Slowdown of 90s in Real Estate

Real Estate Graph - Photo courtesy 99acres.com

People, in general are of the view that that real estate prices cannot fall in India because India has a huge population and there is scarcity of developable land, high inflation and lot of black money involved in real estate asset class. In few others’ opinions, the real estate prices are not likely to fall since they have gone up in the past.

Many of us wouldn’t be aware that in the year 1997 real estate fell almost by about 50% in different parts of the country especially in Mumbai where the population is enormous and there is huge space crunch. Metro cities like Delhi, Hyderabad, Pune, Bangalore & Chennai, which are still the most sought after cities, were left with unoccupied apartments, unwanted commercial complexes and office spaces which were purchased by investors at very high rates.

It was between mid-1995, when the real estate boom peaked and distinctly, by mid-1997, prices fell by a bruising 50 percent. We hereby learn that real estate prices may not fall as quickly as stock markets, but they do fall. For those who yet believe in buying real estate in anticipation of huge gains, have little or no memory of the real estate crash of the late 1990s; for them, the real estate prices never fall. Another characteristic of real estate asset class is that when transactions stop price discovery becomes very difficult since there is no public exchange to monitor prices or make deals happen.

The collapse of residential and commercial real estate market in the 1990s led to the banks and financial institutions taking over the distressed assets from failing lenders and owners. This brought misery to the investors who had invested in real estate for huge gains. Leave alone the gains, there were many investors and borrowers who had to part with their properties as they could not pay in time and the banks had more power for recovery during that period. In contrast, today there is pressure from the banks to foreclose on troubled properties.

Before the Real Estate Slowdown

The lending institutions provided bulk funding to investors, industries; commercial & residential builders as well as individuals held mortgages on their balance sheets that matched their long-term liabilities. In the wake of the 1990s collapse of real estate, these lenders pulled back, sharply focusing their capital on refinancing of existing assets. Eventually, new capital began to flow into the market to take advantage of distressed pricing, with valuations falling up to 50%. This capital came from opportunistic investors who took advantage of the situation. In some cases, bankers refinanced or re-structured the loans giving a bit of relief to the borrowers. Many people also took advantage of the situation and the rate of defaulters in the bank increased. Bankers had to settle the amount between 20-50% of the total outstanding amount of loans which were taken.

The main reasons that attracted the borrowers were low interests and huge funds that helped easy loans for people. With attractive promises, people took more and more loans to build houses and invest money. Since there was surplus amount of money in the banks, all the terms were relaxed and the banks looked for borrowers irrespective of their background, returning capacity or poor credit history. The interest rates were kept low initially and were meant to increase after the initial period. The house prices started to soar due to huge investments.

The splurge proved a good time for all. The lenders and borrowers believed that the interest rates that would increase gradually or the soaring house prices will help in recovering the loans. In case the borrower was unable to pay the interest, the house could be sold off until the prices soared.

Post the Real Estate Slowdown

Thus began the complication when the over-construction of houses caused a decline in the real estate prices, thereby grasping the returning capacity of the borrowers. The borrowers had no money to repay the loans and meanwhile the interest rates continued to hike. The situation became worse when the loan amount exceeded the total cost of the house and gave way to recession.

Investors from all over the world who took loans, faced major losses. The losses trickled down to other banks that were in chain with the international banks in the US who formed the backbone of money banks. As the banks were left with no money, the major industries and companies worldwide who depended on loans from these banks for their activities faced closure and the recession became hazardous for the entire world market. Comparatively, India faced a much lesser repercussion from this hazard whilst on the other hand, countries suffered deep losses and thousands of people lost their jobs.

Recession or slowdown especially in case of real estate is not something which can be dealt with easily. Major economies and renowned economists are still working upon solutions to manage this phenomenon and to mitigate the occurrence of any such probable event in the near or long-term which could prevent the real estate bubble burst.

Should one buy a flat, plot or bungalow?

Ultimate Home Guide

Buying a flat, plot or bungalow is totally the choice of an individual or family. There are many factors which should be taken into consideration before arriving at the final decision. While buying an independent land or a bungalow, one has at their advantage the choice to build a house depending upon one’s own requirement and constraints. On the other hand, a flat or an apartment is a redesigned, multi-storeyed construction where the buyer has lack of freedom to change the shape and size of the construction area. However, it benefits in matters related to security, accessibility and location advantages. Here’s an Ultimate Home Guide for you!

