Location Focus: Edappally

To start off with let me share a news article from Hindu, by Shyama Rajagopal:

Red-hot growth in Edappally

With two shopping malls and several other commercial and residential projects in the offing, Edappally is witnessing a huge development boom.

New areas of growth are emerging in Kochi as the spotlight turns to less-congested, but accessible places away from the heart of the city. As such, importance of Edappally seems to be growing because of its strategic location — bang on the intersection from where National Highway 47 leaves the city and National Highway 17 can be reached.

The quiet residential place till recently is now a beehive of activity. With at least two malls coming up at the Edappally junction and another one near the junction on the National Highway bypass, developers make it a hub of commercial spaces. Edappally may turn into a city area weaning away a big chunk of shoppers now going to Kochi proper.

Mall culture

The Lulu International Shopping Mall will be spread over 16 acres (one acre = 0.4 hectare). The complex is not going to be all concrete, and hence an unlikely eyesore. It will have a beautifully landscaped area, says Babu Varghese, project director.

The mall will house not just a shopping arena, food courts and a multiplex but also a 20-storey five-star business hotel. The hospitality section is mainly aimed at accommodating travelling businessmen, so that they need not go to tourist hotels for a day’s stay.

The shopping hypermarket on three floors will be of 10 lakh sq.ft. The ground floor will span 3 lakh sq.ft.

“People do not like to go high up while shopping. It is a different matter going to offices in high-rise buildings,” Mr. Varghese says. The multiplex will have seven theatres.

The food courts on the top floor will seat 3,000 to 4,000 people.

Lulu plans to bring in 18 food courts to the city. The palate of the people will decide which food will stay and which not, Mr. Varghese says. Thai, Arabic, Continental, Chinese, North Indian, South Indian and several other cuisines will be on the menu.

The plans for amenities are in the making, and a children’s play area and more entertainment options are expected.

To carry people smoothly, escalators, travellators, lifts and staircases will be provided.

One of the most important aspects that will be looked into is the movement of traffic into the mall and out so that the adjacent main roads do not get crowded, Mr. Varghese says. To achieve this, the mall will open to National Highway 47 and the road leading to the other highway.

A good amount of thought has gone into providing parking areas. The basement area alone can accommodate 1,500 cars.

The other mall coming up at the Edappally junction is the Grand Cochin Mall, promoted by Hilite Builders and APK Builders in a joint venture. The mall is being built on 1.32 acres of land and will have a built-up area of 2,43,000 sq.ft and a saleable area of 1,28,708 sq.ft on four floors.

The centrally air-conditioned building will have 94 shopping spaces and a spacious car parking area. There will be an entertainment zone and fine dining spaces. It will be an attractive shopping destination where mega brands and mega shoppers will meet, says P.V. Arshad, chief executive officer of APK Builders.

“Edappally is already marked for major development and the Edappally-Vyttila road is going to be the major commercial hub of the city,” he says.

As growth on Mahatma Gandhi Road and Banerji Road has slowed because of lack of space, the city is finding new commercial areas for development, Mr. Arshad says.

Edappally is a place that provides easy access to the city as well as that takes you away from it with little trouble of getting caught in the traffic jam.

The Grand Cochin Mall will provide two basements for parking.

The food courts will house eight counters with a seating capacity of 150 people. The anchor stores in the mall will have area of 10,000 sq.ft.

Residential buildings

Edappally has good road infrastructure, says Abdul Azeez, managing director of Skyline Builders. When the National Highway 17 connectivity comes through, Edappally will truly become the gateway to the city. Skyline has been promoting it as a residential area for some time.

It provides easy access to all places, whether it be the core city area, the Kaloor bus stand, the airport, the Seaport-Airport Road, SmartCity or the NH bypass.

As the city areas expand, Edappally, with the four-lane main road, has become the nerve centre of activity even as Kakkanad continues to draw builders.

With commercial activity moving away from the core city areas, the place will soon become a city, Mr. Azeez says.

Already enjoying success here is National Builders. The major projects National Pearlstar and National Gemstone have been launched with about 35 per cent of the space sold out. Yet another one, National Metropolis, is in the pipeline.

One project is coming up on 1.5 acres of land and will have a built-up space spread over seven floors. A three-level parking area has been planned, comprising basement and roof parking and ground-level parking for a hundred cars.

Builders have earlier constructed shopping complexes and residential projects in Edappally.

The 10- to 12-floor complexes have 60 to 70 flats. There are three ongoing residential projects.

Development on such a scale will add pressure on existing infrastructure. If the local authorities maintain a regular check, and if residents associations keep a vigil, the residents can ensure that the character of the place is not lost.

