Mumbai: Runwal Group, one of India’s leading real estate developers, announced the launch of a new residential tower – Lily, in their project Runwal Forests located at Kanjurmarg West in Mumbai. This landmark residential township is spread across approx 15 acres of land on LBS Marg. The tower will consist of 48 floors with approx 190 apartments. It will comprise of efficiently planned 3 bed residences and carpet areas of 983 sq.ft and 1129 sq.ft approximately. The unique feature of this tower is that it will offer spacious air-conditioned residences with 11ft floor to floor height and private decks along with the best views. Residents of the tower can enjoy breath-taking views of central greens, mangroves, Powai Lake and Sanjay Gandhi National Park. Starting at a price of approx Rs. 2.49 cr, apartments at Lily will offer flexible payment plans for added convenience. Construction of this tower is already at an advanced stage.
Situated at a prime location on the arterial LBS Marg, Runwal Forests brings every significant landmark closer. From the strategically important business districts like SEEPZ & BKC to the International Airport, all key hubs of the city are easily accessible. Kanjurmarg enjoys fantastic road, rail and upcoming Metro connectivity. Metro Line 4 and the upcoming station are right outside Runwal Forests, giving it a tremendous connectivity boost.
Speaking on the occasion, Mr. Subodh Runwal, Managing Director, Runwal Group said, “We are delighted to announce the launch of the new tower, Lily at Runwal Forests. This is the finest tower of the township and its residences are designed to offer the very best. Our aim is not to create just living spaces, but an entire community ecosystem comprising of homes, health, conveniences, entertainment and other lifestyle amenities. We are constantly trying to add elements which will delight our consumers. We have associated with the leading brands of the country to provide services such as a health clinic, pre-school and day care at Runwal Forests. This has always been a much sought after address and we are certain this new tower will also generate a great response.”
Runwal Forests located at Kanjurmarg, is a perfect blend of connectivity, convenience and lifestyle. The project will feature thoughtfully designed facilities such as a health clinic within the premises by a leading healthcare institution. The project will also offer a holistic growth & learning experience to little children with another top brand providing pre-school & day care services within the premises. Residents will also have other conveniences such as convenience store, bakery and pharmacy within the premises.
Residents of Runwal Forests can pamper themselves with a wide range of recreational amenities such as cricket ground, 35,000 sq.ft clubhouse, multiple swimming pools, landscaped gardens, sports & fitness amenities and much more. Runwal Group has already delivered Phase 1 comprising of 7 towers and Runwal Forests is already a vibrant community of approx 1200 happy families.
Kanjurmarg has grown rapidly and has become a much sought-after destination amongst home buyers. It is a well-developed location with a cosmopolitan population. It has excellent social and civic infrastructure and is in close proximity to top-notch educational institutes, business hubs, healthcare facilities, hotels, shopping destinations and great natural surroundings. Situated just 10 minutes from Powai, it offers all Powai’s advantages at a far more attractive price.
Mumbai: Runwal Group, one of India’s leading real estate developers, announced the launch of an upcoming residential tower- Park View, in their project Runwal Avenue located at Kanjurmarg East in Mumbai. Part of a larger overall development, the project is spread across approx 5.5 acres of land. The tower will consist of 47 floors with 290+ habitable units. It will comprise of efficiently planned 1, 2 and 3 bed residences with carpet areas approximately ranging between 401 sq. ft and 804 sq. ft. The unique feature of this tower is that it will offer private decks in multiple configurations, a luxury in Mumbai. Even a 1BHK home will offer a private deck, which is rarely available. Starting at approx Rs. 1.05 cr., apartments at Park View will provide panoramic views of the surroundings in addition to fresh air and an elevated lifestyle.
Situated at the arterial location of Kanjurmarg, Runwal Avenue brings every significant landmark closer to you. From the strategically important business districts like SEEPZ & BKC to the International Airport, every key hub of the city is easily accessible. Kanjurmarg enjoys fantastic road, rail and upcoming Metro connectivity which will further boost the residential living experience in the area.
Speaking on the occasion, Mr. Subodh Runwal, Managing Director, Runwal Group said, “We are delighted to announce the launch of the new tower, Park View at Runwal Avenue. We are constantly trying to add elements which will delight our consumers. Addition of private decks is a part of this endeavour. We wanted to provide an enhanced lifestyle, at a reasonable value in the heart of the city. The success of previous towers at Runwal Avenue has been outstanding and we are certain this new product category will generate good demand.”
