'Need to make small cities smart'

Bangalore

There has been sheer explosion in urban growth, and at the same time, they are so many problems in urban areas. “I will go to the extent to say it isn't the central government's fault that Bengaluru didn't qualify as a smart city. It is the state government who felt the city hadn't met all the parameters to qualify as one. In a way I am happy, we should focus on other smaller cities. Ultimately, we need to look new and innovative methods of planning; we need to focus on a citizen centric government. “

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This is what A Ravindra, chairman, Smart Cities India Foundation, had to say at the Sustainable Smart Cities India 2015 Bengaluru conference on 3^rdSeptember. The two day meet has urban managers from public and private sectors from Karnataka and other states participating. At a related panel discussion, several experts presented their views on sustainable smart cities. “We should distinguish between citizen behaviour and that of humans. Europeans have qualified well in the citizen behaviour index, but India has performed poorly because citizens tend to behave differently as individuals and in groups, “said Gautham RK, Cushman & Wakefield (I) Pvt Ltd.

Gopal Devanahalli of Manipal Health Enterprises said smart cities are also about making healthcare more accessible. “A smart city should be one which encourages its citizens to be more innovative. They should figure out how to make a smart city simpler, and monitor the performance of local governing bodies in India. “

“The conception is that people think sustainability is expensive. The mindset has to be changed, “said Sushmita Nag of Fenesta. Zohar Sharon, member, Tel Aviv-Yafo Municipality, felt, “Smart cities are all about engagement and using technology. There is no right or wrong way to define the smartness of a city. “

Karuna Gopal, president, Foundation for Futuristic Cities, said, “A smart city should be liveable, sustainable and inclusive. India was commonly called the reluctant urbanizer, but now it is economically vibrant, environmentally sage and equity-oriented. “

Source - MB 

Know the factors that make a house expensive

At a time when building apartments is every developer’s pet project and majority home buyers’ housing preference, you can still find a few lurking in the real estate market looking to buy plots. 

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The latter segment of buyers mostly desire to build a house of their own if not use it for other purposes.

Questions related to construction costs of home is common on Open House, the Q&A forum of Magicbricks. One such consumer- Sriram Makhan from Chennai asks, “I am planning to build my house on a plot that I invested in 5 years ago. Can you give me an approximate quote on what my budget should be?”

According to International Construction Cost Report, “Construction costs in India, Indonesia, Malaysia, Thailand and Vietnam are now all less than 35 percent of typical UK levels when costs are compared on the basis of a common currency.” Here’s a quick look at India’s position when compared to the rest of Asia (2014-2015).


Courtesy: International Construction Cost Report

It must be mentioned in the forefront that the cost of building a house depends upon a lot of factors. The size of the housing unit, structures being incorporated, the city where your wish to develop, materials being used, among others are just a few elements that have a strong impact on the costs incurred. We have tried to streamline some factors that will give you an idea on the construction cost as per your building plans.

Tax benefit on under-construction property 

• Outside limit commands attention in estimating the total construction cost. The shape is easily the determinant factor of the costs. If the shape is complex, then the structure  per square foot of floor area will be higher. ‘Outside limit’ takes into account the outermost exterior walls – comprising garage area garage area (if any).

• Standard homes are comparatively cheaper than customised and luxury homes. If you desire to build a customised home (which we normally tend to as per our requirement), the cost instantly increases. This happens despite the fact that the materials used in building the room is same as that of any other room. For example, a circular room, exterior and interior finish, doors and windows, kitchen, bathroom, floor finish, etc.
  are some key aspects to ponder upon if escalating costs is your bane.
  
  
• The total living area is important. Everything under the main roof – within the main building walls, will be considered in calculating the total living area. However, basement, porch and garage will not be measured instead, their costs will be calculated independently. Usually, a big building is more expensive than a small one, though the cost per sq ft will be lesser.
  

• Balconies are a favourite amongst buyers. However, they come at a price. Similarly, basements, garages and porches command extra expenditure. Though not under living area, as mentioned before, they incur extra costs if brought to existence.
  

• Materials used in construction such as bricks, cement, pebble, sand, among others are differently priced in each city. In the same way, labour costs vary within different cities. If you reside in a metropolitan then the material and labour cost will be much higher as compared to that of a tier-II or III city.

Source - MB News

Small houses are what the Indian home buyers want

PropIndex (Apr-Jun 215), an India Apartment Index by Magicbricks takes a closer look at buyers’ expectation in the present real estate market.

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Close analysis reveals that at national level, almost half (49 per cent) of the consumers are looking for housing options in sub-Rs 60 lakh segment. Within this budget range, the share of consumer preference in sub-Rs 50 Lakh segment is 75 per cent.

Preference for lower budget segments is reinforced by the fact that 47 per cent consumers are looking for 2BHK options. The availability of housing options is exactly opposite. Developers across India are concentrated in supplying larger format houses which has ultimately led to demand-supply gap.

With 60 per cent of 2BHK supply in 900 – 1,200 sq ft saleable area range, the relatively smaller size (sq ft) of 2BHK format helps the consumers to keep the acquisition cost low at different price points (INR/sq ft).

E Jayashree Kurup, head – Content & Research, Magicbricks says, “The report highlights that while consumer interest is in lower budget categories, the supply side is catering to higher budget segment. The propensity to introduce more units in 3BHK format exacerbates the situation as its larger size increases the total acquisition cost and takes it beyond the consumers’ budget range.

