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Global Luxury Realty Conclave: An Overview of What the Experts Think About the Real Estate Market

India Sotheby’s International Realty - Global Luxury Realty Conclave was executed in collaboration with Network18’s international IP Global Conclave for Indian Realty powered by News18.com and CNBC TV 18. It brought together speakers, experts, and panelist from all around the world to talk about the real estate market and the do’s and don’t for buyers and sellers.

Anshika Bajpai |

Updated:March 2, 2019, 10:51 AM IST
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Global Luxury Realty Conclave: An Overview of What the Experts Think About the Real Estate Market
India Sotheby’s International Realty - Global Luxury Realty Conclave was executed in collaboration with Network18’s international IP Global Conclave for Indian Realty powered by News18.com and CNBC TV 18. It brought together speakers, experts, and panelist from all around the world to talk about the real estate market and the do’s and don’t for buyers and sellers.
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Having a home that you can call your own is a dream that millions of Indians and NRIs wish to fulfill. We all want a space customized just for us, that has all the amenities and luxuries we’ve always dreamt of. But once you get to that stage of making it a reality there are a lot of factors and processes you need to take care of.

India Sotheby’s International Realty - Global Luxury Realty Conclave was executed in collaboration with Network18’s international IP Global Conclave for Indian Realty powered by News18.com and CNBC TV 18. It is an event that makes you a little bit closer to your dream home. The first Indian Edition of GCIR was held at ITC Maurya, New Delhi. It brought together speakers, experts and panelist from all around the world to talk about the real estate market and the do’s and don’t for buyers and sellers.

The event started with a welcome speech by Amit Goyal, CEO of Sotheby’s International Realty. He thanked everyone for coming to the event later followed by Manisha Natarajan's panel discussions. Being one of India’s best realty expert she held two very important discussions at the conclave - ‘Evolving Lifestyles’ and ‘Taking the Right Bets with Real Estate’.

The panelist for the first discussion were Sanjay Dutt (MD & CEO Tata Housing & TRIL), Kevin Thompson (CMO, Sotheby’s International Realty), Puneet Chhatwal (MD & CEO, Taj Hotels Group), and Ashish Sarin (CEO,Alpha Corp).

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What the panelist talked about;

● One of the major things they discussed was how affordable luxury is a new term in the market and how some brands are making luxury homes a reality for everyone.

● Experience is an important part of having a luxury home. A lot of emphasis has been laid by sellers on design, the balance between spaces and even kid’s security. All of this combined is what they think makes for a comfortable home.

● Bespoke luxury is what brands like Taj offer. Other than providing every amenity you can ask for, they put their heart into their services. The more personalized services you get, the better the experience you take back home.

● The panelist also talked about the millennial psyche. Millennials don’t just want possession but they want experience too. They care about the environment and hence want to be associated with things that are sustainable. As a consequence, all the major brands are focusing heavily on making their properties more sustainable.

The second panel discussion was about ‘Taking the Right Bets With Real Estate’ and was moderated once again by Ms Manisha Natarajan. It had a panel of 5 eminent speakers, Samir Jasuja (Founder & CEO, PropEquity Analytics), Manoj Gaur (MD, Gaursons India), Gagan Randev (National Director, Colliers International), Vivek Singhal (CEO, M3M India) and Julie Leonhardt La Torre (COO, Sotheby’s International Realty)

Here’s a synopsis of what they discussed;

● Before RERA was introduced in India, there were around 73,000 developers in the country. After RERA, about 40-45% of them ceased to exist. Since there were a lot of regulations that came with RERA like timely completion of projects, execution and safety measure the ones that were incompetent or not legal were forced to stop business.

● When talking about residential estates, there are 3 main types that should be taken into account.

1) Ready properties - Since there is no execution rate in ready properties, the prices for these are and will go up.

2) Under construction properties - Although you get a lot of discounts on these, still people are not ready to buy properties under construction since nobody can be sure if they will ever be completed.

3) Branded properties - Tata, Godrej, Shapoorji Pallonji are some of the branded properties. They offer pricing that is slightly higher than the market price but people still aspire to buy them since they have got the right sizing and credibility.

● The panelist also advised future buyers to start looking at real estate like equities. Do a lot of research and only then make up your mind. A lot of people look at the real estate just as an asset class. They only do a technical analysis before buying a property and that’s where the problem comes. One should always do a technical as well as a fundamental analysis before buying a property.

● When asked about millennial behavior globally, it was discussed that they are seen to be interested in both the extremes of real estate. While some are keen on buying properties in places like New York city that have condos and luxury apartments, some who are probably raised in cities are opting for more rural setups like the Hudson city which are surrounded with mountains and rivers.

Overall when the panelist were asked the big question about what markets in India people should look forward to investing they were of the opinion that one should always try to invest in emerging markets. In India, Bengaluru is a good place to invest especially for office spaces. New Gurgaon is going to see a boom in occupancy again. There’s not much happening in Chennai since some time now, so that’s not a growing market as of now. Hyderabad has seen appreciating values of property already so that’s also a good option. The underdog, Pune is a very good market that most people haven’t really realized. So Bangalore, Gurgaon, Hyderabad and Pune are the key cities investors should spend their money in.

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