"Reforms in areas like project approval processes and opening up key sectors like retail to FDI will add value," says Mr. Manish Aggarwal, MD, Satya Developers
Founded in 1958 by the name of Ashoka Builders, in 1999, the Group was named as Satya Group and headquartered in Gurgaon. With four decades of experience, the Group has grown as one of the leading real estate group in India. The group has a strong presence in Delhi-NCR with a number of real estate projects to its credit. Promoters enjoy the distinction of delivering Hotel Galaxy - an award winning five star hotel, spa and designer retail destination. Other milestones in Gurgaon include the Centrum Plaza, a commercial office development and The Legend - a luxury residential housing complex. With substantial land bank under its belt, the Group aims to launch few more residential and commercial projects in Gurgaon. Mr. Manish Aggarwal, MD, Satya Developers had a one on one session with Makaan.com and he shared his views on the latest trends of real estate market.
Q. What is your medium term (9-12 months) outlook for the real estate market in India in general and Delhi/NCR in particular?
A. 2014 will see larger than usual numbers of NRI investors. Introduction of new payment options will provide boost to sales in the upcoming year.
Q. Are you planning any new launches in the New Year? If yes, they are in which category/apartment type?
A. Yes! We are planning new premium group housing on Dwarka Expressway, which is a mix of 3 and 4 BHK. Also, we will be releasing an integrated commercial complex in 2014-15.
Q. Can the home buyers expect cash discounts and freebies during the start of 2014? Will such schemes promote the property transactions?
A. Freebies and discounts will help developers in the closure of all boundary line cases and will definitely give impetus to sales.
Q. How is real estate in North India different from rest of the country, especially West Indian markets?
A. North India has huge potential due to the presence of most of the fortune 500 companies .So, we foresee huge demand in future.
Q. What is your opinion on Villas and luxury homes and their demand in Delhi/NCR property market?
A. There is steady growth in demand of villas/luxury homes.
Q. What policies do you look forward to from the Government and RBI that will be a relief for property across India?
A. a) Treat Real estate on par with industry.
b) Provide income tax benefit on affordable housing projects.
c) Priority lending tap for affordable housing projects (upto MIG category).
d) Treat real estate sales as sale of housing property/immovable property and so should not be chargeable to VAT.
e) Complete government infrastructure within time as planned.
Q. What is the current trend in the Commercial Real Estate Market? How are developers meeting the increasing demand of the corporate sector? Which are the upcoming corporate bases?
A. Commercial real estate market is growing. Reforms in areas like project approval processes and opening up key sectors like retail to FDI will further add value. MNCs are targeting Gurgaon as a future commercial hub so serviced apartments are having great prospects.
Q. What can the home buyer/ property buyer expect from Satya Developers over the next 1-2 years?
A. 7 Millions sq ft has already been delivered by the promoters, and shall be delivering 1.5 million sq ft in next 2 years. Also we are planning to launch two new projects next year.