Shifting epicentres

Satellite towns are the best way to decongest cities to meet the needs of a growing population, says Subhankar Mitra.

The immediate impacts of satellite town formation - and the primary advantages - would be an at least partial decongestion of the central city and a rise in property valuations in the satellite town. The appreciation rate would depend on what kind of infrastructure has been/is being put in place in the satellite town, and what other market drivers it features.

PRICE DYNAMICS

Since appreciation is of paramount interest from an investment point of view, this aspect deserves amplification.

Property prices are a function of demand and supply. Demand is created by a suitable combination of market drivers such as employment potential, infrastructure and overall quality of living. If a satellite town offers these in sufficient magnitude, and if there is sufficient connectivity to the main city by means of road and rail, this new area can often put a slight downward pressure on property prices in the more centralised regions while showing a steady upward trend on its own property price graph. This, however, happens only under optimum conditions, which must be created by meticulous town planning and proactive local Government support.

THE DOWNSIDE

Of course, living in a satellite town is not everyone's cup of tea. There would be a perceived disadvantage for those use their home in the satellite town to travel to their workplace in the central city, especially if the necessary degree of road/train linkage has not been created. Also, buying a home in a satellite town can lead to a sense of isolation and general dissatisfaction if the location does not feature the kind of social life and entertainment that would be seen as necessary lifestyle quotients.

Some central city dwellers would choose to move to such satellite towns in response to the available relief from city-related stress and cheaper property rates. However, the majority of metropolitan inhabitants would choose not to relinquish their foothold in the main city. Many satellite towns coming up today are of greater interest to migrant populations rather than core city inhabitants, and local developers tend to zero in on this population while planning their projects.

DEVELOPERS' DELIGHT

A classic example of best-scenario satellite town planning would be the Pimpri-Chinchwad Municipal Corporation (PCMC) of Pune, which is an industrial hub in its own right. Within the PCMC area, Pradhikaran has emerged as the location of choice for mid-to-high level management staff working in the various surrounding industries, and various local development concerns such as Pharande Spaces have recognised and focused on this potential. Areas such as Navi Mumbai and Pune's PCMC are planned developments that have their own social infrastructure as well as distinct resident profiles social character.

If satellite townships have been meticulously masterminded by the relevant town planning authorities, they will incorporate their own economic drivers such as employment opportunities, social infrastructure and lifestyle quotients.

Simply put, such a combination of factors opens up a new growth area for the real estate market. Under suitable circumstances, office, retail and residential property will work in tandem to create a symbiotic growth pattern. Moreover, once such a satellite town is established, it tends to attract various industries specific to the available workforce, further boosting this pattern. The overall effect is one of economic diversification of a possibly congested metro into new directions. This naturally spells nothing but good news for the region's real estate market.

SUBHANKAR MITRA IS AVP - STRATEGIC CONSULTING, JONES LANG LASALLE MEGHRAJ

( via - Times of India )

Dheeraj Realty's Constellation

Dheeraj Realty's Exotica

Tanishq Park

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Higher, still higher

Offering quality homes, enhancing lifestyles and bringing professionalism in the industry is what we have set out to do, says Niranjan Hiranandani

For Niranjan Hiranandani, MD, Hiranandani Group, and his brother Surendra Hiranandani, the journey to success over the last 15 years has by no means been smooth. For the sons of the illustrious surgeon Padma Bhushan Dr. LH Hiranandani, getting into real estate was like charting a different course altogether. Despite standing second in Mumbai University and having a degree of Chartered Accountancy, Niranjan Hiranandani decided to do business.
He says: "Coming from a professional family, we felt like fish out of water. We started with textiles and real estate was on the side. But it was difficult to do both. The textile business was not doing well, and real estate too was not on a sound footing. Raising capital was difficult. We were burdened with borrowings from hundis and banks. This went on until 1981 when we came at a cross-road." In 1981 he closed his textile business. “From that moment we became focussed on real estate. We started with 11 buildings at Lokhandwala, including the prestigious Beach Classic."

However the times were not easy. Material like cement was adulterated and available in controlled quantities. Steel was not of good quality. Not being engineers compounded the problem but the brothers did not give up.

Hiranandani recalls: “Once when I told my chief engineer that roofs and cornices should not leak, he laughed, saying he had not heard of such a thing in his career of 20 years. Roofs are bound to leak and plumbing will have to be replaced after a few years. You should make money, he said.
"I don't know whether we will make money or not, but you should give me quality construction second to none," Hiranandani replied. Customers were happy the buildings were intact even after ten years and that helped the group build a reputation.

Hiranandani says, "The buildings made on Marine Drive, for more than seventy years, have better quality RCC than buildings made in the '70s. Materials were difficult to procure, and of bad quality, but the application of knowledge that you could do things better was willfully lacking. We pursued quality although we were paid less, as the expectations were not high;
customers were not aware and not demanding." He continues, "We trained our people to respect and maintain quality, an investment now giving good returns. Enhancing quality became a habit and is a constant endeavour."

Being brought up in Malabar Hill amidst quality living, he replicated the lifestyle in Powai, the first integrated township on mixed usage concept that he did with his brother as an equal partner. "Now the model is being followed widely. We made Hiranandani Gardens with an aim to offer quality lifestyle and started with quality buildings, having beautiful façades, designs, entrances, rooms, lobby and lift areas. At prices between 20- 25 per cent of Malabar Hill we offered similar amenities like the best clubhouse, pool, badminton court and even schools, hospitals and retail areas."

