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The address | Fifth Edition

The monthly issue of our magazine The ADDRESS is out. Get all the information about real estate. View our magazine at http://bit.ly/TheAddress_5

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The address | Fifth Edition

  1. 1. VOLUME-05 August, 2015 COVER STORY Dubai - Jewel of the Desert Monthly infozine of Square Yards Consulting THE
  2. 2. Editor’s Note DearReaders, Thank you very much for the warm feedback for the July edition of The Address. All the feedback goes into bettering our efforts for each edition that wecurateforyourreadingpleasureeachmonth. Thismonth’scoverstorycoversaninterestingdevelopmentaltrendbrewingin thedessertsofDubai-AffordableLuxuryhousing. You will also find in depth case studies on the commercial capital of India - MumbaiCityaswellasabroadoverviewofthecityofjoy-Kolkatta. Some useful tips on buying home insurance and keeping a control over the budgetsoffurnishinghomesarealsoapartofthismonth’sedition. We also cover trends in Theme based townships sprouting all over India for discerning home buyers. A technical article on FSI and its implications is also featuredinthisinfozineapartfromaneyeopeningreportonMasterBedroom sizesin5citiesacrossIndia. Hopefully you shall enjoy this edition of The Address as much as we enjoyed bringingittoyou. Lookingforwardtoyourappreciationandfeedback!
  3. 3. In This Issue Designed and published by Team Square Yards: Content: Somesh Rastogi, Paritosh Kashyap, Amita Singh. Design: Hardik Patel, Ritesh Bhagat, Indrajeet Parihar. Free Publication. All the contents of The Address are only for general information and/or use. Such content do not constitute advice and should not be relied upon in making (or refraining from making) any decision. Any specific advice or replies to queries in any part of the magazine is/are the personal opinion of such expert/consultants/persons and not subscribed to by The Address. The information in The Address is provided on an AS IS basis, and all warranties, expressed or implied of any kind, regarding any matter pertaining to any information, advice or replies are disclaimed and excluded. To order reprint contact: Square Yards Trivia: Tourism Slogans Home Insurance Decoding - Floor Space Index (FSI) 43 13 25 Master Bedroom Analysis 37 21 What’s Hot 17Case Study 07Cover Story In conversation 33 Kaleidoscope 29 Spending on Home Furnishing 39 03 Theme Based Townships
  4. 4. Theme Based Township An Emerging Trend in Real Estate With the changing trends in the real estate market, innovative approaches need to evolve to keep pace with consumer tastes. In view of this development, various builders are taking pioneering steps in launching “Theme based Townships” to stand out from the crowd of almost identical projects. Adding a flavor and a sense of uniqueness to the township culture, these theme based projects are ranging from cultural themes like Spanish, Greek and Mediterranean to interest-related themes like Sports, Hollywood, etc. Gone are the days when home buyers were charmed by the amenities like swimming pool, clubhouse, gymnasium and indoor game rooms in the township plans. Now-a-days, individuals look for glamorous towering concepts. This usually happens with those buyers who have travelled across the globe and have had a glimpse of alluring realty concepts outside. This in turn has shaped their lifestyle aspirations and they want their dream home to be a reflection of the same. Not only the developers, even Indian government is pumping money in these themed township projects. Recently, West-Bengal government has come with a township concept based on the theme of ‘Analytics’. The concept of this city of analytics was launched at the ‘Business Analytics Innovation Summit @ Bengal’. 03
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  6. 6. Here are some of the popular themes on which some of the renowned township projects are coming up in India: Mediterranean Theme Such themed projects offer an abode that exemplifies stylish architecture and tranquil surroundings of the Mediterranean regions. From arches, porticos to cut-stone facades and railings and lush greenery to beautifully landscaped gardens every bit is Mediterranean in feel. Pebbled pathways, vast landscaped gardens and ornate fountains add to the beauty of this theme. Exemplary projects of TATA Housing - La Montana, Pune & Sobha City, Bangalore are based on Mediterranean theme. Singaporean Theme A Singaporean-themed township offers eclectic styles of spacious and well-built apartments, bungalows and villas that illustrate the lively and diverse culture of Singapore. The scenic beauty of gardens complement and harmonize with the elegant and handsome aesthetic classical architecture from Singapore. Bloomfield in Pune is a Singaporean- themed township developed by Amit Housing. Disney Theme Inspired by the concept of Walt Disney’s theme parks, residences designed around this theme offer a veritable fairyland to call home. These townships are a truly enthralling experience, especially for children providing colorful play areas with favorite Disney characters represented in one form or the other. Lakeside Habitat, a project by the renowned developer Prestige Group, is one of the distinct new launches in Disney theme in Whitefield, Bangalore. Roman Theme The roman architecture theme illustrates a perfect blend of classic and modern Rome providing a serene environment for a refreshing and royal lifestyle. Large amphitheaters in lush green wide landscapes with classic pillared apartment buildings make the perfect amalgamation of modern and classical world assuring its inhabitants a pleasing lifestyle. Supertech Limited has come up with this unique residential project, Supertech Romano, in Noida. 05
