Krsna And Kala – An Architect’s Imagination

How often would you come across an architect who would take up development as a profession? Very rarely for architecture is a creative field while real estate construction in India can be an altogether a beast to deal with. However Mr. Kinner Nayak, a renowned architect, forayed into property development with his first project at Bangur Nagar, Goregaon West.

The Kinner Group’s first project is the redevelopment of the Govardhangiri Society that is located in the precincts of Malad West, at Bangur Nagar on Link Road. Two towers are coming up in the vicinity of the Goregaon Sports Club, Infinity Mall, Hypercity Mall, Inorbit Mall, Billabong School, and the Mindspace business district. In fact one can walk to Hypercity, Inorbit and Mindspace from here.

Krsna and Kala
Krsna and Kala

The developer is keeping the essence of the property being redeveloped by naming the towers as  Krsna and Kala in line with the Goverdhangiri theme. Both the towers will be 20 storeys each over a 2 level podium. These towers shall have three lifts with two high speed lifts, and a stretcher lift. There are just 55 apartments for sale. 53 apartments are 2.5 BHK in configuration and two highly exclusive 5 BHK duplex apartments. For sale apartments are above 13th floor and original residents of the society will occupy the lower floors. This ensures that buyers will have pristine views of Arabian Sea in the West and National Park on the East.

IMG-20151208-WA0000
Ongoing slab work at Kinner Group project

Construction work for this project is in full swing and near about 10 slabs have already been casted on first tower and second tower is also advanced. The site has natural tree cover a large chunk of which is being retained and it ensures clean environs for residents. What also is noteworthy is that the site is just off the Link Road, hence connectivity to Western Suburbs is great while being inside one will not be troubled by noise emanating by vehicular movement.

IMG-20151208-WA0001
A completed slab at Krsna and Kala

Apartments at Krsna and Kala will have a salable area of 1280 sq. ft. while carpet area could be of around 752 sq. ft. Pricing of these apartments is about Rs. 16,000 per sq. ft. There are two things that really stand out here. One that the builder has reached advanced stages of construction through internal accruals i.e. no pre-sales were done to date as the firm wants to build a brand and collect a higher realisation by demonstrating progress. Second, the project is now being exclusively marketed by Jones Lang La Salle, property consultants of international repute.

Krsna and Kala project plan
Krsna and Kala project plan

As far as amenities are concerned there is an air-conditioned, double-height entrance lobby in the buildings. One will be greeted by numerous artefacts the entrance itself. Such features definitely lift up the lifestyle of residents of a society. Other amenities include Amphitheatre, Indoor party lounge, Clubhouse, Tennis Court, Garden and Kid’s Park exists amongst many others. Krsna and Kala also offer recreational features like a jogging track (at the terrace level of both towers which are connected with a glass bottom bridge at 230’0” height), walking gardens, swimming pool, state-of-the-art gymnasium, fully equipped health club with steam and Jacuzzi, a Yoga meditation centre and an indoor games arena. Children will have their own safe play area away from any vehicular movement, while senior citizens too will have an exclusive space as well as a wellness-corner. The building will have a glass facade which means there isn’t a wall in the front. Though all protective features are  being built to ensure safety. Such a design definitely distinguishes the concept.

We hope Kinner Group will live up to expectations in its first project.

Update March 2017 – We learnt from some sources, though we can’t confirm the same, that the work on the project is stalled due to approvals and financial issues. The company seemingly sold some of the units to investors and later ran into issues around project approvals.

 

The First Residences Of South Gurgaon – ILD GSR Drive

During my recent visit to Gurgaon I witnessed a massive campaign by ILD Developers for their GSR Drive project at South Gurgaon. If you would be following our posts we have been talking about this new location in the ever expanding city of Gurgaon and dynamics supporting property development here.

ILD GSR Drive by International Land Developers (ILD) is going to be the first residential development (when approaching from Gurgaon) in South Gurgaon as per the current development plans. South Gurgaon or Sohna is connected to Golf Course Extension road by the NH 248A which is a signal free road as of today. The plans for the new project are inspired by expanses of Hyde Park in Central London and Central Park in New York. GSR Drive will be the second project by the company at South Gurgaon after their another successful project launch ILD Arete. The construction work at the latter site is in full swing.

