Page 18 - Banking Finance October 2015

HOUSING

Real estate market may see a boom Real Estate Group Buying
Leader GenX Deals Plans
Most bungalows in the coveted Delhi Singh, CEO, residential services, Jones to Expand to all Major In-
real estate zone belongs to the Gov- Lang LaSalle India. "These areas are dian Cities
ernment of India and the number of soon going to see a lot of activity. Now,
private properties is much less. It is no high-end and expensive apartments GenX Deals, an exceptional leader in
wonder that recently, a bungalow in will come up," said Navin Raheja, real estate group in Delhi and the Na-
the LBZ was reportedly sold to a pri- chairman, National Real Estate Devel- tional Capital Region (NCR), has
vate company for over Rs. 300 crore. opment Council. drawn up plans to rapidly expand its
It is believed that if the proposal to re- services to all the major cities in In-
develop the LBZ gets a "The price of each bungalow in this dia, with the hope to take advantage
green nod, it is possible area comes around Rs. of the surge in demand expected
that prices might go up. 200 crore," Mr. Raheja because of the Smart Cities scheme
said. Mr. Singh said at and other urban development initia-
The proposal, which present, prices in the tives being taken by the Union Gov-
would have a major im- extended LBZ zone are ernment.
pact on the real estate approximately Rs. 14-17
market, is planing to ex- lakh per square yard, but GenX Deals helps people save money
clude areas such as Golf Links, Bengali by buying property in a group at a
Market, Sunder Nagar and Jor Bagh the restrictions result in a very limited discount. GenX Deals creates a win-
from the LBZ. With these posh areas built-up area. win situation as buyers are happy to
out of the LBZ boundary, it would be buy properties at a discount and the
possible to go for taller buildings with "With the proposed changes in rules, builders are happy to sell properties
more space, paving way for more hous- the same amount of money will buy in bulk and liquidate their inventory,
ing. not only more built-up area but also Mr. Jetesh Prasher, said.
more facilities. Also, property owners
"Not only will the proposed rules allow in these areas will be able to build/ "We have got tremendous response
new high rises with better facilities to renovate their homes as per their from various market players in Delhi/
come up, it will also provide value for needs, without obtaining approval NCR and now we would like to ex-
money to buyers. As of now, despite from government agencies," he said. pand aggressively to other cities as
high prices, the space is restricted for "Land will be used more efficiently, and well outside Delhi with the help of
construction," said Ashwinder Raj more developers will get into the fray," our angel investors. We aim to be
Mr. Singh said. one of the top three real estate web
portals of India two years down the
DLF to open Rs 300-Cr Emporio Mall in Delhi by May line," Mr. Jetesh Prasher said.

2016 GenX Deals, a venture of GenX i Me-
dia Private Limited, has already
Realty major DLF will be opening its sixth mall in Delhi-NCR by May next year at achieved approximately 1000-plus
an investment of Rs 300 crore. "We are already in the pro- listings and an aggregate of about
cess of completing another mall in Delhi called the Emporio 30,000 unique visitors per month
at Chanakyapuri in Central Delhi. It's a smaller mall and it though it is only focused on projects
should be open by next May," DLF chief executive for rental in Delhi/NCR region as of now.
business Sriram Khattar reported.

Besides, the Gurgaon-based developer will be opening the Rs 1,700-crore 'Mall
of India' in Noida by November this year. The company claims that the 2 million
square feet mall will be the biggest in the country.

Mall of India has a leasable area of about 2 million square feet and DLF has
leased over 90 per cent of this already, he claimed. It will have over 450 retail
units, a seven-screen cinema, and a food court with about 1,000 seats. The
country's largest developer is expecting Rs 200 crore rental income per year
from this mall and expects it to break-even in five to six years.

18 | 2015 | OCTOBER | BANKING FINANCE

Copyright@ The Insurance Times. 09883398055 / 09883380339