A comparison between flat, plot and bungalow is given below:

1. FLAT

Flat
Flat
  • Cost – the cost of a flat depends upon the locality, services, accessibility, size, design, amenities and developer’s bond.
  • Appreciation – a flat has a limited life span as its value has a diminishing effect. After a certain period of time, there comes up a stagnancy in growth in prices. Lack of flexibility in use, modification and expansion are a hindrance to a quicker growth in this case.
  • Risk – Delay in handing over possession by the developer is one of the most common problems. Quality is often compromised by the developer to control the cost and meet deadlines whereby the effective life of flat gets reduced.
  • Bank loan – It is comparatively simpler to take a bank loan for buying a flat especially with the developer where Master file is already approved by the bank.
  • Investment – Flats are ready to generate handsome income from the first day of taking possession if given on rent. Also, there are less chances of litigation with the modern laws in place.
  • Liquidity – The depreciation in construction reduces the growth rate, therefore its value grows with a diminishing rate.
  • Gated community – One has an advantage of flat if it is in a gated community where one can enjoy with an amicable neighbourhood whilst making the most of all amenities provided by the builder with added security and amenities.
Plot
Plot

2. PLOT

  • Cost – The cost of a plot depends upon the plot area, approach, location, permissible activity and availability of space.
  • Appreciation – Land cannot be created hence it is the most appreciable asset till date. There are few chances that the land value goes down. Flexibility of option to build as per future requirement helps the cost of land and property to increase steadily.
  • Risk – As land is prone to litigation, it is difficult to come out of it once anyone is involved.
  • Bank loan – Here, the buyer has limited options as banks usually do not provide loans for land or plots. Very few of them offer but the percentage of loan is not more than 50%.
  • Investment – From the point of view of investment, land generates a very low income if rented and sometimes it is difficult to reoccupy the land if the tenant refuses to leave and pushes the property into litigation. But if guarded properly, it is the best option for investment.
  • Liquidity – Land/plot is always in demand. The value usually appreciates immediately and always due to zero depreciation on land. Moreover, when new development plan is approved and the proposals for housing or transportation like road widening/construction are planned in your area, land rates may appreciate further. Also, it may get a boost if upcoming development like a commercial centre or industrial park is envisioned in the 20 year Development Plan for that area. This could further enhance the approachability and saleability of the plot.
  • Gated community – Plots may be in a gated community but there are very few such schemes at present.
Bungalow
Bungalow

3. BUNGALOW

  • Cost – The cost of a bungalow is more in comparison to flat as one is required to buy a land and construct upon it. Also, the cost varies depending upon many factors like the locality, land value and size. It tends to increase by the end.
  • Appreciation – With space availability vanishing at a fast pace in every city, it is expected that the value of bungalow may appreciate very quickly. Value for money is the phrase that’ll go well in the case of a bungalow.
  • Risk – The bungalow has a risk of land only. If this property is under litigation or not certified as NA Land, issues may arise. Moreover, resale of a constructed bungalow is not as easy as is in the case of a flat or a plot.
  • Bank loan – It is easier to avail a bank loan if one is buying a pre-constructed bungalow else it may be difficult to buy a land first where you get a limited loan after which you have to construct a house.
  • Investment – As an investment option, bungalow can be profitable as it has land which appreciates more than flats. Also, one may receive a sound rental income if the bungalow is put on rent and at the same hand have the flexibility to reconstruct it whenever desired.
  • Liquidity – Since the depreciation is only on the construction, the bungalow appreciates more and can be sold to a buyer who is particularly seeking a bungalow and does not want the hassles of construction.
  • Gated community – There are many bungalow colonies in gated community along with the flats. However, this advantage may not always be there as a bungalow is mostly constructed on an independent plot.

Ultimately, be it a flat, plot or bungalow, each one has its own pros and cons which need to be weighed in relation to individual preferences, present situation and its respective parameters. 

10 things to know before constructing a house

House Construction

With different cities differ the real estate scenario and their rulebooks. Depending upon the area, the respective building bye-laws, development control regulations, permissible FSI, ground coverage and other common jargons with city-specific standards should all be taken into consideration before you decide a house construction. Also, the recent changes or amendments in the real estate bills and acts, any updates or allowances made in this respect must be carefully noted to avoid any inconvenience, unanticipated costs or delay in sanction of plan and to ensure maximum transparency.

