India’s Property Market Rides Election Wave | Gulf News

The triumphant win of Narendra Modi as Prime Minister of the Indian subcontinent for a second term, in the world’s largest election, has lent maximal credence to the country’s realty business in a manner most exceptional. The ruling government’s first term, contentiously driven by infrastructural development and financial realignments like Demonetization, RERA (Real Estate Regulation and Development Act) and GST (Goods & Service Tax) hit the cash-rich realty business particularly hard. Predictably, it was met with uproarious dissent. But, luxury realty seems to have taken a real turn since the legalized reorientations in the business, with antagonism giving way to smarts.

The luxe life is an addiction like no other. As long as there is human desire to live like royalty and be an in-your-face show-off, luxury real estate in India is headed forward. It stands at a profitable vantage point today, espousing all three acts, advantageous to both, builders and buyers. Indian realty expects investments to double to $10 billion in 2019. The paper trail and financial transparency accorded to the business is dominant, making it a streamlined, and somewhat trustworthy experience today. But there’s no denying that the business is devoid of the robustness and speed it once basked in, languishing ever so often in protracted sales.
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RERA seems to have had the most impact so far, not so much on newer developers as it has on the bigger players with large, unsold inventories, given it is now mandatory for 70 percent of the money to be deposited in bank accounts through cheques, restricting unaccounted money being flushed into the realty business. Aside from its financial transparency, a RERA requisite that’s very conducive to prospective buyers, is that builders are obliged to quote prices based on carpet area (inclusive of usable spaces like the kitchen and bathrooms) and not super built-up area. Having said that, RERA needs to hasten the pace, and frequency, in providing aggrieved buyers who need long overdue compensations from unscrupulous developers across India. The clean-up in the business has only just begun. It is anything but cleaned up, as far as realty racketeers are concerned, despite the new regulations and progressive revamps of archaic Indian property laws like Insolvency & Bankruptcy Code and the Benami Transactions (Prohibition) Act being in place. For the business to regain the implicit trust of consumers and hit immediate sale highs, compensating buyers for their losses is vital, and it should become a regular occurrence as compared to the rarity it is today.

Luxury residences and serviced luxury residences make for accelerated buys and sells in India, and rightly so, as time is a luxury the wealthy can’t afford to indulge in. Newer developers in Mumbai like Aditya Kilachand, Partner at Innovation Estates LLP, seem to be on the right beach of luxury realty, building villas by the sea in Alibag, a mere three-hour drive from Mumbai. Tapping into Alibag’s infrastructure, the improved connectivity and proximity to Mumbai, its existing community and fairly undervalued land prices is just realty forethought and judiciousness. Seven luxury serviced villas called L’Hermitage, custom-designed by Sussanne Khan of The Charcoal Project, will be ready for some serious selling upwards of 10CR by Sotheby’s International Realty India, come July 2019.
villWith all the luxury constructions and developments, there is a new shift in the market of late, that of “aspirational luxury” residences that aren’t remotely luxurious, barring their price points. Priced at 7CR upwards for a 3BHK in the business suburb of the Bandra Kurla Complex in Mumbai, these residences allude to a luxurious lifestyle with cleverly scripted and assertive marketing hype. The insides of these residential towers are at most basic, with a garden path, a swimming pool and some semblance of a gym thrown in, with views of the city’s under-construction skyline off a balcony, masquerading as luxury amenities. Needless to add, it’s a “white elephant” investment for owners as resale inventory is at its lowest and unrealistic rentals dictated by the builder’s team, with few takers, stand testimony to the “mimic luxe” gimmick it’s established on. These kind of constructions need to be reined in, as these will lead to a catastrophically high, over-priced, unsold inventory in the country that will affect consumers far more than the builders.

This feature first appeared in Gulf News on June 9, 2019

©Rubina A Khan 2019

RUBINA’S RADAR | A VERY FASHIONABLY YOURS APRIL

India’s couturier extraordinaire, Sabyasachi’s nonpareil fashion métier makes him an exalted being in the world of fashion. Today, the enviable designer ceases to be just about khaki, silks, embroidery, jewellery and his L’Oréal Paris x Sabyasachi Calcutta (a non-negotiable term when it came to his historic collaboration) makeup line. Sabyasachi Mukherjee, of the eponymous label Sabyasachi, is a vibe, and a very desired one at that.

NEW DELHI, NEW DELHI – MARCH 04: Indian fashion designer and couturier extraordinaire, Sabyasachi, opened his first flagship store in the capital, and his fourth in the country, spread over 13,500 square feet with two separate wings housing bespoke bridal wear, jewellery and accessories for women and men at Kutub Serai, Mehrauli on March 5, 2016 in New Delhi, India. (Photo by Rubina A. Khan/Getty Images)

From Bollywood actor Anushka Sharma and cricketer Virat Kohli’s wedding in Tuscany in 2017 to Deepika Padukone and Ranveer Singh’s ceremonies in Lake Como in 2018 to Priyanka Chopra and Nick Jonas’ coupling in Jodhpur in 2018 to the Ambani twins – Isha Ambani and Anand Piramal in Udaipur in 2018 to Akash Ambani and Shloka Mehta in Mumbai in 2019, the fashion artistry at all these extravagant weddings was designed and orchestrated by Sabyasachi. In a country where bridal wear, our equivalent of the West’s haute couture, is of supreme importance when it comes to the big spend, all these celebrated brides and grooms from diverse worlds of film, sport, music and business wanted Sabyasachi to “do” their clothes and jewellery on their big day. And that’s saying a lot because there certainly is no dearth of designers doing bridal collections in India. For someone who is on a no-sugar health plan, he sure is taking the biggest bite from giant wedding laddoos, India’s sweetest business!