ILD was founded in 2006 by Mr. Alimuddin Rafi Ahmed, an experienced real estate professional after two decades of land aggregation experience in Delhi NCR. The company in its early years developed a 200 acre industrial park at Manesar. The company later forayed into development of commercial and residential spaces. It gained prominence as an upcoming real estate player in NCR after it delivered ILD Trade Center a commercial cum retail property on the Gurgaon-Sohna Road at Sector 47. Trade Center is home to retail brands such as KFC, Bikanervala, Nike and others. Girnaar Software and Johnson & Johnson are few of corporate clients in the business centre. ILD has so far delivered 1 million square feet developed land and 4.5 million square feet of area is under construction. Some of its other residential projects at various stages of construction are ILD Greens, ILD Centra and ILD Grand Centra. These 3 projects are in Sector 37 C of Gurgaon.

ILD GSR DRIVE

The project spread over 25 acres of land, located at Sector 36 of South Gurgaon, is the first residential development on the road from Gurgaon. Over 16 acre of land at the centre is free of any development thereby providing ample space to its residents to unwind and relax. Moreover given its close proximity to the Aravalli hills the residents of this place can be assured of green and clean living, something the Delhi NCR is grappling with these days. The pollution and smoke levels in Delhi and Gurgaon have troubled the residents and commuters a lot in every winter season. Noted architect Hafeez Contractor is behind the concept and the company has paid attention to minute details that improves ones lifestyle. For example, no vehicular movement will happen in the inner periphery of the complex thus adding to safety of residents.  This plot is 4 sides open with 75 metres roads on two sides and is adjacent to 100 metres of Green Belt.

As far as the project is concerned, its planning includes the luxury park concept applied previously by ILD for the first time in their other project called ILD Arete as mentioned before. A 60 feet wide fountain at the entrance, driveway flanked by palm trees, cycling trail, several recreational activities, football field and thematic gardens will add to appeal of the project.

An Amateurs Guide To Pune

Recently, the team at PropStory decided to take a trip down to Pune in order to understand the ground reality of Pune’s real estate market. I’m fairly aware of this city’s young crowd and amazing social life from years of visiting it, so a brief about the city would be an eye opener for many of those planning to shift to this city or are new and contemplating to buy or invest in a property.

Pune Nightlife
Pune’s Nightlife

Sometimes known as the younger and cooler cousin of Mumbai, thanks to the Mumbai-Pune Expressway, the last two decades have seen a steady rise in Pune getting urbanized. Pune is a major destination for defense forces, one of the largest cantonment areas which is also very old and has been in place for a long time. However, the city’s greenery and existence used to be vibrant much around its central areas for long before expansion and infrastructural development kicked in, and that led to other areas of Pune city being developed.

Green Pune
Why Pune is a green city
High Spirits Pune
High Spirits, Pune

The new millennium steadily brought Pune at par with any of the major cities in India. It is a city rapidly changing, getting urbanized every day and every year, with a huge influx of students and workers from across India, constantly settling down here after college or for work.

A growing city, Pune benefits from being a manufacturing hub since long other than having a den of good colleges such as Fergusson College, Symbiosis, COEP, Gokhale Institute of Politics and Economics, ILS Law College, FTII, University of Pune amongst others. Also with the recent shift of a constantly growing IT job opportunities, presence of IT giants such as Cognizant, Tech Mahindra, Infosys, Accenture, TCS and others have equally contributed to it’s prosperity and increasing economic activity. All of these economic factors have created quite a significant demand for housing, offices and social infrastructure.

Fergusson College Pune
Fergusson College, Pune
Symbiosis Pune
Symbiosis, Pune

Pune is seeing tall structures and towers (usually about 12-20 storeys) coming up amongst mid-size and large townships, sometimes as big as 400 acres & more. Hinjewadi, Kharadi, Wagholi, Wakad, NIBM and a whole lot of other localities are seeing heavy development in both luxury and mid income housing. Unlike Mumbai, Pune apartments still offer balconies, small or big, a luxury for an average Mumbaikar.

