Af­ford­able hous­ing stages a re­mark­able come­back

The seg­ment ac­counts for 35% of to­tal launches dur­ing the first quar­ter this year LOOK­ING UP

HT Estates - - HTESTATES - HT Es­tates Cor­re­spon­dent 18% in first quar­ter of 2016 35% in the first quar­ter of 2016

The first quar­ter of 2016 wit­nessed the launch of ap­prox­i­mately 31,200 units across the top eight cities in In­dia, record­ing an in­crease of 27% year-on-year, ac­cord­ing to prop­erty con­sul­tants Cush­man & Wake­field.

The res­i­den­tial mar­ket, which saw a slump in launches in 2015, saw a re­mark­able come­back in the first quar­ter, backed by a six-fold rise in launches in the af­ford­able hous­ing seg­ment, which saw an ad­di­tion of over 10,950 units dur­ing the first quar­ter of 2016 as de­vel­op­ers fore­sae greater de­mand in this highly price-sen­si­tive seg­ment.

The af f ord­able se gment ac­counted for ap­prox­i­mately 35% of to­tal launches dur­ing the first quar­ter this year. Over the last few quar­ters, the share of af­ford­able hous­ing has con­stantly in­creased as de­vel­op­ers and in­vestors are view­ing this seg­ment more favourably.

Af­ford­able hous­ing seg­ment com­prises 22% of to­tal unit launches seen in 2015, up from its share of 17% in 2014.

In the same time, av­er­age In­te­rior de­sign­ing is not ev­ery­one’s cup of tea and yet ev­ery in­di­vid­ual should know some basics to dec­o­rate his or her home. As a de­sign ex­pert, where should a layper­son start and what are the ground rules to fol­low? The main thing for a per­son who has not had a for­mal education in de­sign is to space-plan their house. Keep in mind the re­quire­ments of the whole fam­ily and di­vide spa­ces to ful­fill those re­quire­ments. Al­low lots of nat­u­ral sun­light into your homes. Mend the win­dows and I would say, go for max­i­mum length win­dows as far as pos­si­ble. The fact is, how­ever small your room may be, it will look big­ger and brighter with nat­u­ral light. If the space has less ac­cess to nat­u­ral light, your next bet is colours. You could do monochro­matic colours. In fact, the in­flu­ence of a plain white or light cream pal­ette is sim­ply amaz­ing.

How im­por­tant is it to have a theme when de­sign­ing your home?

You must be aware of what you are try­ing to achieve in your home. Once you have nailed down the Num­ber of projects up vs

first quar­ter of 2015 Share of af­ford­able seg­ment seen at launch prices have wit­nessed some de­cline across ma­jor cities, mak­ing the new projects cheaper than those launched 12- 24 months ago.

In a bid to in­crease the at­trac­tive­ness of low-cost hous­ing, the av­er­age ticket price in the af­ford­able seg­ment de­clined by 10% in the first quar­ter of 2016, as com­pared to the first quar­ter of 2014 in Delhi-NCR. This drop in launch price of af­ford­able units was brought about by a mixed strat­egy of low­er­ing the av­er­age launch prices and by re­siz­ing the units. The av­er­age launch price wit­nessed a de­cline of 2% in the first quar­ter of 2016 to ₹ 3,190 psf, com­bined with an 8% de­cline in av­er­age size of units to 1,030 sf, as com­pared to the first quar­ter of 2014. The con­scious ef­fort by de­vel­op­ers ob­jec­tive, get a theme or a con­cept. Once you have a con­cept, you will be able to de­rive var­i­ous things from it such as what style of fur­ni­ture you need – play­ful or for­mal etc. You can then de­cide the colour pal­ette. The most im­por­tant thing is to be very clear of what you are try­ing to achieve and how you will get ev­ery­thing in or­der. Take help from the in­ter­net. Th­ese days there are so many do-it-your­self de­sign tools on the in­ter­net that you can ac­tion your con­cept your­self.

Home is al­ways short on spa­ces for stor­age. How is that prob­lem sorted out?

