Bengaluru, home to India’s IT and ITES sector is one of the fastest growing metropolis in India. Over the past decade, the city has grown manifold and has attracted a number of multinational corporations to set up offices. This has enticed young professionals from all over the country, making it the third most populous city in India. As a result of this influx, Bengaluru has witnessed several issues – traffic congestion being one the most acute problems. Being a responsible corporate entity, SOBHA is committed to making a meaningful contribution towards resolving this issue.
According to Bangalore Development Authority’s (BDA) Revised Master Plan 2031, the city will have 20.3 million residents by 2031 — beyond the current population in metros such as Mumbai and Delhi. The plan has also highlighted that Bengaluru’s current population of 10 million citizens waste 600 million man hours annually, leading to a loss of INR 3,700 crore, including INR 1350 crore on fuel alone, and the rest on productivity (man hour). Such losses impact the overall economic and social growth of the city in particular and the country at large.
Today, some of the important routes connecting major IT and ITES companies in Kadubeesanahalli and Devarabeesnahalli include Outer Ring Road (ORR), Sarjapur road, Panathur road leading to Varthur from ORR and HAL road. Of these, Panathur / Outer Ring Road (ORR) to Balagere is one the most congested with only 4m vent on a 4km stretch absorbing vehicular traffic emanating from both the sides. This leads to 600 to 700 metre long vehicular queue, wasting at least 45-60 minutes of commute time on an average. While the problem is severe, there are no alternative roads from Balegere to Panathur/ORR.
Speaking on the issue, Mr. J.C. Sharma, Vice Chairman & Managing Director, SOBHA Limited said, “There is tremendous pressure on the Panathur to Balagere road, especially during peak hours. This affects a large number of working and residential people in and around the area. Additionally, the condition of the road from ORR to Balegere is extremely poor. With increasing development in the area, it is expected that the number of cars and two wheelers in the next 4 to 5 years will be around 50,000. This will further aggravate the current traffic woes on the route. Therefore, it is imperative to look for solutions for improving the traffic management and preparing for the future development.”
Based on the recommendations of the Consortia of Infrastructure Engineers (CIE), SOBHA believes that this issue can be resolved to a large extent by developing an alternative road from ORR via the road adjacent to CROMA and connecting it to existing Panathur road on the eastern side of the railway line through a new underpass on the railway line. There should also be focus on improving the Balegere–Panathur road and managing the traffic better on the stretch by:
- Developing an additional narrow railway vent, adjacent to the existing one.
- Covering of open drains on either side of the Panathur road to avoid accidents.
- Streamlining of vehicle parking along the sides to ease vehicle passage.
- Long-pending widening of the Panathur road to 18m as per BDA-CDP. There is a need for an additional vent adjacent to the existing one.
- Restricting the entry of water tankers during peak hours and more.
Mr. Sharma emphasised the need to consider these recommendations at the earliest and help improve mobility in the region. He also stressed that efficient management of traffic problems in the city will translate into improved productivity and economic growth of the state. He is hopeful that the concerned authorities will look into this issue seriously and initiate necessary action.
Large number of concerned citizens have started a signature campaign and have written to the officials concerned and also to the Chief Minister in this regard hoping for an early positive action.
Kolkata Real Estate – A Real-Time Update
One of the interesting new trends in Kolkata’s residential real estate market has been the entry of new players. The capital values of residential realty have seen a price increase in Q4-2017 ranging from 2-3% as compared to Q3-2017. A number of upscale multi-storied projects were launched in 2017 in the southern part of the city – for e.g. Tata 88 east, Mani Vista, Signum Victoria Vistas, Aspirations Elegance and Onex Privy. The capital values of these projects were in the range of INR 8,000-12,000/sf.
Effect of demonetization
As everywhere else in the country, demonetization had some effect on Kolkata’s residential sector. However, since Kolkata’s residential sector is largely end-user driven, the effect of demonetization was not very severe, as the buyers are willing to wait for the market to stabilize. In the office asset class, there has been no major impact due to demonetization. However, leasing demand has certainly reduced post-demonetization.
Top-selling residential projects
Kolkata’s residential property market is seeing a splurge in supply – which, however, is not really met by consummate demand overall. The middle-segment housing category is seeing the maximum movement in Kolkata’s residential sector. Some of the prominent projects across the three segments are:
- High-end (> INR 80 lakh) – The 42, Avni Grand, Unimark Eternia, Loudon Star, Orbit Victoria, Urbana, Atmosphere, Swarnamani
- Mid-segment (INR 40 lakh – INR 80 lakh) – Diamond City North, Regent Garden, New Shrachi Garden, Srijan Midlands, Avani Oxford
- Affordable (< INR 40 lakh) – Unimark Sports City, Sukhobrishti, Aponalay, Dream Park, Ideal Abasan
New residential developers entering the Kolkata market and a considerably high saturation of HNIs certainly suggest housing demand growth in the future. Also, more and more end-users willing to shift from bungalows/standalone houses to multistoried apartments. This augurs well for an increase in demand in the future.
