Indian Realty Adjusts To New Realities | Gulf News

Luxury realty is the obsessive reality of the moneyed order. Spending money is the only currency that fortifies the social standing of the affluent – both on the Forbes list and off it. Real estate buys and sells make for a fiscal haven in these propitious months of the Indian calendar, but this time around, there are no buyers. The Indian realty index is stable, but it doesn’t compare to what it was prior to demonetization. The immediacy in the market is non-existent but it remains a lucrative market for investors, expats in particular, after the sharp depreciation of the rupee. But time is the key component at play here. Buying property today equals buying time too as a vital appendage.
GULF NEWS COLUMNA luxury apartment in Mumbai valued at Rs70 million will sell, eventually, but time will play a starring role in the sale today. Slashed to Rs55 million at a sizeable paper loss to the owner, it’ll sell within six months to a year. Cutting losses on luxury property investments was unthinkable, the crash of 2008 notwithstanding. I wouldn’t call this a seller’s market – it’s the buyers that decide the when and the where, with no ready money in the market. Realty purchases are entirely need-based and not investment-based, barring corporates who have the money and readily-available loans to enable their investments. Individual investors shirk buying as that entails endless tax probes and exhausting paperwork.

Realty projects are akin to a big Bollywood production that’s high on the collaborative trend today, making for sound business strategy, sharing profits and losses in the entertainment business. This seems to have found favour with realty developers too. But developers don’t really have a choice unlike Bollywood producers who can swing an independent film with Salman Khan playing the lead at whim. They’re compelled to co-build, sitting on overpriced plots that aren’t feasible to build on one’s own financial steam with the continued deceleration of money in the market. Few independent developers build in the luxury segment today. Co-building is a profitable proposition for developers but it makes it a larger liability for buyers to commit to new constructions.

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Under construction development in Mumbai | Photo: Rubina A Khan

India’s leaning more towards luxury rentals than luxury buys. Selling seems impossible. The return of investments on purchased property through leasing is abysmal, and not even marginally close to purchase costs. Reselling isn’t easy either. Future-forward individuals are now choosing to rent luxury homes with all the trappings versus buying. Fiscally, it’s more conducive to live the luxe life without a home owner’s liabilities. The freedom to shift in and out of cities, upsize and upgrade to glamorous homes and neighbourhoods when the mood strikes far outweighs setting up immoveable roots in one place – and all of it with clean bank transfers that comply with realty regulations.

Green is the new luxe word and agricultural neighborhoods is the trend du jour. India being an agrarian economy can take to agri-hoods swiftly, integrating agriculture into residential neighborhoods with working farms and green space. Agri-hoods suit the natural Indian landscape and will appeal to environment-conscious, rich millennials who are always seeking the “next level” in their lives. Living concepts of clean eating, organic produce, solar energy, climate change, rainwater harvesting and the great outdoors with fresh air are selling successfully through smart adverts worldwide. Under-construction properties advertise zealously with a definitive emphasis on green cover and integrating sustainable and organic food produce everyday – a miniscule attempt, but important nevertheless. Full-scale agri-hoods is the future of luxury realty and building agri-hoods will unify Indian community living.

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Under construction development in Mumbai | Photo: Rubina A Khan

Art that no longer hangs on a wall or is vulgarly placed in the middle of a room nor discussed in hushed tones, but tactile art is taking over luxury realty. Established and emerging artists are designing not just pieces of art, but entire residences, harmonizing their artistic voices with the distinct individualism of home owners. Fashion couturiers Rohit Bal and Tarun Tahiliani are both engaged in residential design, adding their genius to concrete. Fashion and art create a historical archive of the times we live in.

Architecture is almost incongruent to individualism with high-rises taking over Indian metros, cities and towns. But the highest honor in the architectural world – the Pritzker Architecture Prize Laureate – went to an Indian for the first time this year. Professor Balkrishna Doshi won the honor for his deeply personal and poetic architecture that touches lives of every socio-economic class across a broad spectrum of genres. If only the Indian realty business could turn a page as poetic as his works in its design ethos.

