VOLUME-05 August, 2015

COVER STORY Dubai - Jewel of the Desert

Monthly infozine of Square Yards Consulting

THE

Editor’s Note

Dear Readers,

Thank you very much for the warm feedback for the July edition of The Address. All the feedback goes into bettering our efforts for each edition that we curate for your reading pleasure each month.

This month’s cover story covers an interesting developmental trend brewing in the desserts of Dubai - Affordable Luxury housing.

You will also find in depth case studies on the commercial capital of India - Mumbai City as well as a broad overview of the city of joy - Kolkatta.

Some useful tips on buying home insurance and keeping a control over the budgets of furnishing homes are also a part of this month’s edition.

We also cover trends in Theme based townships sprouting all over India for discerning home buyers. A technical article on FSI and its implications is also featured in this infozine apart from an eye opening report on Master Bedroom sizes in 5 cities across India.

Hopefully you shall enjoy this edition of The Address as much as we enjoyed bringing it to you.

Looking forward to your appreciation and feedback!

In This Issue

Designed and published by Team Square Yards: Content: Somesh Rastogi, Paritosh Kashyap, Amita Singh. Design: Hardik Patel, Ritesh Bhagat, Indrajeet Parihar.

Free Publication. All the contents of The Address are only for general information and/or use. Such content do not constitute advice and should not be relied upon in making (or refraining from making) any decision. Any specific advice or replies to queries in any part of the magazine is/are the personal opinion of such expert/consultants/persons and not subscribed to by The Address. The information in The Address is provided on an AS IS basis, and all warranties, expressed or implied of any kind, regarding any matter pertaining to any information, advice or replies are disclaimed and excluded.

To order reprint contact: Square Yards

Trivia: Tourism Slogans

Home Insurance

Decoding - Floor Space Index (FSI)

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25

Master Bedroom Analysis 37

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What’s Hot17Case Study

07Cover Story

In conversation

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Kaleidoscope

29 Spending on Home Furnishing

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03 Theme Based

Townships

Theme Based Township An Emerging Trend in Real Estate

With the changing trends in the real estate market,

innovative approaches need to evolve to keep pace with

consumer tastes.

In view of this development, various builders are taking

pioneering steps in launching “Theme based

Townships” to stand out from the crowd of almost

identical projects. Adding a flavor and a sense of

uniqueness to the township culture, these theme based

projects are ranging from cultural themes like Spanish,

Greek and Mediterranean to interest-related themes

like Sports, Hollywood, etc.

Gone are the days when home buyers were charmed by

the amenities like swimming pool, clubhouse,

gymnasium and indoor game rooms in the township

plans. Now-a-days, individuals look for glamorous

towering concepts. This usually happens with those

buyers who have travelled across the globe and have

had a glimpse of alluring realty concepts outside. This in

turn has shaped their lifestyle aspirations and they

want their dream home to be a reflection of the same.

Not only the developers, even Indian government is

pumping money in these themed township projects.

Recently, West-Bengal government has come with a

township concept based on the theme of ‘Analytics’. The

concept of this city of analytics was launched at the

‘Business Analytics Innovation Summit @ Bengal’.

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Here are some of the popular themes on which some of the renowned township projects

are coming up in India:

Mediterranean ThemeSuch themed projects offer an abode that exemplifies stylish architecture and tranquil

surroundings of the Mediterranean regions. From arches, porticos to cut-stone facades

and railings and lush greenery to beautifully landscaped gardens every bit is

Mediterranean in feel. Pebbled pathways, vast landscaped gardens and ornate fountains

add to the beauty of this theme. Exemplary projects of TATA Housing - La Montana, Pune &

Sobha City, Bangalore are based on Mediterranean theme.

Singaporean ThemeA Singaporean-themed township offers eclectic styles of spacious and well-built

apartments, bungalows and villas that illustrate the lively and diverse culture of Singapore.

The scenic beauty of gardens complement and harmonize with the elegant and handsome

aesthetic classical architecture from Singapore. Bloomfield in Pune is a Singaporean-

themed township developed by Amit Housing.

Disney ThemeInspired by the concept of Walt Disney’s theme parks, residences designed around this

theme offer a veritable fairyland to call home. These townships are a truly enthralling

experience, especially for children providing colorful play areas with favorite Disney

characters represented in one form or the other. Lakeside Habitat, a project by the

renowned developer Prestige Group, is one of the distinct new launches in Disney theme in

Whitefield, Bangalore.

Roman ThemeThe roman architecture theme illustrates a perfect blend of classic and modern Rome

providing a serene environment for a refreshing and royal lifestyle. Large amphitheaters

in lush green wide landscapes with classic pillared apartment buildings make the perfect

amalgamation of modern and classical world assuring its inhabitants a pleasing lifestyle.

Supertech Limited has come up with this unique residential project, Supertech Romano, in

Noida.

