Luxurious living

Central Park is one of the fastest growing ultra-luxury realty brands with an established presence in the NCR. It has delivered 5.5 million square feet across luxury residential property in prime locations in Gurugram. Excerpts from an interview with Amarjit Bakshi, Managing Director, Central Park:
What are your views on the prospects for the real estate sector in the NCR in 2018? 
The real estate sector in 2017 saw major changes on the policies front, which brought about a state of turmoil in the sector. In addition to this, the industry saw some big names failing by defaulting on their promise through delayed projects and inability to address consumer grievances. 
The Real Estate Regulation Act is expected to tide over these concerns and we expect the sentiment will improve for the better with growth kicking in from the second quarter of 2018. 
What are the challenges being currently faced by this sector?
The foremost challenge, which the sector faces is lack of trust and negative imagery in the eyes of consumers. Developers had an upper hand in a majority of the cases and customers were always at the receiving end. 
However, with the introduction of RERA, these will be things of the past and consumers will emerge as winners. While many developers have successfully made the transition to the new norms, a few are still aligning themselves with the new developments to be better prepared to operate in a more regulated environment. 
Developers have been pushing for 'single window clearance' for a while now as obtaining multiple clearances for a single project proves to be a time consuming exercise and the government should look into streamlining the process.   
If demand perks up during the year, do you see prices rising sharply, or will there be stability on the price front as well?
With introduction of RERA and GST, the real estate sector slowed down significantly as customers adopted a wait and watch approach in anticipation of more clarity. We might not see such a dramatic rise in prices as compared to 2017; however, recent reforms will boost customer confidence leading to increased sales. Another major trend this year is increased demand for 'ready to move' projects rather than under construction projects. 
Do you see the NCR retaining its hold as one of the most attractive destinations for NRIs, especially from the Gulf?
When it comes to investments in India, NRIs have various options to choose from such as mutual funds, equities and government bonds. However, real estate is one of the prime areas for investments in major metros such as Delhi, Mumbai and Bengaluru. 
Another investment fillip is that the Gulf is home to Indians with many having plans to eventually settle back. This emotional connect leads to a lot of interest and transactions in the Indian real estate market. Also, property investment in India promises better yields, which works better for people looking either to earn rental income or from an investment planning perspective. 
What are the major infrastructure and related developments in the region, which will boost demand for properties in the NCR? 
In the past one year, infrastructure development in NCR has been on an upswing. The periphery regions of Millennium City Gurugram such as Sohna, Bhiwadi and Manesar are witnessing a lot of infrastructure developments. 
The proposed flyover on NH 248A over Badshahpur will allow for seamless commute from Rajiv Chowk to Sohna Road. Also on the anvil is the development of Chinese Industrial Township at Sohna, involving an investment of around Rs170 billion. 
Sohna Road is fast becoming an affordable housing destination and attracting interest from developers both on residential and commercial sides with many national developers launching their projects in the region. 
The government is giving equal attention to developing other parts of NCR such as Noida. The upcoming international airport at Greater Noida will have a significant impact on the real estate market once it is completed. 
In addition to this, the connectivity options are also being improved to connect Noida with adjoining parts of NCR. The recently launched Botanical Garden-Kalkaji route has reduced travel time to Delhi. 
What are the major projects that your company is executing currently?
Central Park is renowned for introducing and developing 'Concept based' living. Our first project on the famed Golf Course Road in Gurugram saw other industry players following in the footsteps of launching luxury projects. 
The second project 'Central Park Resorts' brought together luxury infused with the warmth of hospitality and set a benchmark in terms of prices appreciation. 
Central Park is looking to increase its presence in residential real estate by further expanding existing projects and foraying into newer segments and categories. Our upcoming residential project is called Central Park Flower Valley where we will bring together quality living with sports.  
Last year, we also marked our entry into commercial real estate with the launch of a 4 million square feet mixed-use project in Sector 67, Noida involving an investment of about Rs20 billion. Based on the 'Walk to Work' concept, the project is expected to be launched by late 2019 and will comprise 1.6 million square feet each of office and residential space. Another 800,000 square feet of retail space will be for developing a mix of retail complex, hospitality outlets and schools within the project. 
Is the Gulf NRI market an important one for your company? What has been the NRI response to your projects?
The Gulf market is one of the prime targets for Central Park and we get 16 - 20 per cent NRI business. We are looking at aggressive marketing in Q4 and the next financial year.

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