Runwal Avenue located at Kanjurmarg, is a perfect blend of connectivity, convenience and lifestyle. The project will feature thoughtfully designed facilities such as a health clinic within the premises by a leading healthcare institution. Runwal Avenue will also have a Wi-Fi-enabled business centre space to allow residents to manage their work from home lifestyle. It will also feature ‘Fifth Avenue’ – an integrated high street galleria. The upmarket retail galleria will feature branded stores, restaurants, cafes, salons, and much more.
Residents of Runwal Avenue can pamper themselves with a wide range of amenities such as swimming pools, green open spaces, indoor games, badminton, state-of-the-art gym, yoga, play areas etc. A beautiful public garden of approx 5 acres, situated just a 5-minute walk away will bring the joys of nature and green spaces closer.
Kanjurmarg has grown rapidly and has become a much sought-after destination amongst home buyers. It is a well-developed location with a cosmopolitan population. It has excellent social and civic infrastructure and is in close proximity to top-notch educational institutes, business hubs, healthcare facilities, hotels, shopping destinations and great natural surroundings. Situated just 10 minutes from Powai, it offers all Powai’s advantages at a far more attractive price.
In 2006, buoyant on-demand to convert defunct industrial properties for commercial and residential development, Lal Bahadur Shastri Marg or LBS Marg, on the eastern fringes of Mumbai, witnessed a sudden increase in real estate expansion.
Notwithstanding, the LBS Marg conversion from an industrial zone to a mixed-use district had started six years before the property boom in this belt. The stretch is a 21 km long, major arterial road that connects Sion in Mumbai with the neighbouring Thane. It passes through thickly populated areas of the eastern suburbs where lakhs of vehicles ply daily. The authorities are tackling this congestion through the LBS Road widening project.
Commenting on the transformation of this stretch, Mr. Cherag Ramakrishnan, Managing Director,
CR Realty said, “Earlier an industrial hub, the LBS Marg stretch from Kanjurmarg to Mulund has completely transformed into a most coveted residential destination. The employment catchment areas of Powai, Vikhroli, Airoli, and Thane are also in close proximity to this location. With the upcoming Metro 4, the location is undergoing a residential, commercial, and infrastructural metamorphosis that has spurred the interest of end-users and investors alike.”
LBS Marg has several malls, apartment complexes and corporate offices along the way. Some of Mumbai’s most prominent malls including Phoenix Market City at Kurla, the largest shopping mall in India, occupy this route. Bhandup has Asia’s biggest water filtration plant and was also one of the first railway stations in India whereas Kanjurmarg railway station gives access to IIT Bombay, Hiranandani Gardens and Powai. Offices of several IT firms, corporates, and some notable residential complexes as well are located here. The Kanjurmarg, Bhandup, Mulund corridor covering the entire stretch of LBS Road has been positively impacted due to the development. It comprises an upwardly mobile, educated, middle-income group engaged in business and white-collared jobs.
Speaking about the development in the region, Mr. Saurrabh Runwal – Associate Director, Runwal Group said, “Due to the upcoming infrastructure projects like the Metro and GMLR, the real estate market on the LBS Road is witnessing a significant transformation making it a landmark address. The location is well-affiliated with the rest of the city via Eastern Express Highway, suburban railway stations apart from having close proximity to workplaces, schools, and colleges. The region experiences seamless connectivity which will make your daily commute hassle-free and convenient. Specifically, in Mulund, the real estate projects are also naturally gifted with the breathtaking views of the Yogi Hills which elevates the contemporary lifestyle making it a truly blissful living.”
Located along LBS Marg is the flourishing area of Mulund, the only planned suburb of Mumbai. Nestled in the foothills of the Sanjay Gandhi National Park, it accords easy access to the Eastern Express Highway and Navi Mumbai through the Mulund-Airoli Bridge. The other major road development is the Mulund-Goregaon Link Road that will connect Film City in Goregaon to the Eastern Express Highway in Mulund. It will reduce the traffic on the JVLR considerably.
Commenting on the advantage of this suburb, Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers said, “This suburban area is known for its seamless connectivity and the ever transforming infrastructure. Today, it is connected to every city corner, reducing travel time through most modern infrastructure projects in Mumbai. Further, the Metro and GMLR will ease and enhance the connectivity to almost all parts of the city. The location especially towards the Mulund end provides panoramic vistas of the hills with enchanting green surroundings as it is located on the foothills of one of the largest urban reserve forests in the world. Also, housing the city’s finest healthcare and educational institutions, the suburb has become one of the most preferred locations for residential, commercial and recreational spaces.”
