Another building collapsed in Chennai, India. What could be the causes of building collapse at such regular intervals in various Indian cities? Who is responsible for illegal and low quality construction? What can home buyers, municipal body, and builders do to stop illegal construction and low quality construction in India?

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

June 28, 2014 was a disastrous day in Chennai. A 12-story building named ‘Trust Heights’ under construction collapsed in heavy rain in Moulivakkam, Porur. Officials confirmed that 14 people had died amid fears that the death toll could rise as many others remained trapped under the debris. Tamil Nadu chief minister J Jayalalithaa visited the site on Sunday, June 29, 2014 and ordered a thorough probe. Reason for building collapse has been cited as ‘structural defects’.

Police have arrested six people, including promoters and employees of ‘Trust Heights’ developer Prime Sristi Housing Pvt Ltd, Madurai, in connection with the collapse.

Well, this was Chennai. But this has been happening in the country for far too long and at far too many places. In recent months various buildings have collapsed in Thane, Mumbai, Delhi, Goa, and host of other cities. Did anything change? Did local municipal bodies or town planning departments bring in new laws? Well, given the current state of inefficient and colluding bureaucracy, we can’t expect much from the babus.

What are the causes of buildings collapse at such regular interval across various Indian cities?

What could be the causes of building collapse at such regular intervals in various Indian cities? There are many theories going around and one among them is the use of sub-standard material in building construction. However, if one digs deep, then it can be safely said that most of these collapses happen because of corruption. It is now commonly believed that builders flout building codes by paying bribe to babus of governing authorities.

Take the case of Campa Cola compound in Mumbai where illegal floors were built in 1980s. The recent DLF case in Gurgaon is also a prime example of illegal construction. There are many such cases where builders and babus have colluded to maximize their gains. And there is no way that these people will care for the plight of common man and workers working on these building sites. Bottom-line of their balance sheet is what they are worried about. Well done!

Home buyers also overlook the construction quality part. Because of soaring real estate prices in metros, home buyers tend to buy whatever is served on their plate and thereby a compromise on construction quality is made. So, there is no bottom-up pressure on authorities and builders from the home buyers. And things continue to drift along like this. One building collapse here and one building collapse there…its ok, it happens. Phew…

Who will be penalized?

Well, now that, this builder in Chennai has been arrested, he and his associates may be penalized. But is this the solution? Will this penalty make sure that no such future mishaps happen? What could be done to eliminate such instances?

Solution:

We are not experts in building construction codes. We are just creating awareness through this article about the urgent need of overhaul of construction practices in India.

• Things that a home buyer can do:

1. It is impossible for an individual buyer to conduct construction quality check of a project he/she has invested in. However, when you buy an under construction home from the real estate developer, a few unannounced visits to the construction site will help you understand the quality of construction.
2. Ask for a copy of soil test report from the builder – Before construction, all builders will conduct soil test. You as a home buyer should be extrovert enough to ask for the soil test report. This soil test report will ensure that building is not standing on a shaky ground. Maybe poor soil condition could be the reason that this building in Chennai collapsed. So, insist on this report from your developer.
3. Ask for a certificate of concrete mix from your real estate developer. Strength of the concrete mix is extremely important to analyze because it will directly impact whether the building can withstand the structure load or not.
4. Visit the construction site and check the external wall thickness. The standard practice is to have 9 inches thick external wall.
5. As a buyer, you bought the apartment by looking at brochures, and sample flat. Make sure that amenities, fittings, and apartment specifications that are provided in brochures and sample flat are also included in the legal builder buyer agreement. During the construction stage, verify if things are going as per the agreement or not.

• Things that Authorities can do:

Well, an individual buyer can do very little in his/her capacity to check the construction quality of real estate projects. However, authorities have the wherewithal to completely eliminate low quality construction and illegal construction.

At the moment, what they do is simply issue the license based on the building plan given by the builder. If the plan meets their guidelines, a license is granted. And builder commences construction. Once the construction is complete, the authority will inspect the site and based on the observations of the completed building, a completion certificate is provided to the builder.

They do not do anything during the construction period. And that is where most of the things go wrong. That is where sub-standard material is used. That is where illegal floors are added up, etc., etc.

So what can authorities do during the construction stages?

Nominate third party private construction quality check agencies across the country. These private agencies with top civil, structural engineers shall enter into an agreement with builder and home buyers to carry out periodic construction quality check. The agency will update home buyers and authority on a regular basis about the quality adherence of a building. Who will pay to this professional and private agency? Home buyers can easily pay for the services of this agency.

Let’s take an example – A builder submits the building plan to Chennai development authority for developing a group housing society comprising of 600 housing units. Assuming that building plan adheres to the guidelines and a license is issued. Along with the license, the builder should be mandatorily asked by the authority to sign on a third party private agency for construction check. Even if the cost of services of such an agency is Rs 10 crore, it can be evenly distributed among all the home buyers. This third party agency with top talent in its rank can monitor the real estate project from foundation to completion, thereby ensuring peace of mind to every home buyer and workers working on that building project.

• Things that Builders can do:

With so many cases of illegal constructions, many people view ‘builders’ as thugs and corrupt. This may not be true; however, that is the perception. It is important for builders to stick to building codes and deliver on the promises that are made when selling an under construction flat.

Dear Builder, Please follow the construction guidelines ethically and unequivocally. Thanks!

This article is primarily written for creating awareness among home buyers, consultants, architects, builders, government authorities to seriously assess the current state of construction in India. We cannot afford to lose so many lives to such mishaps. We encourage comments from all stakeholders. One can also write on this issue and we will carry forward that message in our next columns.

Look forward to active participation.

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Raj Nagar - an emerging residential locality in Ghaziabad

Delhi NCR is the hub of realty in North India, which is supported by various completed infrastructure projects, and many in the pipeline for the near future. The national capital of Delhi is the biggest urban agglomeration in the country and has many localities as a part of its growth and development strategy. Ghaziabad is one such city which enjoys many benefits because of its strategic location and good connectivity. Out of the many vibrant localities in Ghaziabad, Raj Nagar stands out because of its affordable housing category. It has been the top choice for middle income group people. There are many options of housing available namely, ready to move in homes to builder floor in Raj Nagar.