As far as road connectivity is concerned, it is well laid-out and excellent, again from a relative perspective of that of Mumbai.

IREO nuspark – A New Way Of Living

We were surfing through a leading classified recently when we came across a new offering by IREO called nuspark at South Gurgaon aka Sohna. South Gurgaon has been an area of our interest given the buzz it is creating in an otherwise slow Delhi NCR market. Recently a group of 11 builders did a joint campaign to promote South Gurgaon as a relatively affordable option to an expensive Gurgaon. In addition to these players, IREO, US$2 billion fund, with a track record of project development and delivery in Gurgaon, launched its new offering nuspark at Sector 4 of Sohna.


IREOWORLD 3

Sector 4 Sohna is little inside the main Gurgaon-Sohna highway towards the famous Damdama lake. Ahead on this road one can find Taj Gateway resort and later the Damdama lake. As per the plans a road is planned to link this area with Gurgaon’s sector 63, further linking it to Golf Course road. South Gurgaon, as described in our earlier notes, is coming up as a destination of choice for schools and colleges. Already KR Mangalam and GD Goenka operate here. There are other infrastructure improvements planned along side development of properties here.

Nuspark is redefining the way one thinks about residential spaces. IREO is known to create exclusive features in their projects and this one lives to their creativity. The apartments which are being constructed here are of 2 and 3 BHK with 9 towers in phase I (G+14 structures).

We spoke to the marketing team at the company and were told that core theme of the project is “fundamentals of living” – water, air, hygiene and electricity. We then went through the offering to understand what it all meant. The company is setting a project level water treatment plant (WTP) which will ensure clean water supply across all tap in the house. One would not need to purify the water again through RO treatment etc, moreover the taps and showers in the bathroom will provide only clean water. Imagine benefits of purified water for your bath, brushing and cleaning hands. To ensure fluctuation free power supply there are plans to install a Centralised Automatic Voltage Regulator (AVR) in order to avoid damages and accidents due to voltage fluctuations especially during the summer. In order to provide for clean air and ambience in the project IREO is building a specially reinforced basement slab of higher load bearing capacity to allow for an enhanced soil depth necessary for planting taller trees.

IREOWORLD 2

The provision of pre-laid conduits allows for easy installation of fibre optic cabling for fast internet speeds. As far as security is concerned, they have designed a 3-tier security system, comprising of entry gates with boom barriers, card access system in entrance lobby and basement lobby of each tower, and CCTV surveillance across main entrance gate, tower entrance lobbies and lifts. They are also using pre-fabricated Panasonic Unit Bath Systems (UBS) designed for enhanced seepage control. The range of features that comes along with it are glass panels for segregation of wet and dry areas within, false flooring design, easier plumbing and drainage system, anti-slip and quick dry-floors designed for quick drainage of water, fewer joint lines and smooth surface finishing among others.
The product overall looks futuristic – smart homes, gadget friendly, hygienic with great surroundings. Though it obviously comes at a price, as company has launched the product at about Rs. 5,400 per sq ft, the box price of a 2BHK will work out close to Rs. 90-95 lacs to begin with.

Ireo is a property developer, established in 2004. The first and one of the largest private equity funds, Ireo has been investing since 2004 through an offshore fund. Both as a financier and developer of its projects the firm is motivated towards execution. Their focus in on Delhi NCR (including Gurgaon), Punjab, Tamil Nadu and regions of Goa, and has approximately 4,500 acres of owned land. Till date, the group has launched 23 projects largely across Gurgaon, Mohali, Ludhiana and Pune. It has alliances with developers and operators like Ascendas, Panchshil, Grand Hyatt and Banyan Tree. IREO delivered Grand Arch in Gurgaon and is fairly advanced in several other projects

“Chembur” The New Dadar To Mumbai – How Infrastructure Is Shaping Up The Market

Chembur is an old Mumbai suburb, situated at north of Trombay and south of Kurla, history of which dates back to the partition era of India’s independence, when many refugee camps were set and built here. It now sits right in the middle of Mumbai, geographically. The real estate market trend that stands out in major urban cities are preference for building towers, a considerable shift in the last one and a half decade. Chembur’s upcoming residential projects are generally set over smaller plots due to lack of availability of land. But a lot of land is being redeveloped and some projects are using that ample space to their advantage. We also saw development in clusters of different upcoming projects in the same area. It could be due to clearances, permits, sanctions and construction activities starting at the same time after much hold.