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Spanish ThemeSpanish themed residences illustrate the elegant architecture of planned townscapes with

typical Spanish courtyards, patios and arcades. The traditional gardens along the aesthetic

motifs covering the landscapes make a fruitful attempt to keep up with the Spanish culture

and architecture. Villa Viviana a Spanish themed township is a joint venture of Arihant

Housing and J P Morgan in Chennai. Viviana brings out the essence of the Spanish lifestyle

in its design and structure.

Golf ThemeThe USP of these golf-themed housing projects is the availability of sports facilities for

residents along with designer golfing fairways, tree-lined streets, pedestrian paths, cycle

tracks and much more. These themed townships provide a resort-like environment as

more than 80 per cent of the project area is dedicated to greenery with landscaped parks,

artificial lakes, fountain sculptures along with segregated children play areas, bird

sanctuaries, organic farms, rain-harvesting facilities, and well-manicured walkways.

Developers like Logix, Antriksh, Shubhkamna, Brys, etc, have already launched luxury golf-

themed housing projects in Noida.

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Dubai: Crown in the Dessert

Once a small fishing village, Dubai has miraculously grown into a skyscraping mega

metropolis in less than 50 years. Touted as the focal point of the Middle Eastern (ME)

economy, the Emirate is boastful of a vibrant economy driven by multiple key sectors

such as real estate, tourism, retail and trade etc.

On the backdrop of a phenomenal economic growth, Dubai has also emerged as one

of the most sought after locations in the world to work, invest and start business

ventures. In fact the city boasts of over 200 nationalities - a phenomenon

unparalleled in the world.

Cover Story : Dubai

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Dubai: One of the fastest appreciating Realty Market

Dubai's economic surge in the recent past has been synchronized with an equally

vibrant real estate sector. Dubai's realty growth juggernaut has been propelled by

two fundamental factors. Firstly, the growth in economic activities, greater

employment opportunities and a large expatriate population base has resulted into

demand for world class housing, thereby driving the realty market. Simultaneously,

as a part of its long term strategic plans, the Emirate has been smartly developed and

marketed as a glittering global metropolis, attracting regional and international real

estate investment in leaps and bound.

It was one among the fastest growing markets across the globe in the 2005-08 period

registering annual price appreciation to the tune of 30%. During 2008-09, due to the

global subprime crisis the hitherto buoyant Dubai realty market underwent a

slowdown.

Nevertheless, on the backdrop of a resurgence in the economy, Dubai's real estate

market soon bounced back. During 2013, Dubai's property market appreciated by

over 50%. Similar sentiments continued in 2014. Over 140 nationalities have made a

whopping real estate transaction of AED 218 (USD 59.4) billion in 2014. Indians are the

biggest expatriate investor community followed by Britons, Pakistanis, Iranians and

Canadians.

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Rise of Secondary locations

Some of the primary real estate locations in Dubai's real estate landscape involves

Downtown Dubai, Jumeirah Lake Towers (JLT), Dubai Marina and Business Bay etc.

However the relentless growth of the recent past has also resulted in skyrocketing

of property prices in numerous primary locations. The unprecedented rise in

property prices have been associated with the emergence of new frontiers of

growth in Dubai in the form of new upcoming locations such as such as Motor City,

Sports City, Arabian Ranches and Studio City.

Based on the concept of affordable luxury these new locations offer slightly

economic alternatives in contrast to some of the primary locations, without

compromising on luxury and glitter, which Dubai is renowned for. Similarly as

upcoming locations, these micro-markets offer ample opportunities for growth in

the coming times, thereby offering prudent investment opportunities.

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Dubai Studio City

One such upcoming location is Dubai Studio City, which offers 100% Lifetime

Ownership. Part of TECOM & Dubai Media City, it is building Hollywood style studios to

support international and regional film & media production. Growing at a scorching

pace, it has attracted over 300 companies so far.

Dubai Studio City along with its prolific neighborhoods comprising of Arabian

Ranches, Sports city and Motor city also constitute an upcoming residential micro-

market in Dubai - Pioneering affordable luxury. On the backdrop of high demand

emanating from the nearby office markets coupled with regional and international

investment activities, anticipated annual growth of Dubai Studio City is in tune of 9-

10%. The Dubai Metro is expected to enter by 2022, which will further add to its

attractiveness.

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Danube: From Mumbai to Dubai

Started by a Mumbai based businessman 2 decades

ago, Danube today is one of the largest building

materials company in GCC. It boasts a product

portfolio of over 25,000 products under one roof.

Having presence spread across GCC, Canada and

Africa its clientele include highly regarded names

such as Shangri La, Burj Al Arab, Grand Hyatt and

Dubai International Airport. Recently it has also

made a noticeable entrance into Real Estate

Development.