This has resulted in investment in real estate in various micro markets of Ghaziabad. Seasoned investors, NRI have invested in realty market of Ghaziabad. However, due to lack professional Property Management Companies in Ghaziabad, their apartments which are now complete are still lying vacant. These investors are reluctant to lease their apartments in their own absence. 

Affordable housing has been the cornerstone for investment as well as rentals here. Apartments for rent in Raj Nagar are also available at reasonably low rates. The dream of affordable housing has been made possible here in Delhi NCR as compared to other metros. It is because of no land acquisition issues as most builders had directly purchased the land in the region from local farmers. This is one of the prime reasons why affordable housing projects in most metros don’t take off or face serious troubles.

In this front Raj Nagar has fared very well and the development authorities like the Ghaziabad Development Authority (GDA), Municipal Corporation of Ghaziabad (MCG) and developers and builders have played a major role in providing good quality of life to many residents in and around the area. Raj Nagar today has all the basic infrastructure amenities and good social infrastructure to support the growing population. Because of the affordability factor many individuals are considering the area as they have an option of builder floors and apartments in Raj Nagar.

It’s perfect for people who would like to have all the facilities of modern living coupled with serene peaceful and calm atmosphere away from the crowded city center. Accessibility of the area from its surrounding localities of Delhi is good, thereby making it a favourable investment option for many. For better connectivity within the area, the Ghaziabad Development Authority has approved a Metro Line between Arthala and Dilshad Nagar. The RRTS (Rapid Rail Transit System) proposed between Meerut and New Delhi will be crossing the locality at the nearby Mohan Nagar Station. Land acquisition is in process for this project and it is likely to have positive impact on the real estate sector if experts are to be believed.

A major highlight around the locality has been the green cover around it. The Ghaziabad Development Authority has declared a 500 acre parcel of land along the Hindon River as a green belt void of any construction to preserve its serene eco-system. This commendable feet by the authorities further adds charm to this developing locality overlooking a facade of beautiful green cover.

Talking about the locality Manoj Gaur, MD Gaursons Ltd, said to Times Property that “Raj Nagar Extension in Ghaziabad is today buzzing with a lot of construction activity. This developing residential area is near the bypass and one can travel to Delhi or other cities without crossing the crowded areas of Meerut or Ghaziabad. Another good thing about the area is that it is in the vicinity of posh localities of Ghaziabad.”

This further proves that this area can be an interesting investment choice.

This is a guest post by Sulabha Kulkarni

Housing Prices in India remained subdued during the quarter Jan-March 2014

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Property prices remained subdued across major Indian cities in the first quarter of 2014. As per the National Housing Bank data released for the quarter Jan-March 2014, barring Ahmedabad, Chennai, Surat, Lucknow, and Kolkata, most cities reported no appreciation or drop in housing prices.

Hyderabad: In first quarter of 2014 (Jan-March 2014), housing prices in Hyderabad remained static over the previous quarter. Localities such as Kapra, Uppal Kalan, L.B.Nagar registered significant appreciation, whereas prices in other localities remained static or moved downwards.

Faridabad: Housing prices in Faridabad remained static as well during the quarter Jan-March 2014. Areas such as NIT - 1 (NH); NIT - 2 (NH); NIT - 5 (NH); Sector - 62; Sector - 63; Sector - 64; Sector -65; Sector - 21; NIT-3; Sector -14 registered upward movement in prices, whereas areas such as Sector -15; Sector -16; Sector -17; Sector -18; Sector -31; Sector -34, Ashoka Enclave; Sector -37; Greenfield; Charmwood; Spring Field Colony; Adarsh Nagar moved downward. The neharpar region remained static as far as prices were concerned.

Patna: Housing prices in Patna fell in Jan-March 2014 quarter. Prices in localities such as Paschim Boring Road; Purvi Boring Kenal Road; RK Bhattacharya Road increased, whereas all other localities witnessed significant downward movement of prices.

Ahmedabad: Housing prices in Ahmedabad increased by 6% during the quarter Jan-March 2014. Price appreciation of 9.1% was seen in areas such as Bhadra, Dudheswar, Gaikwad Haveli, Girdhar Nagar, Wadigam. However, maximum price appreciation of almost 17% over the last quarter was witnessed in localities such as Abad Dairy; Bhaduat Nagar; Gordhan Vadi; Ramvadi; Vatva Gam; Vishal Nagar.

Chennai: Chennai has been an investor’s paradise offering attractive returns on property investments. Again in last quarter (Jan-March 2014), prices appreciated by about 6%. Localities such as Ayanavaram; Purasawalkam; Kolathur, Virugambakkam; Anna Nagar; Kilpauk; Nungambakkam, Ashok Nagar; Thyagaraya Nagar; Saligramam, Mylapore; Adyar; Velachery; Thriuvanmiyur appreciated handsomely.

Jaipur: Prices in Jaipur fell in Jan-March 2014 quarter. Maximum contraction was seen in Pratap Nagar; Sanganer; Jagatpura; Tonk Road, whereas, prices in Mansarovar Nagar grew substantially.

Lucknow: Housing prices in Lucknow grew marginally during the period Jan-March 2014. Appreciation in prices was registered at Lal Bahadur Shastri Nagar; Nishat Ganj; Gomti Nagar; Indira Nagar, Sarojni Nagar Pratham; Hind Nagar; Sharda Nagar; Om Nagar; Chitra Gupt Nagar. Prices in Haider Ganj Pratham; Saadat Ganj; Asharafabad; Bhavani Ganj; Husaianabad; Daulat Ganj moved downward.

Pune: Housing prices in Pune remained static over the entire quarter of Jan-March 2014. Barring Erandawana; Aundh; Pashar; Kothrud; Bopadi; Vadgoaon Bhudruk, housing prices in all other localities either remained static or fell down during this quarter.

Surat: Housing prices in Surat increased by about 7% in Jan-March 2014 quarter. Localities such as Rander; Adajan; Jahangipura; Palanpur, Katargam; Ved / Dabholi; Amroli; Chaprabhatha, Limbayat; Dindoli; Paravat, Piplod; Vesu; Rundh; Sultanabad reported significant price appreciation.

