Delhi NCR, Mumbai, Bangalore, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad

FOREWORD

Its been a topsy-turvy ride for the real estate sector in 2013.

Towards the end of 2013, some policy initiatives were taken by the government to lift the mood of the market. The Reserve Bank of India made a bold move to keep the key rates unchanged. Earlier in the year, the new Land Acquisition Act and the proposed Real Estate Regulatory Bill became two major government initiatives that made the industry realise that it was finally on policy radars. Industry feels that these two Bills would go a long way in making the sector more efficient, transparent and responsible.

Going into 2014, developers are hoping for better tidings and a reversal of the economic slowdown. All eyes are set on the general elections, to be held in the middle of the year, with a feeling that this event would bring positive energy into the market and property sales would pick up post elections.

The real estate market is clearly searching for direction. With a view to bring some clarity on this and to shed insight on the year that was, Magicbricks brings to you “Opinions’ – a collection of views, from the eyes of the industry, across the top eight cities – Delhi NCR, Mumbai, Bangalore, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad.

Through its various publications Magicbricks has been providing insights into real estate market performance and trends. Where the Housing Sentiment Index (HSI) report gauges the buyers’ mood, PropIndex provides statistical data pertaining to residential property markets of eleven cities. All of these reports, read alongside with ‘Opinions’, should offer a ringside view of market trends to our users. Go ahead and read to know what the industry’s experts tell you about the real estate market in 2014.

Wishing a happy and successful New Year to our readers!

Sudhir Pai Business Head, Magicbricks.com [email protected] DELHI/NCR

RK Arora Having delivered more than Chairman & MD 33 million sq ft of residential and Supertech Ltd commercial space, Supertech Ltd has a major presence in cities such as Noida, Gurgaon, Ghaziabad and Bangalore. RK Arora, chairman & managing director, Supertech Ltd says that owing to infrastructure upgrades announced by the UP government, Noida realty market will continue to grow in 2014. Excerpts from the interview: ‘Infrastructure upgrades to activate Noida market’ What are your expectations from Noida's Greater Noida West will also be in the real estate market in the year 2014? limelight for progressive growth of Noida has experienced a period of residential and commercial real estate. unprecedented growth over the last few Great infrastructure, good road network years, which is expected to continue in and metro connectivity are the prime future also. It has emerged as a well- reasons that have enticed the buyers and developed micro market having substantial investors to this area. office and retail space, with deepening What will be the impact of the upcoming commercial activity in various sectors. general elections on the real estate Rapid commercial development has led to sector in Noida? a spillover of housing growth in and Certainly, there will be a temporary around the region. Also, benefitting from setback as the industry will face labour metro extension, expressways, wider shortage, putting more stress on the highways and release of land parcels, developers as well as buyers. After the Noida promises to be a great residential recent elections in four states, the sales destination in this year. have started improving. Which areas are expected to see We are hopeful that the same will repeat in maximum real estate development in the forthcoming general elections also and 2014? Why? once a new government is formed, the There has been a lot of development market is expected to improve significantly. across various sectors in Noida, Which locations in the city witnessed witnessing healthy absorption trends. maximum launches in year 2013? Why? Yamuna Expressway is becoming a real estate hub. The projects in the area have Owing to the presence of abundant land received an overwhelming response and parcels and competitive affordability, the fact that land prices are still low as project launches were concentrated in compared to Noida and Greater Noida Greater Noida West and Yamuna makes it a perfect location for investment. Expressway in comparison to prime

to know more please visit: content.magicbricks.com 01 locations of Noida where land is not only Yamuna Expressway and River Crest in scarce and but costly as well. SIDCUL Rudrapur.

Any infrastructural development that had Apart from this, we gave possession in a positive impact on the real estate Supertech Livingston - Ghaziabad, sector in the city in 2013? 34 Pavilion – Noida, Palm Greens/Meerut Sports City - Meerut and Czar Suites – Many infrastructural developments took Greater Noida. place during the year but the biggest development was the announcement of What includes your wish list for the real 12 projects worth Rs 3,337 crore by the estate sector in 2014? Uttar Pradesh Government to develop The Government agencies should settle the infrastructure across the state. The projects issue of farmers in Noida to ensure encompass Noida, Greater Noida and the smooth implementation of real estate Yamuna Expressway. Also, the proposal of projects in the area. a new metro rail network between Noida and Greater Noida will further boost the Also, the real estate sector should be given realty market in the area. the status of ‘infrastructure’ by the Central Government to avail funds from authorised Did you launch or give possesion of any sources. In addition, clarity on policies projects in 2013? concerning Special Economic Zones We launched residential projects Araville (SEZs), land acquisitions and certain taxes and 48 Canvas in Gurgaon, Albaria and and single window clearance are also King Towers in Greater Noida (West), Golf important to fasten the approval process Village, Disney Inspired Fable Castle in for upcoming projects. Yamuna Expressway and Greater Noida West are two areas in Delhi NCR that oﬀer high potential for real estate development in the year 2014.

