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Author: Ashish Mahajan
Ashish was an institutional investor in real estate sector for over six years. He worked with domestic and international real estate funds and has closely monitored the growth of the sector. He is an engineering graduate from IIT Bombay and MBA from ISB Hyderabad. He also cleared the CFA Examination by CFA Institute in straight attempts. His knowledge and grasp of Indian asset markets is inspired by practicality than just theory. Over the years he has made efforts to disperse financial know how to general public of the country.
He founded PropStory as the first platform in India which is facilitating an industry connect with the consumer in an effective and balanced manner. PropStory aims to be largest data bank available to real estate buyers and users in India.
2017: The Turning Point of India Real Estate | Decoding Opportunities, Trends and Insights to Manoeuvre the Curve Ahead | Friday, 7 July 2017: Regal Room, Trident Hotel, Nariman Point, Mumbai
Expected to be the Year of Change, 2017 is all set to witness the emergence of a new Transparent, Credible and attractive Realty sector in India. Regulation and initiative being the keywords this year, it’s time for various Government Actions and Policies to come into play and change the game for Real Estate in the country. JLL India are the knowledge partners of this day long Conclave that aims to unveil this transformation, the sector is bound to undergo. Hear industry stalwarts discuss pros and cons, the way forward and the J-Curve for Real Estate in India. A conclave that will set the stage for the future of the industry.
The strange ways India works has come to haunt the RERA implementation too. With just few important states going ahead with their version of the very important legislation the real estate industry is divided in its preparation and current activities. We have been meeting developers, some of whom are still unfazed about the Act while others have pressed a pause button on sales in ongoing projects. A large developer in NCR has shut down its marketing galleries seemingly to prepare itself for compliance to the rules (not notified yet) and, on the other hand others are pulling down their existing collateral. Worst affected seems to be Maharashtra where a registered broker came under fire and that has confused us at Propstory too. As an advertiser and a content portal, we wonder where we stand wrt RERA!
That said, we carry all latest information that is communicated to us at project sites or by the firms. So we are as updated as the industry players are, that can be considered as our standard disclaimer in these uncertain times.
If you understand Mumbai real estate it is very difficult to miss out the marketing machinery that is Lodha Group. Every project of theirs ends up creating a buzz during pre-launch itself. This largely is attributed to the way company spins a story around its products and fetches leading personalities to endorse their projects. Whether its New Cuffe Parade or World Towers, Lodha ends up being talk of the town. The mother of all real estate projects that this company has undertaken in Lodha Palava City, no wonder Amitabh Bachchan is the brand ambassador here. While there are lot of complaints one get to read about projects at Palava City we do not have any first hand experience of the same. Our note is inspired by the sheer scale of the project and ready properties therein.
First time I travelled to Shil Phatawas early in 2014. I was looking for an apartment to make an investment, but in the affordable category. Thus I reached Palava City by Lodha through Thane-Kalyan-Dombivli route after having gone for a few site visits at Kalyan, Dombivli and Ambivli. Since I ended up being late I could only glance at Lodha’s completed phase from outside. Though I did see kids playing soccer at a World class football stadium at Palava City. Our team’s recent visit was a study trip to Palava. We were informed that 13,000 apartments have already been delivered in first phase of which 7,000 are occupied. Take a step back and imagine the scale, many property firms will not end up delivering 13,000 apartments during their lifespan. A phase at Lodha Palava which is currently under development alone has close to 100 buildings under construction. One can see these under construction buildings along theBadlapur pipeline roadwhen traveling towards Ambernath.
To reach Shil Phata we travelled from Vashi-Koparkhairane-Shil Phata/ Kalyan road. There is a narrow patch of road along the MIDC Pipeline off Shil Phata-Mahape road that we took. This patch of road got congested and the crossing ahead of it was also blocked. The drive from this crossing to Lodha Palava was more or less smooth though littered, a peculiarity of Mumbai. Yet again the sheer size of the football stadium impressed us. To add to it the Lodha World School building and the under development mall at Palava added to appeal of an area which I sometimes mention is jest as being in middle of no-where. The latter is just a comment on no suburban local in the vicinity unlike other areas in Mumbai.
