INSIDER INTERVIEW
September 2015
Pic courtesy: EKTA Trinity by EKTA world
"Come early 2016 we will see good times, but I do want to share with your readers that it would be unfair for customers to expect a dramatic 15 to 30 per cent reduction in rates, as is being widely communicated. The truth remains that land is non-replenishable and is a scarce resource, and with compounding taxes and increased Ready Reckoner rates there cannot be a phenomenal change in prices. " Ashok Mohanani
Realty expo and received a stupendous response.
Which infrastructure projects would have a positive impact on the real estate market, particularly in Mumbai/ Maharashtra where EKTA world operates? There have been great infrastructural developments in Mumbai in the recent past which have Vivek Mohanani contributed mightily towards Joint Managing Director the demand for real estate in the EKTA world Pvt. Ltd. neighbouring/ adjoining areas. An apt example would be Chembur with the increased connectivity of the western suburbs via the Santacruz-Chembur Link Road (SCLR) and the Freeway connectivity with south Mumbai. These have worked wonders for this hyper-local market i.e. this location is top-of-mind for consumers and investors, cascading towards higher demand and higher realty rates. Furthermore with the inclusion of the Metro and Monorail in Mumbai’s transport system, there has been a huge surge in demand for locations within these regions. The latest addition to the infrastructure is the proposed coastal road that will connect Virar and Versova, providing an alternate route to the Western Express highway. The property market in Goregaon is also on an upswing. This locality, which has the best social amenities, got an additional infrastructure boost with the civic body announcing plans to construct a flyover connecting the Link road in Goregaon West to Goregaon East. This flyover will benefit not only those residing in Goregaon, but also all the way till Borivali. Such developments in infrastructure will
have a positive impact on property values throughout the city and especially in Goregaon. I am already seeing a traction / movement in sales in the two projects; Ekta Tripolis and Ekta Bhoomi Gardens that we have in the Goregaon-Borivali belt. EKTA Group has consciously worked towards building eco-friendly projects and has ISO 9001:2000 certification. Tell us about the importance of green buildings today and why NRIs should give preference to these. Our consumers today are an educated, well travelled and evolved lot. They are more sensitised towards global causes and appreciate efforts being made towards sustained living. Similarly we too consciously work for a greener tomorrow. All our projects have eco-friendly systems such as sewage treatment plants (STPs) and rainwater harvesting, in addition to eco-friendly products such as fly ash bricks. EKTA Tripolis at Goregaon West is designed and executed as a green building and has been awarded a Platinum LEED certification. It is imperative that we are conscious of our 'today' and maintain our environment for coming generations. You recently launched the EKTA world Realty Index (EWRI). Tell us about this and what it aims to achieve. We did the EKTA world Realty Index for our 28th anniversary campaign. It was a novel concept that garnered wide appreciation from the industry and media and all our believers. We took on this concept to market/communicate our projects in an innovative way. The basic premise was to ensure that every consumer who bought with us gained with their purchase i.e. this was the apt time for their home buying. We successfully replicated this for the Dubai sector in June with the Times
What would you say about the growing professionalism in the Indian real estate sector today? There has been a colossal change in the way in which the industry operates now and back then. It's more regulated, more organised, competitive and challenging now. Corporate governance has grown manifold, the customer has become the focal point for decisions taken and it’s no longer unilateral. With private equity and opening of foreign direct investment (FDI) this scenario is only going to look up. The real estate industry has been going through some difficult times. What is your outlook on the industry? What changes do you see going forward? Yes, the industry is going through some trying times, but I must say it isn’t alarming since, like all business, realty too is cyclical in nature and in time the tide will change and look favourable. Come early 2016 we will see good times, but I do want to share with your readers that it would be unfair for customers to expect a dramatic 15 to 30 per cent reduction in rates, as is being widely communicated. The truth remains that land is non-replenishable and is a scarce resource, and with compounding taxes and increased Ready Reckoner rates there cannot be a phenomenal change in prices. Hence my humble advice—if you’re an avid investor or home seeker, now is the time. Any advice that you could offer NRIs looking to buy property in India? The time is perfect. With a growing economy, I think this is the ideal time for you to buy into a part of India, and stay connected with your roots. 17