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Why should a buyer buy a property in the new sectors of
Faridabad?
These new sectors of Faridabad are very strategically located. Once the
Badarpur flyover and the Taj Expressway are built, both south Delhi and
Pari Chowk in Greater Noida will be barely 20-25 minutes away. If the
Badarpur flyover is completed, in my opinion it will bring an immediate 20
per cent jump in prices in the new sectors. However, work has yet to start
on the flyover. There are also plans for linking south Delhi to Faridabad
by Metro Rail. This will enhance connectivity further.
The new sectors are also relatively inexpensive. The
average rate here is Rs 1,700 per sq ft, which means there is greater
scope for appreciation here than in more developed areas like Noida and
Gurgaon, where rates are already high. Several builders have come into the
Nahar Paar area, such as BPTP, Omaxe, Triveni, RPS and RPS, so customers
have a wide range of options to choose from.
What is the status of your project, Piyush Heights?
We have already received the Letter of Intent (LoI) from HUDA. We expect
to get the licence in a few days. After receiving the LoI, we booked the
air-conditioned apartments in this project for Rs 1,790 per sq ft, and the
non air-conditioned apartments for Rs 1,600 per sq ft. Altogether this
complex will have 1,500 apartments, of which 20 per cent are
air-conditioned. 40 per cent of the project is still available for sale.
How much have prices appreciated over the last one year?
One year ago, the rate was Rs 1,300-1,350 per sq ft. Since then, there has
been a 20-25 per cent rise.
Is the market still rising or is it stable at present?
At present it is stable. But once builders start construction work and
people see more activity on the ground, prices will start appreciating
again.
Why have you chosen to develop an integrated township in Palwal?
Once the infrastructure projects are completed and builders’ projects are
also ready, prices in Faridabad will rise. Then Palwal will emerge as a
low-cost alternative. Already two integrated townships are being developed
in Palwal — one by Omaxe and the other by us. Players like Era
Construction and SRS are also developing group housing there. The average
rate for group housing in Palwal today is Rs 1,400 per sq ft.
When will your project be launched?
By the first week of April. One advantage that our project will enjoy is
good connectivity to the rest of the NCR as the KMP Expressway will pass
right behind it.
You are also setting up a township in Bhiwadi. What opportunities does
Bhiwadi offer investors and end-users?
A lot of industry exists in Bhiwadi. Honda is acquiring land for a car
manufacturing plant there. Because of the presence of so many industries,
Bhiwadi offers investors a high chance for price appreciation.
As for end-users, it offers quality but affordable housing to all those
who work in the belt between Bhiwadi and Manesar. Manesar is about 30-35
minutes away. In Gurgaon, the rate for group housing is Rs 3,000-6,000 per
sq ft. In comparison, Bhiwadi is far more affordable. The rate for group
housing here is about Rs 1,400 per sq ft.
What value will your business park in Faridabad offer
corporates?
Our business park is located right on NH-2. At present it takes about 30
minutes to travel from Faridabad to Jasola. But once the Badarpur flyover
is built, travel time will fall to barely 10 minutes. Now, the purchase
price in Faridabad is Rs 7,000 per sq ft for retail space and about Rs
5,500 per sq ft for office space.
In Jasola, the rate is Rs 15,000-16,000 per sq ft for office space. The
cost advantage and improved infrastructure will bring corporates to
Faridabad. In fact, so bullish are we about the commercial segment in
Faridabad that our company has bought three more commercial plots.
What are the growth drivers in Rudrapur?
Rudrapur has gained prominence because of State Infrastructure &
Industrial Development Corporation of Uttaranchal (SIDCUL), which has set
up an industrial zone there over 4,000 acres. Tata,
Bajaj Auto, Britannia, Escorts, Nescafe and several other prominent
corporates are setting up their manufacturing units there. Due to the
coming of all these industries, Rudrapur has been transformed from a small
town into a booming industrial city. The average rate of group housing
there today is Rs 1,500 per sq ft. Builders like Omaxe, Supertech,
Assotech, Samiah International and Piyush have entered this market. Over
the last one year, the rate of group housing here has appreciated by 20-25
per cent. Land rates for group housing have nearly doubled: from Rs 20-25
lakh per acre to Rs 50 lakh per acre.
RBI has increased the risk weightage for bank lending to real estate
developers. Has it made it difficult for developers to obtain funds?
Funds are not really a problem for developers at present. They get funds
from advance payments made by customers. A lot of developers are getting
private equity funding from abroad.
Interest rates have reached 10.5-11 per cent. Has this resulted in a
slowdown in demand for housing?
The rise in interest rates has not affected the market much. That’s
because buyers are getting a high appreciation on their property
purchases.
But in most parts of the NCR the market has been stable for the last
six months.
Yes, in the NCR rates have stabilised. In future also, the kind of
appreciation that one saw during the past 2-3 years is unlikely to be
repeated. The number of builders has increased. The amount of housing
stock being developed has also risen. So the growth will be more sedate
hereafter. But the market won’t decline.
by http://www.expressestates.in
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