Raheja Developers Limited was incorporated in the year 1990 by Mr. Navin M. Raheja, the first generation entrepreneur. Today, the company enjoys a strong presence in NCR and has made its position as one of the largest companies in the Real Estate Industry. The company is one of the fastest growing entities in the realty sector with a difference that offers luxury for reasonable costs, excellent customer care levels with highest customer satisfaction index and the highest imaginable standards for the welfare of its staff, society as well as for the environment. The Company has traversed a path of steady growth & expansion and has posted increasing turnover and profits year after year. The systems have been strengthened and new processes have been added. Today, the company is one of the largest in the Real Estate Industry with projects all over India. It is also one of the biggest companies in India with executable and sanction projects over 60 million sq. ft. in hand with projects spanning over 900 acres of land at various stages of deliberations. The company so far has executed and delivered 29.5 million sq.ft. of mainly residential and commercial projects including farmhouses, plotted development and hotel properties and with over 15.50 million under construction. The company is managed by highly qualified professionals who are fully engrossed to ensure that the company maintains its high standards in quality construction, timely delivery and customer satisfaction. The company has always strived hard to keep its commitments and thus enjoys an extremely resonant reputation in the construction industry.
We all have been steadily exposed to various Sci-Fi Movies on the Silver Screen where the protagonists like Iron Man speak to their homes and the Homes actually respond and control anything thats electronic. Companies like Apple also have their Siri AI engine built into their phones while Google also offers the same in their Android OS. But it is for the first time on the world , that a developer is claiming to have cracked the code of voice recognition and integrating it with the Home Automation systems installed in the Home.
“We have just tested the first installed prototypes with our tech partners and it is as simple as talking to your home with simple commands like “Jarvis, turn on the lights, can you make the temperature higher, or can you open the curtains etc. It works amazingly well and we are pretty excited about the potential of the same. We are offering the first beta versions in few of our luxury offerings but soon enough all our luxury and mid segment homes will have this built in from the beginning. The technology is robust and can be updated from time to time as the voice recognition engines improve globally to understand all the different accents. However, the standard switch systems shall also remain side by side for the non tech savvy people”, said Nayan Raheja, ED, Raheja Developers.
“Raheja Ayana ,which has just been launched in Gurgaon, will be the first product to carry this technology, we are setting up a sample flat at the moment where consumers can check this out. Incidentally Ayana will also be built by Arabtec, the largest construction company in the GCC by Market Cap, the same company that built the Burj Khalifa. We will be using German Prefab technology to finish the same in record time. These will be some of the most advanced homes in the World.” claimed Raheja.
These are the first signs of technology actually filtering down into the Real Estate Sector which for decades has been plagued by ancient methods of construction technology leading to delays. It also paves the way open for our Smartphones to interact more closely with the built spaces around us. Maybe in the future, instead of operating on smartphones we will just need to speak out our commands ! One thing is for sure, the future is definitely going to be very very smart.
About Raheja Developers Limited:
Raheja Developers is one of the largest real estate companies in India with projects over 60 million sq. ft. at various stages of execution. Having already delivered appx 29.5 million sq.ft. of mainly residential and commercial projects including farmhouses, plotted development and hotel properties and 15.50 million sq.ft under advanced stages of construction. We work with some of the best contractors in the world to ensure delivering high quality product, well in time. Two of our Joint development projects are in collaboration with Tata group. We also own Joint Venture Construction company in India; Arabtec- India Limited ( Arabtec being the largest construction company in UAE and have the credentials of building Burj Khalifa- tallest building in the world).
NEW DELHI: Delhi-based Raheja Developers has sold 500 apartments in one of its affordable housing projects in Gurgaon’s Sohna Road area online over the last two months by tying up with property portal BookMyHouse.com.
“The reason why we were successful was that in such high traffic of enquiries, customers themselves prefer to beat the rush and book online within 10 minutes, whereas offline the whole process takes a few hours,” said Nayan Raheja, executive director, Raheja Developers.
He pointed out that if a project is being sold with complete transparency and fixed prices, consumers do not fish around in the market for discounts.
BookMyHouse.com, he said, supported Raheja Developers to create the backend of a transaction portal and the cost of selling was negligible compared to the huge costs that the builder usually incurs while selling.