  7. 7. Spanish Theme Spanish themed residences illustrate the elegant architecture of planned townscapes with typical Spanish courtyards, patios and arcades. The traditional gardens along the aesthetic motifs covering the landscapes make a fruitful attempt to keep up with the Spanish culture and architecture. Villa Viviana a Spanish themed township is a joint venture of Arihant Housing and J P Morgan in Chennai. Viviana brings out the essence of the Spanish lifestyle in its design and structure. Golf Theme The USP of these golf-themed housing projects is the availability of sports facilities for residents along with designer golfing fairways, tree-lined streets, pedestrian paths, cycle tracks and much more. These themed townships provide a resort-like environment as more than 80 per cent of the project area is dedicated to greenery with landscaped parks, artificial lakes, fountain sculptures along with segregated children play areas, bird sanctuaries, organic farms, rain-harvesting facilities, and well-manicured walkways. Developers like Logix, Antriksh, Shubhkamna, Brys, etc, have already launched luxury golf- themed housing projects in Noida. 06
  8. 8. Dubai: Crown in the Dessert Once a small fishing village, Dubai has miraculously grown into a skyscraping mega metropolis in less than 50 years. Touted as the focal point of the Middle Eastern (ME) economy, the Emirate is boastful of a vibrant economy driven by multiple key sectors such as real estate, tourism, retail and trade etc. On the backdrop of a phenomenal economic growth, Dubai has also emerged as one of the most sought after locations in the world to work, invest and start business ventures. In fact the city boasts of over 200 nationalities - a phenomenon unparalleled in the world. Cover Story : Dubai 07
  9. 9. Dubai: One of the fastest appreciating Realty Market Dubai's economic surge in the recent past has been synchronized with an equally vibrant real estate sector. Dubai's realty growth juggernaut has been propelled by two fundamental factors. Firstly, the growth in economic activities, greater employment opportunities and a large expatriate population base has resulted into demand for world class housing, thereby driving the realty market. Simultaneously, as a part of its long term strategic plans, the Emirate has been smartly developed and marketed as a glittering global metropolis, attracting regional and international real estate investment in leaps and bound. It was one among the fastest growing markets across the globe in the 2005-08 period registering annual price appreciation to the tune of 30%. During 2008-09, due to the global subprime crisis the hitherto buoyant Dubai realty market underwent a slowdown. Nevertheless, on the backdrop of a resurgence in the economy, Dubai's real estate market soon bounced back. During 2013, Dubai's property market appreciated by over 50%. Similar sentiments continued in 2014. Over 140 nationalities have made a whopping real estate transaction of AED 218 (USD 59.4) billion in 2014. Indians are the biggest expatriate investor community followed by Britons, Pakistanis, Iranians and Canadians. 08
  10. 10. Rise of Secondary locations Some of the primary real estate locations in Dubai's real estate landscape involves Downtown Dubai, Jumeirah Lake Towers (JLT), Dubai Marina and Business Bay etc. However the relentless growth of the recent past has also resulted in skyrocketing of property prices in numerous primary locations. The unprecedented rise in property prices have been associated with the emergence of new frontiers of growth in Dubai in the form of new upcoming locations such as such as Motor City, Sports City, Arabian Ranches and Studio City. Based on the concept of affordable luxury these new locations offer slightly economic alternatives in contrast to some of the primary locations, without compromising on luxury and glitter, which Dubai is renowned for. Similarly as upcoming locations, these micro-markets offer ample opportunities for growth in the coming times, thereby offering prudent investment opportunities. 09
  11. 11. Dubai Studio City One such upcoming location is Dubai Studio City, which offers 100% Lifetime Ownership. Part of TECOM & Dubai Media City, it is building Hollywood style studios to support international and regional film & media production. Growing at a scorching pace, it has attracted over 300 companies so far. Dubai Studio City along with its prolific neighborhoods comprising of Arabian Ranches, Sports city and Motor city also constitute an upcoming residential micro- market in Dubai - Pioneering affordable luxury. On the backdrop of high demand emanating from the nearby office markets coupled with regional and international investment activities, anticipated annual growth of Dubai Studio City is in tune of 9- 10%. The Dubai Metro is expected to enter by 2022, which will further add to its attractiveness. 10