Its 1st two projects, Dreamz and Glitz 1 & 2 enjoyed

frantic rush and were sold within few hours of

launch. Located on Dubai Studio City and based on

the concept of affordable luxury, the projects find

patrons among both international investors and the

emerging expatriate class of the emirate.

Danube Glitz 3 & 4

After the success of Danube Dreamz, Glitz 1 & 2, the

developer has launched Glitz 3 & 4. Conceptualizing

the idea of blending luxury with affordability, the

project comes up with 1, 2 and 3 Bedroom

Apartments. It has in built lifestyle amenities which

have been designed specifically for the young

contemporary populace.

Locational Advantage

8 Minutes from Mall of Emirates

8 Minutes from Sheikh Zayed Road

1 Minute from Arabian Ranches

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5 Reasons to Invest in the Project

1. Based on the Concept of Affordable Luxury 2. High Appreciation expected in the coming years3. Strategically Located4. Trusted Brand name of Danube 5. Dubai offering stable and Robust investment environment

1% Payment Plan brought to you by Square Yards

1 Bed Room Apartment - Price AED 800,000*As per monthly plan, pay only AED 8000*

2 Bed Room Apartment –Price AED 1,100,000*As per monthly plan, pay only AED 11,000*

3 Bed Room Apartment –Price AED 1,350,000*As per monthly plan pay, only AED 13,500*

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Home Insurance,

A Need or a Necessity??

Here is why you need Home Insurance:

It is an astounding fact that after people have poured in crores

of rupees into building their houses and lakhs on furnishing

them, providing an insurance to their abode is not a concern

for them.

In today’s World uncertainty is the only certainty. India’s

geographical features and climatic conditions in South-east

Asia make it fairly vulnerable to natural disasters. Home

insurance is the most neglected entity in India where the

threat perception and insecurities with life’s most valuable

asset are even higher. Home insurance protects both your

house and property at a minuscule cost and the benefits far

outweigh the cost. A fire or a flood may not damage the

structure, but will ruin everything else inside the house. So

you also need to insure the contents of the house against the

damage.

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Home Insurance Types:

Insurance titled “Building Insurance” typically covers a

landlord against damage, destruction and loss of rental

opportunities in their building. Building insurance is

required for any mortgage on a property, to protect two

main parties, the proprietor and the lender. Lenders usually

insist on including this cover with the mortgage agreement.

Building insurance is required for homes, businesses, and

government and public property alike, whereas house

insurance is exclusive to dwellings for families.

“Home insurance” is a form of insurance that protects the

homeowner from various hazards, covering the losses

incurred to one’s home and its contents. The cost of home

insurance will vary greatly depending on what kind of cover

you wish to have and the amount of content you wish to

insure. No home insurance policy is the same, so be sure to

research what kind of protection your insurer is offering, for

example, if you happen to live in an area at risk of flooding,

your regular home insurance will not cover this unless

specified. Home insurance is typically a term contract,

meaning that those wanting insurance will have to pay their

insurer every term. The cost of your home insurance

premium will inevitably come down to what risk your

property faces from damage, theft and so on. It is well

worth shopping around for the best deals online, using

price comparison sites and money saving websites to help

get the best deal for you and your home.

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Additional Riders to Home Insurance:

Home insurance covers losses to the structure and content of your home

due to natural and man-made calamities. In the event of an

environmental disaster or an accident on your property, homeowners

insurance is a safety net that can protect your finances from potential

depletion. Home insurance policies also come with specific riders like:

1) Fire and perils cover -The policy provides cover in case of accidental

damage due to fire, lightening, storm, cyclone, and flood It also provides

an extended cover for damage caused by riots, strikes and missile testing

operations.

2) Earthquake Cover - The policy offers coverage against loss or damage

to any of the insured property. However, many policies do not cover flood

or overflow of the sea, rivers and lakes due to earthquake.

3) Burglary and Theft Cover - The contents of home are also covered

against burglary or theft. The coverage will also be extended to silver

articles, jewelry, precious stones and other valuable items, provided

these are kept in a locked safe within your home premises.

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Points to remember while choosing a Home Insurance policy:

There are various home insurance providers in India that offer different plans as per individual

needs. To ease your selection, we have listed down important points which should be evaluated

while choosing one home insurance company over the other:

Check premium and coverage: Firstly, evaluate risks which your home is facing or might face in

future. For example, if you live in a flood prone area then you should ensure that your home

insurance policy is covering flooding risks also. Also, while checking coverage, it is prudent to

check if the premium fits your budget or not.

Check claim settlement ratio: A good company is judged by the turnaround time of settling

claims. The very purpose of insurance will be defeated if you do not get a claim when it is required.

So, it is worthwhile to check the claim settlement record of companies before zeroing in on one

insurer.

Look at the company’s reputation: The first and foremost characteristics of a good company is

that it has a customer friendly staff. It is always important to choose a company who is well

equipped to assist you at any point of time.

