Jaiprakash’s Wish Town attracts large no. of buyers- News -Real Estate-Markets-The Economic Times
Despite slowdown in the real estate sector, housing project, ‘‘ Klassic’’ by infrastructure and real estate conglomerate Jaiprakash Associate Ltd (JAL) in its township, ‘‘ Wish Town’’ , has attracted large interest from buyers. The group is also implementing a number of luxurious residential projects like Pavilion Court, Pavilion Heights, Golf view, Kalypso Court and Town Homes in the 1,200 acre township.
It is also implementing the modern township in Noida on Noida-Greater Noida Expressway. A 18-hole Graham Cooke and two 9-hole golf courses along with numerous lakes and water bodies are one of the main attractions of the townships.
It will have sports facilities like, tennis, basketball, badminton and swimming pools. The group is also developing a number of schools, a 200-bed hospitals, fitness centres, social clubs, community halls, and other facilities.
It will also have a large marketing centre that will cater to the need of the residents of the area. Rita Dikshit, ED of JAL, real estate division, says that the group endeavours to develop a modern township amidst green environment. She said that the township will be self sufficient with all the facilities required to live a luxurious life.
Apartments in this township is available from Rs 3,300 per sq ft in Klassic to Rs 6,500 per sq ft in Golf view. One can buy flats ranging from Rs 35 lakh to Rs 2 crore in the township. Dixit maintains that buyers from all the sections are showing interest.
via Jaiprakash’s Wish Town attracts large no. of buyers- News -Real Estate-Markets-The Economic Times.
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Indian real estate developer keeps faith in luxury real estate
January 20, 2009
photo credit: nancyarora2020
Gated homes appear ever-popular with Indian real estate buyers, as a developer reports considerable interest in a scheme near New Delhi.
Jaiprakash Associates is seeing strong attention for Wish Town Klassic, at Jaypee Greens, Noida.
The township is one of a series of luxury homes schemes being developed by the firm, with all apparently bucking an emerging trend towards more modest homes.
According to the Economic Times, the group is pushing on with a number of upmarket real estate schemes despite a general slowdown in the market.
The paper says the group is also implementing
“a number of luxurious residential projects like Pavilion Court, Pavilion Heights”
all of which involve high-specification homes.
Many real estate firms are following a trend which developed in the UK, with owners looking to rent out homes instead of sell in the slowing market.
The Times adds Atul Khanna of brokerage firm Khanna Properties said:
“We are depending on the rental market to keep our business going.”
Many middle-class families have ended up renting instead of buying thanks to a proliferation of more luxurious homes.
A squeeze on lending and high interest rates has also hit the Indian real estate market.
source: OPPE News
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Affordable homes are back
HOUSING: Developers are working around the Rs 20-lakh figure.
Winds of change are sweeping across the real estate sector. After creaming the top end of the market for some years, reality has finally sunk in and builders are now flooding the market with affordable homes.
Ever since the government announced that state-owned banks will provide home loans up to Rs 20 lakh at not more than 9.25 per cent for the first five years, real estate developers have started working their prices around the Rs 20-lakh figure.
Dozens of real estate developers have announced homes at below Rs 25 lakh in the National Capital Region of Delhi. Till some months ago, such prices were totally out of fashion. Developers blamed high prices on the astronomical cost of land and the ever-rising prices of steel and cement.
The correction started happening around Diwali in October when developers, faced with large unsold inventories, started throwing in hefty discounts and freebies like cars. Prices have now fallen back to their 2004-05 levels.
Huge auction of government-built flats in Delhi and Mumbai too has played a role in this. While the Delhi Development Authority has built some 5,000 flats, the Maharashtra Housing and Area Development Authority earlier this week threw open booking for 3,865 flats. The response was tremendous — people queued up in front of bank branches at 4:00 am!
Non-metro cities across the country too have on offer ready-to-possess flats well below Rs 20 lakh. For instance, a recent scheme launched by Ansal in Lucknow is learnt to have been hugely oversubscribed.
At a property exhibition in Delhi last week, city based real estate players like SG Estates, Assotech, KDP Infrastructure, Shreya Developwell and others displayed over a dozen ongoing and future housing projects in the Rs 20-lakh range. IDBI Bank officials, who organised the exhibition, said the customer interest in the projects was encouraging against the general slump and over 300 potential customers registered for loan queries.
99acres.com, a leading online portal says that over the last two months, it has seen a growing interest among visitors to search for houses in the mid-price range (Rs 15 lakh -Rs 25 lakh). “Almost 50 per cent of enquiries that reach the portal are for this segment,” Vineet Singh, business head, 99acres.com says.
“The government’s initiative will definitely encourage more affordable housing projects, though it will mostly be in the non-metro cities of the country,” Rohtas Goel, chairman and managing director of Omaxe, says.
A Mumbai-based official with the State Bank of India’s personal loan section says the excitement of the offer is already visible among the customers and real estate players: “We need to wait till the end of the offer period (June 2009) to quantify the number of home loans that are sanctioned under the concessional scheme, but there is tremendous interest. The customers are in the process of enquiring before they can approach the banks for home loans.”
While the real estate players in the metros are restructuring their new projects to accommodate the interests of the sub-Rs 20 lakh housing customers, other cities are finding sudden demand for their existing properties.
“Even before the stimulus package, we had several projects that came within the parameters of affordable housing. The demand for such homes has increased since then,” C Shekhar Reddy, the president of Andhra Pradesh Builders Forum, says.
Prakash Chella, the chief of the Tamil Nadu chapter of the Confederation of Real Estate Developers Association, adds: “Real estate prices had not appreciated in smaller cities as it had in metros. In southern states, flats within Rs 20 lakh are available.”
