Daijiworld Media Network - Business
Mangaluru, Jul 4: The Indian real estate skyline is undergoing a major makeover on account of sweeping changes in macro-economic policies of the government, from introduction of Real Estate Regulation and Development Act (RERA), GST, the Smart City Concept, demonetisation and the thrust on digital and cashless transactions. Contrary to general expectations, demonetisation failed to bring down the real estate prices and there has been no major impact on this sector post-demonetisation. Instead, it gave a blow to unhealthy practices of real estate dealing without affecting established players who followed ethical practices and provided quality products to the customers. Rather there are a range of opportunities accompanied by risks and value drivers, making waves for new augmented reality of real estate for which all major players are bracing up.
Allegro Builders and Developers is one of the leading real estate establishments of Mangaluru. The Allegro group has business interests in construction, real estate development, eco-friendly power generation and financial markets. The company is in the real estate business for the last 14 years and is going strong - thanks to the robust foundation on which the company has been built: strict adherence to ethical practices and also the innovative and stylish architectural gems it has been creating in Mangaluru from time to time.
The company which has been the brainchild of the dynamic husband wife duo Giselle and Dharmendra Mehta, former bureaucrats, has been in the forefront in representing the dynamism for which Mangaluru is known . Starting with its first landmark project "Acropolis" in 2003 Allegro has come out with some aesthetically brilliant, elegant and fashionable residential, commercial and retail spaces such as "Maximus," "Acropolis," "Adelphia" "Arista Enclave" and "Allegro Aureus" apart from being the co-promoters of the highly popular "City Centre Mall" adorning the heart of the city of Mangaluru.
"Aristaa Enclave," which has come up majestically in Pandeshwar (next to Prestige Forum Mall), has been the latest completed project of Allegro to Mangaluru’s glittering skyline. Recipient of a CRISIL 5 star rating and the ACCEI – UltraTech Award for the Outstanding Concrete Structure, "Aristaa Enclave" has been the favorite residential destination of those who wish to live in style and everyday luxury in an elegant environment. With some of the first of its kind of amenities in Mangaluru, comparable to world standards, it has received its occupation certificate. Out of 84 apartments in Aristaa Enclave only four 3bhk apartments are available. With the concept of luxury living picking up as a trend, "Aristaa Enclave" offers the best opportunity for those who want to make a style statement by owning an ultra-luxurious abodeat an affordable cost.
"Allegro Aureus" – An Opportunity that should Not be Missed
Allegro which has been following a policy of one project at a time is now channelizing its energies on its ongoing project "Allegro Aureus" located in the coveted uptown and elite enclave of Vas Lane, Falnir known for its serene ambience. "Aureus" which means ‘gold’ true to its name is coming up beautifully and is emerging as a perfect destination for new-age luxury home buyers. As the concept of branded homes is gaining popularity all over the country, Aureus which is the other name for grandeur and lavishness, fits the bill perfectly. Allegro Aureus offers 37 boutique residences of 2 bhk, 3 bhk and 4 bhk duplexes. It offers its dwellers a regal lifestyle – a perfect dovetail of a luxurious milieu with modern amenities.
Allegro Aureus stands out from the rest of the crowd due to its distinctive features. Some of the world classamenities offered include its roof top swimming pool, air conditioned gym, steam and sauna, children’s play area, multi DTH facility system for cable TV and serene landscape. Its top quality products for flooring, doors, windows and bathroom fittings, and high end specifications provide luxury at every step. "The emphasis is both on relaxation and lavish living. Exclusivity is the other name of Allegro Aureus, giving privileged residents the utmost privacy without obstructing physical and visual space," points out D B Mehta, chairman of Allegro group.
With 75 percent of the work complete, the project is ready for occupation by June 2018, as promised. Already, 65 percent of the homes are booked and now only eight 2 bhk, 3 bhk apartments and a single 4 bhk duplex are available for fortunate buyers, offering them a golden opportunity of opulence befitting their status and a rewarding return on investment.
As Aureus is nearing completion by June next year, the company is shortly launching another project – a 32 storied luxurious apartment on MV Shetty Road, near old Kent Road, Pandeshwar in a vast 2.5 acre plot. Pandeshwar which is known as a residential and commercial hub in the city is a location with easy access to different parts of the city and is a preferred destination for residences. The location and the credentials of Allegro Ventures will be an irresistible combo for discerning home buyers.
Embracing New Challenges
Allegro has emerged as a well-established name in the real estate firmament of Mangaluru with its trailblazing, trendy and aesthetically elegant residential and commercial projects. The fundamentals which guide the company in its activities are quality, timely completion and setting new trends or benchmarks characterized by innovation and excellence. The company has been following these core principles which have helped it emerge as a leader amidst the multiplicity of players in the field. Keeping in tune with its reputation, Allegro is known for its quality work and high stature. D B Mehta who is well known for his experience, expertise, oratory and organizational skills has been elected for the second term as CREDAI president of Mangaluru chapter for the year 2017-19.
Commenting on the widespread speculation of real estate prices falling after demonetisation Mehta pointed out that prices softened only 5 per cent post demonetisation but prices will not go down any further. Citing reasons for this he said, "Land prices have not changed, government has increased guidance/notification value which will add to the land cost. Construction cost has gone up due to shortage of sand, higher cost of cement, iron, raw materials, labour cost and other regulatory requirements. Taxes and RERA will also add to the cost which builders will pass on to the customers".
The much awaited Real Estate (Regulation and Development) Act has come into force from May this year. This bill is expected to safeguard customers from fly by night builders and developers. RERA is a big boon to the consumers because it will push dubious developers out of business and customers will get assurance and safety, but at a slightly higher cost.
Impetus to Growth
D B Mehta says, "Once the online application process becomes operational there will be more transparency and getting licenses and NOC’s will be easier as files can be easily tracked resulting in cutting unnecessary delays and cost saving. The ease of doing business will also go up". He further stated that the PWD rules for procuring sand have been simplified and the District Commissioner has come out with some plausible solution to the sand shortage issue. Both the central and the state governments have taken some measures which are sure to give impetus to growth process in the city. The State Government has announced a plastic park in Mangaluru and activities under the Smart City project will commence soon. A Special Purpose Vehicle (SPV) has already been formed which will be entrusted with the responsibility of overseeing all activities coming under the Smart City project.
The Central Government announcing Gems and Jewelry Training Centre in Udupi, the foundation for which was laid recently, has given a big boost to economic activities in this coastal region. With the Ministry of Commerce and Industry choosing NITK, Nitte University and Manipal Institute as new age IT Incubation centers, the coastal region will witness a flurry of developmental activities giving boost to all round growth, which also augurs well for growth and stability of the real estate sector.
Allegro Builders & Developers
UG-II-5, Maximus Commercial Complex ,
Opp. K.M.C., Light House Hill Road
Mangalore - 575 001, India
Phone : +91 824 4250186, 4250187
Mobile: +91 99723 85189
Email Id : allegroventures@gmail.com, infosalesallegro@gmail.com