Hubtown Rising City is off Jeejabai Bhosle road, is spread over 100 acres the biggest plus for this project as no gated communicated in Mumbai is this big.

Entering Hubtown Rising City
Entering Hubtown Rising City
Jeejabai Bhosle Road outside Hubtown Rising City Entrance
Jeejabai Bhosle Road outside Hubtown Rising City Entrance

Chembur is connected quite well to South Bombay or Old Bombay, New (Navi) Mumbai, and the Mumbai suburbs of either West or East, through Eastern Express Highway and its arterial roads, respectively. The railway network is good as it’s close to Kurla and Lokmanya Tilak Terminus. The suburb of Chembur is also connected via recently completed monorail service between Chembur and Wadala, which will further go up to Jacob Circle in South Bombay upon its completion. Many well-known developer groups and conglomerates have new projects coming up here. These projects are around Eastern Expressway, Chembur-Govandi Road, Jeejabhai Bhosle Marg, VN Purav Marg, and Sion-Panvel Expressway.


Fortune Imperia right off Eastern Express Highway, opposite which Ruparel Orion is being constructed as well

Fortune Imperia right off Eastern Express Highway, opposite which Ruparel Orion is being constructed as well

Fortune Imperia under construction
Fortune Imperia under construction
Eastern Express Highway and the Service road near Fortune Imperia
Eastern Express Highway and the Service road near Fortune Imperia
Veena Serenity under construction
Veena Serenity under construction
Veena Serenity entrance
Veena Serenity entrance

Also located at Chembur is one of the oldest Golf clubs in India, established at around 1927, called Bombay Presidency Golf Club. It provides a lot of greenery to the area. However, the dumping ground at Deonar has posed a problem for residents of Chembur. Chembur roads attract heavy traffic as settlements are dense and roads aren’t wide enough. One problem that plagues entire infrastructure planning in India (evident in Chembur) is we plan for current traffic and not expected load in coming years. The streets here are narrow as is expected of old localities, however, many of the important connecting roads are not well-maintained and see major traffic-jams during rush hours. Also Chembur falls on way to Pune thus traffic is high almost every hour of the day.

Road near Veena Serenity under construction

Road near Veena Serenity under construction

Construction activity on Veena Serenity
Construction activity on Veena Serenity
Veena Security getting constrtucted
Raheja Acropolis
Raheja Acropolis
Ecisting Raheja Acropolis Tower
Existing Raheja Acropolis Tower

The experience of taking photos from public land and streets were unwelcoming near upcoming properties. This is one of the chain of commands that hasn’t been either followed through well by the guards who look miffed when visiting a site. This is quite common throughout India’s real estate landscape, be it urban or rural, although it is way more prominent at Chembur from what could be gathered during site visits. Keeping diplomacy and sugar-coating aside, here’s the general view which got strengthened in all the recent visits this work has led to – Real estate sector needs to open up to all, and especially a potential buyer or one seeking inputs/ clarity on offering.

Godrej Serenity next to Raheja Acropolis on Raheja Acropolis Road

Godrej Serenity, next to Raheja Acropolis on Raheja Acropolis Road, under construction

Alta Vista under construction

Alta Vista under construction

AHCL Heights and Sepnta's Alta Vista under construction
AHCL Heights and Sepnta’s Alta Vista under construction
Sion-Trombay Road near Eastenr Express Highway outside the lane to Alta Vista and AHCL Heights
Sion-Trombay Road near Eastenr Express Highway outside the lane to Alta Vista and AHCL Heights

Sales professionals need to be forthcoming to explain the USPs of a property to anyone curious in the project. As information exchange increases, efficiency and transparency in the sector will increase.