Kolkata’s residential real estate market continues to be largely end-user driven and does not experience too much investor activity. That said, residential investors here are always on the lookout for suitable opportunities. A significant number of residential buyers – largely those focused on the secondary sales market – continue to adopt a wait-and-watch approach in the current situation.
Prevailing Residential Property Rates in Kolkata:
Commercial Office Scenario
In the commercial segment, the Peripheral Business District including Salt Lake Sector V and New Town is the most preferred location as it constitutes the IT hub of the city. Moreover, availability of vacant spaces also acts as a pull factor. The CBD areas, including Park Street and Camac Street, are the next-preferred location for office occupiers, given their locational advantage and high-end tenant profile. Commercial office real estate sector in Kolkata has been witnessing stable rental values over the last couple of years.
Prevailing Commercial Property Rates in Kolkata:
Maharashtra Records Highest Project Registrations Under RERA
In a recent report it has come to light that Maharashtra has received mammoth response in disclosure as well as registration of projects on the website of the regulatory authority, unlike other states in comparison.
According to the latest report by Crisil, the state has witnessed maximum reaction in project registrations with its real estate regulatory authority (RERA). The state is among the eleven states in India aligned with the Centre’s Act, having a Real Estate Regulatory Authority, mentions the report. The other states in this list include Punjab, Delhi, Himachal Pradesh, Uttarakhand, Goa, Tamil Nadu, Assam, Odisha, Jharkhand and Bihar.
“Effective implementation of a well-drafted RERA framework is an important condition to improve home buyer confidence, and thus demand revival,” specifies the report. “While deviation from the model Act is a cause for concern, the slow progress of states in operationalising RERA and making available details of registered projects widely is even more disconcerting. For example, many states are yet to form a permanent RERA authority. In addition, only a handful of state RERA websites are operational and have started publishing project information online”.
In other states, unlike Maharashtra where the details of only select few projects are uploaded online. Only Maharashtra has received immense response when it comes to both disclosures on the regulatory authority’s website as well as registration of the projects. Among the many aspects it is also the select few regulatory websites with detailed information about the projects like name, type of project, carpet area, land area, apartment type, date of completion, sold status, contractor details, details of real estate agents involved and relevant scanned documents.
As recorded in mid-February a total of 15,281 projects were registered in Maharashtra. Uttar Pradesh stood second with 2,310, while Gujarat had 1,639 and Madhya Pradesh recorded 1,637 registrations. All this is a result of active management and thorough monitoring by the authorities of the state. The report also mentions how there have been fines levied on 1,716 developers for delayed registration by the Maharashtra real estate regulator.
Also, in order to solve and speed up dispute resolution between buyers and property developers the state has also initiated the process of formation of a conciliation forum.
Luxury in Bengaluru has a New Address, Nitesh Estates Launches 120 Cr Project
Nitesh Estates is back with its upcoming project Nitesh Madison Square in downtown Bengaluru to extend the luxurious lifestyle of Bengalurians. This luxury residential project situated in the downtown area of Cunningham Road is one of the prime localities of the city available at the best competitive prices in the market.
After Demonetization and RERA, real estate sector is returning to its formal glory with a staggering rise in the demand for Luxury Real Estate projects. Understanding the requirement of luxury real estate projects, especially in Bengaluru, Nitesh Madison Square has developed a luxury residential complex in the vicinity of the Central Business District.
Nitesh Madison Square stretches over half an acre of land and constitutes 18 units, designed and inspired in the image and likeness of the buildings in Boston and New York. The typical street front facing buildings constructed with the Neo Georgian style of architecture infuses modern with a minimalist aesthetic. The exposed brick structure with French windows and a gabled roof has been created to add a very natural appeal to the structure with the surrounding greenery in the complex.
The state-of-the-art amenities add to the luxuries status of the project with swimming pool, billiards room, fitness center, an inviting lounge, poolside lounge area, recreation area, and terrace; Nitesh Madison Square residents will always experience 5-star luxury at their residence.
Mr. Pradeep Narayan, EVP – Sales & Marketing, Nitesh Estates, elaborating on the luxury residential section said, “While we have residential projects both in Uber luxury and mid-segment, we consider ourselves more of Luxury specialists. We were also the first ones to bring the Ritz-Carlton, a 5-star hotel, to India. Nitesh Madison Square is the latest addition to our Luxury portfolio, offering great amenities at a competitive price..”
Nitesh Madison Square being Nitesh Estates’ latest exemplary luxury project located in the city of Bengaluru, starts from a range of Rs 5.5 crore onwards. With this modern and state-of-the-art real estate scheme Nitesh Estates is back to adding iconic and significant architectural to India’s urban cityscape.
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