Central Park is all set to strengthen its presence with several key projects.
Vikram Singh,
How is the real estate sector's performance this year? What are the key trends to look for in 2024-25?
The Indian real estate market is witnessing a consistent evolution and is poised for significant developments in FY 2024, particularly in luxury homes and second house demand. High-net-worth individuals are driving new launches, revenue, and rates in the luxury segment, while the demand for second homes remains robust, catering to leisure and portfolio diversification needs. Metropolitan areas are experiencing expansion, with a shift towards larger living spaces and mid- to high-end sectors. Innovative housing solutions, integrating technology like IoT and ecological construction materials are making luxurious amenities more accessible. Additionally, the commercial real estate market is expanding, fuelled by growing demand for office spaces and industrial facilities, further boosting economic growth and construction technology advancements. These trends offer promising prospects for developers, investors, and customers in 2024, shaping the industry's future landscape.
How is the company doing this year in terms of project execution and sales? Which are the key projects?
So far, it has indeed been a remarkable year for us. We have seen a significant growth in our project execution and revenue, with our launch pipeline for FY 24-25 standing at approximately Rs 10,000 crore. In terms of project implementation, Central Park Flower Valley is going through immense growth, including the recently launched Bignonia towers, and we are also seeing continuous momentum on our fruit-tree surrounded concept residences – The Orchard. Meanwhile, Central Park Resorts which has uber luxury residences, and luxury serviced apartments, has seen an amazing uptake in our upcoming ultra-luxury serviced apartment concept, Bellavista Suites.
Additionally, we are poised for a string of launches which would include ultra-luxury residential, retail, and commercial spaces. We will continue to focus on concept-based developments across our projects.
From a revenue point of view, the year has been robust, primarily to these strategic initiatives and the continuing development at Central Park Flower Valley, which is expected to considerably boost sales and revenue this quarter. Central Park's dedication to prompt delivery and outstanding quality of luxury experiences continues to fuel its expansion and success in the competitive real estate industry.
What difference do you experience this year in buying trends in residential and commercial segments?
Today homebuyers are seeking a holistic lifestyle, prioritising residences that seamlessly blend luxury with health and wellness. The demand for smart homes, where technology optimizes comfort, security, and convenience, is also on the rise. Furthermore, best-in-class facility management services with smart home integration are becoming a coveted perk, further elevating the living experience. There has also been an increased emphasis on sustainable and green living principles among the buyers. Thus, considering the same, we at Central Park believe in giving ‘homes infused with hospitality’, offering a truly luxurious lifestyle. Our approach has always been to provide concept-based luxury homes boasting superior infrastructure, modern facilities that align with our residents' aspirations, a safe and secure living environment, and an invigorating ambiance across every project we undertake.
Meanwhile, in the commercial real estate sector, we see a rise in demand for mix-use developments that combine residential, office, and retail space in one location. Thus, we are gearing up to introduce a new retail real estate project in Central Park Flower Valley that will bring numerous big brands under one roof. This retail hub will cater to diverse needs, from automobiles to ultra-luxury clothing, offering a comprehensive shopping experience, all while subtly incorporating green initiatives.
What are the key challenges faced in project execution on various fronts?
Executing real estate projects nowadays offers a plethora of options, aided by progressive government policies and enhanced processes. Over time, gaining regulatory clearances has grown more effective, ensuring transparency and expediting the approval process, reducing delays to project timetables. The construction of surrounding infrastructure, particularly critical road access, has been substantially aided by improved urban planning and government initiatives, which have made logistical issues more manageable and accelerated project completion. Furthermore, as green building technologies progress and explicit rules for reaching energy efficiency targets are established, including environmental sustainability into design and construction has grown easier.
Market dynamics also play a crucial role in project execution. Economic conditions, fluctuating interest rates, and shifting consumer sentiments can influence both the demand for new developments and the cost of construction. Furthermore, resource management is a persistent challenge, with the need to ensure the availability of high-quality construction materials and skilled labour to maintain project standards. Effective project planning and management are imperative to address these issues, requiring meticulous coordination with stakeholders, proactive risk management, and the ability to swiftly resolve any issues that arise during the execution phase. These factors collectively underscore the complexity and multifaceted nature of successfully executing real estate projects in today’s dynamic market environment.
What are your plans for the year 2024-25 and beyond? Which are the key projects coming up?
We have a lot in the pipeline with some projects upcoming in 2024-2025, starting with Bignonia Towers, a high-rise 48 storey tower in Central Park Flower Valley. Looking ahead, we are further strengthening our footprints in Sohna, and Gurgaon. We are poised to launch multiple concept-based residences in Central Park Flower Valley township and on other location in Gurugram.
While we are constantly endeavouring to bring-in uber luxury serviced apartments, residences, high-rises, and unique living spaces, we're constantly innovating to elevate the resident experience even further. This further includes the addition of educational institutions (IB & CBSE Schools - Vedanya), healthcare facilities, various clubs and advanced security systems, all integrated seamlessly in our developments.
How do you look at the future market opportunities?
Gurgaon’s real estate landscape is in a perpetual state of evolution. Positioned strategically, amidst rapid urbanization, and growing corporate culture have indeed made it a prime hub for real estate investment and development. Moreover, the escalating demand for spacious residences along with wellness and wide range of amenities have further propelled its growth. Simultaneously, Gurgaon's commercial real estate sector is witnessing robust growth, particularly within the IT industry.
And this, indeed, is expected to grow upwards and onwards, driven by market fluctuations and emerging opportunities. Demographic factors, such as population increase and urbanization, will continue to impact the preferential dynamics, furthering the demand of innovative housing solutions and urban infrastructure along with a close eye on sustainability.
Contributing to this growth, Central Park is all set to strengthen its presence with several key projects like Bignonia Towers (Ultra luxury high-rise residences), Bellavista Residences that offer Uber-luxury living spaces, high-rise mixed-use developments, combining residential and commercial spaces in Central Park Flower Valley and Dwarka Expressway to name a few. These projects reflect a commitment to meeting the evolving needs of residents and investors while promoting sustainable urban living.
