CEO SPEAK - "The coming year will be a good time to invest"
Nov 21 2015 : The Times of India(Chennai)
Luxury is playing a key role in buyer’s decision making says hitesh p kawad, managing director, osian chlorophyll. What factors have influenced buyer preferences this year?
Chennai is a conservative consumer market.The buyers here are still first time investors.The distance from work, educational institutions, health facilities and amenities available in the project, aesthetics, layout and convenience for the family are the factors home-buyers look at while visiting a project.Luxury is also playing another key factor in the decision making process now. While the definition of luxury varies from person to person, investors are looking for `value for position’ homes,wherein the homes they opt for match their social strata. People are ready to spend extra money to get their `value for position’ homes.
What is the green buildings scenario in Chennai ? How Can we raise awareness about the importance of such projects?
Only six per cent of the city is covered by green spaces. This is very less as compared to 30 to 35 per cent in New Delhi. Green buildings are very important for Chennai.However, due to higher expenses involved in the process, much emphasis is not given to such projects. We find fewer developers taking up green building ventures. The government needs to take steps to promote the idea among builders by offering relaxations and exemptions.
How will the recent change in fdi norms in reality sector influence the growth of the industry?
The announcement is a good initiative but the government should work on parallel sources of funds. There should be a streamlined process to bring funds so that it would benefit the industry. There should be regulations on non-banking institutes and private lending. Also, more capital forums and investment platforms should be set up where clients, bankers and developers can communicate directly.
What are the various develpments you see taking place in the property sector in 2016?
The coming year will be a good time to invest as the prices are going to be more or less stable. With the state elections scheduled next year, the first half of the year will be stable. Any prominent changes will be noticed only after the elections are over.Until then, only routine developments will take place.