1. Appointing a reputable developer, a reliable contractor and efficient architect for construction of your house is of utmost importance which will determine construction from the scratch to the finishing touches. One should select a building project plan for bungalow or row house with the help of a good architect who has made successful projects of the same. If you have never been involved in overseeing the construction of a house and are new to act or supervise, hire a building contractor to supervise you and the building of your new home for a much smaller fee than their nominal fee. You may ask your friends or relatives for a reputed builder who has a good experience in the construction business and carefully employ the one whose name is repeatedly suggested by a few.

2. Compliance of Vaastu & Feng Shui factors in designing of a house can be considered if one attaches importance to these sciences that are believed to facilitate positive energy inflow, and thereby create the plan accordingly as such changes are difficult to make once the construction is completed. Moreover, to avoid any misbeliefs later due to luck and misalignment of the house as may be stated by fortune tellers/pandits, it is better to contemplate over them beforehand.

3. It is imperative to decide whether to hire a builder or to be an owner-builder. One can hire a builder according to the house plan with or without material and personally supervise the house to see that proper quality of materials as fixed/decided is being utilized.

4. Getting documents ready, agreements signed, plans sanctioned – A clear title from the seller must be bought which should state the land use as non-agricultural (NA) where construction can be started immediately with or without a construction loan. Additionally, improvised drawings, designs layouts, height, carpet area, FSI being availed of, built up area being provided, necessary approvals for construction or extension, consultation with an advocate for registration and legal purposes, sales deeds, sales agreement, material costing must be properly executed.

Checklist to check before constructing a house
Checklist to check before constructing a house

5. Area, dimensions, design, space requirements – It is necessary to finalize your own requirements, size and number of bedrooms, chart out and place them before the architect to show your minimum requirement. Try to make the best use of natural sunlight and ventilation to minimize the need for artificial lights during daytime. Try to keep the lift, staircase etc. with large glasses on one side to avoid the requirement of lighting during daytime. These days, architects make use of 3D visualization software to showcase how the house would look like so you can take the advantage to cross-check for elevation/section/dimensions on paper and virtually so as to make changes as per your taste, since what may seem good on paper may not necessarily look good after construction.

6. Electrical fitting, plumbing and other fixtures – Contracts with various contractors should cover a period of 3 years after the house construction is over so that any problems arising out of faulty construction is taken care of by the contractor even after completion. Since the pipelines are laid when there is no water in the lines there is a great chance of mix-up between the hot and cold lines. Hence, it must be made sure that these connections are properly checked after the water supply connection has been provided. Also, one must ensure that the water and electricity meters are installed for each dwelling unit separately to avoid any conflicts later. The contract with the building contractor should provide for rectification of leakages, damp spots, seepage of water for the maximum period of 2-3 years. The guarantee cards must also be retained in case any of them become defective and for future maintenance purposes as well.

7. Man, materials, and money- Managing contractors to finish the House Construction in time have to be administered as there are times that labor does not show up for work or if work has to be paused due to the shortage of raw materials. More time means more money required and which correspondingly defines the need to borrow more money or refinance your construction loan. 

8. Valuation and comparison of prices- Take out an estimated cost breakup of your home of each cost of construction such as foundation, RCC, brickwork, plaster, electrical work, plumbing, woodwork, door frames, kitchen, trolleys, interiors etc. Good builders will give you all the cost breakup and come up with the total cost to build your new home. One must remember that extra costs may be incurred which are sometimes unpredictable and vary according to the market situation. Make a contract with the builder and architect about the time schedule for stages of payment to be given with delay clauses. It must be seen that the cost of construction is under our control as it tends to increase over time. Also, if they have more money they have a tendency to delay your work and most of the disputes arise because the contractor has taken more money than dues.

9. Consideration for the environment while constructing a house is attached high importance these days. Techniques like rainwater harvesting and solar water heating can also be considered while constructing a home so that you may save money and energy for you as well as the society in the long-term.

10. Last but not the least for House Construction, the thing to be considered is the insurance while constructing the house thereby enabling a safe game. One must also periodically supervise the construction of the house, list out and convey to the respective contractor about these shortcomings and the required modifications accordingly.

Smart Cities – Is Urban India Going To Be Really Smart?