Kochi: The city did not register any upward or downward movement of housing prices during the first quarter (Jan-March) of 2014. Localities such as Palariwatam, Panampally Nagar; Thevara; Maradu appreciated, whereas Konam; Paluruthi Kacheripadi; Mundavelli; Chullikal depreciated.

Bhopal: Housing prices remained static in this city. While on one hand localities such as Airport Road, Bairagarh City, Punjabi Bagh, Ashoka Garden, Khajuri Kalan, Raisen Road, J K Road, Karod, Ayodhya Nagar, Berasia Road appreciated. On other hand, localities such as Shivaji Nagar, Arera Colony, Chunna Bhatti, Bagh Mugaliya, Katara Hills, Krishna Nagar, Saamra Kalan, Gulmohar, Trilanga, Shahpura, Hoshangabad Road depreciated.

Kolkata: Housing prices in Kolkata grew by 5% in first quarter of 2014. Prices in Ultadanga, Maniktala, Bhawanipur, Alipur, Santoshpur, EM Byepass, Kona Express Way, Shibpur, Santragachi, Nager Bazar, Lake Town, Barahnagar, Barrackpur, Madhyam Gram, Mahestala, Rajarhat grew, whereas Jodhpur Park, Dhakuria, Behala, Thakurpukur, Sorsona, Salt Lake City, Rajpur Sonarpur witnessed downward movement in housing prices.

Mumbai: Housing prices in Mumbai remained static during the 1st quarter of 2014. Prices in areas such as Lower Parel, Matunga East, Mahim West, Kurla East, Tungwa/ Chadivali, Chembur, Malad, Borivali/ Kandivali, Dahisar, Goregaon, Bhandup , Mulund, Vashi, Khar Garh Road, Kalyan, Badlapur appreciated. However, prices in Cuffe Parade, Malabar Hill, Virar, Nala Sopara came down significantly.

Bangalore: In Jan-March 2014, the city registered a marginal drop in housing prices over the previous quarter. Most localities in the city remained static during the quarter Jan-March 2014.

Delhi with NCR: Housing prices in Delhi NCR remained static for the Jan-March 2014 quarter. Vasant Vihar & Friends Colony, South Ext & Sagdarjung Enclave, Vasant Kunj, Punjabi Bagh & Shalimar Extension, Yamuna Vihar, Inderpuri & Rohini witnessed appreciation in prices. However, housing prices in localities such as Mayur Vihar, Dwarka, Pitampura, Noida, Greater Noida, Gurgaon & Ghaziabad, Govind Puri, Raghubir Nagar, Tri Nagar, Dilshad Garden, Karampura, Nirankari Colony, Pandav Nagar, Dakshinpuri, Hari Nagar, Jahangir Puri, Jhilmil Colony, Sangam Vihar, Mangol Puri, Ghazipur Dairy, Khyala(I-III), Sriniwas Puri, Sultan Puri came down.

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Will DDA Delhi Housing Scheme 2014 really help Economically Weaker Section of the society?

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Delhi Development Authority (DDA) has come up with another housing scheme. It is going to be the largest ever such scheme by DDA offering about 27000 apartments by July end. DDA's scheme for 2014 will have 1,500 flats on sale for the middle income group and the lower income group, which will range between Rs 30 lakh and 80 lakh. There will be 1,375 HIG (high income group) flats on offer as well. These flats start from around Rs 1 crore. The 24000 EWS (economically weaker sections) flats are expected to be priced from Rs 12 lakh onwards.

Sources said the EWS houses have been constructed this time with a "new, substantially improved pre-fabricated technology". These houses will be spread across Narela, Dwarka, Rohini and Sultangarhi.

Wow, that’s a great initiative by DDA. Wow, what a great scheme for economically weaker section of the society? Now, some of them can afford to live in national capital at affordable prices. Is it really the case? Is it really a great scheme, when mere mention of the word “SCHEME” seems to suggest a scam in the making?

Let’s analyze the DDA 2010 scheme and see if it really helped the economically weaker section of society. In 2010 scheme, about 16118 flats were auctioned. And believe it or not, some 16 lacs applications were submitted. In other words, 1 out of 100 was allocated the flat through fair and transparent draw.

To make a formal application, a 100 Rupees form was required to be submitted in 2010 with a booking amount. The booking amount differed for different categories of apartments. The applicant applying for a flat under that scheme had to deposit the registration money of `1,50,000/- or `50,000/- (Janta/ORT only) as the case may be by a Single Banker’s Cheque/ Demand Draft of any bank drawn in favor of “DDA Housing” payable at Delhi/New Delhi.

Now, we do not know how many genuine people applied for the flats and got the allocations. However, we do know that lacs of people applied for the flats in the hope that if they were allocated the apartment through lucky draw, then, they will be able to make windfall profits by selling the same in secondary market at a premium.

We met one such property dealer in Delhi and he invited all his friends and relatives to submit the application forms. He made about 8 such applications and he paid for all the expenses. He had made a deal with his friends and relatives that if any one of them was allocated a flat, then they will sell the apartment in secondary market and share the profits at 50-50. Not bad.

So, are these schemes turning out be profit making entities for middle class, upper middle class, rich section of the society? Yes, the way they are targeted, it seems, these schemes benefit the rich more than the needy.

Have a look at who all made money in 2010

• DDA by issuing a lottery system and they got about 16 lacs applications of Rs. 100 each, i.e. Rupees 16 crores.

• To make the application, people had to deposit the registration money of `1,50,000/- or `50,000. And DDA made sure that banks grant this deposit money to these people at an interest. The interest portion turned out be around Rupees 5000 or more per applicant. We don’t have the number, but it seems, lacs of people used bank’s credit to make the application. Therefore, banks made money. And it could be in 100 of crores. 

• And finally, rich participated in huge numbers in that scheme and just by getting lucky in lucky draw; they also made money by selling the flat in secondary market at a premium.

So, we just analyzed, how good or bad the DDA 2010 scheme was. It really was a SCHEME.

Why can’t DDA accept applications from needy, at least for the so called “EWS (Economically weaker section) flats”? They can easily identify an applicant by way of his/her PAN account or Aadhar account and offer the EWS flats to someone who really belongs to the EWS category.

