Mr. Mohit Goel, CEO OMAXE talks about the upcoming hospitality sector in India on NDTV Prime.

New Chandigarh coming up as the state’s first self-sustained Smart City

New Chandigarh is coming up as the state’s first self-sustained intelligent Smart City equipped with hi-tech facilities and having low carbon emission. Wiser after the experience of Mohali and Panchkula, the Punjab Government is aiming to develop New Chandigarh as a self-contained city, well planned with better amenities in education, healthcare, residential housing and commercial development and not just a satellite town of Chandigarh. The city is being developed on an area of 15,000 acres on the lines of a smart city.

The plotted residential development under GMADA, Ecocity is the upcoming ultra-modern Township in New Chandigarh. Huge residential and infrastructure projects by leading real estate developers like Omaxe and DLF are also coming up with various options of residential living like plots, floors, bungalows, villas etc. as well as office and retail spaces. A world-class cricket stadium by the Punjab Cricket Association (PCA) is also in the pipeline. Metro rail connectivity along with a 300 acre Medi city and 1700 acre Education City have also been proposed. Sites for these projects have been identified in the Master Plan for New Chandigarh prepared recently.
 

In fact, the foundation for a Cancer Hospital has already been laid.
The Government plans to develop the areas as a knowledge village with service oriented businessesin the IT/ITES sector, training centres, science park and higher education institutions in order to attract knowledge workers and provide more job opportunities in the area and make it more eco-friendly. The city’s beautification needs are being especially looked into with golf courses, lakes, waterfronts being developed and brick kilns and waste lands being removed.

- Mr Mohit Goel, CEO Omaxe

Proposed 20 lakh homes by DDA will ease demand in Delhi

The Delhi Development Authority (DDA) has un-leased a housing bonanza in the capital giving a ray of hope to the LIG/MIG segments by contemplating the development of 20 lakh residential units equipped with the latest infrastructural facilities on the outskirts of the Capital on about 24,000 hectares of land. According to the Master Plan of Delhi (MPD) 2021, the Capital has about 27,000 hectares which can be developed as sub-cities. The master plan estimates a requirement of nearly 24 lakh residential units for an estimated 23 million people by 2021.

 

DDA’s step to develop residential units on the outskirts of the Capital will give a much needed boost to the realty sector in Delhi, which has been devoid of supply especially in the affordable to middle income segment. With ever increasing population in Delhi due to job opportunities available here, the demand for world-class infrastructure and housing has been on the rise and a sharper rise in prices, too, have been witnessed. This step by DDA will help in easing out the ever increasing demand of homes and provide enough opportunity for developers to operate in the Capital.

A lot of the success of DDA’s initiative will be dependent on how effectively the housing authority and the Ministry of Urban Development plan and manage the ambitious land pooling policy by creating housing pockets in the city. It will also enable private players to assist in creating housing pockets in the capital.The DDA must have learnt its lessons from the acquisition policy adopted in the Delhi Master Plan 1961 which has failed to keep pace with the rapid pace of urbanization witnessed in Delhi. The land pooling policy proposed in the new master plan, if implemented effectively with the help of professional consultants will play a key role in filling the huge gap of residential requirements. Reports suggest that for each 1,000 Ha of the pooled land, the government will be able to provide around 50,000 dwelling units for the EWS sections which will go a long way towards fulfilling the housing needs in our country. It will also give an impetus to realty development in the Capital like Noida, Gurgaon etc in the NCR.

- Mr Mohit Goel, CEO Omaxe

Omaxe @28: Striving To Work Towards Housing For All

At the outset, I would like to congratulate all stakeholders of Omaxe for having stood through thick and thin and taken Omaxe to the height of glory where it is today. The vision of our CMD Mr. Rohtas Goel coupled with hard work and perseverance of one and all led to the emergence of Omaxe as a reliable and trusted name in the real estate sector.

The company has taken huge strides in the last 27 years. Filled with challenges and opportunities, we have faced every wrath with a confident stride; celebrated every victory and enjoyed the success of each one of us as if it were our own. 

Omaxe has all the earmarks of a trendsetter in the real estate industry. Every innovation, venture and strategy has been well thought out. Be it the strategic move to venture into tier II and III cities in latter half of last decade and creating and delivering lifestyle akin to metro cities. Omaxe has earned every bit of trust and respect that is witnessed today. We have delivered area more than the size of a few countries in the world; we cater to roughly 35% of India’s population in the 9 States that we operate in.

However, these are milestones that we feel proud of. But we have never allowed complacency to set in, striving each day to work towards the larger goal of providing housing to all.