According to JLL India, new launches in the Mumbai residential market increased by 33 percent to 6,143 units in the second quarter of 2021 from 4,616 units in the first quarter. The eastern suburbs accounted for 25 percent of the new projects, followed by the western suburbs with 22 percent.
Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, the LBS Marg corridor offers good returns on investment and is likely to see rapid growth in real estate development in the future.
Mumbai: On the occasion of 75th Independence Day, Mumbai based Runwal Group, one of India’s top real estate developers, felicitated the frontline warriors from Dombivli for doing their bit to fight the unprecedented health crisis due to the Covid-19 outbreak. The Group recognized and felicitated the unconventional warriors that included the doctors, nurses and hospital staff along with other heroes who stood tall for the community during a difficult period and brought in a positive change. The event was hosted at their integrated township project, Runwal Gardens which is located on the main Kalyan Shil Road.
Commenting on this occasion, Mr. Rajat Rastogi, Executive Director, Runwal Group said, “Runwal Group has always been a brand that believes in community development. These frontline warriors have been providing critical services to the community during the pandemic and we wanted to extend our gratitude to them. There could not have been a better occasion than the country’s Independence Day for this felicitation. Runwal Group sincerely thanks all the doctors and frontline workers for their dedicated and selfless service round the clock in this war against the pandemic.”
The Covid-19 pandemic had brought the entire world to a standstill last year. Amidst the multiple lockdowns, new emerging norms of living, a community that emerged as the true warriors was the group of doctors, nurses and the medical staff that not only were fighting the disease on the frontline but also were uplifting people around them with positivity. To name a few heroes who worked remarkably amidst the Covid-19 outbreak to serve the society were Dr. Aparna Singh, Dr. Ankita Garge, Dr. Vaishali Kashikar, Dr. Poornima Dhake, Dr. Santosh Kembhavi, Mr. Bhalchandra Nemade, Mr. Kiran Waghmare, Ms. Rohini Lokare, Mr. Pramod More, Mr. Surendra Tengale, Dr. Parag Bhanushali, Ms. Uma Kale, Mr. Vikram Bhavarte, Mr. Anthonies Francis and Mr. Pratik Tirodkar.
Here are a few glimpses of their work:
As the Covid cases weren’t dropping in Kalyan-Dombivli region due to high density and tiny congested apartments, Dr Poornima Dhake, Medical Officer at the Kalyan-Dombivli Municipal Corporation (KDMC) along with her team took some stringent measures to control the spread of the virus. KDMC continued to seal the entire wing of a building when a case was identified. Her department had started a campaign to raise awareness among shopkeepers and vegetable vendors after complaints that they were routinely seen flouting mask-wearing rules.
Pratik Tirodkar, a 23-year-old instrumentation engineer from Dombivli, created a first-of-its kind ‘Internet-controlled’ robot specifically to address the needs of hospitals treating COVID-19 patients. The gizmo, aptly called ‘Coro-bot’ independently dispensed food, water, beverages, medicines – and even some good advice – to Corona patients without the needs for nurses, ward staff or other care-givers. Pratik donated the first Coro-bot to KDMC to help health workers in dealing with Covid patients. The Coro-bot was deployed successfully at Holy Cross Hospital in Kalyan to serve food and water to Covid patients.
Ms. Rohini Lokare, Deputy Engineer & Manager Dombivli Gymkhana Covid Centre relentlessly worked for the Covid patients. She was also part of a special vaccination campaign for the blind and disabled where 59 blind persons from Wangani, Karjat, Kalyan, Badlapur and Dombivali were vaccinated at Dnyaneshwar Hindi High School Vaccination Center at Duttnagar Shivmandir, Dombivli East.
Ms. Vaishali Kashikar, Medical Officer at KDMC was instrumental in the KDMC’s Covid-19 vaccine dry run conducted at a health post at Gita Harkisandas Civic Hospital in Kolsewadi Kalyan.
The event started with a flag hoisting ceremony and concluded successfully by honouring all of them for their exceptional duties and contribution to the community.
Mumbai: The ongoing pandemic has not just changed the way we used to live; it has also made us far more health conscious. It has made us realise the critical need for timely healthcare assistance. From wearing a mask to using sanitizers and social distancing, we have learnt to take safety measures for ourselves and our loved ones. Apart from these precautions, it is also important to have a home that is close to medical care access. Considering these aspects, Runwal Group, one of the leading real estate brands of the country, has tied up with leading healthcare brands Fortis Hospitals and Apollo Clinic to offer world-class healthcare services to the residents at their projects.