Smart Moves for a Smarter India

The quest for Smart cities

                                                                                                                                           

Having been one of the hottest topics of discussions ever since its launch in June 2015, the Smart Cities Mission has ensued numerous discussions, articles, competitions, conferences and consultations thereafter. It is now 2017 and high time that constructive & productive action plans be made and employed. It is time we get to read news about its execution rather than simply its selection. Need of the hour is that every shortlisted city, irrespective of its selection in initial rounds, must by every means initiate an effort to put forth the policy proposals and promptly implement them on ground instead of merely on paper. The potential of the cities, although has been acknowledged whilst submitting the Smart City Proposal prior to its selection but not tapped to its optimal extent post the selection which is why we’re standing where we are.

Smart City or Smarter Citizens?

Smart City Cycle
Smart City Cycle

The challenge for the government & people now is to transform cities to smart cities; not just going by the mainstream definition that entails use of technology, but involvement of smart planning practices and sustainable approaches of implementation.

In history too, including our very own Harrapan and Mohen-jo-daro civilisations of the Indus Valley dating back to the era Before Christ, displayed exemplary planning in terms of well-planned water supply systems, efficient drainage systems, proper housing, without the need of Smart City Missions as these. Then why do we need such missions to set us working? All we need is to develop an attitude of finding ‘smart solutions’  to our existing problems for efficient use of available assets, resources and infrastructure. The rest is already entailed in the Smart City guidelines which the government is to implement and hence we must define our field of focus to support what government must offer.

We learnt about the efficient planning from such civilizations after much excavation but we must not take time to excavate our own smartness which we have long kept hidden, in doing our bit for the city. Planners, architects and engineers are required to intervene but it’s the collective effort of individual citizens that contributes the most. The city can very well be related with a living organism – the transport network as the nervous system, the environment as the lungs and city center as the heart where its essence belongs.

Smart citizens aiming for smart cites
Smart citizens aiming for smart cites

An innovative and indigenous model that is stemmed from local needs and suits area-specific requirements should be embraced by cities rather than one merely aping prototypes of the West. Ideas of foreign origin can sure be studied and referred to but they ought to be modified and implemented city-wise as each city has its own essence and domain it can enhance and smarten up. It is not the execution of one department but the synchronization of many that can yield an ideal and successful smart city model. The city must set itself as an example to follow; it should possess a competitive spirit and better itself by realizing its complete potential along with advocating the best approaches. Although variation is bound to be, cities must ensure not to lose their essence during this process of makeover.

Success factors for Smart City Infrastructure Planning

Firstly, how successful the project is depends upon how well it stands in pre-qualification criteria of smart cities.

Secondly, the applicability, practicality, time, scale and replicability of the development plan determines the extent up to which the city can become smart, the duration it will take to become so and the extent to which it can implement the infrastructure components and enable improvements in existing facilities. The infrastructural gap needs to be fulfilled within the stipulated time and period whereby the smart city can be planned well for or provided for its infrastructure.

Thirdly, the success of a smart city can be measured on the performance based on the smart infrastructure indicators and benchmarks that are preset for different infrastructure, which may differ from city and state depending upon the government policy, provision in Development Plan, funding schemes, National missions and guidelines.

Urban Transformation Initiatives
Urban Transformation Initiatives

Be it JNNURM, AMRUT, PMAY, Digital India or the SCM, no two programmes can be alienated but are indeed rungs of the ladder that lead to a Better India and if even one is absent it’s tough to overcome the leap. Planning does not happen with a top-down approach as it has been happening, but in fact with a bottom-up approach that involves the participation of its fellow citizens in planning of the city by learning from the past, acting in the present for envisioning to enable a sustainable future for all. After all, that is how we need to survive and what smart city needs to thrive!

A for ‘Ashok Meadows’ ..An upcoming project at Hinjewadi

As you enter Ashok Meadows

While on our way to one of the upcoming projects at Hinjewadi, jostling through the unavoidable traffic and trying to beat the heat despite travelling by an AC Cab, we finally made it to Ashok Meadows; the welcoming gates and lush plantations made us forget the bad weather. A short while in their site office, we were served chilled water to quench our thirst and to prepare ourselves for a recce around the project after one of their polite executives briefed us about the must-knows of this project. The company vehicle took us around at the main site and sporting the civil hats (essential for safety purposes), we stepped out to explore more and as we furthered, the man accompanying us ensured he was updating us about everything we strode past.

The clubhouse, Ashok Meadows
The clubhouse

There were many a peculiarities that kept us engrossed and made us inquisitive about the design and architecture adopted here at Ashok Meadows. Especially, the podium level apartments, quality and variety of amenities offered, the number of services provided, age groups catered to, orientation of buildings and apartments were characteristic of the project. Moreover, the notion with which passageways were constructed to and fro the amenity area from each of the podium level apartments to ensure maximum accessibility without compromising upon safety is something to quote.