An in­tel­li­gent per­son will al­ways plan cab­i­netry in ar­eas that seem like dead spa­ces. Make sure that each and ev­ery cor­ner of the house is utilised. At the same time, let the house have enough mov­ing space and not look crowded.

Your mother Zarine Khan is an in­te­rior de­signer too. Has she been a steady in­flu­encer and what did you in­herit from her in your de­sign phi­los­o­phy?

My mum was a huge in­flu­ence on me. When I was five or six, I used to wait to see all th­ese beau­ti­ful mag­a­zines (in­te­rior de­sign and ar­chi­tec­ture) which she used to subscribe to. I used to wait to ab­sorb this. De­sign aware­ness came to me at such a young age. I knew I would be de­sign­ing spa­ces, homes and fi­nally even de­sign­ing prod­ucts at some stage. An­other big inspiration for me is the his­tory of art and ar­chi­tec­ture - that in Delhi-NCR to in­crease the at­trac­tive­ness of the af­ford­able seg­ment comes at a time when launch of such units has re­mained com­par­a­tively high.

To­tal launches dur­ing the quar­ter were seen to have in­creased by 62% to ₹ 4,570. De­vel­op­ers in Delhi-NCR have fo­cused on the af­ford­able seg­ment that ac­counted for 41% of to­tal launches dur­ing the quar­ter, with launch of 1,855 units. This rep­re­sented a 67% in­crease from the cor­re­spond­ing quar­ter last year. is my source­book and from that I de­rive dif­fer­ent styles and blend it and mod­ernise it. My sen­si­bil­ity is how I can de­rive from the warmth of that pe­riod in his­tory and blend it with con­tem­po­rary wants and as­pi­ra­tions. How­ever, I am also like a sponge. I keep ab­sorb­ing things in life and experiences and try my best to en­sure that each pro­ject looks dif­fer­ent from the other.

What has been the big trend in homes this sea­son?

There was this one trend where ev­ery­one went through this phase of keep­ing ev­ery­thing con­tem­po­rary. It was a de­sign style in­spired from the retro pe­riod 1970s with the world of play­ful­ness com­ing back. The de­sign heads of in­ter­na­tional brands were fol­low­ing it in their style of fur­ni­ture. But I am a firm be­liever that each de­signer has enough of ex­pe­ri­ence and should bring forth his unique­ness and new­ness and not fol­low a trend.

Your take on home ac­ces­sories. Any in­ter­est­ing thoughts and ideas on state­ment pieces?

There is a brand through which we sell my cu­rated col­lec­tion of home ac­ces­sories – it is called la­bel­life. com. The designs are beau­ti­ful and yet af­ford­able. I call them ‘cheap and cheer­ful’ pieces for the home where you get ev­ery­thing from ship mir­rors to con­vex mir­rors, to blingy stuff and even the un­der­stated cu­rios.

I love to use wood, metal, glass – I like re­flec­tive sur­faces, con­vex mir­rors and matte metal. Warped, dirty, thick – give me any and ev­ery type of mir­ror.

In or­der to drive sales, the av­er­age launch price was noted at ₹ 3,747 psf in the first quar­ter of 2016, a 25% de­cline over the first quar­ter 2015 lev­els. On the other hand, the av­er­age size of a unit in the af­ford­able seg­ment was seen to be up by 24% to 3,740 sf. Due to the com­bined ef­fect of both, the av­er­age ticket size (base price) is wit­nessed to have de­clined, al­beit at a slower rate than the de­cline in av­er­age launch price, at 7% to ₹ 30.4 lakh.

Mum­bai wit­nessed a sig­nifi- cant drop in launch prices of close to 35% in the first quar­ter in 2016 as against those launched in the first quar­ter in 2014. While Pune recorded a de­cline of ap­prox­i­mately 25% in launch prices of new projects in the same pe­riod, the city also saw an in­crease in the av­er­age size of apart­ments that were launched in the first quar­ter this year which were noted to be larger by an av­er­age of 24% over those launched in the first quar­ter in 2015.


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