POLICY PERSPECTIVE Mixed-land use policy a boon for developers, residents in Noida In the last week of December 2013, Noida Authority approved mixed land-use policy in the Noida Master Plan-2021, paving the way for construction of offices, retail shops, eateries and entertainment outlets in specific areas in industrial and institutional sectors. This policy will benefit MNCs, BPOs, IT and ITeS firms and other corporate houses, enabling them to accommodate their employees temporarily. With this policy, the government will allow residential facilities in commercial and institutional areas, to facilitate optimum utilisation of land and also to contain the requirement of transport facilities to places of work. The mixed land use policy is also expected to affect the residents of the area. Those residents having plots or built-up houses beside roads of approximately 24 metres and above in the residential areas will be allowed to construct guesthouses on a limited area. Source: The Times of India

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Pradeep Jain chairman Parsvnath Developers Ltd

‘Regulatory Bill and REITs strengthen real estate sentiments’ Real estate is one sector that is completely elections. Though, I am confident that with driven by market sentiments. In the last the reforms proposed by the Union 6-7 months, demand in the market has Government over FDI and Retail, the real revived. Industry also saw some new estate sector is going to witness fairly launches. Government agencies and transparent and shiny days in the year authorities also came out with some 2014. This can be seen with many new favorable steps such as the Regulatory Bill launches in affordable and mid premium and REITs, which has further strengthened segments in areas, such as Greater Noida, sentiments across the board. Sohna Road, New Faridabad, Manesar and Going forward, the trend is expected to Dharuhera. Commercial space will also continue for another 4-5 months. However, witness a boom with the expansion of the it will be interesting to see how the real Delhi Metro in NCR. Overall, the market is estate market reacts post the general expected to see an uptrend in terms of demand and supply.

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Lotus Greens, one of the emerging P Sahel vice chairman developers in Delhi, set foot in the real Lotus Greens estate market in 2013 with over 500 acre of prime land bank. P Sahel, vice chairman of the group says that in the year 2014, Delhi will continue to be the largest real estate market in India with almost 40 per cent share in new residential launches. Excerpts from the interview:

‘Delhi will continue as the largest real estate market in India in 2014’ What are your expectations from Delhi’s We will be launching our first project in real estate market in 2014? January 2014 in Sector 89, Gurgaon. Delhi NCR real estate market is expected to We selected the location because of the see more traction in this year. The overall growth potential. It is well connected with economic scenario in the country is NH-8 by a 75 metre road and will also be expected to improve in 2014. As per an connected to a 135 metre multi-utility Asian Development Bank (ADB) report, the corridor. Also, Dwarka Expressway is just country’s GDP is expected to increase to five minutes away from the project. 5.7 per cent from the present 4.7 per cent. What was the volume of sales and stock The interest rates are also expected to in the year 2013 vis-à-vis the last year? come down in 2014, which in turn will spur real estate demand. Delhi NCR will Delhi NCR, on an average, sees new continue to be the largest real estate construction of 100,000 residential units market in India with almost 40 per cent per annum, out of which approximately share in new residential launches. 60 per cent are in Noida. As per a recent report by International Property Consultants Which areas are expected to see (IPC), in terms of unsold inventory, Delhi maximum real estate development in NCR fares much better than other cities, 2014? Why? such as Mumbai, which are reeling under While there will be increased activity the pressure of huge unsold inventory of across Noida and Gurgaon, few micro 48 months. markets such as Yamuna Expressway and There is an unsold inventory of only New Gurgaon are expected to see 15 months in Gurgaon and approximately heightened activity due to several new 21 months in Noida and Greater Noida. project launches. What will be the impact of the upcoming Did you launch any new projects in general elections on the real estate 2013? If yes, where? Why did you sector in Delhi? choose these locations? Though upcoming elections and formation