Another way to stop speculators from entering these so called "Pro Poor" scheme is by putting a transfer cap of say 5 years. In other words, those who are allocated the flat shall not be able to sell the same in secondary market for next 5 years. This happens in many EU countries. The idea is keep speculators away from such schemes.

Let’s wait and watch for the launch of scheme in July 2014 and see if EWS flats are really meant for economically weaker section of the society or the tried & tested lottery game is again being played out.

Cheers

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Are property shows to reach out to NRIs really helpful to Real Estate Developers?

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

We are all accustomed to seeing property show/exhibition advertisement in daily newspapers. This is one of the many ways in which real estate developers reach out to real people, it is claimed. While builders in India use multitude of channels to reach out to resident Indians including print, TV, radio, internet, SMS, and property shows, how do they reach out to Global Indians? Do they really care about investment from Global Indians? A cursory glance at the website of various builders will suggest that “YES”, they do care, because most of them have this wonderful “NRI Corner” tab on their websites.

In 2013, upwards of 70 billion US dollar were remitted by Global Indians into India. This is highest among all the developed or developing countries. Wooohooo….where is this massive money going? Which sector? We covered this in our previous post about NRI remittances. Although, there is no segmented data of how much of this money is going into real estate, yet it seems a significant amount.

However, most of the Non Resident Indians worry about the upkeep, and management of their property.  Many NRIs would like to invest in realty sector in prominent Indian cities such as Gurgaon, Noida, Mumbai, Bangalore, etc. For example, Ashish Sharma has a budget of around 1 crore and wants to invest in Noida. But Ashish is worried what will happen to his apartment since he does not have anyone to take care of the property. This is where Property Management Company in Noida can assist Ashish in managing his property. This way, not only will he be able to invest in Noida real estate, but at the same time, he will be able to generate monthly rental income.

Now, the question to be asked is how Global Indians decide on investing with a particular developer given the fact that most of them would not even know the names of more than 5 developers? Maybe by talking to their resident friends or family members or maybe by researching on internet…but these are all Maybes, we do not have any metrics or analysis which points to a particular channel or combination of some channels.

Real estate developers, it seems, adopt following 3 channels to reach out to NRIs:

• Web

• Property Shows in foreign countries such as Dubai, UK, USA, etc.

• Sign up local brokerages

Let’s do the Pros and Cons of each channel:

Pros and Cons of Web:

By web, we mean, having a website, social media marketing, search engine marketing, search engine optimization, etc. 

Pros

• Helpful in creating awareness

Cons

• Non Segmented targeting
• Generic in nature

Pros and Cons of Participating in Property Shows in Individual Cities:

Property shows are organized by an event management company. The show is typically organized in a big hall wherein 15-20 developers can set up their 3 feet by 3 feet table and address the people who visit that hall. In addition, there will be a banking partner and a local media company. That’s it. Some property shows may showcase 40-50 developers. And the show usually lasts for 2 days (normally weekend). But these shows are so boring that why would someone waste his/her entire day unless there is some networking opportunity.

A property show management company who organizes such events in Dubai is again organizing the event in the month of June 2014. In last 7 years, the company has done about 18 such shows with 150000 visitors. Let’s do some calculations…..150000 visitors for 18 shows…that means about 8333 visitors per show….or in other words 4150 visitors a day for a 2 days show. Hmm…..

Are property developers happy with these numbers? How much money did they spend for this kind of show? We don’t know….anyone with this number in mind, please comment :)

Anyways, in this business of explaining property shows, we forgot about Pros and Cons…here it is!

Pros:

• Help in reaching out to limited people (not more than 8000 to 10000 for a 2 day property show). Hey, is it a Pro? Yea, something is better than nothing :)
• Limited brand exposure. Obviously, fewer the people who visit the show, fewer the chances of brand recollect.

Cons:

• City / Country specific
• High cost of participation for the developer (participation fee + air ticket + hotel + daily allowances to staff)
• A typical customer takes time to understand the market and trends. Therefore it is highly unlikely that he/she will buy the property on spot
• You may go to London to sell your Mumbai Project, but how many people of Mumbai origin will visit you?

Why the hell then developers participate is such shows? Lack of creativity or maintaining the status-quo seems to be the answer. Let’s see, if something better than this comes up in future.

Pros and Cons of Signing up Local Brokerages:

Local brokerages are the local property agents of real estate developers in select countries. For example, ABC developer may take services of property agents in Singapore, Malaysia to sell his Chennai project.

Pros:

• A local property agent has sound relationship with his/her clientele; therefore he/she is in much better position to realize the property transaction

Cons:

• Limited channel partners internationally
• Challenges of motivating them to sell your property

All in all, it is a complicated matter for real estate developers. And we are sure; they will sit in their board rooms and will come up with new ideas, strategies to reach out to NRI, PIO, and OCI audience. 

Meanwhile, don’t forget to tell us how much it costs to participate in an overseas property show with limited footfall and limited brand awareness :)

Cheers

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Hope is a good thing; maybe the best of things…will Narendra modi led government deliver on expectations that have been raised?

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

The mood in the country since 2013 was of pessimism. Consumers had postponed their decision to purchase goods and invest in assets, businesses had put a break on investing in new projects, job creation was at an all time low, GDP had plummeted to a 4.5% level, inflation had been as stubborn as a 3 year child, and bureaucrats had stopped moving the files. The buzz word was Election…Election…and Election.

Now that, Elections are done with, what is the current state of mood in the country? Prime Minister designate Narendra Damodardas Modi will take charge today 26th May 26, 2014. Does he posses the magic wand to cure all the ills plaguing the Indian economy today? Then, how the hell this mood and subsequently the economy will improve? What will be the trigger that will make fence sitting consumers to buy goods?  What will enable businesses to invest in new projects? Well, again, it’s that magic thing called “Mood”…and no, we are not talking about the Moods condoms…..what we are talking about is the feeling of optimism among countrymen. Has it changed already from pessimism to optimism? Stocks markets seems to suggest so….the sheer size of BJP led NDA victory has enthused the capital markets and according to some experts this could be the beginning of mother of all bull runs that this country has ever seen.

