Sharon has over 19 years of experience in the Real Estate industry. During her distinguished career, Sharon was responsible for delivery of world class mixed use developments and built-to-suit offices. Sharon spent 17 years with the Embassy Group, and in her last role there as Senior VP–Commercial Business, she was directly responsible for the corporate / retail division of the company. We happened to discuss with her on impact of demonetization, how RERA will bring in transparency and how Fortius Waterscape is a unique product. Here’s her perspective
Post Demonetization, everyone believed that the prices would come down but places like Bangalore & Pune hasn’t seen that happen. What’s your view on that?
In our view we don’t think Bangalore will see any impact in prices for real estate due to demonetization. Bangalore is a white collar economy and all transactions are by Cheque / bank transfer. Most of our customers work for IT/ITes and have availed home loan to support their funding. Banks / Financial institutions do not consider cash transactions while processing a home loan for computation of sanction amount, Eligibility etc. Properties in Bangalore are sensibly priced with very little volatility. Even the purchase of land by developers happens in Cheque. Bangalore is an exception to the rule as far as black economy is concerned.
Will RERA bring the necessary transparency in the Indian Real Estate Industry?
Real Estate Regulator Act (RERA) comes as a boon to both the consumers and the developers. The law gives authority to the regulator to govern all residential and commercial real estate transactions. It will certainly help in clearing out some issues that are part and parcel of the real estate scenario in India. There will however be an increased need to be transparent, and that is a welcome change. We at Fortius Infra have been transparent right from the start. We are happy to see that the recent Real Estate Act supports and promotes transparency.
With affordable housing getting the industry relevant status, do you think a lot of premium developers would get into this segment?
Affordable Housing securing the long-awaited Infrastructure Industry status is a big gain for the industry and should result in the benefits of securing longer-term and cheaper funding for developers allowing them to pass on the benefits to end-consumer; this providing a much required boost for this industry.The decision of granting infra status for the affordable housing segment along with the rebate in personal income tax announced by the government should provoke the developers to shift their gears and develop affordable housing projects; which is now sure to meet the demand as well. This will ensure assured sustained growth of affordable housing in India.
Briefly describe your product, Waterscape and why you feel it’s ideally suited for people to buy
Fortius Waterscape is a premium residential development spread over 2.3 acres at a prime location in East Bangalore. Located 500 meters off the 6-lane Old Madras Road corridor and 10 kms from Indiranagar, Waterscape is close to the city as well as the IT hub of Whitefield, and overlooks a 260 acre pristine lake. We have conceived the project with utmost care as reflected in the design, which offers spacious, well designed units which are 100% vasthu compliant. We have provided specifications and amenities befitting a premium living experience including a fully air conditioned club house, half olympic size, pool, etc. Fortius Waterscape is IGBC ‘Gold’ Certified which makes it energy efficient and future ready. Further the project is completed and ready to move in. All necessary permissions for occupation have been received and the construction activity has been completed in all respect. So from the customer perspective there is no ambiguity in terms of timelines or product finishes.
The views expressed here are solely those of the person interviewed in her private capacity and do not in any way represent the views of the brands/organizations she is or has been associated with.