The tie-up with Fortis Hospitals, one of the largest and most reputed multi-speciality hospital chains in India will provide Runwal Group customers with special benefits and privileges. Fortis Hospital at Mulund is located adjacent to Runwal Pinnacle, a high-rise lifestyle development by Runwal Group. The benefits can be availed by a homebuyer and their nominated family members and can be used by multiple homeowners at one particular time, subject to availability.
Explaining this initiative Dr S. Narayani, Zonal Director, Fortis Hospitals Mumbai, said, “Fortis Hospitals, India’s largest and most trusted healthcare provider believes in offering patient-centric care to all citizens. As part of this tie-up, Fortis Hospitals Mumbai which is devoted to patient care will offer comprehensive services to Runwal communities. With community care at our core, we aim to ensure access to high-quality patient care. This initiative will enable real-time medical intervention to the community, which is the need of the hour. At Fortis, we work towards redefining healthcare with a patient-first approach. Our partnership with the Runwal Group is an extension of our larger vision of saving and enriching lives.”
Apollo Clinics, multi-specialty chain of clinics under Apollo Health & Lifestyle Limited (AHLL), a subsidiary of Apollo Hospitals Enterprise Limited (AHEL) and one of the best healthcare brands in the country, will soon be operational at Runwal Forests in Kanjurmarg, providing superior healthcare services. This will be their first facility inside a residential campus in Mumbai. The benefits can be availed by the residents of Runwal Forests right at their doorstep.
Apollo Clinic not only provides superior quality health care services but also addresses the day-to-day health care needs of the family. To maximize convenience and comfort to the residents of Runwal Forests, Apollo Clinic will offer facilities such as Specialist Consultation, Diagnostics, Preventive Health Checks, Blood sample collection, Homecare services, Dentistry, Diabetes management, Physiotherapy, Vaccinations and Pharmacy, all under one roof. Medical equipment such as pulse oximeter, BP apparatus, first-aid kit and other equipment shall be provided. Runwal Group shall also be providing oxygen concentrator facility at the clinic. In addition, Runwal Group also plans to provide ambulance service for residents.
Speaking on the initiative, Mr. Chandrasekhar C, Group CEO of Apollo Health and Lifestyle , said, “As a leading healthcare brand that has been offering world class healthcare to people for nearly 38 years, it is an honour for Apollo to associate with a real estate brand like the Runwal Group, that cares equally for its residents. With a vision of ‘touching a billion lives’, we are consistently working towards making excellent medical care available to as many people as possible. By establishing this Society Clinic within the residential complex, we are making sure that timely medical intervention is accessible to all the families living there. We are already gearing up to extend our services to more such gated communities in the future, so that people can live healthier and be assured that help is always at hand.”
A hospital has been planned within the campus of Runwal Gardens also, a 115-acre township in Dombivli where the residents can access healthcare assistance at just a five minute walk from their homes. Keeping in mind the healthcare requirements and necessities, Runwal Group has gone an extra mile to provide these value adds to residents of its projects, at their doorstep.
Commenting on the associations, Mr. Rajat Rastogi, Executive Director, Runwal Group said, “At Runwal Group, we are not only providing best-in-class living spaces, but we also aim to provide homes that care for our residents. With the current scenario, we have all realised that it is important not just be healthy but also live healthy. It is here that a home with easy healthcare access makes the difference. We have tied up with the country’s leading healthcare brands to offer top notch medical and wellness services to residents of our projects. In addition to various health and fitness amenities already a part of the projects, this will bring true holistic living to our customers.’’
Runwal Group’s belief in transparent transaction, commitment to quality and creating customer delight has established it as one of the leading developers of the country. Its projects are designed to offer a superior lifestyle to home seekers while offering great value. All of Runwal Group’s projects offer homes with large open spaces, beautiful green surroundings, avenues to relax and unwind, facilities to help you stay fit both physically as well as mentally adding that additional touch of care.
Mumbai: Runwal Group, one of the top real estate brands of the country has come up with ‘Runwal Summer Online Home Fest’ which is basically a collection of the coolest offers available across all their projects – Runwal Bliss and Runwal Avenue at Kanjurmarg East, Runwal Forests at Kanjurmarg West, Runwal Pinnacle at Mulund West and Runwal Gardens at Dombivli. Runwal Summer Home Fest is a platform that offers price benefits, lucky draws, great payment plans, stamp duty discount and much more. The offers are too good to resist and are valid for a limited period of time i.e. till 15th May 2021. There are special benefits on offer for the first 50 bookings as well. This whole fest comes with complete end to end online assistance. Customers can browse properties online, go through sales presentations over video calls and even book digitally.