to know more please visit: content.magicbricks.com 04 of a stable government may have a short situation of public transportation, which in term impact on investor sentiments. Over turn will fuel real estate growth. the long term the market will continue to be driven by demand and supply. What are the five things you wish to happen in the real estate sector in 2014? Any infrastructural development that had Our wishlist for the year will include - a positive impact on the real estate simplification of the project approval sector in the city? processes, higher Floor Area Ratio to ease Rapid metro in Gurgaon is operational and cost pressure for both developers and end is benefiting regular office commuters. users, push to sustainable construction, Further, extension of the Metro in Noida relaxation in real estate FDI regulations and and Gurgaon is expected to improve the easier real estate funding. With inﬂation in control, the interest rates are expected to come down in 2014 which will give impetus to the real estate sector. Simpliﬁcation of approval processes, push to sustainable development and relaxation in real estate FDI norms will also help the sector to grow.

‘Ghaziabad needs affordable housing in future’ Ghaziabad is facing a shortage of approximately two lakh housing units in the below Rs 10 lakh category. Ghaziabad Development Authority understands that providing a home below Rs 10 lakh is difficult for the developers. Thus, we are planning an affordable policy scheme for the developers, wherein we will offer concessions, such as free registration, direct buying from farmers, no land conversion charges, no external development charges etc. Apart from this, there are a few plots left in Madhuban Bapudham scheme, near Govindpuram. This scheme may be advertised in the near future. However, there is no new plotted Santosh Kumar Yadav chairman, development coming up soon. Ghaziabad Development GDA is planning several infrastructure development Authority projects in the area. We will build the Northern Peripheral Road (NPR) that will cater to the heavy traffic originating from Delhi and going towards Meerut, Kanpur and Lucknow. It is planned for free flow of traffic on the northern side of the city. Another infrastructure project that is planned is the Eastern Peripheral Expressway, which will form a third ring road around Delhi, along with the Western Peripheral Expressway, to decongest both Delhi and Ghaziabad.

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David Walker, executive director, SARE Homes

‘We expect investors to re-enter the realty market in 2014’ In the first half of the year 2013, confidence returned and the active political absorption was weak as the buyers and debate around the state elections gave investors were low on confidence and hope for better governance and return to adopted a wait-and-watch approach. high growth rates. Absorption is now However, the middle income segment was picking up and we expect this trend to supported by real demand which was accelerate in 2014. SARE Homes will underwriting by India’s long term growth continue to serve the aspiring middle story, which is a young and growing income segment and deliver its product on population, urbanisation, growth in time. We plan to launch new projects, earnings and easier availability of namely – Club Terraces in Gurgaon, mortgage finance. This presented an Shreyas Villas in Chennai GST and excellent buying opportunity as people Springview Heights II in Ghaziabad. We realised that the cost of housing must have a pan-India presence with increase over time as the components - approximately 38.3 million sq ft of land and construction cost - are not developable area and have sold over getting any cheaper. In the second half, 5,500 homes.

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Microtek Infrastructure entered the real estate sector with their maiden project ‘Microtek Greenburg’ in 2013, with the pledge of providing ‘on-time delivery’. Pramod Agarwal, executive director, Microtek Infrastructure says that New Pramod Agarwal Gurgaon, sectors near Dwarka executive director Microtek Expressway and Golf Course Extension Infrastructure Road will drive the realty market in Gurgaon in 2014. Here are some excerpts from the interview: ‘Upcoming infrastructure to drive Gurgaon’s real estate market’ What are your expectations from Did you launch any new projects in Gurgaon’s real estate market in 2014? 2013? If yes, where? The realty market of Gurgaon is expected We launched an ultra-luxury project to get a major boost with the upcoming ‘Microtek Greenburg’ towards the end of Dwarka Expressway that connects Dwarka year 2013. We will deliver this within and Gurgaon and will be operational 39 months. This has a unique payment sometime in 2014. plan which gives buyers the best returns in Second, the affordable housing policy of the market. Due to swift connectivity, the Haryana government is likely to be well-built infrastructure and peaceful implemented. It will be a forward move environment, we selected Sector 86. The towards inclusive growth as commercial project is located at a 60 meter wide and luxury segments significantly connecting road to Dwarka Expressway. dominate Gurgaon’s property market. What will be the impact of the upcoming We also expect both the state and central general elections on the real estate governments to move further on the Delhi- sector in Gurgaon? Gurgaon-Rewari-Alwar Regional Rapid Largely, things are likely to be the same on Transport System (RRTS). These factors the national infrastructure projects. No will drive the realty market in 2014. government from any political party can Which areas are expected to see afford to ignore the infrastructure projects maximum real estate development in or put them in cold storage. It is just the 2014? Why? pace of execution where the next government will have to focus. In 2014, New Gurgaon, sectors near Dwarka Expressway and Golf Course Any infrastructural development that had Extension Road will drive the realty market a positive impact on the real estate in the millennium city. A lot of realty sector in the city in the year 2013. development is planned, especially around In 2013, the realty market of Gurgaon the Dwarka Expressway. benefitted from both the Rapid Metro and

