Akshaya’s new luxury homes in Chennai

The project comprises 31 units with swimming pools, built over 6,700 sq ft. The price is expected to be around Rs 7 crore

Akshaya, a leading property firm in Chennai, has recently launched a premium residential project Abov. Touted as the tallest residential tower in the state with a height of 132 metres, the project is to come up on a 1.66 acres at Kazhipatturon Old Mahabalipuram Road (OMR), which houses leading IT and BPO firms and is an emerging location for a range of housing projects.

The 38-floor Abov will have 31 apartments with swimming pools, built over 6,700 sq ft. One floor will have only one apartment. The price is expected to be around Rs 7 crore and the project is expected to be completed in three years.

The residential tower will also comprise a restaurant, an exclusive spa, a clubhouse, an ocean bar with floating sculptures. Besides providing a view of the sea, the location is close to the coast.

“With land becoming scarce and expensive, vertical development will be the viable option in urban locations. With this project, we are attempting to redefine premium luxury living. We have brought in partners from across the world, including designers, architects and vendors, for this project,” said T Chitty Babu, chairman and CEO of Akshaya.

Some of the big names involved in the project are doors from Barausse, kitchens from Aran Cucine (Italy), bathroom fittings from Villeroy & Boch, drainage technology from Viega, lighting from Flos, white goods from Siemens and Treemme Rubinetterie for bath accessories, engineered marbles and Italian toilet tiles and gymnasium equipped by Propel.

The key amenities include 100 per cent power back-up, touchpad controlled smart home, 10 years maintenance, four elevators, parking space for three cars (per home), suites for guest, piped gas supply, fire protection, private movie hall and gaming arcade, among others.

The project claims to have already received IGBC pre-certified platinum green homes rating. It is devoted to an enchanting horticultural mix with 91 per cent landscaping and 9 per cent living area. In addition to this, Crisil has awarded five-star rating for the project.

The 433-ft tall residential project has been conceived and structured to fulfil stringent norms, earthquake risk protection and multi-level of security systems, the company said

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Chennai developers make all efforts to woo buyers

Chennai

Promotion is one of the four major pillars of marketing and it is through this mechanism that the product gets a visibility in the consumer mind space. Two weeks ago, Akshaya Pvt Ltd launched its 150th project Abov, the tallest residential tower of Tamil Nadu and the event was noted for its innovation and even its larger-than-life allure.

Akshaya had created a 15 feet high model of the skyscraper for the event and has placed the model at the Chennai airport and has plans to take it to the airports in Bangalore, Mumbai and Delhi. T Chitty Babu, CEO, Akshaya Pvt Ltd, feels that a project that is grandiose like Abov, needs a lot of work to back it up. “Innovation is required in every sphere of work, and in terms of marketing a product, a lot of work is required,” he says. Akshaya also has a cut model in its offices, where customers can get an idea about the apartments they plan to buy. A five-minute walk through is also designed for their projects.

To make their presentations more engaging, the developers are also willing to go the extra mile and import the technology required for the effort. “We have got something called virtual reality, where the inner portals of the apartment can be viewed according to the movement of the hands. Then we have brought our kinect tables, where four people can view four different aspects of a property at a time. Both these technologies have been brought from Singapore and were the first of their kind in India,” says Chitty Babu.

Of course, these promotional methods work only when they are designed with the target audience in mind. “It depends on multiple factors. When I launch a high-end product, they require promotions which are tailor-made for the customer base I have in mind. Mass advertisements still hold their value and that explains the increasing number of front-page advertisements for project launches these days,” says Suresh Krishn, Managing Director, Isha Homes. When it comes to the high-end market, it makes sense to employ tailor-made promotions, considering the fact that the target base is less, when compared to the mass market. Suresh feels that in these cases, there is no hard-selling that is done. “We know these customers from our previous interactions and know their tastes. What we do in the evening launches are to showcase what we have. A walkthrough or a miniature model will help them visualise better and make the right choice,” he says.

Advertising is a traditional tool and if innovation is what a developer wants to go for, then sky is the limit. S Ramakrishnan, CEO, Marg ProperTies, feels that there is a need to constantly come up with something new depending on the project. “While one can always go for advertisements, promotion works at many levels. For example, one can tie up with a matrimonial site to promote the projects. Once people feel the need to move out to a new home after their marriage, this will be the right moment to make a pitch and it works,” says Ramakrishnan. Marg, he says, has always believed in a combination of traditional and modern methods of promotion, using a 360 degree approach.

It is a well-known fact that customers today are spoilt for choices. While at one level, these promotions are meant to meet those requirements, there is also an attempt to create a desire for something new. “While organising events like music shows do help, the internet, today, is full of options. Once you know how to sell the concept, then these tools can be put to best use,” says Ramakrishnan, who feels that all promotional methods evolve over time and are required for all the segments of customers.

“Whether it is an affordable home, a smart township or ultra luxury villas, there is a need to reach out. The core idea remains the same; it is the final form that differs in each case,” he says. All this requires excellent PR and a degree of uniformity in the communication. “From a call centre employee to a CEO, everyone must speak the same language. Only then can the communication be effective,” says Ramakrishnan. While the effectiveness of these tools can only be gauged in the time to come, one can definitely expect a lot of activity in the promotional scene in the real estate sector in the days to come.

