Luxury Homes in Kolkata

The concept of weekend Luxury homes get-away is quite new to Kolkata. The demand for such property entails therefore is slow, sometimes repressed. But HAPPENING. In the wake to transform the real-estate “look” developers are trying best to promote new kind of projects. Green-home, eco-apartments, luxury-homes are three major names on their cards.

Luxury homes are detailed with modern appliances and facilities in the model of a boutique hotel. Swimming pool or a sauna, recreational and work out stations, mini-bar counters, lounge, lawn and oversized garage and parking facilities are some major aspects that distinguish a luxury home from that of a bungalow or leisure homes.

 “Luxury homes” are indeed an investment treat. Reasoning affordability, such projects are out of reach of middle-class community. Even the affluent might consider cutting down on extra frills and budget corners. Then why the demand?

 This has been adequately justified. Luxury homes in cities like Kolkata focus on rental gains. This in real estate term is profitable, attractive and AFFORDABLE. Yes! Weekend trips to Raichawk’s Radisson Fort would be no cheap. Then why not rent Luxury homes within the heart of the city? Developers are positive on the future of luxury properties. “A quite private weekend at such a place makes you feel posh” and psychologically nothing would deprive Kolkatans from responding to their innate royalty. 

This isn’t much of sarcasm. Rentals for marriage purpose, lodging, posh private privates, product

Interior of a Kolkata Luxury Home

 launch, conference and private rentals pull up initial invested amount in such projects. The main source of income however comes from the NRIs. Foreign direct investment in boutique real estate plans the like of malls and multi-facility clubs have increased over the past few years. Real estate is no longer confined to making “look-alike” apartments and condos, in present time the demand for commercial properties and luxury real estate projects have escalated. 

Luxury homes in another decade or so will be high in demand. Inland areas in Greater Kolkata promises huge prospect for such projects. While much of it relies on future economic swing, however project certainty is affirmative. Majorly builders of national and international repute will undertake such projects. Some interiors of greater Kolkata is all ready to flaunt, like areas adjacent to “Aquatica”.
 The Bengal government along with private enterprises plans to expand all possible infrastructural facilities that will boost the real estate market and keep investment flowing to Bengal soil.

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Rising Green Building Concept

According to the Indian Green Building Council the market for LEED rated green buildings in India is projected to increase to $5 billion by 2012. India’s Green Building footprint has grown from 20,000 square feet in 2001 to projects covering 888 million square feet till date
A green building can be defined as ‘environmentally responsible’ and ‘resource efficient’ building. The term ‘resource ‘refers to the natural and elemental materials like water and energy. The basic characteristic features of a green building are:
• It saves energy, water and other natural resources.
• It provides a better indoor quality and thus protects occupants’ heath
• It reduces environmental degradation and pollution
• It provides a healthier and pollutant – free indoor air quality.

In India there are two major organizations working upon green building construction program and planning.

• Indian green building council in this regard regulates rules of constructions for green homes, green factory buildings and other energy efficient constructions.
• LEED India, on the other hand is an internationally recognized benchmark for high performance green building construction and design. Its deals with energy efficiency, water savings, sustainable site development, material selection and indoor air quality; as specified by their website.

According to the Indian green building council, unlike conventional constructions, a green building uses improved technology. It saves bio- degradable natural element like water and promotes its preservation. The definition of green building as laid down by this council enhances this fact. According to dictates, a green building is efficient to save
20- 30 percent energy and 30-50 percent water than any

Beautiful Green Patch House

 conventional construction. Apart from this, it provides a healthier living space for the occupants. Green building technology aims to provide a better indoor quality; that will save people from sickness caused by the variant pollutions.

 Briefly therefore it can be said that Green building focuses on environmental and natural conservation. The concept of conserving natural elements was prevalent in ancient Indian civilizations, as the Vedas and the Puranas say. However, in modern days, the concern had a come-back and India is not lagging behind. There are great many  Leadership in Energy & Environmental Design (LEED) certified buildings here. The major LEED certified buildings constructions incorporates great energy and resource efficient buildings.

In recent years, India is showing greater zeal to be one of the top advocators of green buildings. According to the current LEED report; India is second in global ranking. 