to know more please visit: content.magicbricks.com 07 Delhi Metro connectivity. The operational towards speeding up work on the first phase has benefitted areas falling infrastructure projects. between Sikandarpur Metro station and Cyber City and the second phase will What are the five things you wish to boost the realty market of Sectors 55, 56 happen in the real estate sector in 2014? and the Golf Course Road. Recovery of economy, interest rates to come down, a stable and preferably single Any developments expected in 2014 in party government at the centre, Dwarka accordance to the Master Plan 2031? Expressway to be operational with all According to the Master Plan 2031, a lot basic infrastructure and amenities in the of development work is planned for area. Also, we plan to launch the second Gurgaon. We see the government working phase of the ‘Microtek Greenburg’.

Infrastructure upgrades planned in Gurgaon’s Master Plan 2031 - the upcoming Dwarka Expressway and the Regional Rapid Transport System (RRTS) along with Haryana Government’s aﬀordable housing policy, are likely to positively impact Gurgaon’s real estate market in 2014.

‘2014 to bring hope for the sector after a dull year’

The year 2014 appears to be the year of hope after the dull and average year (2013) for the real estate industry. We hope to get a stable government by the mid of the year and inflation is also expected to ease by March 2014. Rate of Interest are at a peak and from here onwards the rates of interest are expected to fall. A necessary breather was given by the Reserve Bank of India (RBI) by keeping the rates unchanged. Banks such as SBI and HDFC, further reciprocated by reducing the home loan rate of interest. These factors will create positive sentiments and the growth story may start again. It is expected that policy will be clear on Real Estate Investment Trusts (REITs) and inflows may start in 2014. This will ease liquidity pressure especially in the Gaurav Gupta commercial real estate sector. I expect the demand to director pick up and prices to firm up from Q2 of 2014. SG Estates

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Sanjay Rastogi director Saviour Builders Pvt Ltd

‘The real estate sector needs favourable government policies’ The real estate sector is very progressive slowdown, fall of the rupee value, and is a major contributor to the Indian escalating property prices, slow progress economy. Being the second largest on infrastructural development and a host employer in India, the sector directly and of other problems. indirectly engages a number of ancillary All these issues came at once and did their industries with it. So, the overall growth of best to pull down all hopes of a realty the country’s economy is invariably related revival in the country. Now, that we have to the realty sector. The year 2013 started entered the new year, the sector apears to from a positive note with interesting be encouraging yet skeptical. launches across India and the sector was upbeat about the realty boom. We expect some favorable and unbiased policies from the government so that we However, the industry soon started facing can bring affordable housing for home issues, such as farmer protests, economic buyers with tight budgets.

