Assotech Realty attracts eyeballs at mega realty conclave held in Noida

Leading real estate developer Assotech Realty Pvt Limited made its presence felt at an intensely engaging real estate knowledge sharing session organised at Noida. The real estate entity keenly participated in the event and articulated its views on the conclave theme ‘Commercial Real Estate, Affordable Housing and Luxury Housing – The Changing Dynamics’. Discerning participants and spectators at the event immensely gained from the perspective contributed by Assotech Realty to the pertinent issues confronting the real estate sector in India.

UP RERA Chairman Mr Rajive Kumar was the Chief Guest at the event attended by prominent developers, IPCs and DPCs from across the country in large numbers. Industry captain Mr Neeraj Gulati, MD, Assotech Realty while participating in the knowledge sharing session took a holistic view of the prevailing issues in real estate sector and suggested ways to pull the industry out of the long-prevailing slump.

Speaking on the occasion, Mr Neeraj Gulati, MD, Assotech Realty said, “Real Estate markets across the country have already started showing steady signs of revival leading to widespread optimism. Still due to the economic slowdown and long-prevailing slump the investors are shying away from investing in real estate. However, such a scenario has turned out to be a blessing in disguise for the end-users. They are conveniently being able to grab their choicest properties in the affordable luxury segment as the prices have almost bottomed out.” 

Mr Salil Kumar, Director, Assotech Realty added, “While the government has already come out to support the homebuyers in terms of offering more credit support for the purchase of homes, the consumption in real estate sector is set to rise. We are confident there will be a sure shot revival in demand in the coming months and the real estate sector will soon bounce back on a high growth trajectory. The only point of concern is that high borrowing cost has continued to pinch both the homebuyers as well as the developers.” 

Apart from the industry leaders, the event christened as R&M podium also witnessed thought leaders, industry stakeholders, besides keen viewers from all the segments of the industry.

Ascott expands footprint in Gurugram with 90 unit Citadines Paras Square Gurugram

CapitaLand’s wholly owned lodging business unit, The Ascott Limited (Ascott), announced that it has secured a contract to manage its first Citadines-branded serviced residence in Gurugram, Haryana. The contract was awarded by Gurugram-headquartered Paras Buildtech, a subsidiary of Paras Group. The 90-unit Citadines Paras Square Gurugram is expected to open in Q2 2020. Ascott currently operates two serviced residences in Chennai and one in Navi Mumbai.

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Citadines Paras Square Gurugram is located within Paras Square, a mixed-use development comprising over 100,000 square feet of retail space and the serviced residence tower. Citadines Paras Square Gurugram is strategically located off Golf Course Extension Road in Sector 63A, amidst the IT Special Economic Zone (SEZ) and premium residential projects. Delhi’s Indira Gandhi International Airport is only 40 minutes away, offering easy connectivity to business travellers coming to Gurugram. Citadines Paras Square Gurugram will comprise 90 spacious and modern studio, one-bedroom and two-bedroom units ranging from 45 Sqm to 65 Sqm in size. Residents will enjoy business, entertainment and recreational facilities along with Ascott’s world-renowned service excellence.

Mr. B.V. Bharadwaja, Ascott’s Country Head – India, said: “Gurugram is a significant IT-ITeS cluster and is considered as the business process management (BPM) capital of the world, employing 5% of the global BPM workforce [1]. In 2018, the hospitality industry in Gurugram also witnessed an increase across all three parametres – average daily rate (ADR), occupancy percentage and revenue per available room (REVPAR) [2], proving that there is an increasing demand for quality accommodation here. With the signing of Citadines Paras Square Gurugram, we will have two of our distinct serviced residence brands within 2 KM of each other, catering to both luxury and upscale segments.”

Mr Aman Nagar, Director, Paras Buildtech, said: “We are proud to be partnering with The Ascott Limited for the management of our second hospitality project. Ascott’s knowledge of the lodging market and its global reputation is consistent with our endeavor to develop quality, upscale projects that cater to global citizens.”