SHYAMA RAJAGOPAL

More Facts About Edappally

Edappally is a fast growing suburb of Kochi/Cochin City in Kerala state, southern India. Edappally was the seating place of the Edapally Rajas, the ruler of this place. Edapally Palace also has the famous Edapally Ganapathy Temple. The town is famous for St. George's Church which is quiet old and is a pilgrimage centre. Perandoor Temple, Thrickovil Sree Krishna Temple, Puthukkalavattam Mahadeva Temple, Punnakkal Bhagavathy Temple, Ponekkara Bhagavathy Temple are important places of worship. Elamakkara Lourdh Matha church is the other noticed worship place, which has a history over a 100 years. Edappally mosque (more than 1000 years old) and many other old buildings are preserved in Edappally.

It is the home town of the famous Malayalam poets Changampuzha Krishna Pillai and Edappally Raghavan Pillai. One of the most famous Malayalam poet Mr. Balachandran Chullikkad and his wife Vijayalakshmi, herself a great poetess, are staying here. The first meeting of Samastha Kerala Sahithya Parishath (the organisation of Malayalam writers) was organised here by the then Edappally Raja (Krishna Raja), with the support of different Malayalam writers such as K.P. Karunakara Menon, Changampuzha Krishna Pillai, etc.

Two national highways NH 47 and NH 17 join the bypass jn at Edappally. At Edappally, The National Highway NH-17 begins and continues up to Panvel, Maharashtra, in India. Edapally is also connected by rail, and there is a railway station at Edappally.

One of the best hospitals in Kerala named Amrita Institute of Medical Sciences is situated in Edappally. Edappally was a Panchayath before getting included in Cochin Corporation. This is a place which comes partly under Thripunithura legislative constituency and partly under Ernakulam constituency. The Cochin bypass connects Edappaly with Aroor which is an industrial town near the city of Cochin. Bypass Junction in Edappally is the north end of the Cochin bypass which extends up to Aroor. This entire root is evolving into a major business hub with bigtime stores and five star hotels. Outlets of Mercedes, Hyundai, Maruty, etc. are situated on the road. The world famous museum of Kerala History and sculpture is also located in Edappally (outside the city limits). Thrikkakkara temple is only 2 kilometers away from Edappally Toll junction.

Major residential areas in and around edappally:

• Elamakkara
• Ponekkara
• Edapally Toll
• Mamangalam
• Changampuzha Nagar
• Subhash Nagar
• Keerthi Nagar
• Netaji Nagar
• KP Nagar
• AKG Road
• Mythri nagar
• Prashanthi Nagar

Major Schools Near Edappally:

• Campion school
• Bhavans Elamakkara
• Al Ameen School
• Edappally High School
  

Builder Spotlight: Clearway Builders, Cochin

Clearway Builders have two ongoing luxury apartment projects-Grandiose and Colossal in Cochin.

Grandiose is a completed project off M.G.Road and is being delivered to our valuable clients now. Colossal is ideally located off National Highway in Palarivattom in close proximity to the vital landmarks of Cochin including the Gold Souk and the Indroyal – 5 star Luxury hotel. Here, the work is in full swing and presently we have reached the fifth floor stage in structure. It is scheduled to be completed in July 2009.Colossal offers three bedroom apartments of 1700 sq.ft. each with a wide range of facilities including Swimming pool, Health Club, Roof top party area, Kids Pool, Children’s play area, Centralized cooking gas supply, Rain water harvesting plant, Driver’s room, Common visitors’ lounge, 24 hours water supply, Intercom, Back-up Generators, 24 hours Security and many more…..

The promoters of Clearway Builders have a record of stellar performance in the land development scenario in Calicut and is committed to bring that new benchmark of quality to Cochin. We are renowned for Quality construction, Timely delivery and adherence to promised amenities. We have constructed luxury homes for private customers, distinct residential villa projects and commercial complexes in prominent places in Kerala and they all stand tall by giving testimony of comfort and style of Clearway’s new standards.

Especially built for those who wish to welcome unsurpassed quality into their daily lifestyle, Clearway's Colossal Luxury Apartments spells quality down to the smallest grain and beyond the tiniest screw.
With looks that brighten your mood and comforts that delight your senses, this colossal, *multi-storeyed, spacious wonder is sure to add the touch of enviable quality to your lifestyle!
Colossal is ideally located in close proximity to the vital landmarks of Cochin city yet veiled from the hustle of modern living. Aesthetic design. Ample living space. Serene ambience. Unsurpassed quality in fittings and highest standards of engineering. All this and more makes Colossal the last name in quality living style !