  12. 12. Danube: From Mumbai to Dubai Started by a Mumbai based businessman 2 decades ago, Danube today is one of the largest building materials company in GCC. It boasts a product portfolio of over 25,000 products under one roof. Having presence spread across GCC, Canada and Africa its clientele include highly regarded names such as Shangri La, Burj Al Arab, Grand Hyatt and Dubai International Airport. Recently it has also made a noticeable entrance into Real Estate Development. Its 1st two projects, Dreamz and Glitz 1 & 2 enjoyed frantic rush and were sold within few hours of launch. Located on Dubai Studio City and based on the concept of affordable luxury, the projects find patrons among both international investors and the emerging expatriate class of the emirate. Danube Glitz 3 & 4 After the success of Danube Dreamz, Glitz 1 & 2, the developer has launched Glitz 3 & 4. Conceptualizing the idea of blending luxury with affordability, the project comes up with 1, 2 and 3 Bedroom Apartments. It has in built lifestyle amenities which have been designed specifically for the young contemporary populace. Locational Advantage 8 Minutes from Mall of Emirates 8 Minutes from Sheikh Zayed Road 1 Minute from Arabian Ranches 11
  13. 13. 5 Reasons to Invest in the Project 1. Based on the Concept of Affordable Luxury 2. High Appreciation expected in the coming years 3. Strategically Located 4. Trusted Brand name of Danube 5. Dubai offering stable and Robust investment environment 1% Payment Plan brought to you by Square Yards 1 Bed Room Apartment - Price AED 800,000* As per monthly plan, pay only AED 8000* 2 Bed Room Apartment – Price AED 1,100,000* As per monthly plan, pay only AED 11,000* 3 Bed Room Apartment – Price AED 1,350,000* As per monthly plan pay, only AED 13,500* 12
  14. 14. Home Insurance, A Need or a Necessity?? Here is why you need Home Insurance: It is an astounding fact that after people have poured in crores of rupees into building their houses and lakhs on furnishing them, providing an insurance to their abode is not a concern for them. In today’s World uncertainty is the only certainty. India’s geographical features and climatic conditions in South-east Asia make it fairly vulnerable to natural disasters. Home insurance is the most neglected entity in India where the threat perception and insecurities with life’s most valuable asset are even higher. Home insurance protects both your house and property at a minuscule cost and the benefits far outweigh the cost. A fire or a flood may not damage the structure, but will ruin everything else inside the house. So you also need to insure the contents of the house against the damage. 13
  15. 15. Home Insurance Types: Insurance titled “Building Insurance” typically covers a landlord against damage, destruction and loss of rental opportunities in their building. Building insurance is required for any mortgage on a property, to protect two main parties, the proprietor and the lender. Lenders usually insist on including this cover with the mortgage agreement. Building insurance is required for homes, businesses, and government and public property alike, whereas house insurance is exclusive to dwellings for families. “Home insurance” is a form of insurance that protects the homeowner from various hazards, covering the losses incurred to one’s home and its contents. The cost of home insurance will vary greatly depending on what kind of cover you wish to have and the amount of content you wish to insure. No home insurance policy is the same, so be sure to research what kind of protection your insurer is offering, for example, if you happen to live in an area at risk of flooding, your regular home insurance will not cover this unless specified. Home insurance is typically a term contract, meaning that those wanting insurance will have to pay their insurer every term. The cost of your home insurance premium will inevitably come down to what risk your property faces from damage, theft and so on. It is well worth shopping around for the best deals online, using price comparison sites and money saving websites to help get the best deal for you and your home. 14
  16. 16. Additional Riders to Home Insurance: Home insurance covers losses to the structure and content of your home due to natural and man-made calamities. In the event of an environmental disaster or an accident on your property, homeowners insurance is a safety net that can protect your finances from potential depletion. Home insurance policies also come with specific riders like: 1) Fire and perils cover -The policy provides cover in case of accidental damage due to fire, lightening, storm, cyclone, and flood It also provides an extended cover for damage caused by riots, strikes and missile testing operations. 2) Earthquake Cover - The policy offers coverage against loss or damage to any of the insured property. However, many policies do not cover flood or overflow of the sea, rivers and lakes due to earthquake. 3) Burglary and Theft Cover - The contents of home are also covered against burglary or theft. The coverage will also be extended to silver articles, jewelry, precious stones and other valuable items, provided these are kept in a locked safe within your home premises. 15
  17. 17. Points to remember while choosing a Home Insurance policy: There are various home insurance providers in India that offer different plans as per individual needs. To ease your selection, we have listed down important points which should be evaluated while choosing one home insurance company over the other: Check premium and coverage: Firstly, evaluate risks which your home is facing or might face in future. For example, if you live in a flood prone area then you should ensure that your home insurance policy is covering flooding risks also. Also, while checking coverage, it is prudent to check if the premium fits your budget or not. Check claim settlement ratio: A good company is judged by the turnaround time of settling claims. The very purpose of insurance will be defeated if you do not get a claim when it is required. So, it is worthwhile to check the claim settlement record of companies before zeroing in on one insurer. Look at the company’s reputation: The first and foremost characteristics of a good company is that it has a customer friendly staff. It is always important to choose a company who is well equipped to assist you at any point of time. Home Insurance unlike Life insurance has a significant impact on security against any uncertainty. The concept has evolved with rapid urbanization and parallel development across various industries. 16