There is a case for supply side to better align itself with consumer preference. And while aspects like price will take time to sort out, developers can address consumer preference for lower budget by designing smaller yet smart dwelling units”

Few key highlights of the report are:     

The National Property Index witnessed a marginal increase of 1 per cent in index value in April-June 2015 quarter. Whereas Bengaluru witnessed the maximum gain (6 per cent) in City Index, Delhi was at the other end of the spectrum with 3 per cent decline. Overall, southern region comprising of Bengaluru (6 per cent), Hyderabad (4 per cent) and Chennai (1 per cent) was the best performer followed by western region with Mumbai (3 per cent), Pune (3 per cent) and Ahmedabad (0 per cent). Except for Gurgaon (0 per cent), the City Index for other cities in north India (Delhi, Noida and Ghaziabad) declined by 1 per cent to 3 per cent. Hyderabad emerges as the most conservative market with 71 per cent of consumers in the city looking for options in sub-Rs 60 Lakh segment. This is followed by Chennai and Ghaziabad with 60 per cent and 58.5 per cent preference, respectively. Analysis of consumer preference on budget lines and juxtaposing the same with available supply brings forth the most important issue affecting the market – demand supply mismatch. It is important to note that consumer preference revealed by search data on Magicbricks website has been used here as a proxy for demand. Regionally, north India comprising of Delhi, Noida/Greater Noida, Ghaziabad and Gurgaon saw a drop in index values. Compared to this, south and west India witnessed arise in index values of 4% and 2%, respectively. Kolkata in the east also saw a drop in index values. NPI is the weighted average of supply and values across 11 cities in India. In line with general lack of activity in the residential real estate market, the National Property Index (NPI) has also witnessed minimal movement over the previous quarter. This is in continuation of the general trend of inactivity observed over the last 24 months. Analysis of consumer preference on budget lines and juxtaposing the same with available supply brings forth the most important issue affecting the market – demand supply mismatch. Analysis of consumer preference on budget lines and juxtaposing the same with available supply brings forth the most important issue affecting the market – demand supply mismatch. It is important to note that consumer preference revealed by search data on Magicbricks website has been used here as a proxy for demand. Regionally, north India comprising of Delhi, Noida/Greater Noida, Ghaziabad and Gurgaon saw a drop in index values. Compared to this, south and west India witnessed arise in index values of 4% and 2%, respectively. Kolkata in the east also saw a drop in index values. NPI is the weighted average of supply and values across 11 cities in India. In line with general lack of activity in the residential real estate market, the National Property Index (NPI) has also witnessed minimal movement over the previous quarter. This is in continuation of the general trend of inactivity observed over the last 24 months. Analysis of consumer preference on budget lines and juxtaposing the same with available supply brings forth the most important issue affecting the market – demand supply mismatch. Gurgaon is the only city which displays a contrary trend. The sub-Rs 60 Lakh segment accounts for only 17 per cent of consumer preference in the city. And against national average of 15 per cent, 35 per cent consumer preference is in Rs 90 Lakh to Rs 1.6 Crore budget segment. In terms of consumer preference in the premium and luxury segment (Rs 1.6 Crore and above), Gurgaon, Mumbai and Delhi rank 1st, 2nd and 3rd. While 27 per cent of consumers looking for residential option in Gurgaon are doing so in this budget range, the same figure for Mumbai and Delhi is 22 per cent and 21 per cent, respectively. National average for this budget range is 15 per cent.  2BHK is the most preferred format with 47 per cent share of consumer preference.  And 54 per cent of those seeking 2BHK options are doing so in sub-Rs 60 Lakh segment. Preference in 3BHK segment is spread more across higher budget segments; sub-Rs 60 Lakh segment has only 27 per cent share. The Rs 60 Lakh to Rs 1 Crore range accounts for 33 per cent of consumer preference with balance 41 per cent concentrated in Rs 1 Crore and above budget segment.

Top 4 costliest homes up for sale in Mumbai

Check out some of the exclusive and costliest home listed for sale on Magicbricks in Mumbai, the Indian city of glamour that is home to the choicest rich and mighty. 

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You know you are in India when you are paying crores for some lavish space. We tried looking at some of the costliest homes listed for sale on Magicbricks.

It wasn’t surprising to see Mumbai, a niche market for the uber upmarket real estate buyers spring up in the list.

With the largest number of high net-worth individuals hailing from Mumbai, this metro city has its own story to tell.

We have captured them here for you -

El Castilo, Palm Beach Road, priced at Rs 30 crore

Starting at a price of Rs 16 crore, this luxury apartment in Navi Mumbai boasts of spacious accommodations in the size range of 6,500-11,500 sq ft. If you are someone vying for privacy with a touch of elegance, you would be glad to know that El Castilo brings you the luxury of one unit per floor. Keep all that space to yourself!

Facilities - Jacuzzi, swimming pool, Spa, Sauna, car parking for visitors as well, 24/7 security, community hall, club house, private terrace garden.

Ahuja Towers, Worli, Mumbai, priced at Rs 25 crore

This thoughtfully designed lavish complex gives you a mesmerizing feel and especially the most coveted one- of sea view.  Surrounded by commercial spaces as well as other premium lifestyle residences in the vicinity, do not be surprised to see Abhishek Bachchan or any other known face walk beside you. They are your neighbours in Worli!

Raheja Vivarea, Mahalakshmi, priced at Rs 25 crore

What’s your pick? A 2, 3 or 4BHK unit in an exclusive address? At an average price of Rs 60,000 per sq ft, this project sweeps you off your feet with a thoughtfully designed layout with the best of flooring and furnishing!

RNA Mirage, Worli, priced at Rs 22 crore

A landmark in itself, this 518 ft tall residential tower, with its pyramidal crown and asymmetric arched structure is a sight. Standing tall 40 storeys, the residential tower is overlooking the equally blue Arabian Sea on both the sides.

 

Enjoy the spectacular swimming pool and landscaped garden on level 3, state of the art gymnasium, health Club, spa, jacuzzi and steam bath! Sniff aristocracy?

Source - MB