Why are stock markets so upbeat about Narendra Modi? Decisive; able administrator; and economic development are some of the adjectives that are used to describe him. In my opinion, however, it seems he wants to go down as the greatest political leader in India since Mahatma Gandhi; it is this urge or fire which is driving him. And this urge has resulted in a hope and this hope which spreads like a viral can create infectious optimism and excitement, consumers will again start purchasing, businesses will start new projects, and bureaucrats will become efficient.

According to Keynesian Economics, There are 2 aspects to revive a faltering economy, one is by increased government expenditures and lower taxes to stimulate demand and pull the economy out of the Depression, and the second is Animal Spirit.

Post 2008 world financial crisis, UPA-II under Manmohan Singh implemented only one aspect of Keynesian model by increasing government spending to boost demand. Which of course stretched the fiscal deficit and that resulted in high inflation and high interest rates after 2011. However, they overlooked or were incapable to raise public sentiments or hope. Result, According to Planning commission data, GDP grew by 8.59 % in 2009-10, by 9.32 % in 2010-11, and then started to come down to 6.21 % in 2011-12, 4.99 % in 2012-13, and in 2013-14 it is expected to be at 4.5%. Had they improved public sentiments, things would have been different today.

Modi Government has raised hopes but he has to ensure that these expectations are complemented by action on ground. Because, make no mistake, without any substantive action, hope will soon dither.

Will he be able to deliver and fulfill these expectations???

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Area and Unit Conversion Calculator

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

When buying a piece of real estate such as land, apartment, or shop, we come across various kinds of area units. In some instances, we may know the conversion factor and for others we use our calculators.

Here we present a widget for you to convert areas from one unit type to another.

Conversion Widget

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List of Town and Country Planning Department for various states in India

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Town and country planning is an integral institution of state’s urban development. The Department of Town and Country Planning is responsible to regulate the development and also to check the haphazard development in and around towns in accordance with the provisions of state’s formulated urban development policy.

In order to involve the private sector in the process of urban development, the Department grants licenses to the private colonizers for development of Residential, Commercial, Industrial and IT Park/Cyber Park Colonies in accordance with the provisions of the State’s Development and Regulation of Urban Areas Act. These licenses are granted to the owners having clear title of land in their favor.

Private real estate developers or colonizers are expected to pay fee to ‘Town and Country Planning Department’ for land conversion, and License grant.

The Town & Country Planning Department is meant for the preparation of master plan for cities and towns, along with Zonal Development Plan. Department is also technical adviser to all the Development Authorities, Regulated Areas, Urban Local Bodies of the State. Other than this, the department is also involved in framing of the State Housing policies. Various Buildings Bye Laws, Zoning Regulations with reference to the administrative control of Housing and Urban Planning Department of the State come under the ambit of Town and Country Planning Department.

Customers who buy apartments from private developers should visit the local state ‘Town and Country Planning Department’ website to verify the project License number and other related approvals.

Here is the list of Town and Country Planning Department for Indian states.

List of town and country planning department for various states in india from Green Realtech Projects Pvt. Ltd

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Secunderabad gears up for transformation

Hyderabad has always been the first to see widespread development and infrastructural growth. One half of the twin city, Secunderabad came close second to Hyderabad for all major projects and plans by the state government. Despite the fact that both these cities come together to form the 6th largest urban agglomeration in India. But things have changed now, with Hyderabad getting densely populated and with little or no land availability, it has given an opportunity for Secunderabad to flourish. In the past few years there has been vast improvement in the area with better infrastructure and other basic amenities.

Connectivity and social infrastructure has remained an important asset for this city. It is connected to Hyderabad via Tank Bund Road, one of the most important arterial roads. This erstwhile British colony has also remained abreast with all major educational and healthcare facilities for its residents. Largely a cantonment area, it is also headquarters to the South-Central Railway- the largest railway junction in the state and many other defense units. Most Secunderabad properties have hence been a part of the public sector, owing to a number of government establishments.

Today this city has opened up to private commercial investment. Secunderabad has seen a surge of IT companies like ITC, Infosys, and Mahindra Satyam in the past decade. Like Hyderabad, it has also greatly benefited by the IT/ITES sector. Real estate in Secunderabad has been the biggest beneficiary of this trend. It has resulted in a major escalation in prices of both residential and commercial real estate. Land owners and property owners have greatly benefited from this, thereby fetching manifold ROI (return of investment).

Hyderabad 'Metro Rail’s Corridor 3' runs across Secunderabad at the railway junction and Parade Grounds area. This corridor which is running from Nagole to Shilparamam will be an important factor in determining the changing real estate scenario here. The city has been facing political and economic turbulence for the past few years. The prices have seen a good pace since the settlement of the Telangana issue, but post-election stability will have a great impact. This whole issue of Telangana came to rest in Feb 2014 with investors and Realtor heaving a sigh of relief. The completion of Hyderabad metro by December 2014 will improve the realty market too.

Populated mostly by individual homes, Secunderabad has seen a growing trend of apartments and gated communities. A recent development in the local real estate division, the residents have shown a good response to multistory apartments. The last quarter of 2014 will see the announcement of many new projects in the area to cater to the growing population wanting to live closer to the entertainment hub of Hyderabad. Flats in Secunderabad will see a huge price appreciation mostly after the completion of the metro rail project.

This infrastructure development will bring the twin cities together, as the transportation will not be a hindrance anymore. Things are looking up for Secunderabad this year with many important projects by top builders in the pipeline.


This is a guest post by Ramesh Yadav

List of Housing Boards in India

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

To boost housing projects all over India and to achieve the goal of urban and housing development, Housing Boards have been formed in various States of India. These boards work towards expansion of the property market and development of well-planned and ideally located colonies. Incorporated by the Government of different States after hard work and strenuous efforts of many months, the mandate of the Housing Boards is to carry out well organized as well as aesthetically designed development programs all over the nation.

The objectives of the Housing Boards of India are:

• To provide housing solutions to needy citizens at reasonable prices.
• To construct houses and to allot them under the categories of high-income group, middle-income group, and low-income group.
• To select the sites for housing and decide the services to be provided.
• To formulate schemes for self-financing that helps the middle and high-income groups.
• To construct commercial complexes, multi-storied buildings, and shops and then to lease them out so as to secure financial resources.

