Introducing “Ireo Open Living”

Distilled from years of interaction and research at Ireo, with town planners, home designers and customers, Open Living focuses on bringing an enhances sense of openness and freedom to your lifestyle, through intelligent design and careful planning of multiple interlinked lifestyle needs.  Not just within the four walls of one’s home, but also extending in to the surrounding eco-system.

Explore: Ireo Open Living

Real Estate

It’s About Execution

There is a clear link between construction progress and sales velocities of residential projects, say sales analyses in the top seven Indian cities of India. After the economic recession, buyers became cautious as many projects were put on hold during the recession. Either a cash-crunch among developers or low sales volumes discouraged developers from continuing with construction of their projects. In some cases projects were shelved and the buyers were compensated. Such instances have made buyers prioritise factors such as developer reputation, ability to deliver on time and project approvals as important criteria for making a decision to buy.

A buyer’s market is one where there is a need for completion of construction before a project is fully sold. In contrast, a market where the projects are fully sold before completion is a developer’s market.The analysis reveals that Hyderabad is a buyers’ market as residential projects witness the bulk of sales activity during the construction process as opposed to the proposed stage.

Read more: Times of India

New Age Living: Luxury Homes

Master Bedroom at Ireo Gurgaon Hills

Avisit to a five star hotel is more than eating good food. It is the ambience that catches ones eyes that makes one dream of a home like that. Gone are the days when it was just comfort that was the need at home. Today, apart from comfort, one also seeks warm ambience and presence of all the latest amenities which adds to the appeal of a home. It is a need not just to refresh one’s mood but a good home with pleasing interiors also reflects one’s taste and status symbol.

The concept of luxury housing is the in thing today. It has become not just a trend but need of the so-called modern and busy corporate executive who wants to retire in the zone of comfort and facilities that make life easier. Earlier high end luxury homes existed in the lifestyle and interior books, but now they are certainly a reality.

Defining the term luxury homes, Director, SAS Hotels & Properties Private Ltd. Sanjay Seth, says, “A luxury home is more than a living space with each space exhibiting its own unique character defined by the sensibility of the individual user. It provides comfort, warmth and is eco-friendly. To me, it is something that stands out as a work of art in interiors and exteriors.”

Read more: Times of India

Luxury Quotient

Citilights has launched Blessings, an exclusive project with luxuriously designed penthouses and 3 BHK apartments on Kelambakkam-Kovalam High road. There will be 104 apartments with unit size area ranging from 1,650 to 1,880 sq ft and a price tag of 55 lakh – 80 lakh. The 13-floor tower will be ready by December next year. The inaugural offer price would be 3,100 per sq ft. Among the amenities that will be provided include swimming pool, individual RO at every kitchen, 100% power back up for common areas, party hall at club house, AC gym, landscaped terrace garden, landscaped centre podium with water bodies, terrace jogging/walking track and terrace open party area.

Read more: Times of India

Now you can apply online for conversion of property in Delhi

Delhiites wanting to convert leasehold land to freehold property can now do it online, with the Delhi Development Authority today launching a dedicated software for the purpose. Launching the new facility, Urban Development Minister Kamal Nath said more services of the DDA will go online to reduce paper work and hassles of the people.

The software will help people apply online for conversion of land from leasehold to freehold and the applicant can track the status of his request and fulfill formalities through emails. The applicant has to come to the DDA office only once now, Nath said. On the Masterplan 2021, Nath said the DDA has received over 4,000 suggestions and the Ministry has finalised on 23 specific amendments for issuing public notice.

Read more: The Economic Times

Realtors hopeful of government help to lower funding costs

Real estate developers’ apex body CREDAI today said the government has assured that it will look into the problems of the realty players and work towards lowering the cost of funding by banks and other lenders. The real estate sector has been demanding for a long time steps by the government towards reduction in cost of financing for it, saying such initiatives were necessary for property prices to fall from the current levels.

The Confederation of Real Estate Developers Associations of India (CREDAI) today said that its Chairman Pradeep Jain had a meeting yesterday with D K Mittal, Secretary, Department of Financial Services in the Ministry of Finance. “We had a very cordial and fruitful discussion as we raised the various issues being faced by developers across the country in terms of high cost funding and escalating cost of material which adversely affect the cost of housing,” Jain said in a statement.

Read more: The Economic Times

Rainwater harvesting should be made mandatory for developers

India is the top-most groundwater abstracting country in the world, double that of China, says a recent UN report. With a fast-depleting water table, the Centre is trying hard to promote conservation through rainwater harvesting. But rainwater harvesting is yet to catch up across the country. Brotin Banerjee, CEO & MD, Tata Housing, tells Business Line in an e-mail interview that it is high time rainwater harvesting is made mandatory.