Home Insurance unlike Life insurance has a significant impact on security against any uncertainty.

The concept has evolved with rapid urbanization and parallel development across various

industries.

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Mumbai: The Commercial Capital of India

Mumbai, formerly known as Bombay is the financial capital of India. It is spread

across an area of 600 sq kms (including suburbs), making it roughly equivalent

to Tokyo and Seoul. It has a population of over 21 million - the sixth highest

globally and larger than some of the major international cities such as London

and New York.

The city extends from Colaba in the south to Dahisar and Bhayandar in the north

and Mankhurd in the east. It also includes Navi Mumbai, the satellite city of

Mumbai and Thane, ‘The City of Lakes’ whose proximity to Mumbai has made

it culturally a part of it. The former is located on the South-East of Mumbai,

whereas the latter is located on the North-Eastern part of the city.

True to its name as the commercial capital of India, Mumbai offers huge

business opportunities and higher standard of living- often drawing parallels to

Shanghai, its Chinese counterpart. Its status as one of the most sought after city

in India has been associated with a series of infrastructure related development

along with new commercial and retail spaces to satiate the demand of its ever

increasing population.

Case Study Mumbai

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Key Infrastructural snapshot of Mumbai

Ø Western Express Highway begins from near the Mahim creek and extends to

the Mira Road-Dahisar Stretch, connecting Bandra, Andheri, up to Dahisar.

Passing beyond the city border, the 25 km long road continues as the

National Highway (NH–8) towards Gujarat.

Ø Eastern Express Highway, serves as a link to the NH- 3 and it connects all the

suburbs of North Mumbai with South Mumbai. Chatrapati Shivaji Terminus

(CST) is the starting point of the expressway which continues up to Thane.

The Sion Panvel Highway cuts the Eastern Expressway at the RCF junction,

connecting it to the outer areas of the city.

Ø Santacruz – Chembur Link Road (SCLR) links Western Highway at Santa Cruz

to Eastern Highway at Chembur. It has drastically cut down the travel time

between the Western suburbs and Navi Mumbai.

Ø The newly introduced Monorail Service has been very beneficial for the

residents of the Wadala-Chembur corridor in the suburbs of Mumbai.

Ø Mumbai Metro: The Operational Versova-Andheri-Ghatkopar Metro

through its smooth and pollution free ride has significantly brought down

pressure on the suburban railway system, besides reducing vehicular

congestion on east-west corridors. The proposed Charkop-Bandra-Mankurd

and Colaba–Bandra–SEEPZ metro link will further help in the decongestion

of the city.

Ø Eastern Freeway has reduced the travel time by ~45mis between South

Mumbai and Ghatkopar.

Ø Upcoming Navi-Mumbai International Airport at Ulwe will give a major boost

to Navi-Mumbai‘s realty sector.

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Mumbai Realty Market Overview

Mumbai’s status as the commercial capital of the country, its higher standard of

living and slew of large scale infrastructure projects has led to a vibrant realty

market. Due to high demand, Mumbai has been one of the most sought after

realty locations in the recent past. However, higher demand has resulted into

skyrocketing of the prices of individual units - falling beyond the threshold of

many buyers and investors. This has resulted in certain changes in property

market dynamics such as diversion of some investors towards upcoming

markets in Bangalore and Pune along with emergence of peripheral locations

as new engines of growth and development.

Notwithstanding the competition, Mumbai is still boastful of a robust and stable

realty market, which draws its strength from sustained commercial activities,

new infrastructure development and rapidly growing peripheries. Not to

mention, a general uplift in the nation’s economic mood in recent times - as the

country’s commercial capital, Mumbai will be the focal point of a wide range of

new economic and commercial initiatives. Mumbai’s realty market can majorly

be divided into 5 micro-markets: Central Mumbai, South Mumbai, Western

Mumbai, Thane Region and Navi-Mumbai.

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Conclusion

Notwithstanding the recent sluggishness in some of the locations in Mumbai

due to high prices, Mumbai offers great prospect to realty investors. There is a

sense of calculated optimism in the market on the backdrop of recent changes

in the government last year along with new infrastructure projects such as

SCLR, Metro line etc. integrated with surge in commercial, retail and industrial

activities. In mainland Mumbai, key locations that will drive growth in the

coming time include markets like Chembur, Worli and Bandra West etc. Likewise

satellite cities such as Navi Mumbai and Thane on account of subdued price and

surge in infrastructure and commercial activities will continue attracting

interest. On an average, prices will showcase upward trend in the coming times.

South Mumbai and few locations in Western Mumbai can demonstrate dip or

flattening of the prices. Over two thirds of the investment in the Mumbai market

will emanate from end users. Pure investment activities will be more

concentrated in places such as Ulwe, Uran, Panvel and Kharghar etc. in Navi

Mumbai and Thane.