But then Lodha has plans and this isn’t a few years project. To develop all 4,500 acres Lodha will require over a decade. Over time there is a likelihood – connecting roads, metro (Kharghar) and suburban local stations will come up. As of today Lodha is promoting “Epic” (code name) in 1BHK, 2BHK and 3BHK configurations. The approximate price ranges are mentioned below:
1 BHK- INR 34 lakh to INR 52 lakh
2 BHK- INR 54 lakh to INR 65 lakh
3 BHK- INR 68 lakh to INR 80 lakh
The other thing which we found interesting was the crowd at the sales office. It was a Saturday and there were families with kids at sales office to check out property options. These days most property sites aren’t seeing encouraging footfalls leave aside sales. This is why relatively higher interest by consumers at Palava was a welcome change.
Truly to Lodha style of marketing a gigantic sales office with impressive lobby and master plans greeted us. The project sales office itself was a large hall may be size of several class rooms. We later travelled to other side of the road where the first few ready properties by Lodha are now ready. This is where Casa Rio, Casa Rio Gold and Casa Bella Gold are located. The entrance is about 1.5-2 km off the main road. One travels along the river, though as the case is with most rivers in Mumbai they only feel like river during monsoons, rest of the time they are filthy. There is a promenade which is now developed. Lodha Palava extends beyond these to about 4,500 acres till Badlapur pipeline road.
The big draw for any consumer at Palava today is – unit pricing, proposed amenities, likely development of the area, improved connectivity and global scale of development. Though Powai isn’t the right example, but 15 years back not many people wanted to live there because of lack of connectivity by suburban local trains.
However, Lodha in its recent marketing campaign is comparing Palava City to Gurgaon, and we ask why?!!
Various signals from the Government at the center keep boosting the prospects for Middle Income housing. The guideline paper for the ambitious Credit Linked Savings Scheme, announced earlier this year, includes a far larger section as qualified for the benefits. The Government is ready to subsidize loans upto Rs. 12 lks for people earning upto Rs 18 lks, however small the benefits be it does add to the possible capacity building through investments. Also the structuring of this scheme is commendable, as all the subsidy willl be credited upfront rather than being phased out. While the current slowdown in the real estate sector continues to hurt the prospects, we believe the smaller ticket homes will start seeing better days ahead. For the rest, better prospects of economy and wealth creation are more important, minus the cash dealings.
We have built enormous amount of information, almost all large scale apartment complexes) on the city of Hyderabad. All of it can be accessed here – Hyderabad page (there is more in the works). Similarly you may visit the respective city pages to access everything we have put down to date.
Every end user in real estate waits for the handover of his/ her unit from the developer of the project. There is a sense of pride, achievement and ownership that is attached with a ready to move in unit, as one can experience the “real” estate for which he put the hard earned money to play. However not every ready to move in unit can be considered ready to “live in”? There are several reasons behind the same, ranging from poor or inadequate – designs, amenities, landscaping and utilities. Changes in the economic stature over time i.e. construction period can also be a big influence in a buyer’s preferences for his dream living space. More often than not the owner who is also an end user finds himself short of space, amenities and living quality at the time of moving in. This is why it is oft discussed in the buyer fraternity of real estate that a premium is attached to a property which is at advanced stages of construction and more so if it is ready to move in. It is because one can experience what he is paying for. In the recent years and also due to regulatory uncertainties, real estate in India has been one slow moving sector. This downward trend has actually pushed the investors and end users to look for ready to move in spaces. And thus buyers are spending more time in research looking for the best their money can buy in terms of life quotient and neighborhood.
However, Central Park is changing the paradigm in real estate development and ownership by creating spaces to “live in”. The unique concept called the Central Park Resorts, Gurgaon exemplifies the thought process behind the same. Starting with a Resort Safari that takes one through 54 points of interest and differentiation to a cup of coffee at the state of the art Sales & Marketing office next door, one can relate to practical yet exclusive luxury at Gurgaon.
Central Park Resorts : Foremost Location
After delivering the Central Park Golf Course Roadat Gurgaon’s most coveted address, the Golf Course Road, the developer chose ~50 acres of land at the Subhash Chowk, where the Sohna Road intersects Netaji Subhash Marg, an important infrastructural node in the city, for Central Park Resorts. Sohna Road is amongst the prime commercial districts of the city which runs parallel to the Golf Course Road. Central Park Resorts today redefines the skyline in this fast growing region of Gurgaon not only because of the development plans and architecture but also for its location. Central Park Resorts is the first residential property just off the Subhash Chowk and when one experiences our offering at Sector 48 he would go on to expect similar treatment at properties that were to follow it. But that is not the case and it is unlikely to be taken over by any other competitor, since much of this region is already developed and inhabited.
