Real estate news on Realty developers launch projects in Tier II and III cities

Builders/ Developers, New projects, Kochi
Posted on Dec 26, 2012
Reputed developers in the country are moving to Tier II & III cities owing to availability of land at low cost and a spurt in demand for quality housing here. Escalating costs in the metro cities has led to a big gap in the demand-supply chain, which is another factor pushing this trend.

Developers like DLF, Parsvnath, TDI, Ansal API, Sobha Developers, Rahejas, Ansal Housing, Assotech Ltd, Omaxe, Amrapali, Ashiyana, Antriksh, Imperial Holdings Ltd, Supertech, etc, which have major project in the Delhi NCR have been launching projects in Hardwar, Kochi, Bhubaneswar, Jamshedpur, Rudrapur, Shimla, Patna, Muzaffarpur, Gaya, Jaipur, Indore, etc.

Boom in Haridwar
The State Industrial Development Corporation of Uttarakhand Limited (SIDCUL), an enterprise of the government of Uttarakhand, was formed 10 years ago to promote industrial development and private initiative in infrastructure development in the state. Currently, SIDCUL has three industrial estates at Haridwar, Pantnagar and Sitarganj.

With rise in demand for housing in the mid-segment projects, Antriksh Group has launched a project in SIDCUL in Haridwar. Rakesh Yadav, the managing director of Antriksh Group, says: “Haridwar is one of the most important pilgrimage spots for the Hindus and it also enjoys a world-wide renown on account of its ancient ghats and the Kumbh melas. Increasingly, Indians, as well as international tourists, are flocking to this town not only for its rich spiritual history, but also as a holiday resort and for its proximity to popular hills stations in the surrounding area.”

Supertech Ltd has a hotel, Hyphen, within the commercial hub of SIDCUL in Haridwar, which offers “intelligently designed facilities and consistent services at an extremely reasonable tariff”, according to their catalogue. Hyphen is an integral part of the first mall here, Pentagon Mall, housing some of the top brands of retail and leisure, a multi-screen cinema, a state-of-the-art health and wellness spa, and done with lavish landscaping. Pentagon Mall also has a dining area, entertainment zone, hyper markets, a 5-star hotel and a budget hotel.

Supertechs Radisson Blu, in collaboration with Carlson Hotels Worldwide, is the first 5-star hotel in
Haridwar, which offers 129 spacious and attractively appointed suites and rooms that promise a delightful ‘home away from home feel.

The IT-ITeS industry in Indore is still at a nascent stage but it the anticipation of a boom in these sectors is already pushing real estate development here. Known as the commercial capital of Madhya Pradesh, Indore has a lot of options for real estate development. Major realty players like DLF, Rahejas, Ansal, Sahara International Infrastructure, Amrapali Group, MGF EMAAR, Omaxe, Parsvnath, etc, have launched residential township projects here.

Amrapali Group has already established a big presence in Indore. It is developing a mega township over 183 acres near Pitampur (Agra-Mumbai Highway); the group is acquiring another land parcel in the vicinity in order to increase the boundaries of this township.
Anil Sharma, the chairman and managing director of Amrapali Group, says: “We are offering independent floors, villas and apartments. Construction of work on plotted development, group hosing, a shopping complex, a hotel and a sewer treatment plant is in full swing in this township. As this place has worldclass facilities and with infrastructure and connectivity improving by the day, we are getting good response for our products in this township.”

“Indore has a large population of entrepreneurs with high purchasing power. The city has a number of strongly entrenched local brands along with national and international retailers. Traditional unorganized markets are slowly giving way to new organized retail markets with the arrival of new residential townships having malls and shopping centres,” Sharma says.

Noida-based real estate players like Assotech Limited and Amrapali Group are exploring the possibility of developing a low-cost residential project in Bhubaneswar, encouraged by the growth in demand for affordable housing projects across the country.

