Unique offers now a reality in realty hardsell

Unique offers now a reality in realty hardsell
The Financial Express, September 3, 2009, Page 4

Mona Mehta, Mumbai

Sensing a revival of consumer interest, realty developers in Mumbai are coming up with unique add-ons in their residential and commercial ventures to lure buyers. Builders claim that enquiries for commercial projects and residential transactions have grown by 50% during the second quarter of this fiscal.

Be it green building technology for schools and hospitals, unique interiors and decor or luxury lounges for commercial projects, each builder is hard selling his project. For instance, Kohinoor Developers' upcoming Kohinoor City project at Kurla in Mumbai is a green technology project. It includes four commercial buildings, residential apartments, retail establishments, a school and hospital. Kohinoor Developers MD Atul Modak tells FE, “We are developing commercial buildings with green technology. We recently sold one building to the National Stock Exchange (NSE) and are in talks to sell other two commercial buildings. However, we have not hiked the property prices.” The outright price for commercial properties is Rs 15,000 per sq ft, Rs 8,000 for residential and Rs 150 per sq ft on lease.

Man Infrastructure is developing decor inspired by both ancient Roman architecture and modern art at its ongoing commercial project at Vile Parle in Mumbai. Meanwhile, Kanakia Spaces has launched a cafeteria that resembles a five-star lounge at its commercial project, 215 Atrium. Anshuman Magazine, country head of CB Richard Ellis says, “Property sales are happening in areas where prices have corrected and interest rate on home loans have come down. Moreover, in Mumbai and Bangalore, certain developers are reducing ticket size of apartments and offering unique decor. This is expected to happen in other metros as well.”

Jones Lang LaSalle Meghraj MD (West India) Pawan Swamy opines, “The trends in commercial spaces in cities like Mumbai focus on larger floor-plates, single-floor occupation, self-sufficiency in parking facilities and better efficiency via design. The demand is clearly for affordable housing. It always existed and would do so in metros.”