  18. 18. Mumbai: The Commercial Capital of India Mumbai, formerly known as Bombay is the financial capital of India. It is spread across an area of 600 sq kms (including suburbs), making it roughly equivalent to Tokyo and Seoul. It has a population of over 21 million - the sixth highest globally and larger than some of the major international cities such as London and New York. The city extends from Colaba in the south to Dahisar and Bhayandar in the north and Mankhurd in the east. It also includes Navi Mumbai, the satellite city of Mumbai and Thane, ‘The City of Lakes’ whose proximity to Mumbai has made it culturally a part of it. The former is located on the South-East of Mumbai, whereas the latter is located on the North-Eastern part of the city. True to its name as the commercial capital of India, Mumbai offers huge business opportunities and higher standard of living- often drawing parallels to Shanghai, its Chinese counterpart. Its status as one of the most sought after city in India has been associated with a series of infrastructure related development along with new commercial and retail spaces to satiate the demand of its ever increasing population. Case Study Mumbai 17
  19. 19. Key Infrastructural snapshot of Mumbai Ø Western Express Highway begins from near the Mahim creek and extends to the Mira Road-Dahisar Stretch, connecting Bandra, Andheri, up to Dahisar. Passing beyond the city border, the 25 km long road continues as the National Highway (NH–8) towards Gujarat. Ø Eastern Express Highway, serves as a link to the NH- 3 and it connects all the suburbs of North Mumbai with South Mumbai. Chatrapati Shivaji Terminus (CST) is the starting point of the expressway which continues up to Thane. The Sion Panvel Highway cuts the Eastern Expressway at the RCF junction, connecting it to the outer areas of the city. Ø Santacruz – Chembur Link Road (SCLR) links Western Highway at Santa Cruz to Eastern Highway at Chembur. It has drastically cut down the travel time between the Western suburbs and Navi Mumbai. Ø The newly introduced Monorail Service has been very beneficial for the residents of the Wadala-Chembur corridor in the suburbs of Mumbai. Ø Mumbai Metro: The Operational Versova-Andheri-Ghatkopar Metro through its smooth and pollution free ride has significantly brought down pressure on the suburban railway system, besides reducing vehicular congestion on east-west corridors. The proposed Charkop-Bandra-Mankurd and Colaba–Bandra–SEEPZ metro link will further help in the decongestion of the city. Ø Eastern Freeway has reduced the travel time by ~45mis between South Mumbai and Ghatkopar. Ø Upcoming Navi-Mumbai International Airport at Ulwe will give a major boost to Navi-Mumbai‘s realty sector. 18
  20. 20. Mumbai Realty Market Overview Mumbai’s status as the commercial capital of the country, its higher standard of living and slew of large scale infrastructure projects has led to a vibrant realty market. Due to high demand, Mumbai has been one of the most sought after realty locations in the recent past. However, higher demand has resulted into skyrocketing of the prices of individual units - falling beyond the threshold of many buyers and investors. This has resulted in certain changes in property market dynamics such as diversion of some investors towards upcoming markets in Bangalore and Pune along with emergence of peripheral locations as new engines of growth and development. Notwithstanding the competition, Mumbai is still boastful of a robust and stable realty market, which draws its strength from sustained commercial activities, new infrastructure development and rapidly growing peripheries. Not to mention, a general uplift in the nation’s economic mood in recent times - as the country’s commercial capital, Mumbai will be the focal point of a wide range of new economic and commercial initiatives. Mumbai’s realty market can majorly be divided into 5 micro-markets: Central Mumbai, South Mumbai, Western Mumbai, Thane Region and Navi-Mumbai. 19
  21. 21. Conclusion Notwithstanding the recent sluggishness in some of the locations in Mumbai due to high prices, Mumbai offers great prospect to realty investors. There is a sense of calculated optimism in the market on the backdrop of recent changes in the government last year along with new infrastructure projects such as SCLR, Metro line etc. integrated with surge in commercial, retail and industrial activities. In mainland Mumbai, key locations that will drive growth in the coming time include markets like Chembur, Worli and Bandra West etc. Likewise satellite cities such as Navi Mumbai and Thane on account of subdued price and surge in infrastructure and commercial activities will continue attracting interest. On an average, prices will showcase upward trend in the coming times. South Mumbai and few locations in Western Mumbai can demonstrate dip or flattening of the prices. Over two thirds of the investment in the Mumbai market will emanate from end users. Pure investment activities will be more concentrated in places such as Ulwe, Uran, Panvel and Kharghar etc. in Navi Mumbai and Thane. 20