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Godrej Azure (Pre-launch)

Location:- South Chennai

Price & Configuration:-2BHK, 3BHK, starting from 26 Lakhs onwards

USP's:- 1. Connectivity 2. Accessibility to major IT Parks, hospitals, schools & colleges

Purva Mayfair (Pre-launch)

Location:- South Chennai

Price & Configuration:-2BHK, starting from 58 Lacs Onwards

USP's:-1. 10% Less than market Price2. Exclusive 2 BHK units on Pre-Launch

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What’s Hot

Prestige Song of South (Pre-Launch)

Location:- Bangalore

Price & Configuration: 1BHK, 2BHK, 2.5BHK, 3BHK, 3.5BHK,BHK starting from 29 Lacs onwards

USP's:-1. Ideally located near the

coveted IT Park – The Electronic City

2. Very good connectivity to main locations

3. Ring Road connectivity at Just 3kms away (NICE Road)

4. 50% Open Space

Hiranandani (Edina & Bayview Towers)

Location:- Chennai

2BHK, 3BHK starting from 87 Lacs Onwards

USP's:-1. 25:75 scheme 2. Rent back offer: 30000 per month for 18 Months3. Booking Amount: 4 Lacs

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Omkar Ananta

Location:- Goregaon East

Price & Configuration:-2BHK, starting from 1.39 Crore onwards

USP's:- 1. GREAT LOCATION AT GOREGAON (E) 2. WITH LIMITLESS VIEWS 3. Easy connectivity to JVLR, WEH, GOREGAON STATION. 4. POSSESSION BY MARCH 2017.

Sethia Sea View

Location:- Goregaon West

Price & Configuration:-1.5BHK, 2BHK starting from 1.24 Crore onwards

USP's:-1. Seaview Apartments at Goregaon West

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Lodha Park

Location:- South Mumbai

Price & Configuration: 1BHK, 2BHK, 3BHK, 4BHK, 5BHK starting from 4.04 crore onwards

USP's:-1. The most vibrant façade of

Mumbai2. Inspired by the great parks in

the world like Central Park, Hyde Park, New York etc

Godrej 101

Location:- Gurgaon

2BHK, 2.5BHK, 3BHK, 3.5BHK starting from 84 Lacs onwards

USP's:-

1. Attractive payment plan of 20:20:40:20. Limited period offer.

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Floor Area Ratio (FAR or FSI) = (Total covered area on all floors of all buildings on a

certain plot, gross floor area) / (Area of the plot)

An architect can plan for either a single-story building consuming the entire allowable area in

one floor, or a multi-story building that rises high above the plane of the land, but which

consequently results in a smaller footprint/floor plate than would a single-story building of

the same total floor area (As shown in the Image). Certain types of spaces, such as

basements, parking areas, and utility rooms, are exempt from FSI, which means that they do

not need to be counted in the FSI calculations. By combining the horizontal and vertical limits

into a single figure, some flexibility is permitted in building design, while achieving a hard

limit on at least one measure of overall size. The Floor Space Index is dictated by the

government through its authorized agencies. It varies from location to location, and is also

transferable from one area to another.

What is FSI?

Floor Space Index or FSI is truly a mystic number in Real Estate across the world. Basically this

number denotes the upper limit of the built space you may construct on a given plot. It is the

ratio of permissible built-up area to the plot area. Thus FSI directly impactshow much a

developer benefits from a particular land parcel.

Decoding - Floor Space Index (FSI)

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Foundation of FSI

A post-World War II innovation, America introduced a new form of building control. This is

called FSI (Floor Space Index) in India and FAR (Floor Area Ratio) everywhere else in the world.

It is the ratio of built-up area of all floors on the plot to the area of the plot itself. The FSI

regulation was welcomed by architects as a new breed of FSI friendly Architects were born.

They liked the design freedom to reduce the footprint of the building and increase the

number of floors, while still observing the FSI rule which sets the total built-up area allowable

on each particular plot. But from the authorities’ point of view, the FSI specified has to be

carefully managed to ensure that the extent of built-up floor space permitted in a locality

does not exceed that locality’s infrastructure capacity, in regard to water supply and

sewerage of course but, more importantly, in regard to transport and crowding on the

streets.

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Difference between FSI and Fungible FSI

The word fungible - from the latin root fungiblis - describes something that acts as a

replacement for something else. The municipal corporation of Mumbai introduced this

system to curb misuse of existing building regulations by developers. Developers would

build space over and above the allowable FSI by exploiting some grey areas in building

regulations. These grey areas centered on things that were free of FSI, or not counted in FSI

calculations, such as flower beds, services shafts, and balconies. In the fungible FSI system,

the allowable FSI on a plot is increased by 35%, with a maximum cap on the total construction

area, with no exemptions. This serves to reduce overbuilding on plots by developers. The

fungible FSI seeks to act as a replacement for or a legalization tool of the misuse of

regulations, but with a clear mathematical limit that should not be exceeded. As of 2015,

fungible FSI is applicable to all plots in Mumbai with the exception of those that fall under

Coastal Regulation Zone (CRZ) limits.

