), who was the first Home Minister of India. After completion of the construction work, his statue is the world’s tallest statue standing at a height of 182 meters.

The project was first announced in 2010 and the construction of the statue began in October 2013 by Larsen & Toubro, who received the contract for Rs 2,989 crore from the Govt of Gujarat. The sculptor was designed by Indian sculptor Ram V. Sutar.

The statue is located at the shore of the Narmada River facing the Sardar Sarovar Dam. The statue was inaugurated by Prime Minister Narendra Modi on October 31, 2018, on the 143rd birth anniversary of Sardar Vallabhbhai Patel.

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To support the construction of the statue, the Statue of Unity movement was started to support the construction of the statue. This movement helped a lot to collect the iron needed for the statue. By asking farmers to donate their scrap farming instruments. It is heard that by 2016, a total of 135 metric tonnes of scrap iron had been gathered. Out of 135 metric tonnes, about 109 metric tonnes of it were utilized to make the foundation of the statue after processing.

On 15th December 2013, a marathon entitled “Run For Unity” was held in Surat and Vadodara to support the project.

The world’s tallest “Statue of Unity” is a pride of India and a decent honor to the fearless who undivided and integrated India, our precious Sardar Vallabhbhai Patel. He was highly respected for his leadership in uniting the 552 states of India to form the single Union of Indian.

Real Estate market of Gujarat:

Gujarat is known for its rich culture and has a population mix of professional and business class. It is well-known for the industrialized state. It is home to many prominent cities including Ahmedabad, Jamnagar, Mandvi, Gandhinagar, Surat, etc. The city of Gujarat has made rapid progress in real estate developments.

The transformation of Gujarat has been slow and steady but today anyone who is visiting the state can see skyscrapers buildings and malls in place of old aged residential and commercial buildings.

Day by day growing employee demand is pushing up the rental markets in Gujarat as well as real estate capital values in the city. Rentals at famous locations such as Ahmedabad or Jamnagar can range from Rs.8,000 to Rs.15, 000 per month for 2/3 bed-room units, while purchase prices for the same can range in between Rs.17 to 30 lakhs onward.

At the same time, real estate developers betting big on affordable homes in Gujarat. As per  Gujarat Real Estate Regulatory Authority (GujRERA), 1/3rd of all the realty projects registered with GujRERA fall under the affordable housing category. Among 2000 affordable housing projects, 880 are only residential and 820 are mixed-use with residential and commercial units.

The Statue of Unity and its Impact on Real Estate Market of Gujarat

Impact of the Statue of Unity on the Tourism Industry:

The government’s plan to set a large tourism center on the routes of the Kutch. The winter festival near the statue will boost tourism in the region. This tourism center will offer adventure activities and water sports to the tourists such as world-class light and sound show with musical fountains. In the first place, basic infrastructure such as a tent city near Sadhu Bet will come into view with 250 tents that will remain operative during the year.  The site will attract foreign tourists and holds the potential to be developed as an eco-tourism site. The Statue of Unity is fair to draw numbers of foreign tourists along with domestic visitors across India and is creating huge revenue for the country The Gujarat government has made every effort to develop the entire neighborhood as a world-class tourist center.

Infrastructure development:

The government’s decision to construct basic tourist infrastructure at different destinations in the State such as the Narmada district. It will surely boost their attractiveness index. It will not only spark commercial real estate growth in the region, but it will also offer an endless chance to add to social development and stability, all-around economic growth and heritage conservation.
The development of transport modes to reach the location will gradually propel both commercial and residential growth in the nearby areas.

As of now, there are several projects in the card to assure that this place turns out to be a popular tourist point. A world-class zoo will be developed across 1,300 acres over seven levels by the name Sardar Patel Zoological Park near the statue.  Moreover, there is a plan to start boating activities near the statue as a jetty is being constructed in the Narmada.

Employment Creation:

It’s not just about India’s pride in building the tallest statue but it’s about creating employment and revenue for the country. At the same time, it will create new business opportunities for the people living in nearby areas.

