Please us with your valuable notion on the ongoing real estate market.
The real estate sector in India is currently a billion-dollar industry, making its place as one of the most promising sectors in the country. This sector has gone through a significant metamorphosis, from the construction of gated communities and luxury residences, to a growing demand for innovation in the commercial real estate category and a focus on bettering infrastructure. According to a 2019 report by IBEF, the real estate market in India is expected to hit $1 trillion by 2030. In addition to this, it is expected to contribute 13 per cent to the country’s GDP by 2025.
Tell us about your recent recognized mega projects?
Located in Sanpada, Navi Mumbai, Goodwill Unity is one of the flagship projects of Goodwill Developers that offers luxurious 2BHKs with exclusive sundecks. A wide range of amenities, including a well-equipped fitness centre, a semi-olympic sized swimming pool, open jacuzzi, yoga and meditation decks, Amphitheatre seating, reflexology path, and an exclusive banquet hall complete with a party lawn are available. The most significant highlight, however, is the fact that it is the first digital complex of Navi Mumbai. Due to its proximity to Vashi and easy accessibility to the main Sion-Panvel Highway, the project is set to be one of the paramount developments in Navi Mumbai. Goodwill Unity was also recently conferred with the Times Realty Icons 2019 award for Iconic Luxury Project – Navi Mumbai, and the Mid-Day Iconic Luxury Homes – Navi Mumbai as well.
The other on-going project is Goodwill Abode located in Tungarli, Lonavla. Abode is a bungalow scheme that offers luxurious 3, 4 & 5 BHK bungalows, amidst nature, complete with a fully-equipped clubhouse.
With regard to the trends, newer segments like co-living, and co-working spaces, student housing options, healthcare facilities and senior housing are likely to expand vigorously. Developers are also infusing digital and sustainable trends into upcoming projects to give their customers smart and eco-friendly homes.
What is it that you would like to share about the role of the government to bring positive and favorable policies and reforms for the real estate industry?
The reformative steps brought into the real estate sector in the form of RERA, GST, REIT (Real Estate Investment Trust), Benami Transaction Amendment Act and Pradhan Mantri Awas Yojana have further escalated the pace at which the real estate sector has improved. With these policies introduced by the government, the sector is now much more transparent with financial discipline and increased efficiency. As a result, this sector has seen new heights in terms of transactions. Swift execution of the 100 lakhs crore fund for infrastructure growth, recently announced by the Finance Minister, will also ensure de-cluttering in the metro cities like Mumbai and improving the commute, thereby, paving way for better housing facilities. These advancements display an advantageous future for the real estate sector at large.
How do you view the impact of RERA norms in the construction world?
As mentioned above, introduction of measures like RERA has not only helped the real estate sector pick up efficiently but also increased financial transparency between the developers and the home buyers. This has resulted in a higher feeling of mutual trust and has ensued the overall sentiment in the sector to grow in a positive direction.
Conclude your thoughts!
Goodwill Developers’ mantra is two-fold: Work hard and be honest. Adhering to the core values, every employee works with complete honesty, integrity & equality and strives to achieve operational excellence, to create a paradigm shift in customer expectations from real estate developers.