Terming it as the birth of affordable housing, real estate consultancy JLL Meghraj anticipates more national players to launch affordable housing projects in 2009. “However, since different cities will have different costs for land and construction of such homes, developers will have to define ‘affordable housing’ on a city level,” a JLLM report says.
This augurs well for the economy. The task force on affordable housing headed by HDFC Chairman Deepak Parekh had in its report noted that alleviating the urban housing shortage could potentially raise the rate of growth of GDP by at least 1-1.5 per cent and have a decisive impact on improving the quality of life.
The 11th Five Year Plan estimates the urban housing shortage at the commencement of Plan period at 24.7 million units, with 99 per cent of this shortage pertaining to the economically weaker sections of the society.
Source : Business Standard
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New generation property investment in India
A developer has unveiled a luxury lifestyle apartment project in Gurgaon, India, which even includes purpose-built jogging and walking tracks for new residents.
BPTP said the Freedom Park Life property investment scheme had been built to suit the needs of a new generation of Indian families and features top health facilities. Offering two and three bedroom apartments and penthouses, the scheme also includes landscaped courtyards and a childrens’ theme park. Buyers will also be able to take advantage of a jacuzzi, swimming pool and a health club. BPTP said: “An eye for detail, combined with a classy sense of design, gives these homes a sophisticated yet comfortable feel. “Facilities at Freedom Park Life are in sync with the evolving desires of the young-at-heart. “People can enjoy a quality of life that comes packaged with all comforts and luxuries at one place.” Located in Sector 57, Gurgoan, the development is near the city’s thriving new commercial district. Founded in 2003, BPTP is one of the fastest growing Indian firms and is already a key player in the real estate development industry. It currently has development projects in New Delhi, Gurgaon, Faridabad, Noida and Greater Noida.
http://www.offplanpropertyexchange.com/news/2008/12/new-generation-property-investment-in-india/582
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HNIs still go for luxury homes…
NEW DELHI: India’s super rich just can’t resist falling in love with luxury houses. Even as slowdown mania grips the nation, the demand for dazzling US crisis & Indian realty | Home gadgets luxury residential properties in India is showing no signs of slackening.
During the last six months, the home loans in the above Rs 75 lakh segment witnessed an average growth of 15-20% thanks to the young high networth individual (HNI) population liking for the high-end property. In fact, with real estate developers in a money tight situation, they are offering discounts to the tune of 10-15% for the properties above Rs 1 crore and above. With the buyer conversion rate (BCR) significantly high in this segment, the realty players are counting on luxe home buyers as their best bet to bail them out of the current cash crunch.
Says Ashish Mehrotra, business manager – mortgages, Citibank India; “Home loans in more than Rs 75 lakh segment has seen significant growth in the last two years, especially in tier A cities where property prices have steadily increased. Over the last few months, though the market has been sluggish, demand in this segment has not weakened.
We have seen a 15- 20% increase in the share of these loans in the last six months.”
Super-luxury residential complexes are coming with quality construction and world class amenities that showcase an aspirational living style to the urban upper middle class. The amenities include swimming pools, gyms and jacuzzi, themed-landscaped gardens, water bodies and meditation centres.
With HNIs usually rated high on credit ratings, bankers say the loan approval process is generally easier and done in double quick time. The clientele generally includes non-resident Indians, and senior level executives in MNCs. In fact, due to higher returns on investment, a number of developers have now switched on to luxury housing segment, especially in bigger markets such as Mumbai and Delhi National Capital Region (NCR).
Not to be left behind are Hyderabad, Bangalore, Chennai, Pune where number of luxury residential projects are under construction. Another thing that has attracted more demand for these apartments is the aspirational living and moving to better quality homes built-on international standards offering state-of-the-art modern amenities.
Locations throughout Mumbai, for instance, where demands for high-end options far exceed supply, have witnessed significant appreciation in property prices ranging from 20% to 30% over the last 12 to 15 months, according to Cushman & Wakefield, a real estate services firm. At the high end, large apartments used to be about 3,000 sq ft. Today, that space is 5,000 to 7,000-sq ft in the city. In addition to space, the newer complexes offer ample parking spaces, swimming pools, gardens and health clubs.
Says Achim Vogt MD Deutsche Postbank Home Finance: “The growth in this segment has been exceptional compared to the other segments. We have had a growth of more than 100% (CAGR), in the last five years. In the first half of this financial year, the level of disbursement is almost at par with last full year’s volume, for this particular segment.”
Bankers feel significant growth in affordability amongst customers due to a substantial rise in income, over the last five years, steady rise in property prices, and increased focus by builders to develop and market the properties in this segment due to higher profitability led to growth in this segment. Says Vikram Sabharwal, MD, SABH Infrastructure; “The current boom in luxury apartments has been largely contributed by rising income levels and affordable interest rates on mortgages. The rising interest rate scenario coupled with the rising property prices will not effect the take-off of this segment. Merrill Lynch has forecasted that the Indian realty sector will grow 7.5 times from 2005 to 2015.”
Bankers are convinced that the demand for luxury housing will continue to be robust in this depressed market. “It’s a niche segment, catering to the HNI clientele. In October, our growth stood at 43% year-on-year in the Rs 75 lakh & above loan segment, which is phenomenal by any standards,” said RR Nair, CEO of LIC Housing Finance. A senior official with Axis Bank confirmed that the demand for big ticket-size loans has remained fairly stable and growing
http://economictimes.indiatimes.com/Economy/HNIs_still_go_for_luxury_homes/articleshow/3834075.cms