An increase in tourism and other related sectors will create huge employment opportunities for the locals and tribals living nearby the Narmada district. As of now, it has been decided by the state govt that the tent city will employ at least 15% locals. Going forward, training is also being provided to guides to face the increased tourist traffic that is hopefully to be generated after the inauguration of the statue of Unity. On the other hand, to flourish tourism center, the employment of qualified and skilled manpower is required which will be a serious task for the government.

Growth of allied sectors:

In the last few years, it has seen that the tourism and hospitality sector attracting investments worth Rs 11,000 crore. Increased tourism activities due to the newly-inaugurated Statue of Unity will create a way for establishing new industries in the associated sectors such as hospitality, transportation, and handicrafts. A 3-star Shrestha Bharat Bhavan hotel has already been built near the statue.

Conclusion:

As of now, there are several projects in the card to assure that this place turns out to be a popular tourist point. A world-class zoo will be developed across 1,300 acres over seven levels by the name Sardar Patel Zoological Park near the statue. Moreover, there is a plan to start boating activities near the statue as a jetty is being constructed in the Narmada. Local businesses have been seen in lots of progress. Earlier nearby restaurants used to remain profitable only during monsoon while dam overflowing. An increase in transport, restaurants, accommodation, and other service sectors will turnaround and will improve the economy of India.
Navagam, Gora Colony, Vasantpura, Thevadia, Nana Thavadia, and Mokhadi are nearby localities to the Statue of Unity.  The Gujarat government has made every effort to develop the entire neighborhood as a world-class tourist center. Once these projects will be in place, will change the outlook of Gujarat real estate market.

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Digital Marketing for Real Estate

Aug 29,2019 / By / No Comment
DM_02

Digital Marketing for Real Estate

Real Estate market is heavily dependent on intermediaries for demand fulfillment e.g. Brokers/Channel Partners/Direct Sales/Classified Sites etc. these intermediaries seem to have well-defined roles, where classifieds used to help through mid-funnel, Brokers gets benefited from the local networks, Channel partners used to bear the risk while lowering the cost, and direct sales used to help with the walk-ins and brand push.

The ecosystem has become ever complex

With digital marketing becoming more and more accessible, it is breaking the barrier to reach customers now anyone with an Ad account sitting in a corner room can reach to the customers wherever and whenever. With barriers collapsing every other intermediary is encroaching upon each other’s territory. Now anyone and everyone seem to be performing each other role.

Problem of Measurement

For long marketers used to believe “Half of the money spent on marketing goes waste but we don’t know which half”. Digital marketing has given the power of measuring Money to the penny level. And suddenly Marketer Realizes it’s not 50% money that’s going waste but it is 95%. Since 95% of the users coming to my website don’t take the desired action on my website.

With the realization, kicks in marketers become super conservative and become overly obsessed with the conversion. And they forgot the most important thing “Marketing”

There are few problems with this approach one availability of numbers (data) doesn’t mean the practicality of the data, so we need to see them in context. Second, all these numbers default to the last touch-based attribution leaving all upper funnel and non-touch based channels without any credit.

“Rahul was researching for property to buy on the classified portal while he was going through various projects details he comes across a banner ad for a new project coming up in vicinity to the area he was considering. He went through the project details and compared with other projects he was considering. Later that week while he was sitting with his friends he discussed the properties he has shortlisted, after taking all feedback next he went on Google search and search for the project, found one project website and dropped a lead for enquiry.
Continued focus on the last touch-based attribution would result in activities (intermediaries) becoming more focused on driving last-mile conversion making funnel leaner (or we say quantity problem)

Customer Journey?

Let’s take a look at Typical Customer Journey through the funnel.

DMRE

Acquisition

Awareness: This is an introduction stage where brand introduces itself to the prospect. At this stage user don’t know about the value of your project, focus here should be on showing the value of your project or service. Idea is to build trust and relationship.

Consideration

Interest: Once the introduction is done has been established prospect become interested in the product, they want to know more about the brand, their achievements, past performance, etc. The brand should ensure they have enough authoritative content sponsored by industry peers or experts to build trust further and nurture relationships. Online portals/experts reviewing product can be considered for a specific solution.