  22. 22. Godrej Azure (Pre-launch) Location:- South Chennai Price & Configuration:-2BHK, 3BHK, starting from 26 Lakhs onwards USP's:- 1. Connectivity 2. Accessibility to major IT Parks, hospitals, schools & colleges Purva Mayfair (Pre-launch) Location:- South Chennai Price & Configuration:-2BHK, starting from 58 Lacs Onwards USP's:- 1. 10% Less than market Price 2. Exclusive 2 BHK units on Pre-Launch 21 What’s Hot
  23. 23. Prestige Song of South (Pre-Launch) Location:- Bangalore Price & Configuration: 1BHK, 2BHK, 2.5BHK, 3BHK, 3.5BHK,BHK starting from 29 Lacs onwards USP's:- 1. Ideally located near the coveted IT Park – The Electronic City 2. Very good connectivity to main locations 3. Ring Road connectivity at Just 3kms away (NICE Road) 4. 50% Open Space Hiranandani (Edina & Bayview Towers) Location:- Chennai 2BHK, 3BHK starting from 87 Lacs Onwards USP's:- 1. 25:75 scheme 2. Rent back offer: 30000 per month for 18 Months 3. Booking Amount: 4 Lacs 22
  24. 24. Omkar Ananta Location:- Goregaon East Price & Configuration:-2BHK, starting from 1.39 Crore onwards USP's:- 1. GREAT LOCATION AT GOREGAON (E) 2. WITH LIMITLESS VIEWS 3. Easy connectivity to JVLR, WEH, GOREGAON STATION. 4. POSSESSION BY MARCH 2017. Sethia Sea View Location:- Goregaon West Price & Configuration:-1.5BHK, 2BHK starting from 1.24 Crore onwards USP's:- 1. Seaview Apartments at Goregaon West 23
  25. 25. Lodha Park Location:- South Mumbai Price & Configuration: 1BHK, 2BHK, 3BHK, 4BHK, 5BHK starting from 4.04 crore onwards USP's:- 1. The most vibrant façade of Mumbai 2. Inspired by the great parks in the world like Central Park, Hyde Park, New York etc Godrej 101 Location:- Gurgaon 2BHK, 2.5BHK, 3BHK, 3.5BHK starting from 84 Lacs onwards USP's:- 1. Attractive payment plan of 20:20:40:20. Limited period offer. 24
  26. 26. Floor Area Ratio (FAR or FSI) = (Total covered area on all floors of all buildings on a certain plot, gross floor area) / (Area of the plot) An architect can plan for either a single-story building consuming the entire allowable area in one floor, or a multi-story building that rises high above the plane of the land, but which consequently results in a smaller footprint/floor plate than would a single-story building of the same total floor area (As shown in the Image). Certain types of spaces, such as basements, parking areas, and utility rooms, are exempt from FSI, which means that they do not need to be counted in the FSI calculations. By combining the horizontal and vertical limits into a single figure, some flexibility is permitted in building design, while achieving a hard limit on at least one measure of overall size. The Floor Space Index is dictated by the government through its authorized agencies. It varies from location to location, and is also transferable from one area to another. What is FSI? Floor Space Index or FSI is truly a mystic number in Real Estate across the world. Basically this number denotes the upper limit of the built space you may construct on a given plot. It is the ratio of permissible built-up area to the plot area. Thus FSI directly impactshow much a developer benefits from a particular land parcel. Decoding - Floor Space Index (FSI) 25
  27. 27. Foundation of FSI A post-World War II innovation, America introduced a new form of building control. This is called FSI (Floor Space Index) in India and FAR (Floor Area Ratio) everywhere else in the world. It is the ratio of built-up area of all floors on the plot to the area of the plot itself. The FSI regulation was welcomed by architects as a new breed of FSI friendly Architects were born. They liked the design freedom to reduce the footprint of the building and increase the number of floors, while still observing the FSI rule which sets the total built-up area allowable on each particular plot. But from the authorities’ point of view, the FSI specified has to be carefully managed to ensure that the extent of built-up floor space permitted in a locality does not exceed that locality’s infrastructure capacity, in regard to water supply and sewerage of course but, more importantly, in regard to transport and crowding on the streets. 26
  28. 28. Difference between FSI and Fungible FSI The word fungible - from the latin root fungiblis - describes something that acts as a replacement for something else. The municipal corporation of Mumbai introduced this system to curb misuse of existing building regulations by developers. Developers would build space over and above the allowable FSI by exploiting some grey areas in building regulations. These grey areas centered on things that were free of FSI, or not counted in FSI calculations, such as flower beds, services shafts, and balconies. In the fungible FSI system, the allowable FSI on a plot is increased by 35%, with a maximum cap on the total construction area, with no exemptions. This serves to reduce overbuilding on plots by developers. The fungible FSI seeks to act as a replacement for or a legalization tool of the misuse of regulations, but with a clear mathematical limit that should not be exceeded. As of 2015, fungible FSI is applicable to all plots in Mumbai with the exception of those that fall under Coastal Regulation Zone (CRZ) limits. Current status of FSI in Mumbai The Floor space index in Mumbai varies depending on the development ensued upon. Generally an FSI of 1.5 - 1.6 is considered in the island city, and an FSI of 1 in the suburbs. However for redevelopment, slum rehabilitation, making common recreational areas, construction of low range apartments etc., the Government helps compensate the builder by providing additional FSI, so that the developer can benefit out of rehabilitating old constructions, making more public utility areas etc. Developers can also buy additional FSI by paying premium for it, so as to build dry areas, flower beds etc. 27