For More Information on Clearway Builders, Click on to the link below:
www.clearwaybuilder.com

Kerala Builders’ Forum buoyant

KOCHI: Despite the global financial meltdown affecting the real estate sector in the State, Kerala Builders’ Forum, representing the interests of the real estate business in the State, has exuded confidence as it plans to conduct the Kerala Property Expo 2008 at the Jawaharlal Nehru International Stadium between December 19 and 21.

“Property investments in Kerala are safe and sound,” said George E. George, chairman of the forum here on Wednesday. He said that despite the global crisis in the financial market and the general squeeze in the money market, investments in property were safe.

There are several factors that make investments in property safe in Kerala. The shake-up witnessed in various parts of the country as fallouts of the U.S. crisis will have limited impact on Kerala, say KBF leaders.

The Kerala realty market is dominated by the real buyer or the end-user. This means, in general, there is little of speculation involved in property transactions. This has resulted in consistent demand for property in Kerala unlike the recession seen in other major development centres in the country, said Mr. George.

The value of realty has risen consistently in Kerala around 35 per cent a year. This has been happening over the last decade. The building industry sees no fluctuations in the coming years too.

KBF leaders point to the crisis-like situation in 1996 when property price remained stable in Kerala when it crashed in other cities in India.

Source: The Hindu Online

‘Variety Is The Spice Of Nitesh Estate’s Contributions’ Managing Director, Nitesh Estates

‘Variety Is The Spice Of Nitesh Estate’s Contributions’ Nitesh Shetty, Managing Director, Nitesh Estates

Nitesh Shetty, Managing Director, Nitesh Estates talks about the growth of his company and its contribution to the real estate sector. Nitesh Estates, the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore with offices in six other cities. Within five years of its existence, Nitesh Estates has developed state-of-the-art office spaces, residential condominiums, retail, hospitality projects, SEZs and integrated townships in various regions of the country. Today it has created a benchmark in the real estate industry and acquired more than four million sq ft of space, now being developed as premium living and working spaces.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. Q We wish to have your views on the real estate market in India and its evolvement over a period of time? Also, how do you see the present scenario in Bangalore?

A. There has been a remarkable change in the real estate market in the country in the last five or six years. Government regulations are being changed and foreign investment is now allowed. A lot of activity is being seen. There is much interest among the realty developers. Even non-real estate companies owning large tracts of land are getting into this sector. At the same time, the NRIs, private key players and banks with real estate arms are simply pouring money. The residential sector is flush with cash because more and more middle class people are buying homes with easy availability of loan. Initially this sector was rather unorganized. Now it is getting more organized with quality benchmark in standards. The entire process is marked by transparency. Unfortunately, an overdose of money speculation is likely to have a negative impact in the long run. So if there is a way of identifying genuine homeowners, the industry has a huge potential with very high returns. As for Bangalore, it is I think No. 1 in the country in terms of activities that can boast of actual quality. Mumbai and Delhi are still a notch higher as far as price per square foot is concerned. But in respect of office space requirement, Bangalore is clearly the frontrunner, primarily driven as it is by the IT and ITeS sector. This in turn has led to an increasing demand for housing. Further, many people are moving into the city for its metropolitan nature, generally good weather, job opportunities and reasonable cost of living.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: How do you describe the contribution of your group towards real estate development?

MS: In residential development we are not a very old player in the industry; we diversified into real estate in 1996. But we have done major work in mid-range housing. We have focused more on the volume and affordable housing. Shipra is also active in retail development. We have already completed Centrestage Mall in Noida and are about to complete another large mall in Indirapuram spread over 5 lakh sq. ft. I can assure you that it is going to be the best mall in the country. We have lot many projects that are being zoned in the right manner. Apart from that, Suncity itself is a fully integrated project, complete with residential, retail and entertainment activities like water park, 5-star hotels, mall and multiplex.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

Q. VB: Shipra has been a forerunner in developing Indirapuram. Tell us something about your pioneering effort.

MS: In 1990s there was a time when nobody wanted to come to Indirapuram or Ghaziabad. But my father had the vision to see the future potential of this area. That was also the time when there was a slump in the real estate industry. People were closing their shops but we were the ones who had set up our operations. It was totally an investor- driven market. We came into the market which was an actual market and we had to do something to provide value to our product. As a strategy, we focused on the necessity segment of affordable housing. Our first project of 1500 houses was a success. Thereafter, we never looked back and came up with a number of other projects.

‘“We Are Bullish Of The Future”’ Trammel Crow Company

‘“We Are Bullish Of The Future”’ Alexander J Darragh, Senior Managing Director International, Trammel Crow Company

Alexander J Darragh, Senior Managing Director International of Trammel Crow Company, spoke to Realty Plus Editor Vinod Behl about his assessment of Trammel Crow Meghraj’s one year operations in India, their strategy to develop business in fast emerging but competitive Indian real estate market and their future business plans.