Desire: At this stage, prospects is actively a brand’s product or services. At the same time they comparing other products and services preferably on Aggregator/Websites/Forums collecting more information to work out their decision. This is an opportunity for marketers to make a strong case for why their product is the best choice for a buyer. Up until this stage they had very low intent with respect to dropping a lead or getting involved with the brand on a 1-1 basis. But each of the earlier steps helped in shaping his/her decision.

Conversion


Action: After going through earlier 3 stages now prospect is ready to make his decision. He/She is actively looking to make connections with the brand by searching, dropping leads, making site-visits before finally converting. Typically, marketing and sales should work together closely to nurture the decision-making process and convince the buyer that their brand’s product is the best choice.

Marketing Cliché

While I took you through the schooling of marketing Funnel Cliché, Important aspect I wanted to highlight was that by focusing on the last touch-based attribution we end up losing the sight of our customer journey were limited by technology we chose to ignore the impact of the process.

By having a hard focus on singular KPI for all marketing channels by ignoring their roles in the conversion funnel we are leaving a lot on the table. Prospect Funnel is becoming thinner, and we are seeing inflationary impact where too much of resources going for too few prospects. When we skip important steps we also see a drop in lead quality as well.

“Ramesh filled a lead for Project Rainbow, while he went home his wife told him that one of her friend’s relative had also purchased the flat from the same builder but they aren’t at all happy with the product, Ramesh went online to do more research about the same but he couldn’t find any authoritative content about their past or new projects no agency review/rating, etc., all he finds customer complaints. So when Builder calls Ramesh to follow-up on site-visit he politely declines”

There could be 1000s of such scenarios where builders are putting more and more efforts to drive leads but they fail to convert since important steps are skipped for lead nurturing

So what should a marketer do?

One Advice take ownership for a 360Degree Marketing bring back focus on the customer.
Marketers should plan for the customer rather than a channel. They should start with who they (customers), what they do, what places they visit. Being Present in the moment matters and that’s where the focus should be.

I will leave you with this to ponder upon your next 360Degree Marketing Plan.

Insights by: Amit Kumar
Senior Manager – Digital Marketing

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AMRUT Mission: Only 15% Funds Utilised In Last 4 Years

Aug 28,2019 / By / No Comment
Amrut-Mission

AMRUT Mission: Only 15% Funds Utilised In Last 4 Years

  • Before moving ahead on the project issues, I would like to figure out some information on AMRUT. The AMRUT was launched by Prime Minister Narendra Modi on June 2015 in 500 cities across the country, covering about 60% of the total urban population.
  • Looking forward to this, the BJP-led NDA government under Prime Minister Narendra Modi has launched 3-major urban flagship schemes in 2015. These are  Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the Pradhan Mantri Awas Yojana-Urban (PMAY-U) to enhance the infrastructure of Indian cities. The project was accepted and honoured by the industry experts, and if accomplished with a will, the mission could change the appearance of cities and towns where even basic facilities are lacking.
  • With the Budget 2019 that brought bundles of packages for these schemes. But the government still lagging behind its targets, development in the sector remains shadowy.
  • However, even after 4-years of its implementation, out of the total budget, only 15% fund has been used according to the data provided by the Ministry of Housing and Urban Affairs. Around 1,885 projects worth Rs 5,075 crore (15% usage of total mission target) have been completed. More than half of the projects are under implementation (cost Rs 62,201 crore).

What Government Data says:

  • As per the Ministry of Housing and Urban Affairs, around Rs, 1,768 crores was allocated for the green spaces and parks sector, and a total of 2,355 park projects costing Rs 1,522 crore was engaged under the AMRUT mission.
  • Along with the completed projects, 990 projects cost Rs 812 crore are under headway.

How Indian Cities Contribute To country’s GDP?

  • Indian cities are more urban than admitted and share between 59% and 70% of India’s Gross Domestic Product (GDP). The three-month-old NDA government in their budget for FY 2019-20 has estimated about 48,000 crore for the ministry of housing and urban affairs which is an 11.8% increase since last year’s budget.