There are many good schools and educational institutions in Chembur, and in surrounding areas such as BKC, Bandra, Mattunga, Mahim, and Wadala. Insitutions in the South of Mumbai are also well-connected through the suburban railway network and road network. Our lady of Perpetual Succor, Bombay Scottish, and Don Bosco High School are some of the well-known schools in Mumbai, located in and around Chembur. The Mumbai Airport is about 14 kilometers away (via Santa Cruz Chembur Link Road). From the healthcare perspective, Chembur has very good healthcare facilities, but not a major hospital stands here which is reckoned well within the city. However, it is close to major Hospitals at South Bombay, and nearby Western suburbs which makes it easier.

Road near Godrej Central on the left, off Eastern Expressway, next to Tilaknagar Station

Road near Godrej Central on the left, off Eastern Expressway, next to Tilaknagar Station

Godrej Central on the left under possesion and construction
Godrej Central on the left under possession and construction

All in all, Chembur is another potential locality for urban Bombayites or Mumbaikars. The area earlier chosen primarily by settlors from South India (Tamil Nadu) or business oriented Sindhis (There is a vibrant Sindhi colony here) is now becoming cosmopolitan. Infrastructure connectivity is making Chembur the heart of Mumbai when one looks at city’s map. This is what works for the locality and real estate demand here picked up following the trend (prices can be as high as Rs. 20,000 per sq ft of salable area).

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Bhandup and Mulund, Neighbors So Same Yet So Different

In front of the Oberoi Mulund, Eternia site

There are two immediate stretches along the Central Lines of Mumbai’s railway network that are old centers of trade and industries. Very old suburbs of Bhandup and Mulund are seeing the second stage of an area’s real estate development. One must say the process has been slow, and probably slower than what’s been witnessed elsewhere due to various issues at different levels stuck in a circle.

Being the last few suburbs before Thane, these areas are increasingly becoming cosmopolitan in nature. Compared to western suburbs of Mumbai, Real estate work on Eastern suburbs is slowly starting to pick it’s pace up. One of the few reasons for that is the recent growth of Eastern suburbs in totality – Eastern Freeway, Eastern monorail, etc. These developments are contributing to the growing importance of Eastern part of Mumbai.

Many industries used to exist here before, and so did government services and bank service-people’s quarters. But, Bhandup and Mulund, both with changing times, and changing nature of businesses, can see a shift in the economic make up which is the prerogative of an increasing urban population, who are investing in properties along this line. Most of the projects in this area are running behind schedule, as per our sources.The price is comparatively lower than its immediate western suburbs along Western Express Highway and JVLR’s surrounding corridors. This aspect makes it one of the least pricey, but yet substantially well-connected for the well designed upcoming neighborhoods.  However, only so if and only rest of the things of public importance fall in place quickly. Public representatives, in that case must take the lead.

Mulund Attractions

Presence of malls and entry of modern amenities and facilities, could pay off as it’s likely to attract customers who are further likely to, with their ability to sustain, contribute immensely to the growth of a new ecosystem by consuming products of businesses based around these areas. Although, we are not seeing very heavy real estate development, but the changing landscape is quite visible. If all that’s there about the economy, goes as well as it has been planned based on past estimates, using the most common assumption of economics to start contemplating on in order to find a possibility in conclusion, “Ceteris paribus” meaning keeping everything else the same, gives us a decade or two for the corridors all around these areas to develop into well-established suburbs at par and with time, much better with or than today’s Powai, Andheri and Bandra, respectively.

A lot of land on the eastern side of Eastern Express Highway are protected stretches of mangroves. To understand Mumbai suburbs, one must pay close attention to how different areas of Sanjay Gandhi National Park separates the two different stretches along which the population of Mumbai suburbs resides. Goregaon, Malad, Kandivali, Borivali and beyond are on the Western side while suburbs of Bhandup, Kanjurmarg and Mulund are on the eastern side of Sanjay Gandhi National Park.