Current status of FSI in Mumbai

The Floor space index in Mumbai varies depending on the development ensued upon.

Generally an FSI of 1.5 - 1.6 is considered in the island city, and an FSI of 1 in the suburbs.

However for redevelopment, slum rehabilitation, making common recreational areas,

construction of low range apartments etc., the Government helps compensate the builder by

providing additional FSI, so that the developer can benefit out of rehabilitating old

constructions, making more public utility areas etc. Developers can also buy additional FSI

by paying premium for it, so as to build dry areas, flower beds etc.

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New FSI Policy – “Mumbai’s Draft Development Plan 2034”

The Development Plan 2034 has come up with maximum permissible floor space index (FSI)

foreach plot area in Mumbai. Realty players have welcomed the Municipal Corporation’s

proposal to increase floor space index (FSI) up to 8 in the Development Control Rules to be

applicable till 2034. The permissible FSI will eventually increase as per the locations with

better infrastructure connectivity, accessibility, area’s future potential, its proximity to transit

stations and the existinglevels of FSI consumed.

The Pragmatic side of the New FSI Policy

Ÿ The new Development Plan proposes FSI to accommodate the expected increase in

Mumbai’s population both on residential and commercial fronts.

Ÿ Transit Oriented Development (TOD) is encouraged by providing higher FSI for areas that

are well connected by public transport and quite close to railway stations and existing and

upcoming metro stations.

Ÿ The new DP finally removes all ambiguity around calculations of what is counted in FSI;

now, there is nothing that can be built and not be accounted for as free of FSI. This brings

in much-needed simplicity and transparency, and reduces the scope for manipulation.

The Idealistic side of New FSI Policy

Ÿ For the Western Suburbs, higher FSI may be largely impractical because of the civil

aviation funnel and road width requirements

Ÿ Developers are disincentivized from providing amenities such as swimming pools and

clubhouses in their projects, as they are part of FSI to be paid for but do not generate direct

revenue

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Kolkata (formerly Calcutta) is the capital of the state of West Bengal and the second largest

city in India (after Mumbai). If Bangalore is the Seattle of India, than Kolkata is the sub-

contintent’s London. It is an ‘in your face’ city that shocks and charms the unsuspecting

visitor. Abject poverty mixed inexplicably with crumbling British Raj-era gems, sprawling

gardens and historical colleges. Long known as the cultural capital of India, Kolkata

continues to spawn generations of poets, writers, film producers and Nobel Prize winners. If

your trip only allows for a visit of one or two of India’s metropolitan cities, then definitely

consider placing Kolkata on your itinerary. Love it or hate it, you definitely won’t forget the

city on the banks of the Hooghly.

Kaleidoscope – Kolkata, City of Palaces

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Kolkata district

Kolkata/Southern fringes|Southern fringes — the rapidly mushrooming localities to Ÿthe south of the city include Behala, Jadavpur, Garia and Narendrapur.

South Kolkata — the posher part of the city covers Ballygunge, Bhawanipur, Alipore, ŸNew Alipore, Rash Behari and Tollygunge.

Esplanade — the colonial district is still the central business area and is considered the Ÿheart of Kolkata. Made up of Park Street, Mirza Ghalib Street (Free School Street),

Dalhousie Square, Chandni Chowk, Barra Bazaar and Sudder Street.

Maidan — The area consisting of the huge park and its surrounding neighborhoods Ÿincludes Fort William, Strand Road, Khidirpur, Dufferin Road, Hooghly Bank and

Chowringhee.

North Kolkata — the older area of the city, a fascinating district dominated by narrow Ÿlittle lanes and hundreds of century-old bulidings includes Chitpur, Bagbazar,

Belgachhia, Shyam Bazaar, Shobha Bazaar, Maniktala, Jora Sanko and the famous

College Street area. Also situated here are the Sealdah station, one of the largest train

hubs in India, and the newly built Kolkata station. Dum Dum being the prime

communication hub of Kolkata having International Airport, Metro Rail, Circular Rail,

Ground Rail.

Northern fringes — the large industrial area to the north of the city includes Kashipur, ŸDumdum, Belghoria, Khardah, Panihati, Titagarh etc. where there are a number of

factories, including jute, paper, cotton, ordnance and chemicals.

East Kolkata — rapidly developing, specially driven by the IT sector and home to India’s Ÿlargest mall encompasses Salt Lake City (Bidhan Nagar), Rajar Hat, Lake Town and the

E.M. Bypass. Many five star hotels, theme parks, posh housing estates and techno parks

are being built in this area.