Why Is This Project Legging Behind?

  • AMRUT Cities are experiencing overlook due to unfamed development. Air quality and congestion are worsening, house prices continue to rise, and amenities and services like clean water, public spaces, public transport, and solid waste management are badly unsatisfactory. The local bodies committed to controlling cities do not have sufficient funds, skill, or staffs to plan for and face these difficulties.

How The Funding Is Distributed Among The States?

  • Being a central approved scheme, the funding support is given to the amount of 50% of the project cost in case of cities with a population of less than 10 lakh each and up to 1/3rd in the case of cities with a population of above 10 lakh each. The total cost being Rs 77,640 crore (including central assistance of Rs 35,990), the funds are being issued in parts to the states keeping in mind the developmental work being done. Until now, 14 states which include  Chattisgarh, Tamil Nadu, Karnataka, Andhra Pradesh, Bihar, Jharkhand, Gujarat etc., have received 20% of the budgeted amount under the scheme AMRUT.

After four years of its implementation here is our main findings:

  • While the union budget expenditure on urban development in 2018-19 was the highest ever, as a share of the grand total this had actually declined by 0.2 percentage points to 1.7% of the budget.
  • Barely 7-20% of the central assistance earmarked for the three flagship schemes have been used since their launch, indicating that states remain chronically underfunded.
  • In the three schemes, work has been sanctioned for not more than a 3rd of the set targets which will meet their deadlines in 2019-20 and 2021-22. The number of works actually completed is even lower.
  • Over 1,100 parks developed across the country under Amrut Mission as per the Housing Ministry.
  • According to the housing ministry, more than 4,288 acres of land is being developed as green spaces and parks under the AMRUT mission. Until now, over 1,159 parks have been developed under the mission across the country. These parks have children friendly provisions, disabled-friendly features, open gyms, etc.

Latest reforms on AMRUT:

  • Out of 97,93,386 lakh target, 62,78,571 lakh street lights have already been replaced with LED lights.
  • Energy audit of water pumps has been completed in 358 cities; MoUs have been signed for another 446 cities.
  • The online building permission system (OBPS) has become functional in Delhi and Mumbai. It has also been implemented in 439 AMRUT cities.

Mission Under Progress:

  • Sewerage projects work is in progress.
  • AMRUT Water Pipeline work is in progress.
  • Until now, Rs 5,077 crore has been spent on 1,891 projects.
  • Rs.62,200 crore awarded for 3,133 projects.
  • NITs issued Rs.7,646 crore for 289 projects.
  • DPR approved Rs.6,025 crore for 265 projects.
  • Total State Annual Action Plan was for Rs.77,640 crore.

Focus Areas Of The Scheme With The Budget Output:

  • As AMRUT Mission targets on the basic infrastructure, the following were the target areas of the scheme with the budget output:
  • The centre has spent Rs 9,011 crore on water supply.
  • Rs 1,436 crore spent on Pedestrian, non-motorised and public transport facilities, parking spaces etc.
  • Rs 2,969 crore spent on stormwater drains to reduce flooding.
  • Rs 1,768 crore spent on improving the amenity value of cities by creating and promoting green spaces, parks and recreation centres, especially for children.
  • Rs 32,456 crore spent on sewerage facilities and septage management.
  • For all that AMRUT mission fixed timelines for each of the target areas, some of the states are advancing of the timelines and have completed most of the works like strengthening e-governance policies, digitisation of Urban Local Bodies, the professionalization of municipal bodies, revision by building by-laws, municipal tax and fees and Swachh Bharat Mission which is popular among all.

Suggestion:

  • Indian cities need urgent reform in order to unlock their economic potential and transform the quality of life. So, the NDA government requires to connect on observing the amount of urban growth, enhance land usage, legitimize urban local bodies and spend in public transport networks.