  29. 29. New FSI Policy – “Mumbai’s Draft Development Plan 2034” The Development Plan 2034 has come up with maximum permissible floor space index (FSI) foreach plot area in Mumbai. Realty players have welcomed the Municipal Corporation’s proposal to increase floor space index (FSI) up to 8 in the Development Control Rules to be applicable till 2034. The permissible FSI will eventually increase as per the locations with better infrastructure connectivity, accessibility, area’s future potential, its proximity to transit stations and the existinglevels of FSI consumed. The Pragmatic side of the New FSI Policy Ÿ The new Development Plan proposes FSI to accommodate the expected increase in Mumbai’s population both on residential and commercial fronts. Ÿ Transit Oriented Development (TOD) is encouraged by providing higher FSI for areas that are well connected by public transport and quite close to railway stations and existing and upcoming metro stations. Ÿ The new DP finally removes all ambiguity around calculations of what is counted in FSI; now, there is nothing that can be built and not be accounted for as free of FSI. This brings in much-needed simplicity and transparency, and reduces the scope for manipulation. The Idealistic side of New FSI Policy Ÿ For the Western Suburbs, higher FSI may be largely impractical because of the civil aviation funnel and road width requirements Ÿ Developers are disincentivized from providing amenities such as swimming pools and clubhouses in their projects, as they are part of FSI to be paid for but do not generate direct revenue 28
  30. 30. Kolkata (formerly Calcutta) is the capital of the state of West Bengal and the second largest city in India (after Mumbai). If Bangalore is the Seattle of India, than Kolkata is the sub- contintent’s London. It is an ‘in your face’ city that shocks and charms the unsuspecting visitor. Abject poverty mixed inexplicably with crumbling British Raj-era gems, sprawling gardens and historical colleges. Long known as the cultural capital of India, Kolkata continues to spawn generations of poets, writers, film producers and Nobel Prize winners. If your trip only allows for a visit of one or two of India’s metropolitan cities, then definitely consider placing Kolkata on your itinerary. Love it or hate it, you definitely won’t forget the city on the banks of the Hooghly. Kaleidoscope – Kolkata, City of Palaces 29
  31. 31. Kolkata district Kolkata/Southern fringes|Southern fringes — the rapidly mushrooming localities toŸ the south of the city include Behala, Jadavpur, Garia and Narendrapur. South Kolkata — the posher part of the city covers Ballygunge, Bhawanipur, Alipore,Ÿ New Alipore, Rash Behari and Tollygunge. Esplanade — the colonial district is still the central business area and is considered theŸ heart of Kolkata. Made up of Park Street, Mirza Ghalib Street (Free School Street), Dalhousie Square, Chandni Chowk, Barra Bazaar and Sudder Street. Maidan — The area consisting of the huge park and its surrounding neighborhoodsŸ includes Fort William, Strand Road, Khidirpur, Dufferin Road, Hooghly Bank and Chowringhee. North Kolkata — the older area of the city, a fascinating district dominated by narrowŸ little lanes and hundreds of century-old bulidings includes Chitpur, Bagbazar, Belgachhia, Shyam Bazaar, Shobha Bazaar, Maniktala, Jora Sanko and the famous College Street area. Also situated here are the Sealdah station, one of the largest train hubs in India, and the newly built Kolkata station. Dum Dum being the prime communication hub of Kolkata having International Airport, Metro Rail, Circular Rail, Ground Rail. Northern fringes — the large industrial area to the north of the city includes Kashipur,Ÿ Dumdum, Belghoria, Khardah, Panihati, Titagarh etc. where there are a number of factories, including jute, paper, cotton, ordnance and chemicals. East Kolkata — rapidly developing, specially driven by the IT sector and home to India’sŸ largest mall encompasses Salt Lake City (Bidhan Nagar), Rajar Hat, Lake Town and the E.M. Bypass. Many five star hotels, theme parks, posh housing estates and techno parks are being built in this area. Howrah — while technically its own city, Howrah is very much a part of the Kolkata metroŸ area, and Howrah train station is where you’ll arrive/depart from if connecting with anywhere north or west of Kolkata. 30
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  33. 33. Economy Kolkata is the economic hub of eastern India and with a vast hinterland it bustles with economic activities. Kolkata creates a huge number of employment and supports many migrants from neighboring states and other parts of the country. The landscape of the city is also fast changing with flyovers, gardens and several new commercial establishments. Kolkata is home to many industrial units of large Indian corporations, whose product range is varied and includes - engineering products, electronics, electrical equipment, cables, steel, leather, textiles, jewellery, frigates, automobiles, railway coaches and wagons. Kolkata is also starting to become a major hub for the IT (Information Technology) industry. With the formation of New Town at Rajarhat and extension of Salt Lake’s Sector-V, Kolkata is rapidly turning into a pro-IT town. More and more businesses are coming to Kolkata to set up their offices. The city has transformed from Cultural capital of west Bengal to a Commercial hub of the sub continent and a leading gateway for future India. 32
