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A <keyword id="48061" type="ORGANIZATION" weightage="80" keywordseo="penthouse">penthouse</keyword> atop a 60-floor building in an upcoming luxury project in <keyword id="6361586" type="COMPANY" weightage="80" keywordseo="Gurgaon">Gurgaon</keyword> has been priced at Rs 100 crore by Delhi-based <keyword id="134991" type="COMPANY" weightage="80" keywordseo="raheja">Raheja</keyword> Developers. Dubbed as "India's most expensive apartment", the 10,000-square feet penthouse will sport a private swimming pool overlooking the Aravali mountains and access to a roof-top helipad. 
 
The floor-to-floor height of the penthouse would be over 15 feet, while all interior fittings and fixtures would be supplied by luxury brand Versace. The ultra-costly penthouse will have 6 bedrooms and a private clubhouse. It would also sport artificial intelligence home automation system, the company claimed. 
 
At Rs 1 lakh per square feet, the penthouse will be out of reach of the common man. But having sufficient money may not be enough to buy the property, which is being marketed among NRIs and big names in business, the company claimed. The penthouse will be sold by invitation only. 
 The company is undertaking proper due diligence before discussing the property with prospective clients, the company's <keyword id="6357308" type="POSITION" weightage="80" keywordseo="spokesperson">spokesperson</keyword> said. "Over 90 per cent of the units in this community are sold out, mostly to NRIs and big names in business," said Raheja Developers ED <keyword id="55323" type="PERSON" weightage="80" keywordseo="Nayan-Raheja">Nayan Raheja</keyword>. 
 The project is being built by Arabtec, which has also built the <keyword id="92239" type="ORGANIZATION" weightage="80" keywordseo="Burj-Khalifa">Burj Khalifa</keyword> -- the tallest building in the world.

This is India's most expensive apartment, a penthouse in a Gurgaon luxury project priced at Rs 100cr

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

Nationwide lockdown to impact housing sales, say realtors

New Delhi, Apr 13 () Real estate sector, which is estimated to incur a loss of over Rs 1 lakh crore due to nationwide lockdown, is likely to see pay cuts and job losses as cash-strapped builders will look to reduce their fixed cost at a time when their sales revenue has almost come to a grinding halt, according to industry players. However, property developers and consultants believe that damage could be minimised if the government announces a big relief package for the industry as well as the overall economy. "Real sector is the second-largest employer after agriculture and provides for both blue and white collar jobs. Construction and other allied workers comprise a very important segment of the Realty Sector. There might be job losses and pay cuts," CREDAI (National) Chairman Jaxay Shah said. As of now, he said, the priority is to provide labourers with basic amenities."It's too soon to say anything on pay cuts as this will totally depend on how long the pandemic continues," Shah said. NAREDCO President Niranjan Hiranandani said: "There will be an obvious impact on sales, and that in turn will impact profitability of business organizations. So, a pay cut might be the first reaction across business organizations, some jobs being lost might be the second."He said revenues of developers, which had already been facing liquidity crunch, would be badly hit, resulting in defaults in repayment of debts. "If outstanding payments get defaulted on, and the numbers keep rising, companies may go bankrupt, this in turn will directly impact jobs. Before the COVID-19 pandemic, job losses were around 15 per cent of the total workforce, this may increase to 25 per cent," Hiranandani said.However, he said if the government soon announces a stimulus package, "Things may not end up being so bad, in terms of companies going bankrupt or jobs being lost." Puravankara Ltd MD Ashish Puravankara said, "While the listed players, like us, who are geographically de-risked and have diverse business portfolio, will be able to plan and organise the next steps; the current impasse may pose a problem in the long term for a few companies who might have to take some austerity measures in the shape of job losses or pay cuts."Home-grown property consultant Anarock Chairman Anuj Puri said there could be pay cuts and job loss if lockdown continues for a longer period. "If the lock down was to open in the next 1-2 weeks then we may not see as many job losses or pay cuts," he said.Anshuman Magazine, Chairman &amp; CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said: "The Covid-19 situation is still evolving in India and it is too soon to comment on the impact it will have on the industry."Ramesh Nair, CEO &amp; Country Head, JLL India, said the company has taken many cost management actions to protect its employees and continue to serve clients. "JLL has a strong balance sheet and JLL's businesses in India and beyond are positioned to emerge with resilience from the challenges of the COVID-19 pandemic. To help ensure our company can continue to protect our people and serve our clients and shareholders now and when the economic and business environment improves, our leaders have agreed to take several prudent cost management actions," he said.This discipline would help the company to support its staff and clients across India through this challenging time and be ready for future opportunities, Nair said. Mani Rangarajan, Group COO, Housing.com, Makaan.com and Proptiger.com, said job losses and pay cuts in the sector will remain limited. He expects real estate to gain renewed interest from both end users as well as investors because of sharp correction in other investment tools like the equity market. Manoj Gaur, MD, Gaurs Group, said the company has been performing well in terms of sales from the last 3-4 years and disruption of a few months will not have any major impact on financial strength of the company.Nayan Raheja, Executive Director, Raheja Developers said: "We are waiting and watching on the current situation and how long the lockdown continues to take any definitive call on this matter. However, at the moment all labour and staff are being supported."He demanded that the government should restructure existing loans of the builders. Ashok Gupta, CMD, Ajnara India, said, "These are tough times, but we are standing strongly with our employees amid this crisis."NCR-based KW group Director Pankaj Jain said: "As of now we are not deducting salaries of our employees. In the current situation, we all need to support each other. Companies must show more empathy towards their staff."Akshay Taneja, MD, TDI Infratech, said, "It is too early to take a call." MJH MR

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This is India's most expensive apartment, a penthouse in a Gurgaon luxury project priced at Rs 100cr

BI India Bureau

Nationwide lockdown to impact housing sales, say realtors

PTI

Realty players fear pay cuts, job losses as lockdown hits revenue

PTI

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