Arrangement of buildings

The existing development spans in a trapezoidal shape, unfolding in 3 sections wherein the buildings overlook and surround the central amenities portion. The buildings at Ashok Meadows are positioned at a deck above the ground which they call the podium level. All the buildings are connected to each other through a long corridor, which also connects down to the landscaped garden.

Amenities to look for

Swimming pool, Ashok Meadows
Swimming pool
One of the many sports courts, Ashok Meadows
One of the many sports courts

As we climbed down the stairway connecting building straight to amenity area, we walked ahead and had a look at the already functional and fully-equipped Clubhouse which had a party deck at its top and vertical terracing done on its side. Also, there was kid’s play area, café and outdoor seating provision, an amphitheater, pet park, seating plazas, timber deck and swimming pool with a separate baby pool, not forgetting the jogging track & skating rink. A host of indoor sports to be enjoyed by its residents were arranged for inside the clubhouse. On its backside were the well laid out sports courts attached to each other, catering to varying interests of players.

A gist of floor plans

When seen from the garden below at Ashok Meadows, one can have a perspective tapering view of the building if one looks above at the towers. The podium level can be reached through a ramp. The various configurations available at the project are the following –

Type 1: The amenity view can be enjoyed by relaxing in the patio of every alternate apartment which opens from the dining area.

Type 2: Also, 2 decks are provided in case a patio is not present in the apartment which open from the living as well as master bedroom. This is done in order to achieve double ceiling height in these balconies. The remainder carpet area of the apartment remains undisturbed irrespective of the provision of deck or patio as they are exterior to this space.

Additionally, the 3 BHK apartments have 2 more options: Type 3 & Type 4 that comprise of spacious rooms, kitchen, toilets and larger decks / patios in addition to a powder room. It is to the choice of the customer to select the type of flat as per his or her liking and convenience.

Under construction arena
Under construction arena

A list of figures

At Ashok Meadows, 2 BHK Type 1 flats with deck on odd floors having 1330 sq.ft. saleable area with base rate of Rs.5430 to 5730 cost between Rs. 84.2 to Rs. 88.6 lakh inclusive of agreement value, stamp duty, registration charges, society charges plus taxes. The 2 BHK Type 2 Flats with patio on even floors have an area of 1335 sq.ft. and cost about Rs. 84.9 to Rs.88.4 lakhs.

Coming to 3 BHK apartments, the ones with patio (even floors) are 1650 sq.ft wide ranging from Rs. 1.08 to Rs. 1.12 cr. Similarly, the ones with deck (odd floors) have 1620 sq.ft. space and come at similar costs. Talking about the podium level garden flats, (2 & 3 BHK) they possess total saleable area between 1635-1950 sq.ft. amounting to Rs. 1.02- Rs. 1.27 cr. The other podium floor flats having area between 1639-2378 sq.ft. cost around Rs. 1.04-Rs. 1.60 cr.

It is always interesting and appealing to visit the project in person, for some of the queries can’t be answered by simply reading online/offline– no wonder we spent a couple of hours in the scorching summers of Pune city, delving deeper into the Ashok Meadows project and found it to be a unique proposition at Hinjewadi.

Read more about Pune Real Estate on PropStory

Gera GreensVille – Understanding The Multi Phased Development

Entryway at Gera Greensville

Gera Developments, an established name in the real estate circles of Pune ventured into Kharadi when not many would dare to. Kharadi, which is to the East of the city has witnessed substantial investment in IT/ ITES business which led to the development of residences over time. Despite the global recession, the residential real estate has given returns in the range of 5-10% per annum for the past decade. Gera built several residential and commercial properties here and continues to hold fort amongst the larger players in this region of Pune. Also, they were the first developers in the country to offer a 5-year Warranty on their products and have been successfully deploying the same for over 10 years now.

Gera GreensVille Site visit

Panoramic view, Geran GreensVille
Panoramic view

Prompted by the campaign focused on Child Centric Homes at Song of Joy apartment complex, I decided to visit the Gera GreensVille site recently. Located close to the EON IT park, the site is a half an hour drive from Shivajinagar amidst the Pune traffic. Various signboards along the roads at Kharadi led us to the project site. The Gera GreensVille consists of three clusters namely – the Sky villas, the Trinity Towers and the Song of Joy.