Q. It is one year of Trammel Crow Corporation-Chesterton Meghraj alliance. How has been the going so far?

Last year when Trammel Crow Meghraj (TCM) was set up, we set out to try and extend our technology and best practices from the US to Trammel Crow Meghraj in India so that they can provide better services to our clients who we refer to India and also to their own clients they already have. About ten US staffers of the Trammel Crow Company (TCC) have been here to in India to work with our partners. There were trips ranging anywhere between 2 weeks to 6 months, involving training and it has members of Trammel Crow Meghraj in India come over to the US again for probably two weeks for revaluating operations with our clients so that they can take those learning and apply back to the clients in India. We are very pleased with the performance of Trammel Crow Meghraj during the last one year.

Q. How has been the integration of TCM into TCC’s global operating platforms in terms of knowledge, technology, expertise and skills?

Talking of technology, we brought over here technology programme called Service Express which is facility and property management programme which we integrated in one of the buildings which we manage for Unitech. And we have training done by the technology staff back in the US as well as our facility and property management staff from the US and Canada as well as our team here in India. We had training sessions where we had people come here and talk to TCM personnel about transaction and project management and about the expectations of the international clients, what they are looking for in terms of market information, service level, reporting, documentation in order to ensure that we can provide and meet the expectations of our international clients. We have referred several big clients here and they have been looked after very well by TCM because they have an immense amount of local knowledge of the real estate market conditions, great connections with the developers and the contractors and the people who have worked locally in India. And we have combined their knowledge with our knowledge and training about some of the global players in real estate and their practices and procedures and we used that to raise the service level for our clients as well as the clients of TCM. We have also been recruiting lots of new people in the company, those with a varied background, dealing with not only Indian clients but also multinational corporations, so that we are able to broaden the skill base inside the organization.

Q. What has been your experience in terms of business operations in the past one year?

The business has grown tremendously. The Real Estate market in India is booming and as a result, the deliverance is well above what it was last year and we will have to maintain the profitability as we make more investments in the business. So we are very bullish of the future.

Q. You have been into different segments of operations. So which particular real estate segment has been the most growth oriented in the last one year?

We have seen growth across all three segments- Brokerage, Retail, Investment, Project Management which is primarily construction services as well as facility and property management. A lot of opportunity in the future will be in project management because it’s very difficult to deliver projects here. We also look at the mall activity in India as a huge growth area for us. Beyond that we see a huge growth in Facility Management and we are making inroads into that area as well.

Q. What has been the experience working in a developed market viz-a-viz emerging market like India which is dogged by outdated property laws and lack of regulation transparency?

We are mostly working with corporate clients who are able to deal with top developers in India. Their practices are very transparent, very professional, and even they are at scale with the global developers. So we are not actually facing those issues because we aren’t directly buying and selling properties of our corporate clients. TCM is involved in all aspects of the real estate market. Their expertise in understanding the challenges of the Indian market is one of the reasons why they are successful. So far none of our clients have had any issues with the Indian Real estate market.

Q. There are obvious advantages of working in the Indian property market as well. The macro economics are very strong, the entry barriers are low and moreover the returns are high. So do you think these factors overweigh the inherent challenges in an emerging market like India?

Most of my experience is on the corporate side. But clearly India is an attractive place to be in because of growing demand and the infrastructure does pose challenges but its also means that there are opportunities. So people who have good local market knowledge should get the kind of returns they are expecting. So the key is that you should know the local market well, the trends, traditions, culture, government regulations and where the investment is to be made. Those handling our operations in India have all this knowledge and that’s how we are able to help our clients.

Q. What has been your strategy to develop your business and skills as well as raising the quality of service offering?

Our foremost strategy has been to integrate TCM with TCC. We treat them as another part of our company, just that we are in different countries. So they have complete access to the best practices and procedures that we have to offer. They are linked to every aspect of our operations and talk to our experts. We have been recruiting new people in our organisation and have been constantly raising the level of service offerings.

Q. How has been your experience with regards to your competitors in the Indian Real Estate Market. How is your business model different from your competitors?

We have great competitors in this market like CBRE, Cushman & Wakefield, Knight Frank etc. Our difference from the Trammel Crow standpoint is in three ways. One is we are truely committed to customer service and we measure that frequently through independent surveys. And if some customer is not happy, we take corrective measure at the top most level. Also we work on a global basis and work out total client relationship across the world. That helps us to do large transactions, large projects in some parts of the world and small ones in the other parts of the world. As such we are in a position to give higher level of customer satisfaction.

Q. About 80 percent of your corporate customers use TCC for their real estate requirements outside the US, How have you been able to leverage this for building strong base in India?