Extending the panache for prime locations, Central Park has chosen a vast area at South of Gurgaon for its upcoming development – Flower Valley, A premium Global Township
All the above locations are in proximity to International Airport, Delhi Metro stations, business spaces, hospitals, schools and shopping arenas, thus adding to resident’s conveniences. All it takes in just 20 minutes from T3 to get to Central Park Resorts.
What strikes you when you enter Central Park Resorts is that the complete complex is a Zero Vehicle area. To reach and move within there are buggy’s to ferry the residents and visitors. One can take a leisurely stroll through the beautifully landscaped gardens too. This unique feature puts you at peace- no vehicular traffic, no worry about kids safety and no toxic fumes as a result. This ONE USP has been singled out as the top of the recall feature that every visitor or resident finds praise worthy.
Best of class people’s brainchild
Central Park has teamed up with leading architects, landscape designers and interior designers from around the world. These include HOK SINGAPORE and RK Associates India for architecture and engineering, Green Architects (GA) for the landscape and Hirsch Bedner Associates along with PIA Interior for grand interiors of their developments.
The management is led by the visionary brothers- Mr. Amarjit Bakshi and Mr. Kanwaljit the former an IIT Alumnus and the other brother with decades of experience in Infrastructure. Together the team adds a lot more, both at conceptualising as well as execution and are ever ready to go the extra mile in creating and delivering living spaces that go far beyond just brick & mortar real estate.
Central Park Resorts : Thoughtful Amenities
It is hard to miss the grand “tunnel” which accommodates the entire parking for residents as well as the visitors to this gated complex. Residents’ safety is paramount at Central Park Resorts as there is no surface parking and the vast tunnel that has two entrances and exits, not just serves its purpose but introduces the grandiose appeal of this address. At the ground level to ferry the residents and visitors an adequate number of electric golf carts (buggy) are provided.
55,000 sq ft of modern club house is under development. It will have racquet games, board games, temperature controlled pool, library and community hall. A unique bowling alley and business centre will further accentuate the offering. This is in addition to the 35 acres of lush greens that form the soul of the gated complex which will also feature an 18,000 sq ft of kids play area.
The central greens and periphery not only host an amphitheater, golf putting, tennis & badminton court, jogging tracks but also a grand fountain, cycling, skating track and restaurants. A South Indian as well as an Italian restaurant are already functional while an ice cream shop also dishes out delicacies here. Further at The Room serviced apartments a multi-cuisine restaurant is operational.
Pet Hotel, a sort of amenity every canine or feline lover would value but not have access to, operates at Central Park Resorts. This is a big relief for those who wish to leave their pets behind when they travel. Pet Hotel which also offers grooming services can inspire several of our residents to own up pets in their household.
One can avail of the concierge, housekeeping and even butler services at doorstep at this coveted address.
The Room offers one of the finest living experience for those staying at these serviced apartments. The gymnasium facility, swimming pool, spa, salon, a multi-purpose hall, library and business center facilities are complemented by a multi-cuisine restaurant and spa.
Varied Living Spaces at Central Park Resorts
From Customize Ur Homes (bare shell apartments) to Design Ur Homes (semi-furnished) to ultra-luxury and Ultra luxury fully furnished-ones that are completely fitted with premium furniture and white goods, there is ample choice for buyers. From conventional apartments at Belgravia towers to Beau Villas with private Gazebos or Sky Villas that make a towering style statement, it is one residential project that does justice to economic and social standing of the elite of the millennial city.
Fully furnished 2BHK, 3BHK and 4BHK Beau Villas at the ground level span 1416 sq ft-4224 sq ft and feature – landscaped concept master bathroom, housekeeping services, private gazebos in the lawn attached to the apartment.
The 27 Sky Villas, 3 or 4 floor in their design span 5612 sq ft to 11872 sq ft. The sheer size and designs are for those who seek “have arrived” status in their life cycle. Such expansive luxury is being offered to select few through invitation only.
