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Tuesday, December 22, 2009

See revenue generation from 'Mandwa' from FY11: Orbit Corp

There are a few things, which are changing. The government is bringing in a lot of FSI (floor space index) reforms, which is required to bring in more real estate, which is very good. There is USD 65 billion, which is being spent by BMC and MMRDA along with the World Bank. This USD 65 billion is being spent over the next 5-7 years on roads, on infrastructural requirements such as bridges, storm water drainages, water, and sewage. So, all this money is being pumped in. We do have situations where you may have a mismatch, where you may find that the road is bottlenecked and something else is being focused on. So that is what is largely going on. We have got a clarification on that, it is not that they are not going to supply any water. The typical water requirement for the new constructions that they were working out was 90 liters per person per day and that is now being pruned down to 45 liters per person per day, up to a maximum of 2 lakh liters per project. Therefore, given the per capita requirement, which they are going to give per person per project, it is going to come down. But that is only up to 2012 till the time the Middle Vaitarna Project comes into play. By the time the Middle Vaitarna Project comes into play whatever the short fall that is there would have to be made up by your internal captive resources.We have got several projects lined up at Orbit. We have done well over the last 2-3 quarters, we have seen pent up demand, which has observed a lot of our supply. We have worked towards insuring there are about 4-5 more projects that would be announced. we have already announced one project called Orbit Residency Park in Andheri in December. We would continue announce a project every two to three months.the demand is good, Arya has fully sold out expect maybe for 6,000-7,000 sq ft. Orbit Eternia is also completely sold out, one is at Nepean road and later one is at Lower Parel. For Napean road, lately we have seen average prices of Rs 40,000-50,000 depending on the size, location and the view. With regards to Lower Parel project, we have seen average rates between Rs 17,000-21,000. So that is the average price we have been able to sell very comfortably.

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