The Group has many firsts to its credit. They developed the first super
market in India - Haiko, video games parlour and even the world-class Dr LH Hiranandani hospital. The group is now working on its project Hiranandani Estate in Thane.

Hiranandani prides himself for being among the first developers to go green. "We worked on environmental improvement of Powai. We created the largest sewerage treatment plant in India.” The complexes at Powai and Thane have rainwater harvesting centres. The group has created the first Leed platinum rated green commercial centre in India, looking towards creating a second one soon. As past president of MCHI and HUDCO and now with CREDAI, he has also been working closely with the government for the betterment of the industry.

Having received many awards he says, "The greatest compliment was when a customer came up to me and said, 'More than creating history, you have created geography. A few decades ago Powai did not exist except as an outskirt of Mumbai, a picnic spot near Vihar lakes. Today it exists on Mumbai's map prominently." The group is now expanding in other cities.

Hiranandani is proud of his son Darshan who has created a 90-storied building in Dubai. "It is a classic case of the son beating his father," he says, beaming with pride.

( via - Times of india )

Reaching new heights

Kalpataru Limited’s innovative designs and excellence in construction has carved a niche for itself, says Parag Munot .

Since its inception in 1969 by chairman Mr Mofatraj Munot, Kalpataru Group has witnessed several changes. Kalpataru has developed a core competence in the field of property development, power transmission towers, civil engineering, property management and real estate. Kalpataru Limited is the real estate arm and a part of Kalpataru Group.
Kalpataru had a humble beginning with the first project Kalpataru at Peddar Road. Since then, they have set up some landmark projects. Kalpataru Heights in 1995-96 was, at 39 storeys, the tallest building at that time. At Kalpataru Horizon, Worli, the first floor starts from 14th level, where space is dedicated to parking, a clubhouse, and gymnasium.
Mr Parag Munot, director, who joined the group in 1995, after pursuing his education at Carnegie Mellon University, USA. says: "Quality, innovative design, achieving excellence in technical aspects as well as customer experience have always been Kalpataru’s aims.”
Kalpataru has a presence in Mumbai as well as Pune. In Mumbai, its projects are in Thane, Ghatkopar, Andheri, Sion, and Parel, among others. "Every locality has its own uniqueness," Mr Munot adds.
Citing their project at Sion, Mr Munot says, "Kalpataru Residency was a different project, as people from Sion itself shifted to our project. We also have Kalpataru Habitat, which was altogether an achievement, as having a luxurious project at Parel was never thought of."
Their current projects include Kalpataru Aura at Ghatkopar, Kalpataru Towers, Kalpataru Gardens Phase II at Kandivali (east), Srishti at Mira Road, Kalpataru Estate at Andheri (east), Kamdhenu at Mulund (east), Siddhachal and Kalpataru Hills at Thane (west) and their Navi Mumbai project Kalpataru Riverside at Panvel. Projects in Pune are Kalpataru Estate at Pimpale Gurav, Sudha Kalash at Pimpale Nilakh, Kalpataru Serenity at Manjari. Some future projects include Kalpataru Pinnacle at Malad (west) and Kalpataru Splendour at Wakad.
Kalpataru is also present in the commercial segment with Korum at Thane (west), Kalpataru Square at Andheri (east). Kalpataru Synergy at Santacruz (east), Kalpataru Point at Sion and Kalpataru Court at Chembur, which are completed projects.
Going green is the new trend and Kalpataru has used ample green initiatives, particularly in Kalpataru Square. Most of their projects are environment friendly and importance is given to energy saving. Mr Munot says, "Our commercial project Kalpataru Square has received platinum level pre certification LEEDS-CS rating from the US Green Building Council."
"Land cost has to be low for affordable housing," feels Mr Munot. Affordable housing has a huge demand and depends upon location and city, Mr Munot says.
Elaborating on their E3 homes concept, Mr Munot says, "Most families prefer to buy 2 BHK and an extra room is always a good value proposition. We have pioneered the concept of E3 homes (economical, elegant and efficient) to offer an additional room to customers and let them enjoy the benefits of 3BHK, while not actually paying the cost for a regular 3BHK."
Demands have changed over the years and buyers have become quality conscious. Mr Munot explains, "Every customer wishes to be in a home, where one is getting luxurious amenities within the complex."
Kalpataru Group is firmly committed to the community through its Munot Foundation. Mr Munot says, "We have Mobile Crèches at construction sites for worker's children and medical camps are also held at our projects. We also do many social activities at our home town Rajasthan."
Kalpataru has received many awards for their contribution to the sector. The group has won awards for Kalpataru Horizon and Kalpataru Synergy. Kalpataru Heights received the award of "Outstanding Concrete Structure 1999-2000" by Indian Concrete Institute, Maharashtra Mumbai Centre.
Speaking of the industry, Mr Munot says, "There has been a dramatic change due to professionalism, FDI opening and appetite of the developer is also growing. "Infrastructure is very important for the sector," he adds. "Projects like Bandra-Worli sea link, and metro rail will really boost the sector, but government needs to increase the initiatives."
Mr Munot says that what he likes best about being in the industry is the “passion to create developments” During leisure hours, Mr Munot likes to spend time with his family and pursue photography.
"Our vision,” he declares, “is to give premium and innovative projects and to see that buyers get the best."

( via - Times Proporty )

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