Howrah — while technically its own city, Howrah is very much a part of the Kolkata metro Ÿarea, and Howrah train station is where you’ll arrive/depart from if connecting with

anywhere north or west of Kolkata.

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Economy

Kolkata is the economic hub of eastern India and with a vast hinterland it bustles with

economic activities. Kolkata creates a huge number of employment and supports many

migrants from neighboring states and other parts of the country. The landscape of the city is

also fast changing with flyovers, gardens and several new commercial establishments.

Kolkata is home to many industrial units of large Indian corporations, whose product range

is varied and includes - engineering products, electronics, electrical equipment, cables, steel,

leather, textiles, jewellery, frigates, automobiles, railway coaches and wagons. Kolkata is also

starting to become a major hub for the IT (Information Technology) industry. With the

formation of New Town at Rajarhat and extension of Salt Lake’s Sector-V, Kolkata is rapidly

turning into a pro-IT town. More and more businesses are coming to Kolkata to set up their

offices.

The city has transformed from Cultural capital of west Bengal to a Commercial hub of the sub

continent and a leading gateway for future India.

32

Do you think people still prefer the traditional medium of house hunting or they have

turned to the internet?

According to a Google survey conducted last year on Internet

influencing real estate transactions, 53% of overall real estate

transactions are being influenced by the Internet today. This pegs the

market to about $43 billion worth of real estate which is estimated to grow

to about 140 $ billion by 2017. The Internet audience base is expected to

reach over 450 million in India by that time.

Out of the total searches happening on the internet 40% are happening on

mobile and 73% of people who use mobile do so via mobile applications which

makes it one of the strongest platforms for real estate queries. Based on the

above, it is needless to say that more and more people are going mobile when

hunting for a property.

What benefits do property portals offer to home buyers? How is

squareyards.com different?

Property portals started off as platforms to offer consolidated information of all

the possible property options under various search criteria and hence have been a

boon to the herculean task of searching for the right property. For instance, buyers

can easily find out a range of properties of specific size, falling within a particular

budget and located in a particular area in just a few clicks.

But there are 2 broad problems with such listing portals. The listings on these are paid and

hence might not be very transparent. Also the recency and accuracy of information is

questionable.

33

In Conversation with Mr. Biswaroop Padhi.Principal Partner - Square Yards

At squareyards.com we have flipped the property search experience upside down. Our search

begins with the customer's need in mind. A well-defined 'discovery process' powered by

powerful decision driving tools help a home buyer arrive at the ideal set of properties suiting

his/her requirements.

A large team of Data Engineers incessantly plug in the most recent data into our powerful big-

data driven algorithms in the backend to spool a wide array of intelligence which empower a

home buyer to arrive at the best suited set of properties on the basis of more than 128

different macro and micro parameters.

No amount of my words will do justice to the portal, it is to be explored to be believed.

Mr. Biswaroop Padhi.

Principal Partner - Square Yards

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cs ea s

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35

What is Scapes?

Scapes is a trend-setting online real estate booking engine developed by the Tech

team at Square Yards. Our maiden project was for a reputed North India based

developer which received humongous response from property buyers across the

globe.

A total of 357 2BHK, 3BHK and 4 BHK apartments worth more than USD 40 million

were booked through the SCAPES platform in under 19 hours.

What is the reason for these huge booking numbers?

SCAPES has been conceived to provide a richer home buying experience for pre-

launch properties. In a pre-launch project, home buyers do not even have a sample

flat to feel and experience the home that they will finally get upon completion.

SCAPES provides complete convenience and transparency regarding browsing and

selecting the desired flat on a very user friendly online portal. With a variety of 2D,

3D layouts, Panoramic views of the project exteriors and home interiors, details of

amenities, features, payment plans and instant booking option available online

24X7; it offers home buyers unparalleled convenience.

Another key feature of the SCAPES technology is a wide array of Virtual and

Augmented Reality walkthroughs and experience tools which offer home buyers a

near real experience of the home they will buy without going through the grind of

tedious site visits or browsing through hard copy brochures.

What can we expect from Squareyards on the Technology front in the future?

Keeping the customer at the centre of all our technology driven initiatives, we are

committed to push the frontiers of technology to being in unparalleled experiences

and decision making power to the hands of the home buyer.

A slew of applications addressing pain points of the home buying experience are in

various stages of development and we shall be unveiling them to our esteemed

clients in times to come.

36

Recently Square Yards Research wing unveiled its Master Bedroom

Analysis of five major Indian cities, comprising of Bangalore,

Gurgaon, Mumbai, Noida & Pune.

The research insights, which has been both obvious & not so

obvious, indicate some interesting facts about Indian realty market

Mumbai, the commercial capital of India has the smallest master

bedroom sizes in 1 & 2 BHK units in tune of 104 & 131 sqft

respectively. The smaller sizes of the apartments are indicative of

the prevalent space crunch in the city and the exorbitant prices that

prompt developers to come up with smaller unit sizes.