There is a big bouquet of offers available for Runwal Bliss, Runwal Avenue, Runwal Forests and Runwal Pinnacle. These include – price benefits of upto Rs. 5 lacs, lucky draw (chance to win a car, TVs and other gifts), stamp duty of just 3%, easy payment plans, flexi pay options, zero floor rise, zero PLC and price assurance. The offers may vary slightly across projects.
For their 115 acre township Runwal Gardens at Dombivli East, they are offering price benefits of upto 4 lacs with zero stamp duty, zero registration, zero floor rise, price assurance, special Akshaya Tritiya benefits and also a lucky draw with chance to win a car, TVs and other gifts.
Runwal Group is also offering its customers price assurance whereby they can buy their dream home without the price drop worries. It will safeguard their investment and boost customer confidence.
Commenting on the campaign, Mr. Rajat Rastogi, Executive Director, Runwal Group said, “We had a great start to 2021 and business has been excellent. Moving forward with the same momentum, we decided to launch this fresh initiative. This online home fest, where we have amazing offers and numerous benefits across our projects, will enable customers to get all necessary information and book from the comfort and safety of their home. We are very happy with the extremely encouraging response we have received already.”
Runwal Group’s belief in transparent transaction, commitment to quality and creating customer delight has established it as one of the leading developers of the country. Its projects are designed to offer a superior lifestyle to home seekers while offering great value.
Mumbai: Runwal Group, one of India’s leading real estate developers announced the launch of a new tower ‘Broadway’ in their project Runwal Avenue at Kanjurmarg East, Mumbai. Intended to offer a world class lifestyle inspired by international standards, it will offer a smart lifestyle with a blend of connectivity, conveniences and comforts. Runwal Avenue is a part of a larger township and it will feature multiple high-rise residential towers with all modern amenities.
With 48 proposed storeys, Broadway will feature spacious 1, 2 and 3 BHK residences with efficient designs and very attractive prices. Carpet areas of apartments will range from approx 401 sqft – 760 sqft. Situated at the arterial location of Kanjurmarg, the project brings every significant landmark closer to you. From the strategically important business districts like SEEPZ & BKC to the International Airport, every key hub of the city is easily accessible. Kanjurmarg enjoys fantastic road, rail and upcoming Metro connectivity which will be further enhanced by a 4 line metro interchange hub that has been proposed. This proposed metro hub will be under a kilometer away from Runwal Avenue. The metro Lines 4 and 6 are already under construction and will provide enhanced east-west as well as north-south connectivity. The railway station is just 300 mtrs away and arterial roads like JVLR and Eastern Express Highway are also in close proximity to the project.
Speaking on the occasion, Mr. Subodh Runwal, Managing Director, Runwal Group said, “We are delighted to announce the launch of a new tower – Broadway at Runwal Avenue in Kanjurmarg East. The project is intended to bring the best from international living to the buyers with a blend of retail experiences, green open spaces and premium lifestyle amenities on offer, in addition to excellent connectivity options. Kanjurmarg has already emerged as the new city centre and Broadway will make it the perfect address for world class living.”
Runwal Avenue located at Kanjurmarg, is a perfect mix of connectivity, convenience, natural surroundings and lifestyle. The project will feature thoughtfully designed facilities such as a health clinic within the premises by a leading healthcare institution. Runwal Avenue will also have a Wi-Fi-enabled business centrespace to allow residents to manage their work from home lifestyle. It will also feature ‘Fifth Avenue’ – an integrated high street retail galleria. This will feature branded stores, restaurants, cafes, salons, and much more.
Residents of Runwal Avenue can pamper themselves with a wide range of amenities such as an overall landscape area of approx. 1,00,000 sqft with lifestyle amenities such as swimming pools, jogging track, badminton courts, landscaped gardens, indoor games, state-of-the-art gym, multipurpose court, yoga pavilion, kids play area, creche, aqua gym/Jacuzzi and many more. In addition, a beautiful public garden of over 2,00,000 sqft, situated just a 5 minute walk away will bring the joys of nature and green spaces closer.
Kanjurmarg has grown rapidly and has become a much sought-after destination amongst home buyers. It is a well-developed location with a cosmopolitan population. It has excellent social and civic infrastructure and is in close proximity to top-notch educational institutes, business hubs, healthcare facilities, hotels, shopping destinations and great natural surroundings. Situated just 10 minutes from Powai, it offers all Powai’s advantages at a far more attractive price with a better lifestyle.
