Latest Real Estate Projects in Kolkata

Uniworld at New Town, Rajarhat spans 100 acres and is expected to be completed by 2010-11. 3 phases of the project have already been launched.

The South City Pinnacle in Salt Lake the other very good option as NRI Commercial Projects serves the growing demand for office space and is equipped with a food court and a gymnasium supported by a multi-level parking facility.

The PS Group has a string of commercial and residential properties under planning and construction in Kolkata, offering the latest comforts in living.

Genexx Valley on Diamond Harbour Road promoted by Paharpur Cooling Towers is one of the large townships coming up in the city, the rates of which have appreciated by almost 75 % in a year’s time. 2000 flats in 33 blocks on 20 acres will enjoy several firsts in community living, with a library, open air amphitheatre, crèche, twin swimming pools, boating facilities and community halls of different capacities within the complex.

Source: NRI Reality News

Residential in, commercial out for real estate bigwigs

Originally published in the Financial Express on 24th October, 2011

Lack of funds, customer aversion to striking advance lease deals and a slowdown in demand for office space have combined to push real estate developers into building more residential apartments than commercial spaces.

“In the residential market, you can pre-sell the space and customer advances can almost fully finance the actual construction ad agiainst the commercial market,” says Pirojsha Godrej, executive director, Godrej Properties.
Godrej Properties (GPL) has put on hold its commercial estate development in Tier-II cities and, instead is now focusing more on residential apartments. According to them the commercial real estate segment turns out to be capital intensive without good returns and residential real estate, on the is more viable, given the way the selling of space takes place in such projects.
“Residential properties definitely give higher returns as, in some of the projects, bookings start even before the ground breaking happens, which is not the case in the commercial space,” says Samantak Das, national head (research), research & advisory services, Knight Frank (India).
Lenders funds developers who have a good track record and are involved in projects that have demand. Consultants say lender risk is linked to muted rentals.”The key risks for lenders to commercial real estate are that rents are not likely to improve for the next 18-24 months,” says Anshul Jain, chief executive, real estate consulting firm DTZ India. “The demand has also been lacklustre in 2011-2012 compared to 2010-2011.”
In Kolkata, Godrej is developing two large information technology parks Godrej Waterside and Godrej Genesis. “We have locked up huge amounts of capital in these projects, but the returns have not been proportionate,” says Pirojsha Godrej. The company, which was earlier planning to develop both commercial and residential properties in Ahmedabad, will now build only residential apartments there.
Many developers agree with Godrej.
As the current economic scenario is gloomy, developers are deferring commercial office space ventures, says Samantak Das of Knight Frank (India). “There is a lot of supply in the market, which can still be absorbed,” he says.
In CY 2010, anywhere between 33 million and 35 million sqft of commercial space was sold; in 2011, it is likely to be 35 million sqft, says DTZ’s Jain. “In 2012, the demand offtake is likely to taper off to 31-32 million sqft, provided the world does not burst because, if that happens, the situation could be akin to the the one in 2009 when the offtake slipped to 23 million sqft from the 40 million sqft in 2007”.
Source: capitalcityscape.over-blog.com

New I-T rules may send houses beyond middle class means

Re-development of old tenanted properties that provided a bulk of the building stock in the city is set to cease following an amendment in the Income Tax Act that has made such transactions prohibitively expensive. Developers fear the already limited housing stock supply in Kolkata will dry up, leading to price escalation and sending houses beyond the reach of middle income families.

The new rules also discourage the development of low and middle-income properties in localities where a high-income project has been developed. With the valuation authority equating both projects with the same yardstick, not only does the buyer have to pay stamp duty on the value decided by the registering authority rather than the purchase price, he has to now pay income tax for the differential amount (difference between actual transaction value and valuation done by registration authorities). The developer, too, has to pay I-T on the differential amount.

Source: The Times Of India

Low on cost; high on quality

Building houses can be a costly affair, especially with raw material costs climbing steadily.K R Srikanta Prasad looks at how to build a lasting and comfortable house, and make it cost – effective.
mix and match While trying to be cost-effective, the combination of materials should be planned well. photo by the authorAs we are aware, construction costs are sky-rocketing due to various reasons. It could be due to scarcity, increasing demand, higher production cost and steep transportation costs. Under these conditions, home builders might be happy and more eager to use cost-effective material.

But one should make sure that the cost-effective material they intend to use is of good quality and durable. It should facilitate easy maintenance and not be a post-construction white elephant!

Here are a few general guidelines to aid in analysing how a particular material can be termed cost-effective.

A locally available material is always cost-effective as the transportation costs are minimum and we do not spend on middlemen. Your plans should have a good architectural layout and detail. There should be a proper combination of the materials chosen.

Modular and standardised units manufactured in factories on a large scale cost less as the production costs are low. The materials that can optimise on labour costs during construction and installation are a must as the labour costs are too high. Choose materials that do not have a high processing cost. Material that is recycled is generally not expensive unless it involves more labour to process and install.

While it is important to identify materials that are clearly less expensive, it is relevant to understand that cost-efficiency for a particular material depends on the situation as well as how it is used in a structure.

