The Hindu Business Line : Desi projects with videshi touch

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Desi projects with videshi touch

As more local developers team up with top global players, home buyers can look forward to projects of international quality and features.

Foreign players are likely to give a new dimension to residential spaces.

K.V. Kurmanath

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Home buyers grappling with increasing prices have something to cheer about, as developers in partnership with overseas players are set to offer new experience and value with projects of international quality and features.

Joining hands

Some top global players such as the Gulf-based Emaar, Sunway (Malaysia), PBC (Israel) and ACI (Germany) offer a new dimension to residential space. They bring in expertise in developing world-class projects.

Take, for example, Sunway, the builder of Sun City in Malaysia, which jointly with the Hyderabad-based Opus consortium is offering a 35-acre residential project near Miyapur. Flat owners here will get a customised manual giving the details of electricity lines running through their walls, warranties and guarantees from service providers and manufacturers and phone numbers of utilities. “This gives a sense of security and comfort to even those who are outsiders to the city,” says Mr Jain, Managing Director of Sunway Opus International Private Ltd.

‘Sheer walls’

The Malaysian company will bring in ‘sheer wall’ technology. There will be no beams or columns. “All the walls are concrete,” he says. With a 20 per cent built-up area, it would have an artificial lake, an entire floor free in each of the apartment blocks for a lobby to hold meetings and functions and a three-level parking facility.

Emaar-MGF has announced Boulder Hills, a gated community with a golf course, hotels and SEZs, where people live, work and play, says Mr Shrikanth Joshi, Chief Executive Officer (South), Emaar-MGF. The 531-acre plot abuts the campuses of Infosys, Microsoft, ISB and several other multinational companies at Gachibowli in Hyderabad.

Eyeing the South

Mr Jain says the property majors in South-East Asia are now looking at India, Vietnam and China, as their home markets are saturated. “With India, they feel comfortable as the systems are well in place. They are forging alliances with local partners to take up the projects,” he says. Both Sunway Opus and Emaar-MGF have lined up huge plans for the South. Both of them are in the process of expanding to other cities in phases.

PBC has a joint venture, PBEL, along with Electra, another Israeli company, and INCOR of India. PBC boasts of projects such as Plaza Las Vegas Hotel. It has its eyes on the South, including Hyderabad, Chennai and Mysore.

Mr Anurag Mathur, Joint Managing Director (India), Cushman & Wakefield, says “The real-estate sector in India in 2007 was estimated at $16 billion and is expected to reach $60 billion in 2010. This presents a great opportunity for developers and investors from across the globe to invest in the country.”

It is not just about investments. The entry of foreign players also means increase in standards and service offerings. “These players are expected to bring to India their expertise in mature markets, in project conceptualisation, construction technology, sustainability and scalability. This might increase project costs initially but will prove beneficial over the long run,” says Mr Mathur.

The foreign players have proved their skills in taking up large projects. They will bring such experiences with them, says Mr Hari Challa, Managing Director of Aliens group. The group has just received permission from the Hyderabad Urban Development Authority (HUDA) for construction of a 30-storeyed residential-cum-commercial complex at Gachibowli in Hyderabad. The Rs 1,300-crore project will have SMC ALSOP of London for the architectural consultation and Meinhardt Infrastructure of Singapore structural engineering and project management.