HOLY PLACES SHOW THE WAY

Holy sites shows the way 

Religious sites show the way to go ... and create quality real estate in a studio, one and two bedroom categories Namrata Kohli gives a lowdown on small units made up the most creative way to Vrindavan and Mathura.

Creative design of smaller units are full of religious sites. So whether it's Vrindavan and Mathura, Haridwar and Rishikesh, there are countless examples of good quality studios in each of these places. The reason is clearly a growing segment of the religious and the wealthy who want a second / holiday home on these religious sites with a manageable size house, which takes account of their frequent but short visits, and become their retirement home in recent years. Builders have understood this need and provides the religious and wealthy group of very easy to manage, semi-to fully furnished small units in lovely gated community.

One example is a complex with 85% greenery and only 15% constructed area of 248 5-star fully furnished cottages, complete with designer furniture and furnishings, and each house is equipped with microwave, refrigerator, LCD TV and air conditioned rooms. Campus has landscaped gardens and water features, clubhouse facilities and hi-tech gym, yoga and meditation center, indoor pool, spa and sauna and a battery-powered golf cars for internal commuting.

This is not a cut from the property in a developed country in the West, but a boutique development in our own country, in Mathura, a group called Shri Group. This creative project called Shri Radha Brijs Vasundhara is at the feet of Govardhan Parvat and THE ENROUTE UNITS famous Parikrama of Govardhan Parvat. The project has onebedroom, two-bedroom and duplex cottages, each of which is fully furnished and "you just come with bag and baggage," says Sapna Aurora, head of Shri Group. 

A one-bedroom, fully furnished house at 760 meters costing Rs 25 lakhs a twobedroom cottage at 960 meters costing Rs 30 lakhs and a duplex costs Rs 35 lakhs. Sapna adds that there is a huge interest in these cabins by a specific group of people - Iskon devotee - Lord Krishna bhakts, both from India and abroad and NRIs belonging to Rajasthan and Gujarat. The concept is a lifestyle, living on a perfect ambience in the vicinity of the Lord, it has also made up to attract nature lovers. "We have inquiries poured in from supporters Iskon from Ahmedabad to New Zealand and 70% of the project is sold out," says the group's spokesman. Some other interesting works of Shri Group in Mathura include projects like Shri Jamuna Dham, Shri Radha Orchid, Shri Radha Puram, Shri Radha Puram property.

Omaxe Group has launched Omaxe Eternity, a project of almost 74 hectares. The size of the built-up area is 425 meters, 840 q ft, 1100 meters, and the rate is Rs 1600 per sq + additional fees. The maximum demand in a place like Vrindavan is for studio units and per Rohtaz Goel, religious tourism is the main driver of Vrindavan real estate and for that matter any religious place, although the actual residents also buy apartments, but prefer larger units. These units are available at a price of Rs 7 lakhs to 17 lakhs and RS is high on features such as yoga and meditation center, Central Park with musical fountains, large open green areas, local shopping area, wide roads with plenty of parking, provision for schools within the complex, gated entry and exit and security, children's park and playground, recreation center, restaurant facility.

NRI Greens by Shri Group has semito fully furnished units available at Rs 9 lakh to RS 19 lakh price band with sizes ranging from 460 meters (studio) to 850 meters (one bedroom) and 1058 meters for a two-bedroom unit. The project will offer facilities such as pool, billiards, gym, sauna, shower, clubhouse, jacuzzi, spa, and separate kids area. 

On an average land cost at Mathura is Rs 8000 / sq yard while Vrindavan is Rs 12,000 / sq yard and the unit cost of apartments in Mathura is Rs 1200 / sq and at Vrindavan Rs 1700 / sq ft

Comparing the quality development of saying what is available in the metros in smaller units category, and you have only one option - the LIG and Janta flats - try Dwarka Sector-16 B flats, having approximately 1600 units in an affordable range of RS 10 lakhs to RS 15 lakhs. Although there are a number of people who want to live in such affordable accommodations, why is it that these apartments have less than 40% occupancy?

Not that there is demand in the metros to smaller units - infact, it is a highly sought category and there is a large pent-up demand for good studios. According to broker Ranvir Singh, "We have many inquiries from a single working professionals, especially engineers and call center employees, and even students, who need only a single-room set. Their requirement is for a kitchen, a bathroom and a room, and these apartments fit into that category. But the takers are few who design, civil and structural and interior design, who want in all aspects. "

Not surprising, since these occasions are less used for housing, and these are more a focal point for commercial activities, housing estate dealer offices, beauty shops, maid agencies, medical clinics, pet clinics, and small shops - in fact anything but housing. The vast investor community who indulge in great shopping, have pressed the rest of Janta flats and once they make a quick buck, they sell it to others. A broker tells an investor had bought a Janta flat for Rs 9 lakh in November 2007, and currently the value of the same flat is Rs 13 lakhs.

So what is wrong with these apartments? These apartments, which in any case is small - consisting of one room, kitchen and toilet, which tot up to a total of 250 sq-demand for better optimization of space. They could do with a better design, as well as civil, electrical and interior fit-outs.

Tips for better designs abound in neighboring religious centers, which can be expensive, but considering the amenities and quality of construction, will not mind paying extra. It may be worthwhile to build on them.

Is it not time that the state adapted to the new age requirement and created a housing that is usable and useful for the end user? Moreover, there may be some policy initiatives to ensure that these apartments are used by an end user rather than ending up in the hands of limited real estate operators.

Vivek Dahiya, a real estate consultant points out that in mature real estate markets like the U.S., there is a "principle of shared similarity between the developer and the government. The apartments are passed to end users at subsidized prices, but then if there is a revaluation of values is it does not go to the buyer - it is still with the developer and the government, which took the risk and a reduction of profits by passing on the subsidy in the initial phase. Any appreciation for five years hence develop wind, and this kind of regulatory techniques is a way to check blind investment activities in real estate. "