We made several reports here of different clients we have been looking after, for individual transactions, for outsourcing. We are also involving TCM staff for research not just in the Indian market but also for some of the global research. We are very confident that over a period of time as we use TCM into our system in the US, our customers there will use more and more of TCM in India.

Q. Overall how attractive do you think is the real estate market for the foreign investors?

India is a varied and complex country. The real estate market and the infrastructure is booming and the prices are increasing. The infrastructure ability to support growth varies from city to city. So we certainly see our clients looking at second tier cities now and moving out of main cities of Delhi and Bangalore into Chandigarh, Pune and some of the other second tier cities. I think TCM’s real estate knowledge in the second tier cities is much greater than our competition because they are the first to research the market conditions there. This well researched information in turn is helping our clients make the most of the opportunities in tier two cities. We really look forward to providing our clients information about these cities so that they continue to look at these cities as destinations of opportunities. In addition we are finding that clients are increasing the level of complexity of business activity that they have here in India and therefore taking advantages of some of the skilled labour force in comparison to markets in Philippines or down in South America where labour can be as cheap if not cheaper.

CMD Talks for Prestige Estate Projects (P) Ltd

Irfan Razack, CMD, Prestige Estates Projects (P) Ltd.

Beginning with a retail store and growing to become one of the most trusted names in real estate, the Prestige Group has come a long way in the past 25 years. Their construction conglomerate has an annual turnover of Rs 600 crores. And as the scorecard proudly reads today — over 120 developments completed, encompassing more than 10 million sq.ft. of commercial, retail and residential area — there is no looking back for Prestige. Several new projects in the pipeline include noted developments like the UB City, Prestige Shantiniketan as well as the Prestige Technology Park. Irfan Razack, CMD, Prestige Estates Projects (P) Ltd., spoke to Priyanka Kapoor about the new trends in the real estate industry and his company's growth plans.

Q. How do you look at the growing real estate scenario in the country marked by hectic activity in the recent past?

For the construction and the real estate industry, I would say, these are very exciting times. In the last couple of years there has been a huge spurt in the construction and development activity and that has led to a boom which was not really anticipated or expected. This boom is not just city-centric but one can see it happening everywhere across the country. This is mainly because of easy accessibility to funds, high growth in demand and along with this there is a huge focus on infrastructure by the government. Having said that, there is also a flip side. The industry has got into a speculative mode, wherein, prices have reached unrealistic levels. As such the RBI and the regulators have brought in several legislations by which they have tried to restrict funds, costly credits for builders and higher home loan interest rates, which had touched a low about two years ago but are again on the rise thus making housing un-affordable. This is a kind of a ‘reverse cycle’ as we are seeing that money supply is becoming scarce again. Strong players continue to be strong. However, the new players, who have recently got into the business, have to ensure that they fulfil the commitments they made and are able to complete the projects on time. This is because, as an industry, we wouldn’t want anyone to fail. If anybody fails then it has repercussions on the entire industry. Nowadays, there are different verticals of growth in construction. Earlier, it was either residential or office space. Currently, the focus is on retail, infrastructure vis-à-vis malls and shopping centres. The spotlight is also on hospitality, schools, hospitals and integrated townships. These are necessities of which there is a huge shortage. It depends on whether the real estate developer can offer projects at affordable rates because ‘affordability’ is one of the most important factors in the present scenario. As long as the developer can provide a good product at an affordable price, he will be successful.

Q. In view of the exorbitant prices there is a considerable slowdown in property transactions. Do you think consumers can hope to have affordable property in the future?

First and foremost, one must realize that there is something called a ‘niche market.” There is a category of high-end real estate product, but then the demand for this category is limited. Apart from this, if one really wants to be in the game and wants to do voluminous business, then affordability is of prime importance. The moment the affordability-factor is breached, the product will not sell. So, I think, the question is how efficiently can the developer acquire reasonably-priced land and develop a quality product with a reasonable margin and offer it to customers. Having said that, in the past few months there has been a steady rise in the cost of construction inputs be it cement, steel or contract labour. At this level, when prices have peaked, I don’t see prices going any higher. There maybe a correction to certain extent or the prices may remain stagnant for a while till inflation catches up. But if one does not have the sustaining power to hold on to prices, he may have to suffer and offer property at a lower price. I honestly believe that land prices which have also reached unaffordable levels in various cities will come down. The only way to deal with the affordability-factor is to go out to the peripheral areas of major cities where land is still available at cheaper rates. The only thing stopping developers to target these regions is poor infrastructure in terms of road connectivity, pubic transport and power and water supply. If these things are taken care of then people can definitely hope for affordable housing.

Q. With many premium housing projects not attracting buyers at the current high prices, do you think affordable housing is the future of Indian real estate industry?