According to the latest report of LEED India, 1262 registered buildings and 195 certified buildings are under green building footprint. In respect of dimensional measurement, India possess 887.13 million sq ft green building footprint. According to LEED India report, ‘green buildings’ market in India is projected to have $ 5 billion growth by 2012. A large number of companies are eager to take onto green building construction. If things go well, experts are of the opinion that the market would go three fold, resulting $ 30 billion in the coming four years.

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Real Estate Concerns

The Indian real estate market will scheme slow and repressed in the forthcoming year (2010); predicts real estate consultant Jones Lang LaSalle. India’s residential and commercial market is likely to remain watchful in the gloomy phase that trails steadily towards economic recession accelerated much by global uncertainties. This will definitely downsize Indian developers and builders and will confine FDI policies to Tier I cities, mainly Mumbai, Delhi and Bangalore.

The scene is reminiscent of 2008 when the US and European debt crisis reached its nadir and heated up the Indian real estate and commercial sector. The Indian economy was left crushed and bruised under its effect.  According to Jones Lang LaSalle’s India Real Estate Forecast 2012 reports, the escalating global liquidity issues would again reflect in the real estate and financial profile of Indian economy.

 Jones Lang LaSalle also predicts a probable hike in interest rates

Serene Indian Real Estate

of RBI (Reserve Bank of India). It will compel them to decrease their debt-to-equity ratios and developers will in all likeness keep on postponing their project completion deadlines. As a result, there will be an increased stock of unsold houses. This critical condition would lead the realtors to offer new projects at a discount rate.  In agreement Ramesh Nair, Jones Lang La Salle India managing director, says that the pre-launched real estate projects are witnessing a discount of 10 % to 15 % in comparison to other projects in the same area. Also the domestic realtors, those that have small project resource /capital feel it a better choice to hand over their pending projects to larger builders to secure relief. This however causes a great deal of inconvenience for the proposed buyers as they face a huge price jump.

However, the only light of hope is that, mid –end housing segments

Emerging Indian Housing

 are supposed to be safe during this last quarter of 2011 up to first half of 2012. Another fact, Jones Lang LaSalle’s report predicts is a stable demand status. As far as the commercial real estate is concerned, industries and foreign investors have not emptied the scene. Rather the influx in high and the demand for land is going to rise by the end of 2012, it is hoped. As such, Ashutosh Limaye, head of the research and real estate intelligence service, JLL India, predicts a chance of stability in commercial real estate demands.

The JLL report forecasts that international luxury brands are going to restrict their expansion plans to prime cities like Delhi, Mumbai and Bangalore, during this upcoming year.  On the other hand, a robust demand in the retail fronts is highly expected.  According to the report, most of the major Indian retailers are opting to implement their business in Tier II and Tier III cities, in 2012.

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The union ministry is ready to gear up realty factors for builders according to the new land acquisition Bill. The debate generated shows a huge dent in the demand and supply graph which as an immediate concern will affect the perspective home buyers in a big way. The confederation of Indian Industry CII has reacting rather alarmingly over the clauses of the bill. An insider committee member stated that it would become highly unviable to purchase land for commercial industries and likewise if the clauses contained in the bill are appropriated in action. Therefore the confusion over acceptance of the bill has only condensed. In this article we will try to analyze the fact whether the land acquisition bill is fit enough to be implemented in India.

The first point of concern is that the new land acquisition bill is to replace a century old set rules / rights that deliberated land acquisition laws ever since  1894. The new bill documents
• That all builders and private companies should buy land with the consent of the landowners
• That private companies should offer relief and rehabilitation packages
• And that the penalty charges of the privates companies will be calculated as per four times the highest bid accounted in past three years.

While the first law is surely to guide-in some sensible transactions the second stricture only assures a steep ascent in the price and value of lands. How?
Well to meet the penalty charges (just in case) it is comprehensible that the private developers will increase the total cost of set-up for industrial establishments, infrastructural projects and townships. This will be a sharp blow to the dreams of middle class families who aspires to buy their own homes in the forth coming years.

Some developers also feel that in case the bill is activated then the real estate sector will suffer slow progress. High cost and project delays will be an extra burden for the commoners. Thus there are many discrepancies in the new bill said a source.

This bill is inappropriate for an industrial sector as that of India, and if the government insists then the dream of housing everyone will much remain a dream.

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