Interestingly in the case of Mumbai, the same trend completely

reverses in case of bigger apartments. Across all the five cities

studied under the survey, Mumbai boasts of the biggest master bed

room sizes in the 6 BHK segment. This indicates the financial

prowess of Mumbaikars across the high end residential units.

Deciphering the Indian Realty through

the Master Bedroom Analysis

37

Bangalore

Gurgaon

Mumbai

Noida

Pune

1 BHK 2 BHK 3 BHK 4 BHK 5 BHK 6 BHK

130 153 179 246 275 329

147 154 174 219 289 350

104 131 158 220 273 397

129 134 160 200 246 211

114 140 173 260 290 260

Average Master Bedroom Size (in Sq.Ft.)

38

Gurgaon and Bangalore remain almost neck to neck in each category,

indicating that developers are targeting similar type of demography,

which are ideally the IT/ ITES clientele as both the cities are boastful of

vibrant IT/ITES sector. Other than the 6 BHK segment, Pune also

demonstrates similar trends, on the backdrop of a booming IT/ ITES

scene.

Noida remains at smaller sizes than Gurgaon in all categories indicating

the budget housing trend of Noida and inclination of Gurgaon more

towards luxury development.

City / Bedrooms

The concept of simple living is now fading. Lifestyle aspirations are high and the earning

capacities are increasingly matching these aspirations. People desire for a home that is ultra-

plush and has a spectacular appeal. They want a home with quality and grandeur.

For many homeowners, especially first-time home buyers, the urge to make a house your

own can be strong. However, overspending on home furnishings like decorations, furniture

and freestanding appliances can eat away at resources that can be better spent on other

aspects of home ownership. Before splurging on an expensive new rug to cover a damaged

floor, consider investing in a carpet or durable but inexpensive flooring. A rug will leave the

house with you if you move and bandages the issue without directly addressing it. New

flooring, on the other hand, can add value to your home and reduce vulnerabilities that

homeowners’ insurance providers frown upon.

Spending on Home Furnishing –

How much is too much??

39

Everyone wants to personalize a new home and upgrade what may have been temporary

apartment furniture for something better, but it is suggested not to go on a massive

spending spree to improve everything all at once. As nice as solid maple kitchen cabinets

might be, they aren’t worth jeopardizing your new status as a homeowner.

Various home improvement projects and house ware purchases are grander than others,

but with a little do-it-yourself effort and prioritization, you can make choices that have a

positive effect on your home’s value rather than a neutral one. Some of these expenditures

might be out-of-reach in terms of cost for the time being, but setting money aside to make

meaningful updates will improve your home’s valuation in the long run.

40

Investment or Own Stay

This is the deciding factor. Though it is obvious that if you are buying a property for

investment purpose then you will not spend much on Home Furnishing. You will be more

liberal in budgets when you are buying a property for your own stay. To avoid heavy

spending, whether you are buying for an investment or own stay, you should always think

that you are buying as an Investment.

Movable / Detachable Fittings

You should try to opt for as many movable or detachable items as you can. It will help to carry

the setup of your “home” in case you shift city or sell the home. It will also help to save future

costs. In case you are selling, you can negotiate better if most of the items are detachable. If

they are fixed then it will be a loss as you cannot move them or sell them. Opt for permanent

fittings and fixtures only when it is absolutely necessary.

Do’s and Don’ts of Home Furnishing

41

Home Upgrade

Normally it is observed that average stay of a family in a home is 7-8 years. Even if you are in

the same city, people either upgrade to premium locations or bigger homes. These 2 are

most common reasons for upgrade. Now before committing a budget for home furnishing

do keep this thing in mind that in all probability whatever you are spending today is only for 7-

8 years. It will help to decide, how much you are willing to spend.

Home Furnishing by Builder

A new trend is emerging these days that builders are providing Home Furnishing. It is labeled

as FREE but the furnishing cost is already included in the cost of flat. You may estimate the

cost of furnishing and try to negotiate with builder to reduce furnishing cost.

Budget

All said and done, here comes the main point - how much budget should be kept aside for

Home Furnishing? According to Square Yards GIC research report, it is advisable not to spend

more than 20% of the property value for new construction and 8% for Resale flat on Home

Furnishing. The reason being, furnishing expected from a property is directly proportionate

to the value of the property. Most importantly, you need to provision this amount separately

as it will not be a part of property value for Home Loan.

Remember “A Rupee Saved is a Rupee Earned“

42

43

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A perfect holiday destination

365 days holiday

Trivia: Slogans of Tourism

corporations of Indian States

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THE

VOLUME-05 August, 2015

Rule the Real Estate Worldwith Square Connect