This year’s Union Budget 2021-22 announced by the Finance Minister has tried to revitalize the infrastructure space in India which will have a multiplier effect on the Indian economy and help it stay on the path of growth. Just after the Centre, the State Government too in their budget laid a strong emphasis on infrastructure. The prominence given to urban infrastructural development through the expansion of the metro rail network and other infrastructure projects will help in seamless connectivity indirectly benefiting the real estate sector.
The changing landscape of the Mumbai Metropolitan Region has ensured the rise of prime residential hotspots and the central suburbs of Mumbai from Vikhroli to Mulund is one such stretch that has undergone metamorphosis in terms of infrastructure development over the years and emerged as a great investment avenue. The development of the Eastern Express Highway, along with JVLR and the Eastern Freeway, has significantly improved the connectivity to other parts of the city and aided the rapid transformation of the Central suburbs. The proposed Kanjurmarg site for the Metro depot too will become perhaps the city’s biggest Metro hub if materialized. Post the completion of the multiple metro rail lines in the region, connectivity and access will be enhanced to a totally new level.
Describing the growth story of the central suburbs Mr. Rajat Rastogi, Executive Director, Runwal Group said, “The infrastructure developments have enhanced connectivity from the central suburbs to other locations such as Navi Mumbai, Thane, South Mumbai along with the western suburbs. The presence of top-notch brands, hotels, malls and restaurants have provided the home buyers with access to a vibrant lifestyle. These factors have transformed the area into a great mix of convenience and leisure making it an ideal destination for those looking to be a part of the buzz, yet have the privilege of green tranquil surroundings.”
The central suburbs of Mumbai have excellent connectivity with the business districts of Thane, Powai, Andheri, Airoli and BKC as well as South Mumbai via LBS road, JVLR, Eastern Express highway, SCLR and the Eastern freeway. The stretch from Vikhroli to Mulund has an edge over other locations due to the presence of high-end residential complexes loaded with state-of-art modern amenities and facilities. It holds the three aces of accessibility, affordability and appreciation potential consolidated with good social infrastructure and workplace hub integration. The icing on the cake is the presence of green surroundings which is a major draw for home buyers looking to live in the city and yet be away from the congestion. Reputed real estate developers have already established their presence in this belt owing to its growth potential.
Today, it is a vibrant, pulsating suburb that boasts of well-developed infrastructure, remarkable connectivity and high quality residential projects that have made this market a hot favourite amongst buyers seeking a lifestyle home.
In March last year, people across the country were trying to wrap their heads around the novel coronavirus-outbreak. When the World Health Organization declared it a pandemic on March 11, most were already aware of its seriousness. At 8 pm on March 24, 2020, Prime Minister Narendra Modi made a landmark announcement – a nationwide lockdown for 21 days to curb the spread of the coronavirus pandemic in the country. The lockdown continued in some form or the other for the next few months, but businesses were never the same. Schools, colleges started shutting down, big events started getting cancelled, people started donning masks, but the real estate industry continued to pull through, not wanting to incur major losses.
For many industries, this was a transformative year and one of them which underwent a turbulent change was the real estate sector which is one of the country’s largest GDP contributors and also the largest employment generators. As we completed the first anniversary of the unprecedented lockdown, let’s find out from the real estate experts on how the year unfolded for them and understand their key learnings from the days gone by for the day ahead.
From achieving greater maturity and better business models, real estate developers streamlined revenues and innovations, and as they continue to deal with challenges, they are already playing the role of a catalyst in reviving the country’s economy. In a sink or swim situation, the entrepreneurial spirit truly came through – with many reputed developers finding their own way to pivot and carve a niche.
Runwal Group mentioned that during the lockdown, they were already functioning from homes and sales activities never stopped. “All our employees were working from home and were putting more effort than the pre-lockdown period to make sure sales and collections kept rolling. In fact, we were amongst the very few developers in the country who did exceptionally well during the lockdown period as well. We have been using online and digital channels extensively to conduct business during the lockdown. From digital advertising to online meetings and virtual project tours, we have been utilizing every possible avenue to connect with customers, channel partners and vendors. We are already looking at integrated online sales tools to manage the sales flow and customer interactions. We shall further ramp up these channels for use in future as well,” informed Mr. Subodh Runwal, Managing Director, Runwal Group.
