‘We will be targeting our cities of strength'
20 Jun 2012 9:52 AM GMT
Leading real estate company Omaxe, which builds residential and commercial projects, has come up with various new projects. Millennium Post catches up with Rohtas Goel, CMD, Omaxe, where he talks about the upcoming projects and state of the real estate market. Excerpts:
Are we seeing increasing NRI interest in real estate market because of the rupee devaluation?
The rupee depreciation has spurred the interest of non-resident Indian [NRIs] in Indian real estate and brought back this lucrative community into investing into realty sector that has evolved over the years. But considering the weak global sentiments, the response has been cautious.
What kind of projects do NRIs look for when investing? Are they also interested in commercial projects?
NRIs look for investment in both luxurious and affordable segment. Our luxurious projects in Noida, The Forest Spa, and in Faridabad, The Forest Spa-Surajkund and Omaxe Spa Village, have generated renewed interest. Enquiries in the resale market too have risen.
In the commercial segment, the interest isn’t much considering the over-supply scenario prevalent in this segment, but NRIs never shy away from investment in properties like Omaxe Connaught Place, Greater Noida which not only offers good returns but value for money products that have immense potential of appreciation in the coming times.
How do you see Indian real estate market in India?
Indian real estate market is presently reeling under the dual impact of elevated interest rate and heightened inflation over a considerable period of time, resulting in some slowdown in demand. While a few measures of the government have helped the real estate sector see through tough times, greater emphasis on streamlining policy towards ensuring affordable housing and bridging the demand-supply gap is the need of the hour.
How are tier II cities doing in real estate?
The growth in tier II and III cities has been immense, both in the residential and commercial segment. Growing disposable income and the desire to own a metro-like lifestyle are the reasons that have propelled demand in cities like Lucknow, Indore, Vrindavan, Rohtak, Bhiwadi, Jaipur, New Chandigarh, etc. With retailers also eying these cities, the prospect of real estate gets a further boost.
Tell us something about your new offerings?
Some of our latest launches have been Mulberry Villas in Omaxe New Chandigarh, phase II of Omaxe Mall, Patiala, retail shops and studio apartments in Omaxe City II, Bhiwadi, Omaxe Royal Street, Omaxe North Avenue, Bahadurgarh, villas and plots in Omaxe City, Mayakhedi [Annex], Indore to name a few. In 2012-13, we are mainly targeting our cities of strength and shall be launching projects across all segments of residential and commercial. We are also targeting to expand our existing projects and also explore new cities.
How are things placed in Delhi NCR real estate because of Noida Extension situation?
With the Noida extension land controversy, there has been a shift in demand to Greater Noida, Faridabad and others. While buyers have to move a few lakhs upward from the affordable options in Noida Extension, Faridabad and Noida have the requisite supply to cater to the demand shift.
Are we going to witness a bust in real estate market in near future? Why or why not?
I don’t think so because real estate prices are stable at the moment, especially in metro cities. And since there is enough demand in tier II and III cities, these cities are cushioned from any property bubble.
Besides, the sector is waiting for certain policy directions - land acquisition and resettlement and rehabilitation bill and real estate regulation bill. These bills in present form shall negatively impact the sector and the housing price in the country.
Are we seeing increasing NRI interest in real estate market because of the rupee devaluation?
The rupee depreciation has spurred the interest of non-resident Indian [NRIs] in Indian real estate and brought back this lucrative community into investing into realty sector that has evolved over the years. But considering the weak global sentiments, the response has been cautious.
What kind of projects do NRIs look for when investing? Are they also interested in commercial projects?
NRIs look for investment in both luxurious and affordable segment. Our luxurious projects in Noida, The Forest Spa, and in Faridabad, The Forest Spa-Surajkund and Omaxe Spa Village, have generated renewed interest. Enquiries in the resale market too have risen.
In the commercial segment, the interest isn’t much considering the over-supply scenario prevalent in this segment, but NRIs never shy away from investment in properties like Omaxe Connaught Place, Greater Noida which not only offers good returns but value for money products that have immense potential of appreciation in the coming times.
How do you see Indian real estate market in India?
Indian real estate market is presently reeling under the dual impact of elevated interest rate and heightened inflation over a considerable period of time, resulting in some slowdown in demand. While a few measures of the government have helped the real estate sector see through tough times, greater emphasis on streamlining policy towards ensuring affordable housing and bridging the demand-supply gap is the need of the hour.
How are tier II cities doing in real estate?
The growth in tier II and III cities has been immense, both in the residential and commercial segment. Growing disposable income and the desire to own a metro-like lifestyle are the reasons that have propelled demand in cities like Lucknow, Indore, Vrindavan, Rohtak, Bhiwadi, Jaipur, New Chandigarh, etc. With retailers also eying these cities, the prospect of real estate gets a further boost.
Tell us something about your new offerings?
Some of our latest launches have been Mulberry Villas in Omaxe New Chandigarh, phase II of Omaxe Mall, Patiala, retail shops and studio apartments in Omaxe City II, Bhiwadi, Omaxe Royal Street, Omaxe North Avenue, Bahadurgarh, villas and plots in Omaxe City, Mayakhedi [Annex], Indore to name a few. In 2012-13, we are mainly targeting our cities of strength and shall be launching projects across all segments of residential and commercial. We are also targeting to expand our existing projects and also explore new cities.
How are things placed in Delhi NCR real estate because of Noida Extension situation?
With the Noida extension land controversy, there has been a shift in demand to Greater Noida, Faridabad and others. While buyers have to move a few lakhs upward from the affordable options in Noida Extension, Faridabad and Noida have the requisite supply to cater to the demand shift.
Are we going to witness a bust in real estate market in near future? Why or why not?
I don’t think so because real estate prices are stable at the moment, especially in metro cities. And since there is enough demand in tier II and III cities, these cities are cushioned from any property bubble.
Besides, the sector is waiting for certain policy directions - land acquisition and resettlement and rehabilitation bill and real estate regulation bill. These bills in present form shall negatively impact the sector and the housing price in the country.
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