Neptune Flying Kites entrance
Neptune Flying Kites entrance

Upcoming Projects Report

While in the recent past, efforts have been made, however nominal to develop the real estate sector of Mumbai’s western suburbs of Goregoan, Malad and Kandivali & beyond, which has ostensibly paid off, the eastern side now is seeking for faster development and it is already starting to take place. As mentioned earlier, the role of JVLR is much like a bridge between Eastern and Western suburbs of Mumbai, geographically. Areas of Andheri and Powai are at the south of Sanjay Gandhi National Park, and JVLR as a bridge connects two different suburban stretches predominant of Mumbai. As such, growth of JVLR was pivotal. A major part of residential and business properties were developed along this stretch, attention and focus will now be increasingly on to look at major areas around Bhandup and Mulund that could be developed from the essential standpoint of a real estate market.

As mentioned before, many new properties are already established and most are upcoming projects, some that have started and are nearing completion, while others such as the one below, are starting to see basic movements in the construction part being laid around.

Kamla Horizons entrance
Kamla Horizons entrance
Road near Kamla Horizon, Bhandup.
Road near Kamla Horizon, Bhandup.

Kamla Horizon, Landmark Group

Kamla Horizon is one such project where work has already started from the looks of it, which was gained via a little tour, in and around the property, from a very recent field visit. The ground has been dug and the basic layering set. However, it has quite some time before it develops as construction work recently started on the plot.

Ease in Connectivity

There’s a predominant railway network that makes travelling along this stretch as easier as it is for the suburbs around the Western Express Highway. In fact, the presence of Central Line is hugely beneficial to suburbs of Bhandup, Mulund and beyond, as it ensures travelling to Thane and Navi Mumbai while at the same time until CST via Ghatkopar, Kurla, Chembur, etc. The long stretch of L.B.S road around which these areas are based, where real estate growth can happen and is starting to take shape, is easier to commute through, as it is this main road which subsequently forms the main connecting road to JVLR and thereafter, to Eastern or Western Express Highway. Although, L.B.S road is also connected via various bridges and inter connecting roads, it’s still accessible the best via JVLR into Eastern Express Highway to reach parts of New Bombay.

LBS Road near under construction HDIL Whispering Towers
LBS Road near under construction HDIL Whispering Towers
HDIL Whispering Towers under construction
HDIL Whispering Towers under construction

HDIL Whispering towers

This is another such property that is seeing a lot of construction work and even though it’s completion would take time, it’s presence right on L.B.S Road makes it intriguing for someone looking at smoother commute and connectivity, in order to be at literally a stone’s throw away from the major malls and residential areas which are not in the interiors.

Nirmal Lifestyle and Neptune Mall are going about the same way we previously talked for mini-townships, with regards to the tendency of big budget present-day developers having a big chunk of land in the suburbs, building a basic ecosystem around which, one not just tries to build a repute by, but also feed off it by providing a marketable alternative.

Neptune Flying Kites located behind Neptune Magnet Mall at Bhandup.
Neptune Flying Kites located behind Neptune Magnet Mall at Bhandup.
Neptune Properties such Neptune Flying Kites under construction as seen from outside the road.
Neptune Properties such Neptune Flying Kites under construction as seen from outside the road.

Social Conveniences

Along the whole stretch of the L.B.S marg and along the L.B.S road, one can see many existing, and upcoming properties. The roads are well-laid out, but is full of patches one assertively and rightly attribute to Mumbai’s unique reputation of ‘amazing’ roads and not be troubled with anymore out of extensively common occurrence. There are many big malls and well-known hospitals, all along the stretch such as R Mall, Neptune Magnet Mall and Nirmal Lifestyle, and hospitals such as Fortis. Presence of schools and colleges are as much as that of open spaces and gymkhanas, which are not as much as in the case of other suburbs. It’s also at very close proximity to Eastern Express Highway. Thane and Powai are both equidistant from these suburbs of Bhandup, Kanjurmarg and Mulund. The presence of Sanjay Gandhi National Park a little far off in the west, mountains and barren land, and a lot of mangroves far off in the east near the Eastern Express Highway makes the area a little cooler and greener than most other growing real estate localities and neighborhoods.