This feature first appeared in Gulf News on September 29, 2018

©Rubina A Khan 2018

RUBINA’S RADAR | DESI GIRL PRIYANKA CHOPRA’S OFFICIAL NEW CHOKRA IS PARDESI BOY NICK JONAS

RUBINA’S RADAR

There’s been a lot of hip-holding of Priyanka Chopra’s pageant-winning waist by American musician Nick Jonas in New York, Mumbai, Brazil, Singapore and London that made for super photographs splashed across tabloids in recent months. Chopra was, after all, the Jealous singer’s and erstwhile Disney actor’s new love – he being the guy who’d dated Selena Gomez, Miley Cyrus, Kate Hudson, maybe even the stunning Kendall Jenner and former Miss Universe Olivia Culpo before her. Chopra had only been dating the Dallas-born Nicholas Jerry Jonas for a haute second, and then, bam! An engagement!

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Priyanka Chopra and Nick Jonas | Photo: Instagram

She played desi girl to the hilt with her pardesi boy Jonas flying down to Mumbai with his parents, Denise and Paul Kevin Jonas Sr for the roka ceremony. The pre-wedding ceremony held at her Juhu home was all about honouring Indian family traditions and culture and loving an American guy, amidst family and friends. More family, less friends. It was attended by the 55th richest person in the Forbes World Billionaire list 2018, Mukesh Ambani, and his wife Nita and daughter Isha and Bollywood’s almost number one actor, Alia Bhatt among others. Bollywood’s presence of popular faces was minimal here. Even Karan Johar who is literally everywhere, was on foreign shores and couldn’t strike a pose and pout for the assembled photographers on the Juhu street, but his congratulatory bouquet of flowers did make it to the photo grids. Same difference. The claims that Chopra and Jonas wanted to keep it private and low-key don’t quite match up with the calculated release of information and photographs by the machinery. A supposedly quiet visit to an orphanage, St. Catherine’s in Mumbai the morning after the ceremony not only had pictures circulating, but videos of the same posted by Jonas himself. Millennial super girl Kylie Jenner fell in love with Travis Scott, made baby Stormi and racked up billions during her pregnancy more discreetly than the engaged adults here. And closer home, Salman Khan is being human sans any visual mementos of his philanthropy.

Chopra has a definitive style when it comes to her fashion stakes, aided by Hollywood stylist Cristina Ehrlich and of late, Mimi Cuttrell, the 25-year-old primary stylist to Palestinian-Dutch-American model Gigi Hadid. Interestingly, there was no fashion to talk about really at the ceremony or the subsequent party by Chopra, but the loved-up photographs of the newly-engaged couple made for the ultimate fashion statement here, with diamonds of course.

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Priyanka Chopra and Nick Jonas | Photo: Instagram

To go from being in love with an Indian man on the right side of 50 to a JoBro of 25 was a bit sudden, if anything. As far as her love life went, there was no talk of it in the West prior to her Jonas coupling, although Mumbai knew very well of a love affair, albeit unofficially, that was storming inside of her, never mind where she lived or where she worked – Bollywood or Hollywood. But she’s now spoken for and all that Bollywood tumult seems behind her today. And as their initials NP go, there seems to be no problem or objection to this coupling, aside from some favourable and unfavourable comparisons to her last unofficial superstar boyfriend.

Chopra conquered Bollywood armed with her Miss World crown and winning smile only to power through Hollywood headlining a television series, Quantico, and now, with this East-West coupling, she seems like she’s going to be settling down happily ever after in Grammywood. She wants it all – crowns, endorsements, films, television, music, love, marriage – and is sure getting it all too. The newly-engaged couple are looking to wed on Jonas’ 26th birthday on September 16 after he popped the question on her 36th birthday on July 18 in London. There’s no word on the city, country or venue of their wedding yet and what place on Earth they will call home either.

The future Mr and Mrs Jonas are sure to make great music together, and make even better pictures in the times to come. The very fact that she’s an accomplished singer herself having cut a few tracks of her own, to fall for a musician, comes as no surprise really. And, he’s handsome and clearly smitten by her charms. I’m sure Chopra will not just be content cheering on her fiancé from vantage points at his live shows and performances but will be making some real music with him soon. I can’t wait to hear the single or album they’ll cut. And better still, a duet for a Bollywood film too.

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©Rubina A Khan 2018