Personal Finance

Credai's ‘Mission Transparency'

OUR CHENNAI BUREAU | Updated on April 02, 2011

Mr. Ashish Puravankara, Director, Puravankara Projects Ltd.   -  Business Line



Confederation of Real Estate Developers Association of India has a one-point agenda, ‘Mission Transparency' with the objective of bringing in clarity and speed in systems and processes for the benefit of all the stakeholders, according to Mr Lalit Kumar Jain, National President, Credai.

Addressing a press conference in Chennai to launch the programme, Mr Jain recalled that real estate had been the central topic a fortnight back when the Prime Minister, Dr Manmohan Singh, had referred to the issue of black money. However, “we are not beneficiaries, but victims,” says Mr Jain. Whether buying land, expediting government clearances, a process that can take three months to a year and half, , approaching over 40 government authorities or agencies involved in the project clearance, there is potential for added costs. From buying land to project launch, developers wait for up to three years. With bank funds unavailable to developers, input cost of funds for land can double in this time, he said.

Credai will work with the Urban Development Ministry to formulate a set of guidelines to expedite the clearance process. The Central Ministry has evinced interest in this process and will take up the possibility of implementation with the State Governments Mr Jain, who is also the Managing Director of Kumar Urban Development, a Pune-based company, said Credai does not just represent the developers but also the interest of the buyers. It has in place a self regulatory system. Buyers in Pune prefer to deal with Credai member-developers, he said.

According to Mr Shekar Reddy, Vice-President, Credai, it now represents over 60 per cent of the real estate business with a membership of over 6,000 developers.

Puravankara's luxury homes

Puravankara Projects has announced the launch of a luxury residential project, Purva Windermere, at Pallikaranai, Chennai. The first phase of the 55-acre property with 750 units of 2-4 BHK is available for a base price of Rs 3,299 a sq.ft. Buyers will have shell out an additional Rs 200-300 a sq.ft for car park, club house membership and statutory payments including registration, according to company officials. Depending on the size, apartments will cost around Rs 50 lakh to about Rs one crore.

In its completed form, Puravankara expects to construct about 2,688 units in stages, according to Mr Ashish Puravankara, Joint Managing Director, Puravankara Projects, with one BHK units coming up in later phases. The apartment sizes will range between 616 sq.ft and 2,707 sq.ft. Construction on the project is expected to start in a month or two with the project in the final stages of receiving clearances. Each apartment will have large sit-outs.The project offers modern amenities including two clubhouses, swimming pools, outdoor sport facilities, provisions for supermarkets, parlours and much more, he said. Puravankara has completed 36 residential and commercial projects across Mumbai, Bangalore and Chennai and is developing 16 projects.

Kone elevators at Palais Royale

Kone India, which has bagged the order to install elevators in Palais Royale, an ultra modern, luxury residential project coming up in Mumbai, will install some of the fastest elevators available.

According to a press release from Kone India, the 300-m tall building at Worli, slated to be the tallest building in the country being built by Shree Ram Urban Infrastructure Ltd, will get six Kone MiniSpace™ elevators that will travel at speeds of up to 7 m/sec, the fastest elevators in all of India, apart from four Kone MiniSpace™ which move at 3.5 m/sec. Together these will ensure the smooth and efficient movement of the residents in the building.

Palais Royale is also India's first pre-certified LEED (Leadership in Energy and Environmental Design) Platinum rated green residential building. It has many firsts to its credit including having the world's deepest girders and the country's first platinum LEED rated residential building. Kone is one of the global leaders in the elevator and escalator industry. In 2010 it had annual net sales of €5 billion and approximately 33,800 employees. In India, it is based in Chennai, with the production unit catering to the domestic and export markets including Bangladesh, Nepal and Sri Lanka.

Published on April 02, 2011

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