Also, if one has to achieve substantial savings while building, one has to ensure that cost-effective material is used in every part of the construction, from the foundation to the finishing, because all of it contributes to the overall cost.

We can make a list of different important materials that go into construction and save costs based on the merit of their content and the ease with which they can be implemented.

Foundation

A dump made out of boulders, brick bats, quarry waste and cement is a good alternative to conventional-size stone masonry. Even concrete waste can be recycled for this purpose.

Walls

Regular table moulded bricks used in rat trap masonry require less mortar joint and bricks; hence lower costs. Cement concrete blocks are cost-effective compared to conventional brickwork.

We have terracotta hollow blocks with different designs that are exposable in masonry. This is a good option provided they are not plastered and painted.

Conventional-sized stones that are not elaborately dressed in combination with bricks in composite masonry can work out really well.

While the stone face can be exposed, the brick face can be plastered and painted. Light-weight cement-based blocks made out of cinder contribute to economy in framed and high-rise structures.

Where suitable quality soil is available, soil stabilised blocks made in-situ are a welcome option. They are made using soil, quarry dust and cement and can be used for load-bearing walls.

They have a finish and colour that can be left without plastering. This material is not only cost-effective but also eco-friendly.

Precast concrete wall units that can be assembled on site are an option in large scale constructions. They save time and thus cost. Bamboo is renewable as well as cost cutting.

Roofs

Composite roofs made out of filler slabs can cut concrete and steel costs. Terracotta blocks that are designed for roofs can be adopted. Precast beams and roof slab elements in RCC are widely used under suitable conditions. Also, there are materials like ferrocement and fibre reinforced concretes that can be explored. These units can be thin and can take different forms. With practically adaptable design options, one can arrive at cost-effective roofing elements.

Wood

If one can recycle old wood for doors and windows, it saves a lot of money. Choosing aluminium and steel options are much cheaper than wood. Door frames made of concrete are available which are durable and involve less maintenance. In some situations, less expensive wood used for packing can be reused for panelling, railing or flooring.
Hardwood that is enamel painted is less expensive compared to polished teakwood.

Flooring

Locally available natural stones that are pre-polished are a good option. Other economical options are cement-based tiles, ceramic tiles and clay tiles. In-situ mosaics and cement floorings are also possible. Thin granite tiles made out of wasted granite works out really economical both in material and labour costs.

Others

There are so many other places where costs can be cut. Non-modular switches in electrical work, CPVC pipes and fittings in plumbing, white fittings in sanitary work, distemper in painting, kadapa slabs for storage shelves etc are options to name a few.
Thus, by a thorough market survey and an intelligent and discriminating choice and combination of material, it is possible to make a project cost-efficient. Cost-effectiveness need not always mean cheap. Good quality is a must.

Often cost-efficient material is also eco-friendly. Conversely, one that is eco-friendly can be cost effective. It costs little to be natural! The “add-ons” are what add to the cost!

Source: Deccan Herald

A High Rise in demand in residential and commercial properties in Bangalore

The demand for commercial property in Koramangala is high despite the sluggish demand for real estate in Bangalore and other major metros. Many residential buildings are being replaced with commercial towers with small offices, businesses and restaurants.

From Retail to Restaurants, this place is on a commercial high. Statistics reveal that the price rise is between 10 to 15 percent the last year and the trend is expected this year too. The average price for a commercial property is approximately ₹ 12000 to 14000 per sq.ft. The advantage of being located close to ORR and CBD is luring crowds.

Bangalore witnessed approximately 1.6 million sq.ft of grade A office supply in the last quarter of 2012. The supply was primarily focussed on peripheral locations of outer ring road due to excellent connectivity and growing residential catchments. The IT sector was dominant with over 60 percent of net leasing activity, followed by banking and financial institutions at around 9 percent of the total.

The demand for office space is likely to spike the rentals on outer ring road and whitefield. With more businesses moving to Koramangala, ORR and Whitefield, prices of residential housing is expected to spike. The tremendous growth of IT companies have revolutionised the real estate market of Bangalore and triggered massive infrastructure development. Among various developed localities in Bangalore, a lot of interest is generated about Infantry Road. So, let’s delve into this locality and learn what makes the area perfect for investment.

All the major localities like Commercial Street, Church Street, Shivaji Nagar and Lady Curzon Road are in the vicinity of Infantry Road. It is just half a kilometer away from the MG Road Metro Station. The area is even close to the Bangalore Cantonment Railway Station which is at a distance of 3 km and Shivaji Bus terminal about a kilometer away.

According to Jamal Ahmed, Mansions Real Estate connectivity of the area through buses has largely contributed to the locality’s real estate prospects. The area has seen four per cent appreciation in rental values as it is preferred by people working in the nearby areas.

Additionally, there are many industrial areas and business parks in and around Infantry Road, which makes it a brimming commercial hub. Companies like Sony Ericson and Cisco have their offices in the vicinity.

There is an array of housing options with many renowned developers holding a presence here. Prestige Group, Embassy Group, Nandini Builders and Hoysala Projects Private Limited these developers have targeted mainly the working professionals in the city thereby, offering housing options for different income groups.

Source: Aawas.in