Here is a detailed list of housing boards across India:

List of housing boards in india from Green Realtech Projects Pvt. Ltd

Source: National Housing Bank

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Low rental values make Miyapur the best place to buy property in Hyderabad

From being one of city's peripheries, Miyapur today boasts of having many multi-storied buildings and a number of housing projects. Although the landscape of Miyapur has changed in the past few years, this neighbourhood is blinking on the real estate map thanks to its great location and connectivity to other localities like Kondapur, Madhapur, Bachupally, HITECH City and Gachibowli. Located about 22 kilometers northwest of Hyderabad, Miyapur is part of Greater Hyderabad. This locality is home to many lakes, providing a picturesque view to all its residents. Another factor that is improving Miyapur’s real estate is its commercial developments.

According to recent reports localities like L.B. Nagar and Miyapur are considered to be the best places to buy a house. Due to low rental values, Miyapur is slowly becoming a destination for builders to create affordable housing options for potential buyers. Apart from these, the vicinity has a number of multi-storey apartment, independent houses and many residential plots. One is definitely spoilt for choice every time they decide to buy a property here. With the locality having all basic amenities like healthcare centers, schools and entertainment zones, a house for sale in Miyapur could cost anywhere between Rs. 2,600 to 4,000 per sq ft.

Being a developed industrial area, Miyapur is also a home to a number of government offices. Bharat Sanchar Nigam Limited, the bus body building unit of Andhra Pradesh State Road Transport Corporation and the Department Registration and Stamps for Miyapur has their offices in Miyapur. Because of these establishments, the land prices in Miyapur are all set to skyrocket in the near future. If buying is not your option, you could always opt to rent a property. Apartments in Miyapur for rent can cost anywhere between Rs. 8 and 11 per sq ft.

With its excellent connectivity, Miyapur has a number of significant roads that keeps this locality connected with the city. Hafeezpet Roads, Kukatpally Road and the upcoming Yellamma Banda road are driving the realty sector here. Apart from these internal roads, the Outer, Inner and Regional Ring Roads along with the state and national highway helps connect Miyapur to other sections of the state, making this locality a hotspot for builders and investors.


This is a guest post by Sulabha. Want your content to be published at NirrtiGo, contact us at nirrtigo@nirrtigo.com

Don’t blame the ‘Babus’ of town planning departments and city development authorities

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Another one bites the dust! Well, we are talking about the latest scam or scandal or irregularity or blunder or whatever you may call it in real estate sector in India. This time, it’s the Supertech’s Emerald Court project in Sector 93-A Noida on Noida – Greater Noida expressway.

What happened? The project was started in 2006 and permission for 15 towers of 11 storeys each was given. However, in 2009, 2 towers namely ‘Apex Tower’ and ‘Ceyane Tower’ of 40 storeys each were added to the project. That means addition of 857 new apartments.

So what? It all looks fine, where is the irregularity? Well, these two new towers violate the UP government’s 2010 apartment act. The 2010 apartment act which was being designed by ‘Babus’ says that builder should take permission from existing buyers before construction, and should also follow the maximum density norm (maximum number of people in one acre), FSI norm, minimum distance between two towers, etc.

So, were these guidelines of the ‘Apartment Act’ flouted? Yes, that seems to be the case and therefore Allahabad High Court has ordered to demolish these 2 towers of 40 storeys each.

So, whose fault is it primarily? Builder says, we will appeal in the Supreme Court against the judgment because project is legal and has all the necessary approvals from the Noida Authority? Whose fault is it then? Is it the fault of ‘Babus’ of Noida Authority? Nah….it can’t be, they work hard to make sure that whatever they design (2010 Apartment Act) is implemented by hook or crook. Then whose fault is it? It’s the customer’s fault you stupid…why did they buy these apartments? They should have done their due-diligence….isn't it? Hmm…..

Well, on a serious note, time has come for Courts to look at the role of the ‘Babus’, and if necessary spank them at their back side severely for allowing illegal construction.

Customers can not be taken for a ride by colluding builders and authorities. The babus who are supposed to protect the interests of home buyers are busy amassing tens or hundreds of crores of illegal property for themselves by taking advantage of their positions.

Since, 2011, these scams have been a common phenomenon:

In 2011, DLF’s Belaire project in Gurgaon met the same fate wherein charges of project delay, illegal construction of additional floors were raised by the Resident welfare association of the project.

In 2012, Noida Extension fiasco came to limelight wherein farmers agitated against the authorities for acquiring land at throw away prices and also changing the land use from industrial to residential. The matter was resolved after courts intervened in and farmers were compensated adequately.

In 2013, we had Campa Cola fiasco in Mumbai wherein illegal floors were built in late 1980s and were ordered to be demolished in 2013.

And now in 2014, we have the Supertech Emerald Court matter in Noida wherein again the court has ordered demolition of illegal towers.

So, will this continue in coming years? Will the ‘Babus’ pay attention to the sufferings of home buyers? Will the ‘Babus’ stand up and implement the laws and acts in all fairness? We will see….But, thankfully for the common man; all is not lost as long as Courts discharge their duties.

Greed on the part of the property developer is ubiquitous, but what explains greed of these Babus who in reality are supposed to keep a check on the greed of developers???

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Foreign Direct Investment (FDI) Flows in real estate and housing sector in India

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Foreign Direct Investment (FDI) is a good indicator of a country’s attractiveness to global investors. India has been able to attract substantial amount of FDI into various sectors such as services, construction development, telecommunications, computer hardware & software, drugs & pharmaceuticals, chemicals, automobile, power, metallurgy, hotel & tourism. Significance of Foreign Direct Investment can hardly be underestimated and therefore government of India has devised policies which have attracted FDI into various sectors mentioned above. Here is a quick look at the flow of FDI into India since April 2000.

It can be noted from above chart that FDI flows into India jumped from financial year 2006-2007 on account of policy initiative by the government which permits FDI under the following forms:

1. Financial collaborations.
2. Joint ventures and technical collaborations.
3. Capital markets via Euro issues.
4. Private placements or preferential allotments.

