During the home selection process, buyers should give first preference to the location as they have to commute on a daily basis from their residence. At times certain people buy a property because of the low price, but since it is far from the station, they compromise on the location and lose out on both, time and money. The second preference should be given to the atmosphere or climate as health is wealth. Vaastu compliance also matters, ventilation is also important as natural air and sunlight are very beneficial. At the end of the day, price matters, but one should consider these aspects and also look at the size of the flat being provided for that amount.
The presence of an educational institution in the vicinity of a project is another important aspect to be considered as parents will not want their children travelling far to study every day. Similarly, basic facilities like hospitals and a supermarket should be available either within the project or at an easily accessible location.
Buyers benefit
At the Swaminarayan City project being developed by us at Dombivli, we have thoughtfully curated everything keeping all these things in mind. We have selected a location which is easily accessible via road, train as well as water way. In fact, it is a city inside city location. The Air Quality Index (AQI) is very good because this location is not surrounded by industries or not close to industries either.
Swaminarayan City is a ‘no compromise’ product for customers, a 100-acre township on a 120-acre land parcel. We have acquired 65-70 acres and the remaining will follow slowly. 9000 flats are targeted in four phases. Two towers of 36-storeys each have been launched at Swaminarayan City. The first phase is 1800 to 2000 flats, of which 600 flats are nearing possession. The Swaminarayan Trust has decided to build the biggest Swaminarayan temple of Maharashtra here. A Reliance supermarket is also coming up.
Sachin Patel, Chairman & Managing Director, Swaminarayan Group |
For the education aspect, we selected the prestigious Singhania School. We approached them and they were ready to set up a school here. In the new academic year, we will start admissions for grade 2, so this is a gift for people in Dombivli. It will be first to come up in this area as they have not opened any branches in the cities near Thane.
Customer-oriented
A developer should ideally take into consideration the purchaser profile in the vicinity of the project location. Rather than focus on what we want to build, it is important to understand the buyer’s requirements and build accordingly. So, we follow the customer-oriented approach.
We had conducted a market survey among potential buyers who are looking to buy a property in this price range. Accordingly, this project was made in a way that a buyer doesn’t have to compromise on the usable area of the flat size – bedroom, kitchen, or living room. We have tried to give a good view to each flat.
Connectivity counts
Connectivity is an important part in our project and the infrastructure benefits are manifold. The Dombivli railway station is just 5 minutes (1.8 km) from the Swaminarayan City project while Kopar station is 2 minutes away. There are 3 railway stations nearby. Mostly other such township projects are at a far distance from the station and from the main gate of the station to the tower it’s another 2 kilometres, so that differentiates us.
The Motagaon (Dombivli) – Mankoli (Bhiwandi) bridge, scheduled to be completed by April 2023 will bring Thane closer to Kalyan-Dombivli. Within 15-20 minutes one can reach the Viviana Mall then.
The Ring Road is a major infrastructure development happening here; within 6 minutes one can reach Kalyan and in 8 minutes Katai through the Airoli freeway so residents at Swaminarayan City project will get connectivity to Thane as well as Navi Mumbai. Water transport (ferry services) are also planned here so once that starts one can reach the western suburbs of Mira-Bhayander and Vasai in 35-40 minutes.
Value proposition
The flat prices depend on the land cost and construction cost. In spite of purchasing land at a higher value, we are providing affordable rates to the customer. Our ready reckoner rate is also high compared to other projects in the city area. This is good opportunity for customers in the present scenario as we might have to increase the rates in future depending upon the situation.
1BHK flats priced in the range of Rs. 40 lakh and 2BHK flats in the range of Rs. 55-65 lakh have good demand here. Practically speaking, a person earning Rs. 1 lakh a month would be able to buy flat in this price range. For us it is important to deliver a good product as per the calculations of a customer.
Trend drivers
Mumbai-based developers have shifted their focus to Kalyan-Dombivli and its market share in the current scenario is really good because of enhanced connectivity. Dombivli’s limit was till Manpada earlier now it has expanded. Earlier only Dombivli resident used to buy flats here but now even people from Mumbai and Thane are coming here as government has announced many infrastructure projects here. After COVID, the buyer mindset has changed as the importance of a house has increased, there is a need for spacious flats with the work from home concept.
Sector scan
Track record is very important for a developer. Due to RERA most of these things have been cleared. Initially it was difficult to adapt but it’s good for the developer, the kind of rules introduced. For example, the 70:30 rule under which 70% of the buyer’s investment should be used in construction. This was not the case earlier and hence projects were not delivered on time.
Real estate sector is the biggest manpower generation sector, everyone is getting business from this sector, which is associated with other sectors. Even the government benefits from this sector through taxes and it helps the country as well. Real estate is a safe and secure investment, better compared to the stock market as it will keep appreciating and the family enjoys the experience.