I think it is. As I have mentioned earlier, there is only a very niche market for luxury real estate products. If every developer tries to market his project as a luxury product, by just adding a few features, it is not going to work. Currently, in India there are many growth sectors, and many professionals are earning more money than before. As a result, they want to upgrade their lifestyles and purchase luxurious properties. This will be a continuing phenomenon, but the volume of business in this category will be small. At the end of the day, the majority of the population requires affordable housing projects. This will remain the segment with the most voluminous business in the future.

Q. What are your views on the various reforms and regulatory measures undertaken by the authorities. What impact of these measures do you see on the real estate industry?

I believe that if you regulate and create shortages, the product, that is made available, will only become more unaffordable. I think the government and the regulators should just allow the real estate industry to do its job and let the market forces take care of the rest. For example, if there is already an oversupply in the market and the authorities allow me to go on developing real estate then automatically the demand-supply factor and pricing will take its own level. But too many controls can choke the supply. The moment the supply is choked, the prices are bound to shoot up. So, any product, whether it is a consumer product, cement, steel or housing, has to be in abundance so that there is a healthy competition and there are various options available to the customers. Hence, it becomes a buyers’ market instead of a sellers’ market. That is what the regulators should aim to do. By choking supply they are only curbing development and thereby pushing the prices up. The Urban Land Ceiling Act, which is fortunately not applicable in Karnataka, is still prevalent in certain states. On top of that, it takes an unduly long time to acquire land use permissions, resulting in a supply crunch and increasing prices. The environmental clearances, various approvals etc. have to be done on a fast track. The government should also be accountable for speeding the whole procedure to aid overall development. The government should let development take place properly.

Q. Do you feel the need for a government regulatory body and are the government policies conducive to growth in the real estate sector?

See, there has to be certain guidelines or control over registration of a property developer. The industry has its share of good, honest people as well as the bad ones. Because of the misdeeds of a few dishonest people, the entire industry draws flak. People like us, who are established in the business and are professional, suffer the most because of the miscreants who join the realty bandwagon for a short period of time only to make a fast buck. The government needs to put a check on such notorious players. If this is done, then the industry will benefit in the longer run and the consumers too can hope for good-quality real estate at affordable prices.

Q. There is a growing feeling that because of the slowdown several small players may be wiped out and there will be a consolidation in the real estate market?

There is place for everybody in the business. It all depends on the scale. For instance, a smaller player will develop a smaller plot, whereas, the large players will think of getting into large-scale developments like townships or big housing complexes. Each player will have a different role to play. As long as the business is done ethically, honestly and with a lot of transparency, the developer will prosper. Today real estate, has come a long way in terms of transparency and large real estate houses are going in for IPOs. So this is a big step forward.

Q. How do you view the growing phenomenon of developers raising funds through IPOs and private equity funding?

It all depends on the capital requirements, on how one wants to chart the company’s growth. I feel it is a good thing to opt for an IPO and raise capital, but, this capital comes with a certain responsibility and developer is accountable to the shareholders and investors. Hence, one way to raise capital is through the IPO, the other is to go in for a private equity funding. This apart there are also lots of FDI investments that are flowing into the country. REIT too will soon come into India. So these are the options available to us apart from the conventional funding from the banks. We, as a company, are also exploring various options for raising capital. At the moment are looking at our requirements and will take decisions when necessary. We already had some FDI fundings in certain SPVs which will continue. As for having ourselves listed in the stock exchange, we have no such plan as of now. We are monitoring the progress of the major IPOs floated by some of the largest real estate developers in the country. Like our mascot, ‘The Falcon’, we watch, wait and soar only when the time is right.

Q. The RBI has put restrictions on credit to developers. What impact do you think it will have on real estate growth?

I believe that since money supply has become more expensive and scarce, apart from the alternate sources that I mentioned earlier, it will slow down the real estate sector and probably bring some sanity to it. The RBI has strictly stopped funding loans for buying land. Even for housing loans, the banks cannot disperse the loan amount till the property builders have all requisite permissions and approvals in place. So the turn-around time for a project, which was earlier nearly three-to-four months, has now gone up to about a year. This slows down the overall growth. This scenario is not any city-specific. In fact, it is a pan-India occurrence. The realty market has slowed down and a certain amount of excitement has also gone out of it. In a way this is a good sign as there was too much speculation taking place.

Q. Infrastructure is quite bad in several cities across the country. How is this adversely affecting the real estate growth?

