MUMBAI, 16 MARCH, 2016: Indian real estate is a sentiment-driven market; and as the festival of Holi goes by, real estate in Mumbai and the Mumbai Metropolitan Region (MMR) seems all set to start upward movement, be in in the parameter of sales or price points, pushed upwards by increasing demand. “The festival of Holi should see upward movement in realty markets,” said Niranjan Hiranandani, MD, Hiranandani Communities.
Real estate, as an industry, witnesses business cycles, and market indications are that it is poised to witness the beginning of an upturn. “Holi is a festival that witnesses end of problems and challenges of the past, in form of burning the Holi fire. The day after the burning of past problems and challenges witnesses festivities and positives in form of the festival of colour. For the real estate industry, this is an apt example, given that it is at the end of a slow-down cycle. The real estate industry has witnessed a wave of positive sentiments in the last year, which became even more sharp during the festive season especially, Dassera and Diwali in 2015. A major role in the growth of positive sentiments in 2016 is the real estate regulation Bill being passed by Parliament and becoming law; and as a result, I foresee increased credibility and positivity,” said Niranjan HIranandani.
“The passing of the RER Act by the Indian Parliament will result in enhancing confidence in the minds of home seekers. In fact, as a result of transparency that the regulatory law will result in, across segments of real estate, I foresee real estate leasing and buying activity increasing in 2016. To my mind, Holi is the best festival that reflects the scenario facing the industry – burn away the old negatives, celebrate the new positives,” added Niranjan HIranandani.
Beyond festivals and festivities, real estate growth in Mumbai and the MMR will be fueled by infrastructure development; and a majority of the projects seem to point at the Navi Mumbai – Panvel region. As a result, real estate in this region will make significant gains as a result of the major infrastructure projects for which clearances or granting of pending permissions have been announced. Road-Rail-Air-Sea, projects on all four means of transport are on the ‘fast track’ and will have a positive impact, be it the trans-harbour sealink, the Navi Mumbai airport, the railway terminus at Panvel, the upgrading of the Sion-Panvel expressway or even the expansion at JNPT – there is a lot of positive sentiment growing about commercial real estate in the Navi Mumbai – Panvel region. The Trans-Harbour Sealink will bring Panvel and its neighbouring areas closer to South Mumbai, making the ideal location for work spaces, back-end offices as also spaces for BFSI, IT and ITeS sectors, as also corporate relocating and consolidating office spaces.
Panvel has the advantage of being central to the ‘golden triangle of possibilities’ – comprising the three locations of Panvel, Vashi and Alibaug. Vashi being a growing business hub and Alibaug, a popular tourist attraction, with Panvel getting infrastructure-ready in the near future, this golden triangle will offers a plethora of opportunities for business as well as leisure. I foresee the growing positive sentiment about commercial real estate in the Panvel region getting further enhanced in 2016, given that the Trans-Harbour Sealink will bring Panvel and its neighbouring areas closer to South Mumbai. This will make Panvel the ideal location for work spaces, back-end offices as also spaces for BFSI, IT and ITeS sectors – not to forget corporate relocating and consolidating office spaces.
Located just right within the Panvel region, Hiranandani Fortune City, Panvel is a mixed–use integrated township development, which includes the signature commercial real estate option, Hiranandani Business Park. What makes this ambitious dream project ideal for corporate consolidation and relocation are the location and the project specifications, which are a class apart.
Hiranandani Business Park @ Hiranandani Fortune City, Panvel has the advantage of being located mid-way between two important IT hubs of the nation. Its energy efficient buildings will conform to LEED Green Building design principles, which will deliver to end-users the Hiranandani Communities’ commitment to high quality standards and cutting edge advantages.
The work space options will be best suited to the new age Indian, one who has a global perspective and aspires to work and live a truly global life in a real estate location with fantastic growth potential. Gardens, play areas, entertainment clusters which will include exclusive cafés, convenience stores and health centres within the project will offer a stress-busting environment for those who will work and reside in Hiranandani Fortune City, Panvel – truly, the location of the future. “This Holi festival, let us also celebrate the return of positivity to real estate in form of upward movement in realty markets,” he concluded.
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (West), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.