Sabyasachi celebrates 20 years of his fashion story this year, with Kashgaar Bazaar – a runway presentation, in collaboration with the world’s most famous red-soled cobbler, Christian Louboutin on April 6th in Mumbai. The fashion extravaganza has international guests flying down especially for it and it’s already blowing up everyone’s minds with expectations of Sabyasachi’s grandiloquent style. Mumbai’s temperatures are soaring, but the anticipation of what Sabyasachi’s bringing to the city in April is taking it to another level of fashion heat!

NEW DELHI, INDIA – JULY 29: Indian fashion designer and couturier, Sabyasachi checks in on models and last minute fittings just before his opening show for the Fashion Design Council of India’s (FDCI) Amazon India Couture Week 2015. Sabyasachi and Lebanese shoe designer Christian Louboutin collaborated on the couture line together with his famous red-soled shoes adding glamour to the shimmering regality of the couturier’s designs at the Taj Palace Hotel on July 29, 2015 in New Delhi, India. (Photo by Rubina A. Khan/Getty Images)

Pharrell Williams makes the world a very happy place with his music, but he wants to make it happier with his fashion and design aesthete with a colourful collection for Parisian fashion house, Chanel. Williams is the first ever guest designer for the fashion house, having collaborated on it with the late Karl Lagerfeld, Chanel’s creative director for 36 years. It was Lagerfeld who named the collection Chanel Pharrell.

HOLLYWOOD, CALIFORNIA – FEBRUARY 24: Pharrell Williams arrives at the 91st Annual Academy Awards at Hollywood and Highland on February 24, 2019 in Hollywood, California. (Photo by Steve Granitz/WireImage)

To coincide with the launch at Chanel’s flagship in Seoul, Korea on Friday, March 29, the Grammy winning artiste released a behind-the-scenes video of the collection. In it, the multihyphenate talks about gender-fluidity, meeting Karl Lagerfeld and the importance and influence of the number 5 in the collection as well as Akira and motorcycle gangs.

Yellow bathrobes, brightly-colored hoodies and embroidered graffiti sweatshirts, terry-cloth bucket hats, sunglasses, T-shirts, opulent diamond jewellery and the double C bags make up the Chanel Pharrell collection, dedicated to both men and women. And, sneakers with hand-drawn text and doodles, but of course, and loafers and sliders. After the Seoul launch, the complete Chanel Pharrell collection releases worldwide on April 4.

A very fashionably yours April indeed!

Disclaimer: Any part of the content on the rubinaakhan.com website cannot be reproduced without prior permission and crediting the website and the author.

©Rubina A Khan 2019

RUBINA’S RADAR | MAKING FASHION HISTORY IN OLD DELHI AND CALCUTTA IN THE NEW YEAR 2019

The first week of 2019 kicked off with Indian fashion making historical moves on, and off, the runway on heritage sites. The formidable collaboration of the Ministry Of Textiles Government Of India, the Archaeological Survey Of India, the Ministry Of Culture and the Fashion Design Council Of India, created fashion history with Artisan Speak, a show that celebrated India’s majestic textile legacy at the Red Fort in New Delhi on January 5. The Red Fort grounds as a fashion runway was unimaginable, till it was the past Saturday. And, what a progressive first it was!

Headlined by designers Anita Dongre, Rohit Bal, Rajesh Pratap Singh, Gaurang Shah, Rahul Mishra and Anju Modi, the ivory Sawan and Bhadon Pavilions, and the red sandstone Zafar Mahal made for a dramatic backdrop for the show. Artisan Speak turned a page in India’s history, transcendentally juxtaposing the regal era of yore with the immediate now. The show honoured six Padma Shri and seven Sant Kabir award winning master craftsmen, wherein the Union Minister Of Textiles, Smriti Irani, gave away Special Recognition Awards to the indomitable contributors to India’s textile sector. 

On January 7, Anamika Khanna showed her collection at the Artisan Speak show organised by the Fashion Design Council Of India for the Ministry Of Textiles Government Of India at the legendary Currency Building founded in 1833 in Kolkata. It was a felicitous venue for Khanna’s show. Whilst most heritage buildings in Kolkata, the first seat of power of the British Empire, reflect Gothic styles of architecture, the Currency Building stood out in the city with its Italian style, particularly its Venetian windows. The building went through many hands and years of neglect and demolishment till the Archaeological Survey Of India took over and restored it to its distinct Italian architectural style recently. Archaeologists have found evidence of an underground canal from the building to the river Hooghly to cool freshly minted coins in its original avatar as a currency house.

Artisan Speak in Kolkata was yet another historical step forward for Indian fashion by showing in a protected building, creating awareness for India’s textile industry, the second largest employment sector in the country, after the agricultural industry. After the momentous fashion show, the Currency Building turned into an exhibition space, open to the public, for jute, silk and handloom crafts the following day. “India has seen a growth of 24 percent in the export of jute products in the last five years,” said Smriti Irani, Union Minister Of Textiles, a pivotal voice of Artisan Speak.

Disclaimer: Any part of the content on the rubinaakhan.com website cannot be reproduced without prior permission and crediting the website and the author.

©Rubina A Khan 2019