Subodh Runwal – Managing Director, Runwal Group
Mr. Runwal further added, “We had ensured the migrant labourers were there at the labour camps all along so that helped us in fast movement when we resumed back after the lockdown. We have been taking care of all health and food requirements of these labourers to ensure they stay within the project and do not pose any health hazard to society at large.”
Another leading developer The Wadhwa Group mentioned that they had introduced a virtual sales experience centre for their customers in these unprecedented market conditions to guide & support their buying decisions by giving them an option to virtually transact. Mr. Navin Makhija, Managing Director, The Wadhwa Group said, “During this pandemic, the consumers have very much realized the importance of owning a well planned, well designed and a well ventilated home – a valuable asset one can always fall back onto. We have always been following a buyer-friendly approach in all our sales and marketing processes. For marketing, we were majorly using digital platforms and portals as people were consuming more digital data and were spending ample time online. For sales, we had a virtual platform with guided tours for clients to bring them closer to reality. Clients too were quite comfortable having initial information and project walkthrough online. In fact, 30% of our sales were coming in through our virtual platforms.”
Navin Makhija – Managing Director, The Wadhwa Group
“We are also carrying out site visits with prior appointments so that we are able to regulate social distancing and ensure safety & well-being of our team members and customers. On-call support, WhatsApp Assistance, virtual site tours and online booking features are made available to enhance the customer’s experience,” Mr. Makhija further added.
In the initial few months of lockdown, the sector was believed to be badly affected however, policies and measures introduced by the Government helped revive the sector recording an upward trend in property buying activity especially in Mumbai. Further, the decision of Maharashtra Government to cut down stamp duty registration fees resulted in sales of nearly 10,000 units per month. Besides, 50 per cent discount in premium payments to developers offering complete waiver in stamp duty to homebuyers and installment facility to pay other developmental charges helped the cash ridden developers largely.
Ashok Mohanani, President -NAREDCO Maharashtra
Applauding the policy measures, Mr. Ashok Mohanani, President – NAREDCO Maharashtra said, “Due to the impact of COVID 19, the Government and the apex bodies came up with plenty of fiscal measures in the past one year to deal with the major challenge of liquidity and tide over the lockdown period. The various measures introduced by the RBI, Union Finance Minister along with both the Central and Maharashtra Government injected liquidity into the market and has already spurred the demand and revived confidence in the real estate industry. Also, the unanimous decision by NAREDCO Maharashtra to waive stamp duty completely on the sales of residential properties till December 31, 2020 added to the home buying euphoria and supported the Government’s efforts to push housing demand in the state. On behalf of the real estate fraternity, we at NAREDCO urge the State Government to extend the reduced 3% stamp duty charges for another two quarters so that home buyers continue to be encouraged and invest in their dream homes.”
Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory
Speaking about the real estate revival Mr. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory said, “The last one year has been a memorable time for the India Real Estate sector. One that the sector will largely remember for its turnaround. Immediately after the announcement of the nationwide lockdown it was largely believed that the real estate sector will see an unprecedented correction in prices, some believed it could be as steep as 20% from the existing levels. Thanks to the policies and measures of both the central and the state government, the sector was saved from undergoing a steep reduction in its prices and instead witnessed a revival in business and volumes. The RBI, taking a cue from the measures announced by the central government, drastically reduced the repo rates leading to reduced cost of borrowing for homebuyers and homeowners. On the other hand, several state governments especially the government of Maharashtra introduced a temporary reduction in stamp duty charges leading to substantially reduced cost of transaction for prospective homebuyers. These measures have been very effective and highly successful in reviving the fortunes of the sector at large.”
Changes aside, what we did notice was a 360-degree shift in the way the real estate sector perceived success. Now it is upto the Government and the entire real estate fraternity to keep the momentum going.
“The real estate sector in India is expected to reach US$ 1 trillion by 2030 and it will contribute 13% to the country’s GDP by 2025. The Government should keep a continuous check in the form of reforms that will give a fillip to the real estate sector and will indirectly help revive the economy which has received a dent due to the impact of the pandemic,” Mr. Mohanani further added.
Commenting on the way forward, Mr. Agarwal explained, “In order to ensure that the momentum continues, the affordable housing industry needs to become a point of focus for all stakeholders. It is this industry that has been hit the most as a result of the lockdowns and subsequent restrictions on travel through public transport. A period of no transaction cost for affordable homebuyers will serve as a short-in-the-arm for demand revival and driving customers to the booking counters. The RBI should also continue the accommodative stance so far as the lending rates are concerned, the same will leave more money in the hands of consumers who have or will avail home loans.”