Gera has been an innovator in this space. Research backed and concept led product offerings have been their USP as is clear from the following:

  1. Gera’s GreensVille bungalows were the first premium gated community in Kharadi designed on the lines of homes in more central parts of Pune like Koregaon Park and Prabhat Road.
  2. Trinity Towers was designed keeping in mind the upwardly mobile families and their demands of cutting-edge technology deployed within their home.
  3. ChildCentric Homes concept at Song of joy for offering exclusive amenities & courses for children.
Construction underway at Gera Greensville
First on left are Trinity Towers, followed by Sky Villas and Song of Joy on right

While we were at their marketing office waiting for the firm representative to take us through the plans, we glanced upon the table inside the cabin. It had a digital photo frame displaying statistics about the project, some of these were noteworthy: 71% of customers who purchased homes at Gera GreensVille hailed from IT sector, its primary catchment, most of which were 44 years + and about 31% were North Indians followed by native Maharashtrians. This database is frequently updated as and when someone buys an apartment here.

The Gera GreensVille project began with the launch of 125 villas comprising of 3-5 BHK living spaces. These included both twin as well as independent villas ranging from a price range of Rs. 79 lakhs to Rs. 2.25 cr. These villas (Gera Bungalows) were launched in the year 2006.

Gera GreensVille from the planner’s eye

The entire development is coming up on a 30.5-acre plot. Around 30% of the developed plot is in the form of open spaces – lawns and gardens. The master plan is well thought of, as it has a continuous and an uninterrupted flow. The township has particularly adhered to the norms set by the DCR of Pune city. Appropriate use of FSI and ground coverage does give Gera Greensville its rightly earned success.

 SkyVillas

Entrance to these two
Entrance to these two

Gera Developments also launched the SkyVillas, their first cluster development having 4 BHK luxurious duplex apartments. These towers were promoted as a luxurious investment and residential option for those working in the vicinity i.e. IT/ITES offices at Kharadi. SkyVillas are 11 storeyed towers and the units in these clusters have an area of about 2175-3000 sqft. and range between a price of around Rs.1.23 – 2.20 cr. The SkyVillas are completely inhabited now. The highlights of these apartments are its backyard, private entryway to a patio, walk in wardrobes and service quarters with separate entrance to name a few.

Trinity Towers

Looking at the attractive increase in return rates each year in Kharadi Gera launched its next Phase – the Trinity Towers, in 2012. The theme set for these apartments is “Homes with an IQ”. Based on technological advances and smart living solutions, these homes are a complete Ultra-Luxe housing option located amidst the Kharadi IT park. Providing 3 & 4-bedroom garden apartments, these units are around 90-95% sold out; they are still being sold. Amenities like fully air-conditioned houses, modular kitchen and advance iPad-controlled Home automation add to the attractions in these towers. These houses are ranged at a price of Rs. 1.54 Cr and go up as the living space increases.

Song of Joy

Song of Joy entrance
Song of Joy entrance

Post the success of Trinity Towers, the developer launched its Child-centric themed project, The Song of Joy. This is one of the major attractions of Gera GreensVille project and has a tie-up with celebrity clubs for children training centers like Anil Kumble’s academy for Cricket, Shiamak Davar for Dance, Mahesh Bhupathi for tennis and 8 more such exclusive amenities. Gera promises to give each household a set of free coupons for every child in the house to all these prestigious academies irrespective of the number of children in the house. These amenities and clubs are only open for Gera costumers (within Greensville as well as for other residents in Gera developments elsewhere) giving them an edge over the other residents in the neighborhood. The song of Joy is a 4 cluster project out of which two are on the verge of completion and the expected handover date is around October 2016. The other two towers are under construction and are expected to be completed soon. Buying a flat in Song of Joy can range anywhere between Rs. 5900/ sq.ft to Rs. 6250 / sq.ft.

 Key distinctions

Capture

It was great to note that Gera has developed and maintained an app named ‘GeraWorld’ for all its customers pan-India, a module which they are running since 2015 wherefrom the Gera customers and residents can communicate at ease and have an enhanced consumer experience. There are over a 1000 families using this app for their warranty requests. It offers functions and options which a customer could choose from, post the purchase or lease of any property by Gera Developments: document requests, common area requests, warranty requests, meetings, events updates as well as track on project progress.

Ant's Eye view of the tower
Ant’s Eye view of the tower
Perspective view of lobby
Perspective view of lobby

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