Are you in favour of rainwater harvesting being made mandatory for housing developers?  As demand for water is growing rapidly and most cities are facing a water crisis, rainwater harvesting should be made mandatory across the country. In fact, it should not only be made mandatory, there should also be stringent monitoring of adherence.

Read more: The Hindu Business Line

New age marketing in real estate industry

Developers were advertising in real estate magazines and in supplements in leading dailies for marketing their products, thus far. One usually saw advertisements of projects in newspapers, hoardings, theme events, real estate fairs or received the invasive and unwelcome SMSs on realty projects. Recently, sops started being dished out on special occasions like Diwali, which read like assured gifts of white goods on the first 100 bookings – a flat Rs 50,000 off on the first 50 bookings and assured return for eight months, free 42-inch plasma TV for the first 50 bookings, etc. As everything evolves, real estate marketing efforts, too, seem to be notching up in the value chain. Developers have started believing that even though all forms of marketing are expensive, the intangible returns cannot be ignored. An innovative marketing concept was the concept of “experiential marketing” by the Ashiana Group.

Read more:  The Economic Times (Delhi edition) 

Finally, Haryana set to levy property tax

The Haryana government has finally decided to levy the much-awaited property tax on people owning residential, industrial, commercial, institutional buildings or plots, following an amendment in the Municipal Corporation Amendment Bill. According to the amendment, all residents can “self-assess” their tax and then deposit the same with the government within 90 days — effective from April 1, 2010, the date of notification of property tax. For self-assessment, any tax expert can calculate tax for a resident. According to the tax calculation method formulated by the government, for residential plots or buildings, Rs 1 per square yard per annum will be charged for plots or houses measuring 250 square yards or less. For instance, if a plot measured 250 sqyds, the property tax per annum will be Rs 250.

Read  more: The Indian Express 

Economy

Pick-up in investment cycle likely to boost markets: Analysts

Although the June quarter GDP number of 5.5 per cent has come marginally above analyst expectations, this does not undermine the fact that this has been the poorest performance for the economy in many quarters in the past.

An ET Now poll had predicted a growth of 5.2 per cent. The FY13 GDP growth estimates in the poll ranged between 5.5 and 6 per cent.

“We believe that the markets have largely factored in a growth rate of 5%-5.5%. So the GDP data is unlikely to have a dramatic impact on the markets,” Dinesh Thakkar, chairman & managing director, Angel Broking, said.

Economists are of the view that the GDP figure may deteriorate further amid deficiency in monsoon rains across the country that will impact the agricultural sector, fuelling further inflation in the days to come.

“The markets will conclusively move up only if we start seeing pick up in both government and private investment, which at the moment stand still,” Gajendra Nagpal, CEO, Unicon Investment, said.

Read more: The Economic Times

Expect at least 12-15% return from market this year: Anand Tandon, JRG Securities

ET Now: What is the call on the markets right now?

Anand Tandon: I do not know whether the monsoon session has much to do with the market. The market has been over enthusiastic in assuming that there will be policy decisions coming from the government. These hopes have been belied for about six years now, but the market always lives on hope. So I do not think that would have been the reason for the market to come down.

We have had a decent uptick over the last 3 months and to that extent I would argue that the current downtick is also pretty much in line with what we expected. It is right now trading in the upper range of a channel and therefore the market should give up some of the gains, notwithstanding anything that we see in the politics.

Read more: The Economic Times

Indian Growth Picks Up

India’s economy expanded at a slightly faster pace in April-June, but industry representatives seized on figures showing investment has slowed sharply as another sign of malaise and stepped up pressure on the government to push through new policies to spur growth.

Gross domestic product grew 5.5% in the first quarter from a year earlier, accelerating from a 5.3% expansion in the Jan.-March period, the government said Friday. That topped a 5.2% expansion expected by economists and marked the first time growth has picked up in five quarters.

Read more: The Wall Street Journal

Households buy less gold, invest more in equity

Even as nominal savings of households fell an estimated 2% year-on-year in the first half of 2012, households have, in a departure from the ‘pervasive preference’ for gold seen in recent years, chosen to park their savings in bank deposits and property. A Morgan Stanley study shows that interestingly, the savings in equities have nearly doubled during this period, albeit on a low base. So far this year, returns from equities and gold have been more or less equal at about 13% with the returns from the Sensex slightly ahead. Earlier this week domestic gold prices hit a new high of Rs 30,920 per 10 gm. The Reserve Bank of India noted in its annual report that household financial savings moderated to 7.8% of GDP in 2011-12 from 9.3% in the previous year and 12.2% before that. Morgan Stanley’s analysis shows that, in value terms, gold is down 11%, bank deposits are up 7% and property is up 37%. Small savings have fallen 15%, but new insurance premiums are up 8%.