Foreign Direct Investment (FDI) in CONSTRUCTION DEVELOPMENT: TOWNSHIPS, HOUSING, BUILT-UP INFRASTRUCTURE

The FDI Equity flow in housing and real estate sector was 8.9% in financial year 2008-2009, 11% in financial year 2009-2010, 5.3% in financial year 2010-2011, 8.9% in financial year 2011-2012, 5.9% in financial year 2012-2013 of total FDI equity flows into India. Overall, the sector has attracted a total of 23046.61 US $ Million from April 2000 to January 2014. The total FDI equity flows into India during this same period has been 212153 US $ Million. In other words, from April 2000 to January 2014, the construction development sector including of townships, housing, built-up infrastructure has attracted about 11% of total FDI equity inflows.

In 2005, India relaxed the norms for FDI inflows into real estate and housing sector by allowing Foreign Direct Investment under the automatic route which means no prior permission is required for approval either from Government of India or the from the RBI. The policy permits FDI up to 100 per cent under the automatic route in townships, housing and construction development projects and hospitality sectors such as residential complexes, shopping centers, malls, multiplexes, Cineplex, commercial offices, hotels/service apartments, resorts, hospitals, educational institutions.

Here are the detailed guidelines for FDI in Real Estate:

Guidelines for fdi in real estate in india from Green Realtech Projects Pvt. Ltd

Can the sector see increased FDI in near future?

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Will real estate stocks recover after elections?

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Real estate S&P BSE realty Index was introduced in July 2007 at the height of real estate boom in India. The S&P BSE realty Index was hovering at 7019.88 on 17th August 2007, whereas the S&P BSE Index was 14141.52 on the same day. However, by the end of 2007, the S&P BSE realty Index grew by whopping 81% to reach at 12727.42, while S&P BSE Index grew by 43% to reach at 20286.99.

And after growing in initial few months of 2008, the indices fell sharply in 2008. Realty index fell by 82%, whereas BSE Index fell by 52% in 2008 because of global financial crisis which was triggered by US sub-prime crisis.

Here is a history of S&P BSE realty Index compared with the S&P BSE Index:

Fall of real estate stocks

The BSE Realty Index stands at 1468.4 on 31st March 2014. The fall has been substantial and retail investors are shunning from buying the stocks of realty companies. Among 12 Indices such as BSE Realty, BSE Power, BSE Metal, etc, the BSE realty has been the worst performer. In 2013, the BSE Realty Indices fell by 32%. What could be reasons for under-performance of real estate stocks? We list down the reasons:

Reasons for fall

• Rising debt levels

The debt on balance sheet of 11 listed firms in BSE Realty Index stood at Rs. 42000 crore till 31st December 2013. High debt levels erode the profitability of firms because major chunk of income generated goes in servicing of the debt. And which in turn, puts strain on sustainable growth of the firm.

• Falling demand

Demand from home buyers has remained low on account of lack of job creation and high inflation. Companies have put off or slowed down their investment plans and therefore job creation has been low. At the same time, Inflation has put off the investment by home buyers due to falling savings rates. Unless, inflation moderates, the sector will continue to see weak demand from home buyers.

• High interest rates

Interest rates have remained high for last 2 years resulting in high cost of borrowing for home buyers and it’s not surprising that transaction volumes have come down resulting in drop in sales of realty companies.


Recovery in last month (March 2014)

However, March 2014 witnessed some sort of recovery in real estate stocks.

Will the recovery continue? There is all the likelihood of it and post elections, economic recovery is expected. This in turn could result in revival of realty sector on account of the following:

1. Improved GDP Growth
2. Housing prices have corrected and it presents buyers an opportunity to buy the home now
3. Moderation in inflation
4. Reduction in interest rates

Appendix:

BSE Realty Index comprises of stocks of following companies:

Anant Raj, DB Realty, DLF, Godrej Prop, HDIL, Indiabulls Real, Mahindra Life, Oberoi Realty, Omaxe, Phoenix Mills, Prestige Estate, Sobha Developer, Unitech.

What do you think?

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Why National Housing Bank’s move to allow lenders (banks and housing finance companies) to give 90% of property value as home loan can actually be detrimental?

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Recently, country’s National Housing Bank floated a proposal that seeks to allow banks to lend 90% of property value to home buyers. According to the proposal, people seeking home loan above Rupees 20 Lacs can avail 90% of property value as home loan from banks and housing finance companies. However, these loans need to carry mortgage guarantee cover from companies registered with RBI. Lending institutions (Housing Finance Companies) need to enter into a contract with mortgage guarantee companies when the loan application is originated.

With mortgage guarantee companies coming into the picture, there is widespread belief that it will help in reducing the default risk. And at the same time, it can help in securitization of home loan portfolios. Now, isn't this what is practiced in USA? Where, one can avail 100% of property value as home loan and that loan is guaranteed by Federal Reserve supported fannie mae and freddie mac. When a loan is guaranteed by State’s agencies, investment bankers jump in and create a portfolio of home loans and securitize it and sell it to investors. These investors get returns on installments generated from home loan buyers.

The only difference it seems in Indian context is that 90% of property value is given as loan as against 100% of property value in USA. The other difference is that in US, person availing the loan is not personally liable to pay in case of a default, but in India, person will be liable to pay the amount in case default happens.

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What happened in USA?

We all know what happened in sub-prime crisis in USA in 2008. When property prices began to fall people simply walked away by putting the house key on the bank’s table and that triggered a financial crisis. Read more about the US sub-prime crisis here. We in India do not want to repeat that mistake. What can happen? Let us think, you buy a property worth Rupees 1 crore and avail 90 Lacs in Home loan with about 90K installment every month for 20 years. Now, due to slowing down of economy as is the case today, you are not able to pay those EMIs. What will bank do? Take possession of your house and sell it to claim their investment in that house. We all know, Banks will be left with no choice but to sell the house in distress in tough economy thereby making a loss. However, banks have already sold this portfolio to investors and the home portfolio is already guaranteed by mortgage Guarantee Company, who is registered with RBI. So, who bears the brunt of slowing economy, yes, mortgage Guarantee Company, just like fannie mae and freddie mac did in USA. So, ultimately, the system will be saved with tax payer’s money.

