Properties, Homes & more

In this new series, I would focus on the latest trends in real estate, properties, home improvement sphere. I will try to fetch trends from across major markets across the world, but my focus will be on India, and specifically on Mumbai because that is MY city.

OK. When I think about trends in real estate/ properties, the first thing that comes to my mind is that of the BROKERS - the real estate brokers. These are those kind of species who make money for doing little, or practically negligible. I have always wondered how they make so much money! They charge at least 1% of the total cost of the apartment/ home/ flat/ shop/ any property they help in selling (or even giving on rent). I agree that they have references and leads and can roam around for days together (along with prospective clients of course). But I simply fail to understand what additional work they do…

Most of these species are rude and arrogant. They believe that they are THE kingpins of the real estate, without which no one can buy/ sell any property. They treat rich people differently and they simply do not pay much heed to middle-class people (buyer/ seller). There have been reports that many of these brokers have underworld connections and are involved in extortion. They will simply roam around the city showing prospective clients one flat or the other. They will hide important details - like previous owners, if any, of the property; how the rights of ownership have been transferred, etc. They do little work and most of the trouble is taken by the prospective clients. They why should we pay these brokers? My main point here is: Why do we need these brokers?

So the newest trend which I am seeing nowadays is Broker-free deals. There are many customers who do not want to approach a broker, just because the service provided and the price charged are not matched (price is often exorbitant as compared to the service provided). And the best part is, even the builders (or sellers) are encouraging this move. They often provide more discounts for direct sales.

Mark my words - there will be a broker-free real estate dealing culture - may be within a couple of years from now.

This is final part of the series of articles on how one can utilize the inexpensive Styrofoam Ceiling Tiles as an innovative home decor. In Part 1, I explained what Styrofoam tiles are, their properties, and what make them so eligible for creative home decor. In Part 2, I gave a brief step-by-step approach on installing Styrofoam tiles.

In this article, let’s see how one can transform a plain looking ceiling into a fantastically beautiful one with the user of Styrofoam tiles! Here are some of the examples:

Please click on respective images to view larger image.

If you would notice, with the help of Styrofoam Ceiling Tiles, you can transform the dull, plain, (mostly) white ceiling into something totally hep… something which completely reflects the personality of the owner… something which not only makes the dull ceiling beautiful but also make it look trendy and stylish… something which is truly yourself… something which will attract zillions of jealous looks towards your “inexpensive yet classy” home decor!

Real Estate Leasing business of the Construction Division of Godrej has recently announced its grand foray into IT PARKS with the “Godrej IT Park - P2” As a part of its continuous effort to demonstrate care and respect for environmental preservation, the Godrej IT Park will be a LEED certified Green Commercial Building Project at Godrej and Boyce complex at Vikhroli. Godrej IT Park shall have more than 1.4 million sq. ft. of constructed space with approximately 1 Million sq. ft. of space on Leave & License. It consists of 2 Stilt Levels and 2 podium levels for Car Parking, Building Services and Utilities and 6 levels of Office Space.

“Godrej IT Park - P2″ is a warm shell, multi-tenanted building with exterior walls, landscaping and constructed parking lots. The building is fully enclosed with Electrical Systems and Power, HVAC, Plumbing and Fire fighting, Building Management System, Sewage Treatment plants and backup DG.

Salient Features

1. Godrej IT Park – P2 is located within the large lush green campus of Godrej and Boyce complex
   Provides flexibility and scalability across floors and blocks
2. Option of occupying multiple floors in a single wing or on the same floor
3. Neighbouring with existing large IT / ITES companies within the G&B complex
4. LEED pre-certified Gold rated Green Building with 41 points
5. Ample Car parking space
6. Landscaped Terrace garden

In a bonanza for residents of a Khar housing society in Mumbai, a builder has been buying off their mid-sized flats, paying each family between Rs 4 crore and Rs 5.5 crore.

Mumbai-based Parinee Developers claims to have shelled out between Rs 4 crore to Rs 4.5 crore for a one-BHK flat and Rs 5 crore to Rs 5.5 crore for a two-and-a-half-BHK in the three-decade-old Bharatiya Bhavan Cooperative Housing Society, which is located at the corner of 17th Road in Khar (west). Parinee plans to demolish the buildings and set up a high-end residential tower.

However, there is a word of caution from real estate experts. They warn these huge amounts may send wrong signals in the redevelopment market, unnecessarily create hype and raise expectations of other housing societies in the area. However, Parinee said it is paying this astronomical price only because the society has utilised barely 40% of its floor space index (FSI).

The developer has already bought out 20 of the 37 flats in the society and said it is negotiating with the remaining flat owners. “We are finalising the purchase of the remaining 17 flats. Our acquisition cost for all the flats is around Rs 200 crore,’’ said a spokesperson for the developer. The society comprising six buildings, each ground plus two floors, is spread over an area of 5,570 square yards (over an acre) with ample open spaces and car parking. The one-BHKs have a carpet area of between 580 to 625 sq ft while the two BHKs are between 800 to 900 sq ft in size. The society has been on the block for the past four years. In 2007, TOI was the first to report that the society had invited sealed bids from various developers and that a Navi Mumbai-based builder, APA, had offered Rs 180 crore to the society.

A real estate expert has a word of advice for housing society residents, “Dont get greedy. Stick to only prominent developers who have delivered in the past.’’ The expert further said some unknown builders in the past had offered astronomical prices to housing societies, even outbidding the big guns in the industry. These shady builders are just fronts for some politicians who want to roll their black money in real estate. Housing societies should stay miles away from such builders, he warned.

The National Textiles Corporation (NTC), which has reaped a windfall by selling off its properties in Mumbai since 2005, got another Rs 474 crore in its kitty in first week of August after Indiabulls Real Estate bagged the 2.3-acre Poddar mill at Worli Naka. The reserve price was fixed at Rs 250 crore.

For the first time ever, the NTC carried out an e-auction spread over three days. The property facing the Bandra-Worli Sea link was anyways expected to fetch a good price! The offer works out to more than Rs 200 crore per acre or more than Rs 25,000 per sq ft of saleable area. According to Knight Frank (India), the developer will probably set up a residential building and sell at the rate of between Rs 40,000 to Rs 50,000 a sq ft. Real estate continues to be crazy in Mumbai. With this kind of pricing, the flat will not be below Rs 5 crore for a two BHK and Rs 7-8 crore for a three BHK. Clearly, this is outside the affordability of someone who is making Rs one crore per year.

NTC also plans to sell another of its defunct mill, the eight-acre Bharat Textiles Mill, through the e-auction route which will end on August 6. A reserve price of Rs 750 crore has been fixed by the NTC. This mill is expected to fetch double the reserve price.