Today, we are at an extremely exciting time. The Narendra Modi led Government has begun to show how good intentions and focused approach can result in fruitful action. His vision for India that we all have dreamt of seems very close to reality now. Focus on cleanliness, sanitation and hygiene; besides creation of smart cities and thrust on manufacturing and infrastructure has opened up lot of avenues for us to partner the Government. Blending social cause with business excellence in the regions of our strength is the way forward. 

- Mr Mohit Goel, CEO Omaxe

REIT in India: Is it the right time?

Good news for the cash-strapped real estate and infrastructure industry. The capital market regulator Securities and Exchange Board of India (Sebi) has just approved the final guideline for real estate investment trusts (REIT) and infrastructure investment trusts (InvIT).

The twin move will give the real estate and the infrastructure sector easier access to funds and create new options for investors to invest. SEBI’s approval for setting up of REITs is a timely move for the real estate sector as REITs have globally proved to be an efficient way of raising capital for the sector and providing an easy exit route to investors, also they can be well accepted by investors and provide better returns than other asset class.

In simple terms, REITs will channelize investments from wealthy individuals and institutions to the real estate sector through units sold by REITs. Like mutual funds collecting money from investors and investing in company shares and other financial instruments, REITs will invest money in the real estate industry. Experts believe that $10-$15 billion worth of investment will be infused into the real estate industry through REITs in a couple of years.

Political stability and the recent policy related initiatives have encouraged global investors who refrained before from entering the Indian market due to political, policy, governance and infrastructure-related issues to look towards India again for business activities. Therefore, it is indeed the right time to introduce REIT in Indian market as it will shore up liquidity in the sector and emerge as an alternate to bank finance. 

- Mr Mohit Goel, CEO Omaxe

100 Days of Government: Systemic Changes Visible

The election of a new Government under Shri Narendra Modi was met with renewed interest by the investor and business community. The people of India had elected this Government with a sense of hope and 100 days result is encouraging. Cynics might say 100 day is too short a timeframe but the systemic changes that the new Government is trying to bring about are clearly visible in the way decisions are being taken and the shape the country will assume in the near future.

Until recently, growth decelerated, buyers stayed away from the market and investment slowed. The policy reforms spelled out in the Budget like relaxation in FDI norms for real estate, huge investment in infrastructure, smart cities, bullet trains etc and moves outside the Budget like Jan dhan yojna etc. are correct moves. Good trade relations with neighbours is what the Government intends to maintain and the successful visit of Shri Modi to Japan seeking close to $35 billion investment goes to show the swiftness and positivity with which other countries have reacted to Modi’s vision and decisive approach to governance. Some bold decisions to allow 100 per cent FDI in railways and raising the cap of FDI from 26 per cent 49 per cent in defence and insurance are surely praiseworthy and will show results soon. REITs is yet another good move. Promotion of industrial development and growth of manufacturing sector by government will give a boost to Tier II and III cities, which in turn will lead to improvement in urban infrastructure and create more avenues for employment, income and lifestyle improvement.

- Mr Mohit Goel, CEO Omaxe

Omaxe Committed to Partnering Government in Development of Smart Cities

 

The improvement in the quality of life of our cities is need of the hour. The Government’s emphasis on creation of 100 Smart Cities will go a long way in ensuring better facilities and amenities. The Government had allocated Rs 7,060 crores towards developing smart cities and it will generate huge scope for private sector participation along with avenues for job creation. Prime Minister Narendra Modi’s signing of an MoU with Japan to develop Varanasi by using the experience of Kyoto, is just the beginning of a dream of 100 smart cities looking more achievable. Countries like Singapore have expressed keenness in this grand plan.

A smart city is one that completely runs on technology—be it for electricity, water, sanitation and recycling, ensuring 24/7 water supply, traffic and transport systems that use data analytics to provide efficient solutions to ease commuting, automated building security and surveillance systems, requiring minimal human intervention, and Wi-Fi-powered open spaces and houses that ensure always-on, high-speed connectivity. The Government has just released a draft note on Smart Cities and laid out a broad vision on what it entails. And the concept looks promising.

With majority of India’s population under 35 years, the scope, viability and need is immense. The growing migration will also be curbed with the development of Smart Cities. Complimenting this with the government’s stress on Sanitation and cleanliness of our cities and villages is a good move to change the outlook of the country

All modern amenities, education and employment opportunities are the building blocks of a smart city. For established cities to change the existing scenario will require greater efforts whereas developing tier II and III cities which are already undergoing transformation will be easier. Therefore government should concentrate more on these cities. Omaxe has been one of the first players to invest in development of tier II and III cities and our presence in 30 cities, out of which we have offered possession in 23 such cities encompassing delivery of 58.3 million sq. ft. only reinforces our commitment and strength. 

- Mr Mohit Goel, CEO Omaxe