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Harindra Nagar managing director Having an experience of over a decade in Paras Buildtech the construction industry, Paras Buildtech has made a name for itself in residential, retail and commercial real estate markets. e group has projects at various stages in areas such as Gurgaon, Noida and Zirakpur and Mohali in Punjab. Harindar Nagar, managing driector of the group, talks about the market performance in 2013 and expresses his anticipations for 2014. Excerpts from the interview: ‘Noida will be a prime property location in 2014’ What are your expectations from the Our project, Paras Tiera, is located in Noida real estate market in 2014? Noida Sector 137 and the other project, Noida and Greater Noida will continue to Paras Seasons, is located in Noida be prime property locations in the year Sector 168. Both these projects are 2014. There are a number of infrastructure strategically positioned with carefully projects lined up by the Uttar Pradesh designed layout. These projects have easy Government and the NCR Planning Board. accessibilty to Delhi, South Delhi, Noida and Ghaziabad. We will give possession This also includes extension of Metro lines, very soon. which makes these locations favourable for both end-users and investors. Which locations in the city witnessed Among the stretches, Noida Expressway maximum launches in year 2013? Why? continues to be one of the finest road In the previous year Greater Noida West, projects in the country, attracting large Greater Noida and Yamuna Expressway investment for real estate development. witnessed the maximum number of launches as there was easy availability of Which areas are expected to see land parcels. maximum development in 2014? Why? Moreover, the government has also Among specific areas in Noida, few chalked out infrastructure development sectors on the Noida Expressway, such as plans for these areas. To improve the basic Sectors 137 and 168, Greater Noida West infrastructure along the Noida–Yamuna (formerly known as Noida Extension) and Expressway, a 20 km road network has areas on the Yamuna Expressway, falling been planned which will connect these under the Greater Noida Authority, are areas to other parts of the NCR. expected to see maximum real estate development and project deliveries in the What was the volume of sales and stock year 2014. in the year 2013 vis-à-vis the past year?

Where are your projects located and why 2013 saw slow recovery of properties due did you choose these locations? to the economic slowdown, high interest

to know more please visit: content.magicbricks.com 10 rates and high inflation rates severely However, for the national factors, such as denting the savings of people. interest rates, Real Estate Regulatory Bill, With the Reserve Bank of India keeping Land Acquisition Act etc, we expect some repo rate unchanged, we are looking concrete steps from the next elected forward to a more stable market in 2014. central government. The outcome of these steps will determine the direction of the What will be the impact of the upcoming real estate sector. general elections on the real estate sector in Noida? What are the developments expected in the year 2014? There are two factors that impact the real estate market of any particular area in the We expect the concerned authorities and country – local and national. Locally, since governments to act swiftly on the the state government will remain the same implementation of infrastructure projects before and after the general elections, so such as Noida City Centre - Noida metro their policies, in all likelihood, will remain extension line and Greater Noida - Agra the same. metro project. New development plans, such as extension of Metro lines are expected to give a thrust to property values in Noida in 2014. Areas such as Greater Noida West, Greater Noida and Yamuna Expressway are expected to be the growth corridors.

‘Dwarka Expressway to see high realty growth in 2014’ The year 2013 has not been a good year for the real estate industry. Owing to low market sentiments and high interest rates, the sector has witnessed a slowdown. Strict monetary regulations by the Reserve Bank of India (RBI) due to high inflation and the new landing norms for the real estate sector only made things worse for the industry. However, I do believe that things are going to look up in 2014. The RBI's recent announcement that it is not likely to hike interest rates, will prove to be a boost for home buyers. Also, several new projects are being announced in the housing sector and areas like Dwarka Expressway is likely to witness a lot of infrastructure and real estate Rohit Raj Modi director development. The year 2014 should be a good year for Ashiana Homes Pvt. Ltd. both developers and home buyers.

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Amrapali Group, having completed projects over 100 acre of land, is about to deliver nearly 10 thousand dwelling units in the National Capital Region by March Anil Kumar president 2014. e group, with its projects, has CREDAI NCR and created a niche name for itself in the CMD Amrapali Group market. Anil Kumar Sharma, chairman & managing director of the group and also the president of CREDAI NCR talks about his expectations from the market in 2014. Excerpts from the interview: ‘New NCR areas have opened up avenues of realty growth in 2014’ What are your expectations from the Sohna Road, Sonipat and Greater Delhi NCR real estate market in 2014? Faridabad to see maximum real estate The real estate market of Delhi NCR will development. Yamuna Expressway will be continue to drive the realty sector in India. another area to watch out for. The NCR Planning Board’s decision in Where did you launch your projects in 2013 to include more areas in the NCR 2013? Why did you choose these has opened up avenues of growth. locations? Adding to it, Haryana government’s We have launched a bunch of projects in affordable housing policy, Uttar Pradesh Greater Noida West (earlier known as government pushing development Noida Extension). Being largely an end- activities on Yamuna Expressway and user-driven market, the real estate market Greater Noida and Delhi government’s land in Greater Noida West is growing steadily pooling policies have provided enough and the property prices too have risen opportunities for the sector to thrive in the considerably in the last five years. The next decade. In 2014, we expect to see all figures speak for the value of the area. the infrastructural plans being implemented. With the kind of infrastructure planned including the metro link connecting it to the Which are the areas to look out for real Noida City Centre, investors and end users estate buying or investment in 2014? from each segment have started showing Greater Noida, Greater Noida West or interest in the area. Dwarka Expressway attracted maximum What will be the impact of the upcoming investment in 2013 and witnessed a general elections on the real estate number of project launches for their sector in Delhi NCR? affordability, return potential and strategic location factors. Post general elections, we expect the market to return to its growth path because In 2014, we expect Greater Noida West, the next government will have the mandate New Gurgaon, Dwarka Expressway, to create jobs and bring the country back