  34. 34. Do you think people still prefer the traditional medium of house hunting or they have turned to the internet? According to a Google survey conducted last year on Internet influencing real estate transactions, 53% of overall real estate transactions are being influenced by the Internet today. This pegs the market to about $43 billion worth of real estate which is estimated to grow to about 140 $ billion by 2017. The Internet audience base is expected to reach over 450 million in India by that time. Out of the total searches happening on the internet 40% are happening on mobile and 73% of people who use mobile do so via mobile applications which makes it one of the strongest platforms for real estate queries. Based on the above, it is needless to say that more and more people are going mobile when hunting for a property. What benefits do property portals offer to home buyers? How is squareyards.com different? Property portals started off as platforms to offer consolidated information of all the possible property options under various search criteria and hence have been a boon to the herculean task of searching for the right property. For instance, buyers can easily find out a range of properties of specific size, falling within a particular budget and located in a particular area in just a few clicks. But there are 2 broad problems with such listing portals. The listings on these are paid and hence might not be very transparent. Also the recency and accuracy of information is questionable. 33 In Conversation with Mr. Biswaroop Padhi. Principal Partner - Square Yards
  35. 35. At squareyards.com we have flipped the property search experience upside down. Our search begins with the customer's need in mind. A well-defined 'discovery process' powered by powerful decision driving tools help a home buyer arrive at the ideal set of properties suiting his/her requirements. A large team of Data Engineers incessantly plug in the most recent data into our powerful big- data driven algorithms in the backend to spool a wide array of intelligence which empower a home buyer to arrive at the best suited set of properties on the basis of more than 128 different macro and micro parameters. No amount of my words will do justice to the portal, it is to be explored to be believed. Mr. Biswaroop Padhi. Principal Partner - Square Yards 34
  36. 36. cs ea s TM p 35
  37. 37. What is Scapes? Scapes is a trend-setting online real estate booking engine developed by the Tech team at Square Yards. Our maiden project was for a reputed North India based developer which received humongous response from property buyers across the globe. A total of 357 2BHK, 3BHK and 4 BHK apartments worth more than USD 40 million were booked through the SCAPES platform in under 19 hours. What is the reason for these huge booking numbers? SCAPES has been conceived to provide a richer home buying experience for pre- launch properties. In a pre-launch project, home buyers do not even have a sample flat to feel and experience the home that they will finally get upon completion. SCAPES provides complete convenience and transparency regarding browsing and selecting the desired flat on a very user friendly online portal. With a variety of 2D, 3D layouts, Panoramic views of the project exteriors and home interiors, details of amenities, features, payment plans and instant booking option available online 24X7; it offers home buyers unparalleled convenience. Another key feature of the SCAPES technology is a wide array of Virtual and Augmented Reality walkthroughs and experience tools which offer home buyers a near real experience of the home they will buy without going through the grind of tedious site visits or browsing through hard copy brochures. What can we expect from Squareyards on the Technology front in the future? Keeping the customer at the centre of all our technology driven initiatives, we are committed to push the frontiers of technology to being in unparalleled experiences and decision making power to the hands of the home buyer. A slew of applications addressing pain points of the home buying experience are in various stages of development and we shall be unveiling them to our esteemed clients in times to come. 36
  38. 38. Recently Square Yards Research wing unveiled its Master Bedroom Analysis of five major Indian cities, comprising of Bangalore, Gurgaon, Mumbai, Noida & Pune. The research insights, which has been both obvious & not so obvious, indicate some interesting facts about Indian realty market Mumbai, the commercial capital of India has the smallest master bedroom sizes in 1 & 2 BHK units in tune of 104 & 131 sqft respectively. The smaller sizes of the apartments are indicative of the prevalent space crunch in the city and the exorbitant prices that prompt developers to come up with smaller unit sizes. Interestingly in the case of Mumbai, the same trend completely reverses in case of bigger apartments. Across all the five cities studied under the survey, Mumbai boasts of the biggest master bed room sizes in the 6 BHK segment. This indicates the financial prowess of Mumbaikars across the high end residential units. Deciphering the Indian Realty through the Master Bedroom Analysis 37