I would say that this is one of the biggest obstructions that affects not only real estate growth but overall development of the economy in the country. I believe infrastructure is the key factor that will propel high growth rate. Though over the years we have made some progress on the infrastructure front, it is yet to catch up with the all round development in the country. Internally, developers may provide good facilities like good housing, good school or a good shopping complex but externally there are no roads to drive on. There is no proper accessibility to places and public transport is not very good. Projects (infrastructure) take too long to complete. For instance, take the new Bangalore international airport. It has been hanging fire since 1994 and we are nearing the end of 2007. The authorities claim that the airport will be operational by 2008. So it has taken almost 14 years to complete a project that should not have taken more than three-to-four years. However, now that the airport is nearing completion, roads to access the airport are not ready. All these things should go hand-in-hand. There are talks to develop the access-road to the airport, but this may take 10 more years. So the whole purpose of getting the airport is defeated. There should be some vision and focus. Of course, in a democratic set-up one needs to go through systems and processes, but these systems and processes should not delay and impede development.

Q. Lastly, where is the real estate industry headed?

The Indian real estate industry will remain vibrant in the next five years. Things will be doing well. And, I think, we have to do our bit, keep our sensitivities and not just go blindly hoping that everything will work out all the time. If you have the right intuition then you will probably succeed and there will be a lot of scope. We have been in the business for the past 25 years now, and we have seen two lows and two highs in the real estate sector. Once you have seen two cycles you know how to break them. Basically, the trick lies in how liquid you keep yourself and at the same time you must also keep investing. In the process we have brought in a whole lot of learning systems, processes etc. We have also tried to self-discipline ourselves. We try to keep project funds into separate accounts and use the fund for only that particular project. That way you can’t go wrong. I believe this is the way we make most of the enormous opportunities in the real estate sector.

‘Slowdown Is A Mere Pause’ J C Sharma, MD, Sobha Group

Bangalore-based Sobha Developers, a Rs. 12 billion listed company has created a niche as a preferred real estate brand in the country. Since its inception in 1995, the company has gone from strength to strength, developing over 36 msf of area with over three dozen completed residential/ commercial in house projects. Having set bench marks for quality standards, sound business practices and customer-centric approach in the South, Sobha is now embarking on pan-India expansion in a big way. J C Sharma , MD, Sobha Group, in an exclusive interview with Realty Plus shares his company’s plans to expand its footprint across India and the emerging trends, opportunities and challenges in the real estate sector. Excerpts:

Q. What are the emerging trends, challenges and opportunities in the real estate sector?

You will observe that the market is getting consolidated. Large players from different regions are coming to the emerging markets i.e. players from Mumbai are moving to Bangalore or Bangalore-based players are doing projects in Pune etc. Bigger players are getting focused, more confident and scalable than what they were 2-3 years back. Similarly, smaller players are getting marginalized from the branding perspective, from getting good quantum of land and funding etc. Their network doesn’t support them to be relevant, banks don’t give them the money needed, they cannot take their company to the IPO, the terms and conditions for PE funding are quite tough while the market keeps expanding. However, the overall size of India’s market from real estate angle is very bullish. If you look from the point of view of challenges there has been increase in the interest costs which is hurting the customers directly. It is also impacting the developers because their cost of construction is also going up. There is a psychological perception today that prices may come down. All these factors may have brought a slowdown in real estate on all India basis but within that you will also notice that some developers are going for affordable housing, some are doing environment friendly projects while others are going for superior specifications with more facilities. They feel that there will be a virtue which will generate a required comfort and confidence. Source: www.realtyplusmag.com

Rising Realty Star

Kochi is rated as one of the country’s most dynamic 30 tier-III cities in terms of business environment and real estate opportunities. A highly mature emerging destination in Kerala, it is rapidly transforming itself into a key IT/ITeS hub, attracting many pan-India developers.

Judged by Jones Long LaSalle’s India Real Estate Market maturity Index, which marked the cities on the basis of realty market transparency and overall volumes of activity in office, retail and hotel segments, Kochi has been positioned ahead of Nashik, Jaipur and Mangalore, while it vies for the first place with Chandigarh.

Growth drivers

The parameters of Kochi’s growth, besides information technology, are housing and infrastructure although tourism remains a traditional and dependable revenue earner. The IT/ITeS boom is the product of cheap real estate price, sound communications, low labour costs and low attrition rates. The bigwigs operating here include Wipro, Tata Consultancy Services and Cognizant Technology Solutions.

Kochi’s economic growth has naturally been a welcome signal for banks and insurance firms eager to serve the increasing population, corporate clients and non-resident Keralites. Citibank, HSBC, ICICI and Standard Chartered have set up outlets. Meanwhile, the all-season port, well linked with the rest of India, is embarking on a $2.4 billion modernization project. Air connectivity is excellent : 2.5 million passengers used this airport --- the first one to be built on greenfield PPP basis --- in 2006-07, making it the seventh busiest airport in India. Internet-wise, Kochi has an enviable status, having both SAFE and SEAME-WE3 optical submarine telecommunications cables. Speaking about special economic zones, in which it is a pioneer, two new technology SEZs, Infopark and SmartCity, will be completed shortly in the Kakkanad suburb. All these factors constitute the pillars of Kochi’s infrastructure.