Several developers in recent months have tied up with online real estate portals and some ecommerce portals to sell homes online in a market where homes sales have been very slow.
Snapdeal is selling apartments of builders such as DLF, Tata Value Homes, Tata Housing, Mantri Developers, Godrej Properties and others.
Rajender Thakkar, COO, BookMyHouse said they expect huge amount of real estate transactions moving online in the coming few months. “Soon, technology would completely eliminate the need of a consumer to physically do a site visit as these will happen in virtual reality,” he said.
State Bank of India’s demand to bring back teaser loan products has generated a lot of excitement among developers who are saying that the move will not only revive demand in the real estate segment, but will also bolster the overall economy due to spiral effect. However, they gave a thumbs down to the Reserve Bank of India’s suggestion that the property prices should be slashed to boost demand.
“Property prices are already below cost. There is absolutely no way prices can be brought down. There is no bubble in the sector. Average cost of land and construction have gone up. The prices at which properties are selling hardly covers the cost, where will the margin to reduce price come from? The RBI should try to understand and take into account the cost involved — floor space index cost, administrative cost, construction cost etc. There seems to be no consideration for these aspects,” Navin Raheja, CMD, Raheja Developers, told The Indian Express. He said that the SBI’s demand to bring back teaser loans will go a long way in bolstering the demand.
Last week, SBI chairman Arundhati Bhattacharya had told RBI Governor Raghuram Rajan that given the fact that the real estate stock is at two-year high and the sector has lowest non-performing assets, teaser loans could be allowed to revive demand, the way it was done post the crisis in 2008. Bhattacharya claimed that it had helped the demand improve.
Teaser-rate loans are multi-year loans that bear low monthly repayment in the initial two-three years. In India, banks were offering a fixed rate of interest in the first few years and a floating rate, which would be the prevailing rate of interest on a home loan, for the remaining tenure of it. Banks had withdrawn it after the RBI expressed concerns over it.
The suggestion, however, did not find favour with the RBI Governor who said that the sector will get a boost if developers slashed prices.
While agreeing with the SBI’s demand, sectoral experts cautioned that without the price correction of “overpriced inventories”, the demand is unlikely to go up.
In fact the combination of teaser rates and low property prices is needed to revive the sector, which has over 7,00,000 unsold inventory piled up.
“If you want to bring some respite to the ruling pressure on residential property, the conservative approach of the RBI on the interest rate has to change. The median lending rate has come down only by 30-35 basis points (bps) while the RBI has cut rate by 75 bps so far. The policy rate is being governed by inflation expectations and not actual inflation. Whatever has been done so far, more transmission needs to be done of the rate cut,” Samantak Das, chief economist, Knight Frank India, said.
He added that the unsold inventory at various stages of construction is largely due to lack of confidence of consumers on economic stability, concerns about developers finishing projects on time, and highly overpriced inventories.
“Price rationalisation is important for respite. Interest rate cut and price cut along with confidence of consumer is important for the sector to take off. Prices should not be more than 4-4.5 per cent times of the income in top eight cities,” Das added.
Anuj Puri, country head, JLL India, however, said that the scope of reducing property prices is only in the luxury segment and not in mid or affordable range. “Teaser loans should be brought back as it will bring a different kind of energy in the sector. Mid-segment sale is not happening because EMIs are very high. It needs to be brought down to 6-7 per cent from the current 10.5 per cent for the demand to actually pick-up,” Puri said.
However, developers believe the sales are not happening due to tardy economic revival.
The CMD of Raheja Developers said that inventory sale was not happening due to unavailability of disposable income with people to pay for instalments.
“There has been no increase in their income, there are no jobs and more than 55 crore youth are either underemployed or unemployed. The segment that will buy the house does not have income and that is why there is inventory pile-up,” Raheja said emphasising that for the real estate sector to grow, there is a need to relax norms for floor-area ratio and allow the industry to grow vertically, like other developed countries, without paying extra for the land.
For some time, as per the SBI’s suggestion, interest rates must be reduced substantially by subvention or such schemes so that people come forward to buy houses, he said.
“The economy can grow only when you hand-hold the real estate sector because it supports more than 200 industries. Central bank should handhold banks to help the real estate sector,” Rajeha added.