  39. 39. Bangalore Gurgaon Mumbai Noida Pune 1 BHK 2 BHK 3 BHK 4 BHK 5 BHK 6 BHK 130 153 179 246 275 329 147 154 174 219 289 350 104 131 158 220 273 397 129 134 160 200 246 211 114 140 173 260 290 260 Average Master Bedroom Size (in Sq.Ft.) 38 Gurgaon and Bangalore remain almost neck to neck in each category, indicating that developers are targeting similar type of demography, which are ideally the IT/ ITES clientele as both the cities are boastful of vibrant IT/ITES sector. Other than the 6 BHK segment, Pune also demonstrates similar trends, on the backdrop of a booming IT/ ITES scene. Noida remains at smaller sizes than Gurgaon in all categories indicating the budget housing trend of Noida and inclination of Gurgaon more towards luxury development. City / Bedrooms
  40. 40. The concept of simple living is now fading. Lifestyle aspirations are high and the earning capacities are increasingly matching these aspirations. People desire for a home that is ultra- plush and has a spectacular appeal. They want a home with quality and grandeur. For many homeowners, especially first-time home buyers, the urge to make a house your own can be strong. However, overspending on home furnishings like decorations, furniture and freestanding appliances can eat away at resources that can be better spent on other aspects of home ownership. Before splurging on an expensive new rug to cover a damaged floor, consider investing in a carpet or durable but inexpensive flooring. A rug will leave the house with you if you move and bandages the issue without directly addressing it. New flooring, on the other hand, can add value to your home and reduce vulnerabilities that homeowners’ insurance providers frown upon. Spending on Home Furnishing – How much is too much?? 39
  41. 41. Everyone wants to personalize a new home and upgrade what may have been temporary apartment furniture for something better, but it is suggested not to go on a massive spending spree to improve everything all at once. As nice as solid maple kitchen cabinets might be, they aren’t worth jeopardizing your new status as a homeowner. Various home improvement projects and house ware purchases are grander than others, but with a little do-it-yourself effort and prioritization, you can make choices that have a positive effect on your home’s value rather than a neutral one. Some of these expenditures might be out-of-reach in terms of cost for the time being, but setting money aside to make meaningful updates will improve your home’s valuation in the long run. 40
  42. 42. Investment or Own Stay This is the deciding factor. Though it is obvious that if you are buying a property for investment purpose then you will not spend much on Home Furnishing. You will be more liberal in budgets when you are buying a property for your own stay. To avoid heavy spending, whether you are buying for an investment or own stay, you should always think that you are buying as an Investment. Movable / Detachable Fittings You should try to opt for as many movable or detachable items as you can. It will help to carry the setup of your “home” in case you shift city or sell the home. It will also help to save future costs. In case you are selling, you can negotiate better if most of the items are detachable. If they are fixed then it will be a loss as you cannot move them or sell them. Opt for permanent fittings and fixtures only when it is absolutely necessary. Do’s and Don’ts of Home Furnishing 41
  43. 43. Home Upgrade Normally it is observed that average stay of a family in a home is 7-8 years. Even if you are in the same city, people either upgrade to premium locations or bigger homes. These 2 are most common reasons for upgrade. Now before committing a budget for home furnishing do keep this thing in mind that in all probability whatever you are spending today is only for 7- 8 years. It will help to decide, how much you are willing to spend. Home Furnishing by Builder A new trend is emerging these days that builders are providing Home Furnishing. It is labeled as FREE but the furnishing cost is already included in the cost of flat. You may estimate the cost of furnishing and try to negotiate with builder to reduce furnishing cost. Budget All said and done, here comes the main point - how much budget should be kept aside for Home Furnishing? According to Square Yards GIC research report, it is advisable not to spend more than 20% of the property value for new construction and 8% for Resale flat on Home Furnishing. The reason being, furnishing expected from a property is directly proportionate to the value of the property. Most importantly, you need to provision this amount separately as it will not be a part of property value for Home Loan. Remember “A Rupee Saved is a Rupee Earned“ 42
  44. 44. 43 99% fun and 1% land / enjoy the coral paradise Visit Agartala Simply Heaven Land of festivals A pioneer in highway tourism Full of Surprises Vibrant Gujarat Unlimited The land of rising sun Half way to heaven The incredible state of India Jewel of Incredible India A pe d 365 Trivia: Slogans of Tourism corporations of Indian States
  45. 45. 44 o erfect holiday destination 5 days holiday A new experience Beautiful Bengal The heart of Incredible India Chalo Kashmir Heaven on earth Blissful Bihar Enchanting Tamil Nadu God's own Country India begins here Give time a break The soul of Incredible India One State, many Worlds The essence of Incredible India
  46. 46. Global Eve IRR Singapo IRR Dubai & Abu Dhabi
  47. 47. ents IRR London ore
  48. 48. Highier Commission CRM Systems Training Branding Rewards Global Project Database Do send us your valuable feedback on theaddress@squareyards.in THE VOLUME-05 August, 2015 Rule the Real Estate World with Square Connect