Image Sources: RajRAS

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CommonFloor Brand Activation At Bengaluru’s Top IT Parks

Aug 8,2019 / By / No Comment
CFG_InSize

CommonFloor Brand Activation At Bengaluru’s Top IT Parks

Once again CommonFloor comes up with new ideas and thoughts. They have organized several events in various Residential Societies of north and south Bangalore to motivate & appreciate the people of the societies. Last quarter, they conducted an event in Bengaluru’s top IT Parks such as Manyata Embassy Business Park, Bagmane Tech Park, Cyber-Tech Park, RJA Tech Park, etc.

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The events conducted by CommonFloor as “CommonFloor Brand Activation At Bengaluru’s Top IT Parks” is one such event that witnessed an amazing response amongst various IT Parks of Bengaluru. CommonFloor brand activation event designed to cater to the property and automobile by brand building and focusing on generating footfalls and enquiry for your products.

WhatsApp Image 2019-06-21 at 12.59.54 PM

The main motto of conducting this event to showcase the product to reach “N” numbers of the potential targeted audience of IT employees and to tell about the product and services which helps in growing business and generating a fair number of leads which helps in conversion for a brand to grow their business.

WhatsApp Image 2019-05-15 at 2.24.37 PM

CommonFloor helps in reaching all the Tech Parks in Bengaluru as well as other cities of India which caters to the needs of the brand according to their visibility of marketing. Hence, in this way, CommonFloor helps in reaching multi-national companies, and R&D Companies helping brands to display product & services.

WhatsApp Image 2019-05-15 at 2.24.33 PM

The blend of Tech Park & Society Activation provides executors with an excellent opportunity to generate new business & build the pipeline by generating a genuine enquiry on spot.

 WhatsApp Image 2019-05-15 at 2.24.32 PM

Once again CommonFloor thanks an appreciates the enthusiasm shown by the IT employees for making the event grand successful and encourages us to organise many more events like this in the days to come.

 

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Ghaziabad Civic Body Slashes Flat costs over 50% in Madhuban Bapudham

Aug 5,2019 / By / No Comment
Madhuban Bapudham Yojana

Ghaziabad Civic Body Slashes Flat costs over 50% in Madhuban Bapudham

Good news for you if you are planning to buy a house in Ghaziabad. Now you can buy EWS and LIG Flats of Madhuban Bapudham Yojana at 55% lower price. Ghaziabad Development Authority (GDA) is launching a one-month long online scheme on August 5. The applicants whose name will be selected will get EWS for 4.5 lakh and LIG flat in 10.80 lakhs.

Ghaziabad Development Authority (GDA) has housing units in Indirapuram, Swarnjayantipuram, Vaishali, Nandgram, Indraprasth, and Madhuban Bapudham. The reason behind issuing of the scheme is to attract home buyers for some time now as GDA’s properties have failed to attract buyers in the past.

To attract home buyers for its properties, the Ghaziabad Development Authority had planned to framework a Madhuban-Bapudham housing scheme in 2004 after getting 1234 acres of land. Later, in many pockets, EWS and LIG have been built. Out of this, 466 EWS and LIG have not been sold yet. Now the Ghaziabad Development Authority slashed the flat rate following a state government’s order.

An EWS flat that was previously priced nearly Rs.10 lakh will now be available for Rs.4.5 lakh. Similarly, the price of a LIG flat has been decreased from Rs 23 lakh to Rs.10.8 lakh.

As per the GDA official data, there are 296 EWS and 170 LIG flats in Madhuban Bapudham. Those whose annual income up to Rs 3 lakh can apply for an EWS flat; for LIG flats, the limit is Rs 6 lakh per annum. The scheme will be opened to the public for a month from August 5 2019.

At the same time, the authority was selling them according to the cost experienced in making them. Earlier, the state government has instructed the EWS and LIG buildings to be sold according to the mandate.

It is really a big step to provide affordable houses to its residents at such a lower price. Besides, the selected applicants will have to pay just 10% initially and the rest of the balance amount can be paid in instalments in a given time period.  GDA officials say that the first price was double, but now the price has been cut.

Image Sources: livehindustan.com

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