India Post News Service
NEW DELHI: The name Omkar has become synonymous with luxury. It has delivered projects that span over 4 million square feet and its current and forthcoming projects in India will develop over 40 million square feet. Its vision is unrivalled mix of exceptional design, state-of-the-art technology and implementation of world-class facilities and amenities. With Omkar projects featuring in the New York Times and Forbes India, you know you are part of the best premium property developer.
In an e-mailed interview, Mr Devang Varma- Director, Omkar Realtors and Developers Pvt Ltd. Talks about the impact of demonetization and other issues connected with real estate. The following are edited excerpts:
World class qualities
The biggest challenge in the real estate market for any brand is to build trust and credibility. Customers today are globe trotters, exposed to global standards of architecture, design, construction, luxury and services and expect the same from Indian developers. Omkar’s product vision in the luxury housing segment has brought together some of the most admired names in design, architecture, construction, amenities, landscaping, lighting and state-of-art services at par with international standards. Omkar 1973 Worli, Mumbai is a world class product in terms of its location, architecture, design etc.
Indian real estate this year has taken bigger strides in policy (to be implemented) front be it GST, RERA to make real estate system more transparent, post implementation. The approval of “Real Estate Regulatory Bill” by the present government protecting both investors and developers are some of steps to make the sector a safe bet when it comes to investment.
USPs of Omkar projects
Omkar Realtors offers a wide range of residential and commercial realty products ranging from Rs 1.25 crore to Rs 70 crore in the Mumbai market. From a region perspective, our brand has been in the forefront of construction and design innovation. Our key projects are located in prime micro-markets of Mumbai and offer payment flexibility options, delivery and project progress as per defined timelines and some milestone collaborations with globally renowned brands in areas of construction, structural design, interiors, architectural design including landscaping, lighting and innovative amenities.
Future of Real Estate
In 2017, the focus of Indian real estate will largely be on affordable housing to give momentum to the ongoing sales in the market. A recent amendment in the Real Estate Investment Trusts (REITs) has resulted in growth due to easier access to capital for faster project completion. Largely, those staying in rental accommodation will benefit with affordable housing getting a push from the government with policy changes.
This rationalization of the tax regime for REITs in Budget 2016-17 will help make it a reality. Developers will come up with RIETs to benefit from easier access to capital to fund their projects. The country’s real estate markets are definitely poised for growth in the medium-to-long term on the back of higher transparency and further consolidation. Indian real estate 2017 will be focused around “Housing for all Schemes” and “Pradhan Mantri Awas Yojana”, with a clear mission to house every Indian.
Following are some Questions from Realty Supplement:
- What are the Major impacts of demonetization on Real estate?
There will be minimal impact on large institutionalized players with a solid brand and governance framework. Sales largely driven by the salaried class or investors with limited cash involvement would not suffer. Smaller developers are understandably very concerned right now because many of them have depended on cash transactions. We are very likely to see a clean-up of non-serious players due to this ‘surgical strike’ on the parallel economy. The impact of RERA will further discipline the industry, which will be good for its health in the long term. The primary sales segment is largely influenced by home finance players, and deals are facilitated in a transparent manner. This segment is therefore seeingat best a limited impact in the metro cities like Mumbai and Delhi, though some tier 2 and tier 3 cities where cash components have been a factor even in primary sales will see somewhat impact which post demonetization is largely seeing transparent transactions.
- Will property prices go down after demonetization in India? If yes, how?
Demonetization will not have direct impact on the prices of real estate as such. A chance of prices coming down in the new property market as a result of demonetization is very low. However, buyers could benefit in various ways due to demonetization like unique offers being offers by developers to invest in property. For one of our projects Ananta by Omkar in Goregoan East we are offering home loan at 4% to all our buyers for the inventory opened on higher floors, which is ready to move-in project. Also, post demonetizationthe home loan interest rates will also see reduction owing to large deposits in the bank accounts, resulting in lower EMI’s against loans.
- Demonetization Brings Happy Days for Residential Property Buyers?
The long-term effect of this will definitely be good. Priceswill remain realistic. Developers are expected to introduce attractive offers/freebies & other benefits like never before like modular kitchen, free car park like in Ananta by Omkar at Goregoan, East, Mumbai.
- Do Indian Developers delivering Realty at par with the quality available overseas?
Yes. The biggest challenge in the real estate market for any brand is to build trust and credibility among consumers. Customers today are globe trotters, exposed to global standards of architecture, design, construction, luxury and services and expect the same from Indian developers. Omkar’s product vision in the luxury housing segment has brought together some of the most admired names in design, architecture, construction, amenities, landscaping, lighting and state-of-art services at par with international standards.Omkar 1973 Worli, Mumbai which is a world class product in terms of its location, architecture, design etc., it is the gentry those being virtual Who’s Who in the world of business, finance, banking, education and sportsan acceptance among the crème-de-la-crème of the society.
- How safe is Real Estate Investment in India Today after such a big jolt to the Industry?
Indian real estate this year has taken bigger strides in the policy (to be implemented) front be it GST, RERA to make real estate system more transparent post implementation in due course of time On the other hand the approval of “Real Estate Regulatory Bill” by the present government protecting both investors and developers are some of steps taken by the government to make the sector a safe bet when it comes to investment.
- Whatis the current trend in Real estate in your region?
For Mumbai 2017 it will be a good year when it comes to real estate. Mumbai is the top-ranked city for prospects in terms of both investment and development. Mumbai will be top realty investment destinations for 2017 in the Asia-Pacific (APAC) region as per PwC-Urban Land Institute report. Mumbai will see demand from the investors largely looking for inventory of 1, 1.5 and 2 BHK residences today being introduced by majority of real estate players here. Secondly, options like walk to work, ready to live apartments and studio apartments are being built to target the investor sitting on the fence to own an apartment fitting their budgets. With demonetization investor is seeing this happen with banks offering home loan at lower rates.
- What are the major USP’s of your project? Why do you feel that it could be the trend setter in your region?
Omkar Realtors offers a wide range of residential and commercial realty products ranging from Rs 1.25 crore to Rs 70 crore in Mumbai market. From a region perspective, our brand has been in the forefront of construction and design innovation. Our key projects are located in prime micro-markets of Mumbai and offer payment flexibility options, delivery & project progress as per defined timelines and some milestone collaborations with globally renowned brands in areas of construction, structural design, interiors, architectural design including landscaping, lighting and innovative amenities.
- What is your opinion on the future of Real Estate in India?
In 2017, the focus of Indian real estate will largely be on affordable housing to give momentum to the ongoing sales in the market. A recent amendment in the Real Estate Investment Trusts (REITs) has resulted in growth reason being easier access to capital for faster project completion. Largely, those staying in rental accommodation will benefit with affordable housing getting a push from the government from time to time with policy changes.
This rationalization of the tax regime for REITs in Budget 2016-17 will help make it a reality. Developers will come up with RIETs to benefit from easier access to capital to fund their projects.The country’s real estate markets are definitely poised for growth in the medium-to-long term on the back of higher transparency and further consolidation. Indian real estate 2017 will be focused around “Housing for all Schemes” and “PradhanMantriAwasYojana”, with a clear mission to house every Indian.
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