Source: Times Property, The Times of India, Chennai

Pay more for that dream nest

Invest or hedge? That is the dilemma confronting Ramesh who wants to have a small, comfortable nest in the city. Just when he thought he would buy one some months ago, property prices went north as the input cost went up. “I was planning to buy a house in the city. But now I am having second thoughts as I really can’t afford one. I will perhaps wait and watch before zeroing in on a flat on the city’s suburbs instead,” he says.

According to a ballpark estimate by T Chitty Babu, national secretary of the Confederation of Real Estate Developers’ Associations of India, “The price per square feet of flats in the city has gone up by Rs 150 to Rs 200 due to the spurt in the cost of cement and other building materials.” Take cement. “We were expecting its price to decline to Rs 230 for a bag of 50 kg due to monsoon. On the contrary, it shot up to Rs 340 at the retail end. Ditto steel. A ton of steel, which was earlier priced at Rs 18,000, now costs Rs 58,000,” points out Babu. Manpower cost too has spiraled.

Though the cost of cement dipped a tad in the North and neighbouring Andhra Pradesh due to the monsoon, there has been no change in its price tag here, says R Radhakrishnan, former national president of the Builders Association of India and chairman of The Southern Builder’s Charitable Trust.

Sand too is acting pricey. After a court-imposed a ban on the existing sand mines, which triggered scarcity, Chief Minister Jayalalithaa ordered opening of new sand mines to meet the demand. Yet, the market has not cooled down. At present, fine sand costs around Rs 50 per cft as against the coarse variety, which is priced around Rs 32 per cft. Those who cannot afford fine sand buy the coarse one and put it through a sieve to get fine sand. In the process, 50 per cent of the material is lost, says Madhavan, a builder based in Ambattur.

All that has had a cascading effect on the end product. Among the worst hit are property builders. “We build flats after fixing the price and entering into an agreement with customers. Since the spurt in prices came after we struck a deal with customers, we can’t pass it on to them,” rues a spokesperson of Embassy Group, which has completed developing over 5.3 million sq ft of residential spaces. The rise in cement prices and building materials, including sand, has resulted in 10 to 15 per cent jump in the cost of constructing a building, he says.

Babu describes the cement price rise as artificial and blames the manufacturers for below capacity production. “Cement factories are producing only 40 per cent of the capacity, which is why there is a shortage,” he claims. As if that was not enough, cement firms are mulling over a fresh increase in price to factor in the hike in freight rates because of the recent jump in diesel prices. Can’t really expect a price cushion from them.

Small builders, like Ganesan of Sri Ganesh Builders, too are feeling the pinch. He says the rise in cement prices affected business for people like him in a big way. For, small builders often borrow money to build flats, hoping to make handsome profits during their subsequent sale. They are now struggling due to the big rise in construction cost and want immediate government intervention to arrest the artificial rise of cement prices.

According to real estate consultant K K Raman, the rise in material cost has hit the city’s suburbs harder because that is where a lot of construction is happening. Since flats are sold at fixed, pre-determined prices, they put pressure on the builders’ profit margins, he argues.

Then there is this nagging worry that builders could compromise on quality to offset the rise in cost - if they cannot pass it on to the buyer - to keep their profit margins intact. After all, developers are not doing it for charity, isn’t it, goes the logic. Radhakrishnan concurs. More than private constructions, it is the quality of workmanship at government infrastructure projects that could really be compromised, he fears.

The Builders Association of India intends to take up issue of cement cartel with Prime Minister Manmohan Singh, says Radhakrishnan. The association also plans to pressure the Union commerce ministry to waive excise duty on import of cement. “This will deflate the cement price and a 50 kg bag that now costs Rs 340 will slip to Rs 250,” he adds. “Last time when such a situation arose, the government intervened. We expect decisive intervention again,” says Babu.

So, invest or hedge? It’s a no brainer; people would rather hedge than invest in such a situation, right? Wrong. There has been no impact on the real estate sector here, claims CREDAI. “The demand for dwelling units continues. It won’t decline as the State is still facing shortage of houses,” adds Babu. Siva Krishnan, head of residential services (Chennai), Jones Lang LaSalle India, says Chennai is still the best city to invest in despite lack of quality land and rise in construction demand. “Land prices are rising as the supply of good land is limited,” he says.

Source: http://ibnlive.in.com/news/pay-more-for-that-dream-nest/292185-60-120.html

Now, home buyers can complain by e-mail

CHENNAI: The Confederation of Real Estate Developers' Association of India (CREDAI), a forum of builders, has put house buyers' grievance redressal mechanism on the fast track by introducing an e-based redressal system.

Hereafter, house buyers in Chennai can prefer complaints against builders to CREDAI's grievance redressal forum by e-mail, said N Nandakumar, chairman of mission transparency, an initiative undertaken by the builders' body across the nation to improve the quality of service offered by its members.

CREDAI national secretary T Chitty Babu said here on Monday that the grievance redressal forum in TN, established two years ago, had received 27 complaints and that all those disputes were settled.

Babu said builders could be held responsible for defects like cracks developing in pillars, beams and roofs of residential buildings even after a decade of construction.

Replying to a question on if there was any timeframe for customers to prefer complaints against builders, Babu said, "Builders gives a guarantee for 12 months. The proposed real estate regulatory bill is likely to extend this deadline to two years.

"But in case of major structural defects, there is no timeframe. If a competent agency proves that the quality of construction is substandard and the building is structurally weak, then the builder can be taken to task even after 10 years of construction."

Source: http://timesofindia.indiatimes.com/city/chennai/Now-home-buyers-can-complain-by-e-mail/articleshow/11611175.cms