After one year of lockdown, the pandemic has taught the real estate industry to align, adapt and amend businesses as well as reinforce the strategies so as to make the most of the ongoing situation and this is what new normal means to them.
Kalyan-Dombivli has today emerged as one of the most promising destinations in the MMR real estate market. The location is witnessing the development of new residential and commercial projects at a very rapid pace. The real estate market has recently witnessed a boom, primarily due to the increasing prices in Mumbai suburbs and growing demand for affordable housing in Mumbai. While most other areas of Mumbai offer properties at skyrocketing prices, this region offers properties at pocket-friendly prices, thus making it a popular suburb. The residential real estate here is driven by end-users as well as investors as the region has a good mixture of under-construction and ready-to-move-in projects.
Mr. Chetan Saraf – Director, Tycoons Group
Commenting on the area’s future potential, Mr. Chetan Saraf – Director, Tycoons Group said, “The Kalyan-Dombivli region has a promising future with its proximity to industrial hubs till Badlapur and Bhiwandi, the largest logistical hub. Considering the future infrastructure developments of the region, it is emerging as a major housing and commercial hub for many large and reputed real estate companies. The recent proposals to better social infrastructure as well as connectivity have elevated the location into a destination with great potential.”
The Kalyan-Dombivli location provides buyers with all the essentials of a well-developed social infrastructure; such as prominent educational institutes, hospitals, banks, health care centres, restaurants and shopping complexes. The region has seen a rise in population in recent years which reflects its increasing demand in the last few years. Places like Khadakpada, Manpada, Palava, etc have emerged as the most aspirational neighbourhoods in the region. The locality is also known to be a popular industrial hub where several small and large industries are concentrated. Kalyan actually has a dearth of premium office spaces and Khadakpada is getting recognized for it. Also, the Maharashtra Industrial Development Corporation (MIDC) has developed a big industrial complex around this region. Thus, it offers numerous employment opportunities. This well-connected suburb has witnessed considerable industrial and infrastructural growth in the past two to three decades which has given rise to the walk-to-work concept resulting in rising demand for properties. Many reputed developers have already established their footprint in this region owing to its future growth potential.
Rajat Rastogi – Executive Director, Runwal Group
Commenting from the demand perspective, Mr. Rajat Rastogi – Executive Director, Runwal Group says, “The Kalyan-Dombivli location is the fastest growing micro-market in the Mumbai MMR region, the locality has witnessed considerable growth in residential real estate. Due to the upcoming infrastructure and connectivity with Mumbai, Thane & Navi Mumbai; it is fast becoming the preferred choice of first time home buyers. Also, the Work-from-Home concept has allowed the potential home-buyers to opt for bigger homes in the peripheries yet staying close to the city.”
The inclusion of Kalyan-Dombivli in Smart City has triggered the growth of infrastructure and transportation in the city. The Patri Pool, which is the major bridge connecting Kalyan to neighbouring areas like Dombivli, Bhiwandi, Thane and Navi Mumbai was recently inaugurated by the Maharashtra Chief Minister which has brought a much-needed relief to the daily commuters easing traffic congestion. Several major neighbourhoods of Mumbai can be easily accessed from this area via the Kalyan-Shilphata Road, Agra Road and National Highway 4. The Kalyan-Shilphata is the main arterial road that connects Kalyan to Dombivli, Thane, Navi Mumbai and Panvel. Currently, it is being widened to 6 lanes in addition to a new flyover connecting to Airoli-Katai Tunnel and Multimodal Corridor. The proposed 16-lane 126 kms-long Alibaug-Virar multimodal corridor will also give connectivity a major boost. The Airoli-Katai Tunnel Road will directly connect Kalyan to Airoli, reducing traffic on Kalyan-Shil Road and smoothening the commute from Kalyan. The work on the Bhiwandi-Kalyan-Shilphata Expressway is also in full swing, bettering commute to Mumbai-Pune Highway (NH4) at Shilphata and the Mumbai–Nashik Highway (NH3) at Bhiwandi. Dombivli and Kalyan are also the busiest railway stations on the central line in the Mumbai suburban railway network. CIDCO has planned to extend the Navi Mumbai metro rail to Kalyan which has fuelled the growth for housing in this region. The upcoming Navi Mumbai International Airport will also be at a distance of less than 35 kms.
With various infrastructure projects in the pipeline, the realty market here is showing positive trends and it is expected that one can easily witness a price appreciation of about 20-25 per cent over the next few years. However, affordable property prices, good connectivity to other key areas in the MMR and the various market trends go on to indicate that the region has good growth potential in the near future.
