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

Chivas Regal India Launches Limited Edition | Mumbai

Chivas Regal India launched a Limited Edition festive pack designed by Ashiesh Shah at the Architectural Digest Design Show on October 26, 2018 in Mumbai. The metallic, steel grey packaging of Chivas Regal 12 draws inspiration from one of India’s greatest glories – architecture, with stepwells and arches in congruence with the inherent blending expertise and definitive taste of the world’s first luxury whisky.

Balkrishna Doshi or BV Doshi as he’s more commonly known, the first Indian laureate of the most august award in architecture, the Pritzker Prize 2018, kicked off the design show with a conversation as poetic and mellifluous as his works. Having worked with Swiss architect Le Corbusier in the 50s in his atelier in Paris and with Louis Kahn subsequently, the celebrated Indian architect is an international proponent of low-cost housing. Doshi’s Aranya project in Indore accommodates 80,000 people with houses and courtyards connected together by a maze of pathways. “As architects we’re supposed to be social, economic and cultural designers. But really we are exclusive, when we need to be inclusive,” is what Doshi thinks of the essence of architectural world. Watching Doshi celebrate life infinite size at age 91 was enchanting for me, and speaking to him was even more momentous than shooting his photographs in the Chivas Lounge.

In pictures:

Chivas Regal 12

MUMBAI, INDIA – OCTOBER 26: Chivas Regal 12 at the launch of Chivas Regal India’s limited edition festive pack at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Balkrishna Doshi

MUMBAI, INDIA – OCTOBER 26: Celebrated Indian architect Balkrishna Doshi, the first Indian to win the Pritzker Prize in 2018 at the Chivas Regal India lounge on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Chivas Regal

MUMBAI, INDIA – OCTOBER 26: Chivas Regal India’s limited edition festive pack, made from metal, an ode to Indian stepwells and arches, designed by Ashiesh Shah launched at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Sabyasachi

MUMBAI, INDIA – OCTOBER 26: Indian couturier Sabyasachi Mukherjee at the Chivas Regal India lounge on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Chivas Regal 12

MUMBAI, INDIA – OCTOBER 26: Chivas Regal India’s limited edition festive pack, made from metal, an ode to Indian stepwells and arches, designed by Ashiesh Shah, launched at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Sabyasachi

MUMBAI, INDIA – OCTOBER 26: Sabyasachi Mukherjee, Pulkith Modi, Chivas Regal India Head and his wife Teena Modi at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Amrita Arora

MUMBAI, INDIA – OCTOBER 26: Ashiesh Shah and Amrita Arora at the launch of Chivas Regal India’s limited edition festive pack designed by him at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Sussanne Khan

MUMBAI, INDIA – OCTOBER 26: Sussanne Khan at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Homi Adajania

MUMBAI, INDIA – OCTOBER 26: Filmmaker Homi Adajania at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Gauri Khan

MUMBAI, INDIA – OCTOBER 26: Gauri Khan at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Chivas Regal 12

MUMBAI, INDIA – OCTOBER 26: Chivas Regal India’s limited edition festive pack, made from metal, an ode to Indian stepwells and arches, designed by Ashiesh Shah launched at Dome on October 26, 2018 in Mumbai, India. (Photo by Rubina A. Khan/Getty Images)

Getty Images

©Rubina A Khan 2018