One can argue that we are stretching the matter too far, yes, we are stretching the argument, but there is ever so slight possibility of such a scenario happening in near future. Hope, policy makers will consider that scenario before bringing in this new policy. As we see today, real estate sector is in doldrums and property prices in India have in fact fallen or remained stagnant. Will people who have bought the property stay invested when returns from property investment are actually less than what they will be paying to the banks against home loan? If the returns from property investment stay low for several years, then we might see the US sub-prime situation repeating in India with the implementation of new policy.

As a matter of fact, Indians banks were praised in 2008 for being conservative. Looking around the globe, Chinese banks have a limit to what they’ll lend for housing. Currently, buyers need to put between 20% and 30% down on the value of a house before securing a loan. While in Singapore it is 80% for first home and 60% for second home. Why are Indian policy makers raising it to 90% when we do not have huge scale infrastructure plans? Isn't the whole move going to put pressure on existing cities, further increasing the property prices?



OK, let’s think of the consequences of this new move

Pros

• More people will be able to buy a house

Of course, the move is aimed at encouraging people who are sitting on the fence to buy the house. Till now, it took people some time to arrange for the 20% of the property value. But with this new move, all they need to do is arrange for Rupees 10 Lacs to buy a Rupees 1 Crore house.

• Revival of real estate sector demand

With increased sales velocity of homes, the demand for overall real estate sector can pick up. The industries such as cement, steel will also see revival in demand. Overall, the move can boost the economy.


Cons

• More speculators will come into the picture

With only 10% of property value to be paid by the investor, it will encourage property flippers to take advantage of the new policy. One would simply invest in an under construction project and exit as soon as the prices have risen substantially. Can government bring in measures wherein property speculation is controlled? Can government differentiate between first time home buyers and second time home buyers as is the case in Singapore? It seems unlikely. Who will suffer? The real property buyer will suffer due to higher property prices.

• Without new cities or infrastructure, it might increase the property prices further

Do we have plans in place for city infrastructure development? Or build new cities? Unless, those plans are in place, the new move will actually put pressure on the existing cities and property prices will further increase with the new move. Simple because, more people including the speculators will purchase a house in the existing cities.



What we instead need?

• Securitization

Surely, securitization is the need of the hour. But it can be brought in at existing 80% Loan to Property Value (LTV) ratio. More on, how securitization can help in housing finance in India?

• REITs

Real Estate Investment Trusts are important and we need them in India. REITs will encourage retail investors to participate in property markets who till now cannot afford to invest in real estate. REITs can provide the necessary financing for realty sector which it needs today. Find more about REITs in India here.

• Rent Laws

The government needs to reform the Rent act which is outdated. There are large numbers of people in India who own multiple properties and do not bring that stock into the market because of the fear of illegal possession of their properties by the tenants. Reforming the rent laws will revive the rental market and that will bring some sanity to the property prices.

• Policies to differentiate between first time home buyers and second time home buyers

Government is right in encouraging home ownership. But differentiate between first time buyers and speculators. It should be quite simple to track at registrar’s office and by making it obligatory for real estate developers to disclose the details of their buyers to a central authority. If the 90% Loan to Value (LTV) policy has to be brought in, it should be for first time home buyers and not for property speculators.

what do you think??

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Why should we all rate and review real estate and housing projects? Your opinion matters!

Author: Sachin Gupta | Find me on Twitter Follow @sach_gupta

Sumit is working in an IT company for the last 12 years. He got married 6 years ago and having been relocated to many parts of the country in these 12 years, he finally decided to settle down in Bangalore. With this in mind, he started hunting down for the house within his budget. After some 4 months of home hunting, he zeroed in for a developer project in an upcoming region within Bangalore. He signed in on the sale purchase agreement and made the booking amount. He booked an 1800 sq ft apartment in January 2008; he was looking forward to moving in by late 2011, as promised by the builder. But even after four years of paying the entire sum, the developer seems in no hurry to hand over the possession of Sumit’s house.

"I had aggregated mine as well as my wife’s savings to purchase this house. The company was to hand over the possession by December 2010, but even by January 2011, they had not begun any construction activity on the proposed site," he says.

Sumit is not alone. There are countless such cases where buyers are still waiting for their homes and have not received a single rupee as compensation from the builder. The wait has been particularly tough for those whose EMI clock has begun ticking.

There have been cases where cost of home has been unjustifiably escalated during the construction stage; possession has been delayed; short changing on carpet area and super area of the home; sub-standard amenities; and so on.

So what is it that is plaguing the industry?
Why does this happen? Why don’t builders deliver on their commitments as stated in the sale purchase agreement? There are many reasons ranging from lack of demand, paucity of funds for the developer, delay in getting regulatory approvals, unethical practices, greed, etc.


Steps taken to cure the problem (At Government and private sector level)
Can the situation be resolved? There have been efforts made by developer community. An industry body has come up with a code of conduct for its 6,000 members to 'maintain the honor and dignity of developers, promoters and builders'. The government has proposed to form an industry watchdog “Real Estate Regulatory Act”. However, will these steps solve the issues? There is cynicism among public and experts alike about these remedies.


What can we do as a community? Why should we rate and review the real estate and housing projects?

• We seek advice of others when purchasing a smart phone, laptop, car, and many other commodities. For many buyers, buying a home is a lifelong commitment wherein one has to pay EMIs for several years. Therefore, it makes sense to share and discuss the details about a realty project before making a purchase.
• Discussing at an organized online platform goes a long way in making an informed decision wherein people can express their opinions in form of reviews, ratings, common causes, and so on. The whole system would act as a preliminary home search tool wherein good developers are segregated from the bad ones.
• People who have bought the property or have the knowledge of real estate sector can rate and review their housing project. This will not only help future buyers but also put a check on the current real estate practices.
• Writing a review and rating a project on various parameters such as location, floor plan, amenities, etc. will clearly help in differentiating the good project.

How to rate and review real estate projects in India?

Step 1: Visit NirrtiGo

Step 2: Find your project by typing in builder name, or project name, or search by locality

Step 3: Click on ‘Rate this project’ button

And then simply write the “Title of the review” and “detailed review including your recommendation”. At the same time, rate the housing project on various parameters such as location, floor plan, amenities, specifications, value for money, ratio of carpet area to sale-able area, etc.

So, did you rate and review your project??

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