Read more: The Financial Express

Internet to reach 45 mn in rural India by year-end: Study

Rural India is not just embracing mobile telephony, it is also warming up to the internet. According to the latest report by Internet and Mobile Association of India (IAMAI), the number of people from rural regions accessing internet rose 73 per cent in the last two years.

The report, ‘Internet in Rural India’, prepared by IAMAI and the Indian Market Research Bureau, states rural India has 38 million claimed internet users and 31 million active internet users. Active users are those who access internet at least once a month, while claimed users are those who have used internet at least once in their lifetime.

Read more: Business Standard

Expect a GDP growth rate of 8% in next 5 years: C Rangarajan, PMEAC

In an interview with ET Now, C Rangarajan, Chairman, PMEAC, talks about the GDP numbers and the road for Indian economy going ahead. Excerpts:

ET Now: What do you make of the 5.5% number? Do you believe it has come in a lot better than what we were expecting?

C Rangarajan: It is consistent with the overall growth rate of 6.7% for the year projected by the PM Economic Advisory Council. We think the growth rate will be somewhat subdued in the first 2 quarters of the current fiscal, but will pick up in the last 2 quarters. Therefore, I do not see the first quarter growth rate of 5.5% deviating from the path that we have envisaged for the year as a whole.

Read more: The Economic Times

Infrastructure

Haryana to fly high with 3 new airports

Haryana will soon take wing. The state is set to have its first ever domestic flight connectivity, with two civil airports and a cargo airport approved by the Directorate General of Civil Aviation (DGCA).

“The state government had moved the proposal to the Union civil aviation ministry for three airports in Haryana. Two of these will handle domestic flights while the third will be a cargo airport,” Congress MP from Rohtak Deepender Hooda told TOI.

The two domestic airports will be built in Karnal and Hisar, while the cargo airport will come up in Rohtak. The plan to open the airports was discussed in a meeting between Haryana chief minister Bhupinder Singh Hooda and Union civil aviation minister Ajit Singh on July 27 in Delhi.

Read more: The Times of India

Widening of NH-24 is a windfall for realty

Work to widen NH-24 to eight lanes has been expedited. This will improve connectivity between Delhi and several parts of Ghaziabad and Noida drastically, which in turn will boost the real estate development

The National Highway 24, between Delhi border and Dasna, is to be widened into an eight-lane corridor at a cost of Rs 150 crore. Development agencies like the GDA (Ghaziabad Development Authority), the Noida authority and the National Highways Authority of India (NHAI) have already approved the project. The widening of the 21km stretch from UP Gate to Dasna, which is used by over 2 lakh vehicles on weekdays, will bring relief to commuters who often get caught in long traffic jams. The widening of NH-24 is expected to considerably boost the development of real estate along the project area. Keeping the future developments and high appreciation in mind, real estate developers and development authorities are planning for mega housing projects on this stretch.

Read more: The Economic Times

Delhi Govt. to re-develop 825 km of roads

The Public Works Department of Delhi Government is drawing up a Rs. 1,050 crore plan for complete re-development of nearly 825 km of roads that have been transferred to it from the Municipal Corporation of Delhi. Delhi PWD Minister Raj Kumar Chauhan said on Thursday that the plan envisages taking up works worth Rs. 250 crore in the current fiscal and of another Rs. 800 crore in 2013-14. The Minister said to expedite the works, the financial approvals for both the years are being taken in one go. “The payments for the work undertaken during the next fiscal would have to be made at a later stage but following the approvals we would be able to plan out and start the work for the next fiscal right in the beginning of the year.”  Chauhan said under the plan these roads would be given a complete makeover.

From The Hindu (Page 3) 31 Aug 2012

Retail

Shop till you drop: Retailers open stores early, close late to boost sales

From opening stores at 7 in the morning to shutting down well after midnight, several big retailers now work overtime to increase their sales amidst weakening consumer sentiment by wooing joggers and night owls.

Reliance Retail, for instance, has advanced opening timing for some of its supermarkets in Maharashtra by two hours to 8 am to attract joggers and office goers, while Future Group’s KB Fair Price stores open even earlier at 7.

Read more: The Economic Times

India fastest growing market for Domino’s

Despite a palpable slowdown in the eating out industry across the globe, India has emerged as the fastest growing market for Domino’s, outpacing US, which is the largest market for the pizza chain major across 73 countries where it has presence. India recorded an annual growth rate of nearly 50% for Domino’s for the fifth consecutive year.

“India has been performing fabulously for us. We are seeing some pressure in western Europe especially, where it has been a very tough economic year for us,” Domino’s executive vice president (international) Richard E Allison Jr said. India, which accounts for 5% of Domino’s’ global sales, is among the top five markets for the US-based company. In terms of store counts too, India has registered the highest growth among all other markets.

Read more: The Econmic Times

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