Assotech launched Cosmopolis over 8.93 acres at Dumduma on NH-5 in Bhubaneswar; the project is close to the archaeological sites of Khandagiri and Udaygiri. This project is being developed by Assotech in alliance with the citybased B Engineers and Builders Limited. A spokesman of Assotech said the company has received all the relevant clearances from the Bhubaneswar Development Authority for the Cosmopolis project. Assotech is also developing a 5-star hotel, Radisson, a joint venture of Assotech Ltd and Milan Group, close to the Biju Patnaik Airport in Bhubaneswar.

Sanjiv Srivastava, the managing director of Assotech Ltd, says: “These modern projects will act as growth drivers and bring about a change in lifestyle in Tier II and III cities of India. Increase in literacy, entry and expansion of software majors into these towns, high disposable income of the local professionals, exposure to the latest trends in lifestyles through the media, greater availability and penetration of a variety of consumer goods into the interiors of the country, have all resulted in creating lifestyle and aspiration levels here on a par with other fast-moving metropolitan cities.”

Shimla, too, is on the cusp of a real estate boom. Property prices in Shimla have been increasing by the day. Shimla is in the prime Zone A category of the Himachal Pradesh property zone and has stringent laws that act as a deterrent to the rapid development of realty sector. The real estate here will develop only if such stringent controls are relaxed.

Naldhera Golf Course near Shimla has one of the most unique and luxurious projects for any hill station in India offering modern amenities like a gymnasium, a spa, a cigar lounge, a bar lounge, a swimming pool, and a helipad. Shri Group has done the landscaping of this area.

Imperial Holding Ltd is developing Auramah near Naldhera over 75 acres with terraces, troughs and valleys and surrounded by 100 acres of pine forest. A spokesman of the company said Auramah Valley will make an ideal home and a perfect hideaway. The concept of Auramah Valley stems from countryside living, the privilege of having a home in the Himalayas, living amidst nature and yet indulging in extreme luxury, the project catalogue says.

Manav Singh, the chairman of Imperial Holding Ltd, says: “The objective is to enable people to own luxury homes in Himachal, with high-quality finish at reasonable prices. The developments will be around the concept of wellness, giving the residents the opportunity to live a holistic, long and stress-free life.
“Auramah Valley is a brandnew residential property for sale near Naldhera Golf Course. Your home at Auramah Valley will be a unique blend of Victorian country life and Southeast Asian pleasures. Imperial Auramah Valley comprises living options in the form of 2- and 3BHK apartments.”

Kochi offers grand investment opportunities for real estate owing to its large NRI population, which wants to own a house in this city, and due to the rise in job opportunities in the IT sector in the city. Realty players like DLF, Sobha Developers, Ansals, Amrapali, Puravankara, Confident Group, Oceanus, Unitech, Nitesh Estates, Housing Development and Infrastructure Limited (HDIL), Prestige Group, Emaar MGF and Parsvnath Developers have all descended upon Kochi.

Anil Sharma, the chairman and managing director of Amrapali Group, says: “Property development and real estate activities have overshadowed the states booming tourism sector. This boom has seen the emergence of many developers and projects in this town.” The groups Amrapali Cosmos in Kochi is strategically located being only about 4km from the airport. The project has three separate towers housing commercial and office space, an 80-room fourstar hotel and a residential block.

Sobha Developers is setting up a large township in Maradu, near Kochi, called the Sobha Hitech City. Maradu is a high-potential suburb of Kochi with commercial projects, 5-star hotels, shopping malls and IT-projects. The total investment on Sobha Hitech City is estimated at around Rs 5,000 crore. Though builders have been focusing on Kochi, the supply is still grossly inadequate when compared to the potential demand. Skyline Builders have nine residential projects in Kochi located in Kakkanad, Alwaye, Kaloor, Edapally, Ernakulam North, Panampilly Nagar, Padivattom and Kadavanthara.

Source: Times Property, The Times of India, Delhi/NCR
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