Source: www.realtyplusmag.com

NRIs Eye Tier II & III Cities

Based in various countries stretching from the USA to South-East Asia, including UK, Dubai, Singapore and Malaysia, the non-resident Indians are lapping up 15%-25% of the new residential developments, focusing on emerging destinations in tier-II and tier-III cities for their growth potential.

Broadly, the pattern of investments — as spelled out in Jones Long LaSalle’s report on “UK-India Cross-border Residential Investment 2008” — goes in favour of (a) integrated townships and gated communities where walk-to-work concept is applicable and schools/hospitals exist nearby; (b) golf-centric properties that are preferred by HNWIs; (c) second or third homes that can be used as holiday homes, either by the sea or in the hills, which are expected to take shape as wealth accumulates in more and more hands; and (d) pilgrimage houses, probably high-end villas, in temple towns such as Nashik, Tirupathi and Nathdwara that will take care of the religious-minded among the NRI population who come on regular visits.

Another significant trend in NRI investment is that 3BHK accommodations are the most sought after closely followed by 2BHK homes. Villas and penthouses are also going up the demand chart. High specifications play a crucial role in attracting these investments. Internally they include air-conditioning, power back-up, wi-fi capability, solar water heating and luxury entrance lobbies with CCTV. The externals consist of swimming pools, health and sports facilities and quality security surveillance.

Source: www.realtyplusmag.com

Property shows are here to stay

Property shows are here to stay

The property show organised by Kerala Builders Forum is one such expo that’s been here for several years and it has turned out to be a regular annual event in Kochi. The show organised by Kerala Builders Forum is, perhaps, the biggest show of its kind in Kerala and is more or less organised during July and December as it marks the period when most NRIs from Middle East reach Kerala shores for their vacation.

With the countdown to yet another property expo having already begun, one can be rest assured of the fact that property shows are here to stay. Being the commercial capital of the state it’s perhaps the privilege of Kochi to play the role of a host to property pageants in quick succession. It’s not only the apex bodies of builders alone are organising such expos but individual builders are also putting up property shows frequently.

What prompts the builders to organise such events at frequent intervals? “The property shows are organised with two aims in mind. Firstly, it brings about better awareness among the public and secondly, it collectively showcases the crop currently available for sale before the discerning customers”, remarks a leading Kochi based builder.

Anumod Menon of Manjooran Housing also shares this view. Says he,” From the client’s perspective, it’s very important to know what’s available in the market and the precise range of products. And through property shows, exposure to both the builder and buyer is provided in equal measure”.

Most of the builders are of the opinion that the property shows definitely opens up more business channels. The ongoing trends in design, interiors and several other aspects also get displayed during the property shows. Earlier such expos were held only in major towns. But with the presence of more players, more projects and more importantly, the expectation of generating more business, the smaller towns in the state are also becoming the venue for property shows. “For builders every property show is an opportunity to spread product awareness which ultimately benefits the customers in their decision making through easy comparison”, reveals K.Lava, a senior builder in Kochi.

Since property expos have been consistently generating good revenue many have converted it into an annual event. The property show organised by Kerala Builders Forum (KBF) is one such expo that’s been here for several years and it has turned out to be a regular annual event in Kochi. The show organised by Kerala Builders Forum is, perhaps, the biggest show of its kind in Kerala and is more or less organised during July and December as it marks the period when most NRIs from Middle East reach Kerala shores for their vacation. Many of such expos are organised during weekends which makes it even more convenient for many to attend such events.

“In the earlier editions we received an excellent response both in terms of spot sales and follow up sales and this year too we are hoping to hit it big” says George E George of Infra Housing who is currently the chairman of Kerala Builders Forum. And, prompted by the success, KBF has been organising property shows in both in India and Middle East countries twice a year.

For, Middle East countries are much potential target zone of customers for most builders. Each property show also comes with unusual offers such as waiver of processing fee for home loans, attractive price discounts for on-the-spot deals and freebies in various formats such as furnishing, air-conditioning or car parking for free. This apart, builders also offer substantial price discounts on a square feet basis.

Apartments and villas from across the state with varied options that can suit every budget and taste are offered by the professional builders in such expos and the participating home financing companies, which are often part and parcel of all property shows, surface with special offers too. The relatively new phenomenon of property shows can be viewed as an aftermath of stiff competition in the market. The realty scene in Kochi is going places these days and is also getting crowded with numerous players and their projects. And property shows are just one of the several strategic moves taken by the builders to reach out to their prospective customers more effectively.