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Noida sector 18 to be developed on lines of Sweden markets – Hindustan Times
Noida sector 18 to be developed on lines of Sweden markets – Hindustan Times.
The Noida authority will develop Sector 18 market, the city’s commercial hub, on the lines of European shopping centres. With designer lampposts, street furniture, uniform signages and façade, the authority has planned to transform the ever-buzzing marketplace into a high-tech and
convenient shopping paradise that would cater to about two lakh shoppers daily. The tentative budget for the project is Rs. 150 crore.
“We will replicate the European market model. The facilities will be similar to markets in Sweden. As Noida is a modern and high-tech city, we will ensure that the Sector 18 shopping hub wears an ultra-modern look,” said Sanjeev Saran, chief executive officer (CEO), Noida authority.
The authority has roped in the Delhi School of Planning and Architecture as its consultant. The authority will carry out the redevelopment work itself, instead of hiring a private contractor.
Last week, the authority officials had discussed the market’s re-development plan. “We have prepared the redevelopment plan. It will be discussed with traders of Sector 18 market next week. Their suggestions will be taken into consideration and work on the project will start the following week,” said the CEO.
All the overhead electric wires, an eyesore for visitors, will be installed underground. Moreover, designer benches, walkways for pedestrians as in Sweden and Denmark, and regulated vehicle entry to the market will ensure convenience to shoppers, who face problems because of traffic congestion.
“We have asked RITES, a central infrastructure consultant, to carry out traffic study in and around the market. We are considering developing parking lots on one side of the roads. We plan to construct a parking lot in the centre of 18 and 30 meter wide inner roads. Due to haphazard parking on both sides of the roads, there is hardly any space left for pedestrians and there is chaos,” said the official.
The lack of parking space is a major problem. The authority will start the construction of a multi-level four-storey parking lot opposite to the Radisson Hotel in Sector 18 in July.
“Work on a multi-level parking lot, which can accommodate 4,000 vehicles, will not be delayed anymore. We will start the work next month,” he said.
To complete the multi-level parking lot, the authority will carry out the construction on its own, instead of handing it over to a contractor. “We aim to complete the work in a year after it begins. To complete it on time, the authority will construct it itself,” said the official.
Besides, more greenery will be created in the area. New garbage bins will also be put in place and transformers will be relocated. All unauthorised hoardings will be removed.
“We will regulate the entry of vehicles to the market. The redevelopment budget is yet to be finalised, but work on the project will start after a week,” he said.
Air-conditions outside shops will be installed in an artistic way.
Does higher Delhi mean cheaper flats in NCR? – Hindustan Times
There has been a sharp surge in business travel over the last few years with India becoming more integrated with the global economy. Executives from India and abroad frequently travel to business hubs and spend weeks and months working from different locations.
Staying at hotels for such long periods is costly. Serviced apartments offer an alternative. For house owners, they serve as an alternative to giving their premises on rent.
TEMPORARY HOMES
A serviced apartment is a furnished accommodation with a small kitchen and rooms generally more spacious than in a hotel. It also has modern communication facilities such as telephone, fax and an Internet connection. Some also offer conference rooms, besides housekeeping staff and a concierge service.
“The concept of serviced apartments arrived in India in 2003-04. Starting from Mumbai, Bangalore and Delhi, serviced apartments have extended their presence to smaller cities, driven by commercial activities,” says Anshuman Magazine, chairman and managing director, CB Richard Ellis South Asia.
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The main client base is the corporate sector. The demand is primarily driven by executives of multinational companies (MNCs) and expatriates who come to India on deputation for periods ranging from weeks to months. There is a huge demand for high-end serviced apartments in the National Capital Region (NCR), especially Gurgaon and South Delhi, due to the presence of a large number of MNCs.
“Globalisation is resulting in an increasing number of expatriates coming to India for work. As the duration of their stay is assignment-based, it makes sense to take a serviced apartment on rent rather than staying in a hotel,” says SK Sayal, director and chief executive, Alpha G:Corp, a Gurgaon-based developer. The company has serviced apartment projects in Ahmedabad and Amritsar. These residences are owned and managed by the builder and not sold to individuals.
“Top serviced apartment brands are operated mainly by mainstream hotel chains which want to lower operating costs and reduce the staff/guest ratio. A number of international brands have developed serviced apartments with local developers in Delhi, Mumbai and Bangalore, catering largely to the corporate sector,” says Magazine.
Leading hotel chains such as Hotel Leela Venture, Grand Hyatt and Marriott International run several serviced apartments in the country. Hilton Hotels plans to open its serviced residences in Bangalore in May 2012. Ascott, which says it is the worlds largest serviced residence owner-operator, has been expanding in Mumbai, Delhi and Pune to cash in on the opportunity offered by the demand-supply gap.
INVESTMENT OPPORTUNITY
Athough mainstream hotel companies are major players in the business, several developers are offering these apartments to individual buyers. Some of these are targeted at the ultra rich who want to own accommodations in different locations without worrying about their maintenance.
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Several small- to mid-size builders are marketing serviced apartments as an investment opportunity with returns in the range of 9-14% per annum. At present, investment in residential properties is more for capital appreciation than rental income. Annual yield via rental income from a residential property is generally 3-4% a year while capital appreciation is 10-15%.
Central Park is constructing a serviced apartment complex in Gurgaon, a suburb of Delhi. The company plans to build studio and 1 BHK (bedroom, hall, kitchen) apartments, both with and without a study room. It will also build space for retail outlets, fitness centres and multi-cuisine restaurants.
In Noida, another Delhi suburb, Shubhkamna Buildtech is offering serviced apartments with an assured return of 14% per annum on a minimum investment of Rs 10 lakh. More Delhi-based developers plan to build serviced residences for sale to individuals. Several projects are on the drawing board for other locations as well.
Like any property investment, location is important in this case too. Proximity to business centres and good connectivity will lead to higher rental income and capital appreciation. As the quality of service also decides the rental yield, it is important that the facility is managed by a reputed service provider.
PROFESSIONAL LINK
Serviced apartments can become a popular option for generating higher rental income from value-added services when professional property management companies start offering services and finding guests.
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“Top serviced apartment brands are operated mainly by hotel chains which want to lower operating costs.”
Anshuman Magazine
CMD, CB Richard Ellis South Asia |
“The sector does not have professional companies to run and manage serviced apartments owned by individuals. At present, some individuals who let out their houses as serviced apartments manage it themselves,” says Sanjay Sharma, managing director of Qubrex, a real estate consultancy and brokerage.
At present, only local firms offer services for operating individual-owned apartments as fully serviced residences on a profit-sharing basis. Some firms such a IL&FS Property Management & Services manage properties without taking care of the operational aspects.
As India’s economy expands, the demand for serviced apartments will increase along with the floating population. These apartments can also become a preferred choice for those seeking a luxurious lifestyle. With demand rising, more developers will start offering facility management services, either directly or in collaboration with hospitality firms. “The concept will grow as India becomes more global and offers career opportunities on a par with the developed world,” says Alpha G:Corp’s Sayal.
If you want to invest in real estate, it may be a good idea to diversify your exposure to serviced apartments for a higher annuity income than what residential apartments can give. Don’t forget to undertake a due diligence of the project before sealing the deal.
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