Peninsula Land Ltd Renews Focus On Home Buyers As Reforms Kick In
Bengaluru, May 31, 2017: With RERA and GST coming into play, the real estate industry today is grappling with several uncertainties. Whether the proposed GST tax and the newly implemented RERA Act will affect the real estate sales positively or negatively is still an unanswered question. Also remains to be seen is how state governments will deploy both these policies. If reactions so far across the board are to be believed, what is certain is that these policies will lead to a better focus on customer friendly practices and delivery. In the long run, these policies are expected to make the Real Estate industry more attractive, in terms of investment for both buyers as well as corporate investors.
While theindustry is working overtime to understand the nuances of the new laws, andmarketing activities of most of the real estate players are have slowed down,for some players it seems business as usual, or better than usual. One suchplayer is Peninsula Land Ltd (PLL), part of the Ashok Piramal Group. Thecompany that initiated the transformation of Lower Parel into a corporate hub,followed by Sewri, has maintained its sales momentum. According to thecompany’s recent release, PLL notched up sales in February-March 2017, bucking“the market trend during the news of demonetization and has managed to achievesales in two months, equivalent to what it achieved in the entire previousyear (2015-16).” The company stated that the majority of these sales came fromjust two luxury projects in Mumbai, Salsette27 at Byculla and Celestia Spaces,close to their landmark residential project Ashok Gardens.
According tothe spokespersons at the company, this is owing to their already existingtransparent and customer-centric practices. Adding to this, Mr.Nandan Piramal, Director of Sales & Marketing, Peninsula Land Ltd,says, "We welcome these reforms with open arms, as we believe‘Customers is King’. The RERA Act, even though more beneficial to the buyers,will eventually benefit both the parties and we believe the real estate sectorwill become more viable in the long run. While we are realigning some ofour operations to be more in sync with these new policies, we are continuing toprovide customers with their dream homes and new amenities, in the bestpossible locations.”
Afterresounding success of the initial bookings at Salsette 27 and Celestia Spaces,Peninsula Land is now focusing on the company’s first luxury project inBengaluru, ’Peninsula Heights’. The project is establishing itself well in theMicro Market. Its premium location in South Bengaluru has only added to theproperty’s exclusivity and luxury factor. Construction is in full swing atPeninsula Heights and the Phase 1 buyers are quite happy with the progress sofar. We found out that PLL is currently offering buyers, on select 3-BHKapartments in Peninsula Heights, a chance to pay 25% in a staggered manner and75% on possession of the house, with no clubhouse charges and free maintenancefor 1 year.
NandanPiramal explained, “It is a win-win for both the customer and the company.Homeowners at Peninsula Heights are not burdened with EMIs during completion ofthe project, and we are getting very positive traction on this scheme.”