to know more please visit: content.magicbricks.com 12 to a handsome growth rate. Overall, it will upward movement because of clarity of usher a new phase of growth for the real issues and direction on the same factors estate sector in Delhi NCR. which had previously affected the real estate market. What was the volume of sales and stock in the year 2013 vis-à-vis the last year? What do you wish for the market in Due to the overall economic environment 2014? and high inflation costs, the growth If we were to prioritise, we wish to see projections were hit and sales figures went single window clearance system becoming below expectations. Despite that, property a reality, lowering of interest rates, stable prices in all the areas witnessed an and single party government at the centre, average appreciation as compared to high REIT to become a reality and fast-paced appreciation in the previous year. For this implementation of infrastructure projects in year, the market is set to witness an Delhi NCR.

Delhi NCR’s market witnessed average price appreciation in 2013. Next year’s General Elections are expected to be the game turner for the city as there would be more job opportunities, along with a healthier economic scenario.

‘Ghaziabad awaits property buyers with small budgets’ A recent report by a research firm says that more than half of the income of an average household is spent on monthly EMIs of home loans. This is quite a substantial amount to invest on one singular. Affordable housing is the need of the hour. What can be a better place to reside in Delhi NCR than Ghaziabad. Known as the Gateway of Uttar Pradesh, Ghaziabad has seen fast growth in recent years and Dujendra Bhardwaj this is just the beginning. executive director ABCZ Builders Pvt Ltd The affordable housing segment is ruling the roost here. As property rates are spiraling in Delhi, Noida and Gurgaon, people are naturally drawn towards neighboring areas. In Ghaziabad, they can get all the lifestyle facilities without burning a hole in their pocket. Moreover, the UP government is also planning infrastructural development for the region, leading to better connectivity to the adjoining areas. The proposed widening of the present 8-lane NH-24 to 14-lanes is expected to boost the property values in Ghaziabad. All these are encouraging trends that are set to drive growth in Ghaziabad. It is time for buyers to turn to Ghaziabad realty market for affordable housing options.

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Established in 1989, Omaxe Limited, one of the leading developers in North India, has so far developed about 87.7 million sq ft of space. e company has also shown interest towards Tier-II and III cities such as Lucknow, New Chandigarh, Mohit Goel Bahadurgarh and Indore. Mohit Goel, CEO chief executive oﬃcer of Omaxe, talks Omaxe Limited about high scope of real estate development in these cities and how investment here can reap good returns in years to come. Excerpts of the interview: ‘Housing demand is robust in Tier II and Tier III cities’ Which are the areas you expect to see apartments in these cities. However, a maximum real estate development in the clear differentiation in terms of preference year 2014? would be difficult to classify because cities In the year 2013, we have launched in Punjab prefer plotted development, while projects across regions from Ludhiana to other cities, where the service-class Lucknow, New Chandigarh, Bahadurgarh, population resides, has an inherent Indore etc. Considering the demand preference for apartments and villas. scenario, Lucknow and New Chandigarh Has any infrastructure delays in the city could see maximum development in the impacted your real estate project in the year 2014. These markets are still last one year? untapped and the rising income levels and aspirations have propelled demand in Today, every state has made these regions. Going ahead, as these cities improvements in infrastructure grow due to positive factors, such as development - both physical and social. employment opportunities, migration, Improving connectivity and inter-city better infrastructure development etc, the access are some important developments demand will escalate. that help bring investments, which in turn result in job opportunities. What is the volume of sales and stock in the year 2013 vis-à-vis the last year? Cities such as Lucknow, New Chandigarh, In the period Jan-Sep 2013, the company Jaipur, Indore have seen significant sold 6.83 million sq ft as against 6.10 infrastrcuture and real estate development million sq ft in the same period last year. in the last five years, which is getting better. This is adding to the growth of the What type of BHK configuration and real estate sector. which price bracket was most demanded in the year 2013? Regions, such as Bahadurgarh, Rohtak, Sonepat and Faridabad have today Since we operate mostly in Tier-II and Tier- become serious challengers to Noida and III cities, we see a lot of demand for 2BHK Greater Noida in terms of preferences.