The Belgravia residences 3BHK and 4BHK range from 2647 sq ft to 3931 sq ft. Like all other unit types these come with air conditioning and depending on the budget range the flooring, internal amenities and furnishing levels may vary.
Not only does the developer offer units on sale at Central Park Resorts but also assists in leasing these units for investors and those who have to move out for some reason, but want to retain the address for future needs.
Central Park Resorts : A neighborhood of the who’s who
A terrific concept of living backed with great world class amenities and facilities and 5 star services including housekeeping, laundry and F&B -2 specialty cuisine gazebos and a multi cuisine restaurant, a juice bar, a candy shop for kids, it’s but natural that the residents are top CXOs, Directors and business magnates. The expat community finds themselves at home here with expats from more than 15 countries making Central Park Resorts their India address.
5 Certifications at the time of possession
Central Park offers 5 Certifications at the time of possession. Every Belgravia apartment owner has appreciated this aspect which is a sign of trust as these certifications are provided by leading agencies after thorough audits. The 5 certificates are: Super Area & Escalation, Specifications as per Apartment Buyer Agreement, Certificate for Design & Safety UPVC Glazings, Design & Safety Certificate for Structural Stability & Safety of Mechanical, Electrical & Plumbing
In A Nutshell
Central Park Resorts upholds the ethos to focus on functional designs yet addressing the needs of our customers of variable budgets. Customer centricity that Central Park claims as its prime value is further addressed through experiences such as – lower than usual particulate matter noticed in the ambient air, no vehicular movement on the surface and effective waste & water management. Central Park Resorts is already an address of choice for leading CEOs, entrepreneurs and professionals in the NCR.
As the much awaited event is past us, there is lots for real estate sector to take away from it. Tax incentives in various forms were extended to home buyers (small rebate in personal taxes), builders and land lords. The buzz word this budget was affordable housing, with it being accorded the infrastructure status. There was further relaxation to the unit sizes that qualify as affordable residence. Many builders we speak to have gone back to drawing board and looking at options to enter this space that is also the need of the hour. We await clarity on whether there is any budget/ unit cost related constraint to it as well.
We have rounded up the Budget 2017 in along with International Land Developers of Gurgaon and the note is attached to the email.
The details displayed on the website are for informational purposes only. Information regarding real estate projects including property/project details, floor area, location data has been sourced from multiple sources on best effort. Nothing contained herein shall be deemed to constitute legal advice, solicitations, marketing, offer for sale, invitation to acquire by the developer/builder or any other entity. You are hereby advised to visit the relevant RERA website before taking any decision based on the contents displayed on the website.
My wife and I were new to Bangalore and were looking for suggestions while planning to buy a home. A little Google search led us to this little known site called PropStory. They provide comprehensive reviews of under-construction projects which are based on actual site visits. The details are better than those we see in newspaper ads or even FB ads of these projects. After a little research on this site we narrowed down our search to a leading developer’s project in HSR Layout
Arjun Yadav, Bangalore
There are many websites one can refer to when deciding on real estate purchase. Of these I have only come across PropStory which provides the information in a narrative style. There are details about layout, specifications, local neighbourhood, connectivity and even developer background. I also like that they write about other matters like infrastructure, issues in real estate and hot topics like GST and RERA. Kudos to PropStory.
Revati Kunder, Mumbai
I recently visited a leading developer’s construction site and was disappointed by the lack of sufficient information the sales people gave me. My husband and I almost gave up on the project. But we like some of the specifications and decided to look for more online. That when we found PropStory and they had covered this project! We so pleased to find more info and were able to make our housebuying decision. Thanks PropStory.
Divya Matthews, Pune
When I was suggested to check out PropStory, I was not sure I would be interested. I don’t like reading and real estate is boring subject. But this site gives enough details through images also so that it is easy for those who don’t like reading. My opinion of real estate changed and I look forward to knowing more about upcoming residential projects in other cities too
Dhruv Pathak, Gurgaon
PropStory I like your writing style. It is simple and understandable. You do not support any developer or project but have a general opinion about the projects. I also like your new site design where I can quickly scan through features of a project and what is available or not.
Devesh Kapur, Noida
PropStory articles are good. I suggested to my brother in law to read these articles before deciding on a property. He was impressed with the details and knowledge of writer. Some construction technology used is also explained which helps us common man to understand. Other websites are not doing so. Well done PropStory!
Amit Patil, Thane
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