to know more please visit: content.magicbricks.com 14 How will the upcoming general elections What are the five things you wish to impact your real estate development? happen for the real estate sector in the To some extent, not only the real estate year 2014? market but the economy as a whole gets This year looks good as market sentiments affected, since approvals maybe delayed are expected to pick up post the general during this time. Also, a lot of business elections. The present scenario poses strategy depends on political ideology and complex issues of liquidity, subdued businesses prefer to have certainty, before confidence, high interest rates, political committing to invest their cash flows. and economic uncertainty.

The real estate industry is facing a However, in 2014, we hope the global financial crunch. How is your group economy will get better. coping with it? We also hope and expect the government In Tier-II and Tier-III cities, the demand to take cognisance of the long-pending continues to remain robust. We are placed demand of the real estate sector, such as in a comfort zone as far as our finances giving it an industry status, incentive for are concerned. Going forward, we foresee affordable housing and enhanced tax a strong demand-driven growth. reliefs for the home buyers. With rising demand and income levels, the untapped markets, such as Lucknow and New Chandigarh could see maximum development in the year 2014.

‘Expect a challenging scenario for real estate sector in 2014’ The passing year 2013 was an eventful year for the real estate industry in India. The economy was not stable and this significantly affected the real estate sector. The government passed the Real Estate Regulatory Bill to recreate the purchasing trend in the realty sector. The developers were concerned about the flow of investment which varied due to the unstable market. Kumar Bharat Irrespective of the various circumstances, the National director BCC Infrastructures Capital Region witnessed growth in terms of absorption Bharat City of the housing units as compared to the previous year. We expect the year 2014 to create more challenging scenario as the Indian economy is still weak. We can also expect more transparency in the sector in terms of project deliveries and approvals. However, I feel that it is difficult to forecast anything about the real estate market as the industry does not follow any logic.

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Established in 2009, Griha Pravesh Abhay Kumar Buildteck Pvt Ltd has made a mark for CMD Griha Pravesh itself in the real estate industry by Buildteck Pvt Ltd completing projects in Mumbai, Panvel, Pune, Raigarh, Aurangabad and Nagpur in Maharashtra and Meerut in UP. e group entered the NCR region in 2013. Abhay Kumar, chairman & managing director of the group talks about their journey so far and his expectations from 2014. Excerpts from the interview: ‘The realty sector pins hopes on the Regulatory Bill’ What are your expectations from the we have also integrated advanced Delhi’s real estate market in 2014? technologies in the project thhat will enable The real estate market is expected to see a customers to control every aspect of the pick-up in demand in 2014. Due to home they own. general sluggishness in the market, the Which locations in the city have an property values recorded a slump in 2013 un-sold inventory and why? in most of the areas. Property transactions fell in the past few months which made it Majorly, the unsold inventories are in difficult for investors to put money in the Greater Noida West (Noida Extenstion) and market. However, the housing sector is Greater Noida Expressway. Weak market expected to see a spur in growth in this sentiments have led to piling inventory in year. Also, the much-needed real estate these regions. regulator is expected to be implemented What will be the impact of the upcoming which will further enhance the confidence general elections on the city’s real estate of customers. market? Which areas are expected to see Change in the government is expected to maximum realty development in 2014? have significant impact in the real estate Owing to smooth connectivity and space. The market is expected to remain improving infrastructure, areas in and soft in the first quarter of 2014. However, around the Noida Expressway are by the second quarter, everything is expected to grow in the year 2014. expected to be on track.

Have you given possession of any of Any infrastructural development that had your projects in 2013? How have they a positive impact on the real estate performed? sector in the year 2013? We will give possession of our first NCR We have seen a lot of real estate project Griha Pravesh at Sector 77, Noida development that has been positive for the in 2014. Apart from premium amenities, sector in 2013. The planned extention of

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