What is your valuable opinion on the market sphere of the real estate sector?
As per the Indian Brand Equity Foundation, ‘Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13 per cent to the country’s GDP by 2025. Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs.
What are your latest projects of high recognition?
We have recently launched Purva Atmosphere under our ‘WorldHome Collection’ category. WorldHome Collection is the new range of Ultra Luxury homes by Puravankara Limited. Apart from this, we also launched Purva Aspire in Bavdhan area of Pune, with an investment of approximately 125 crores. Purva Aspire is the first project in the pipeline of Puravankara launches in Pune which is set to transform the luxury residential space in Pune. In the premium affordable front, Provident Housing has launched Provident Cappella – a children centric theme project spread over across 7 acres of land. The project offers some features which are first of their kind in the industry like Club house with a dedicated floor for the entertainment and development of children. Boomerang –The Sports’ Library – Borrow anything from drones to robots, BMX cycles to grand toy houses, play and return.
What are your views on the government plans to uplift the field of real estate?
The real estate industry has witnessed a series of structural reforms with RERA, GST, AIF and the likes which has brought further transparency and also a larger sense of consolidated. The advent of RERA has ushered in a new era in the India realty landscape. It not only helped the industry regain the confidence of the home buyers and investors, but also nudged the fence-sitter towards accelerating their buying decisions.
How do you view the impact of RERA norms in the construction world?
RERA has brought in a paradigm shift in the existing ecosystem of the real estate industry. As the ACT primarily focuses on safeguarding the customer’s rights, it has a positive impact on overall buyer sentiments. The same has been translated into an increase in overall customer inquiries and sales pertaining to various residential projects.
The other significant thing which the industry witnessed was gradual consolidation of the sector. The cost of compliance and the regulatory framework making it harder for the fly by night operators to sustain, it turned into a level playing field for the serious players , who have adapted to the compliance framework fairly quickly. To conclude, RERA is essentially viewed as a confidence booster for all the stakeholders leading towards the creation of a robust real estate ecosystem.
Is there is something you would like to share with your audience at large, as in discussing your trade principals and motives?
Currently at Puravankara, the larger focus has been on changing the contours of Indian real estate by bringing in novel concepts in our projects. We are keen on experimenting with technology that can change the future outlook of the industry and have plans to ensure that these projects are sustainable.
We have always stayed ahead of curve in introducing new concepts in the residential space. Whether it is premium affordable residences through Provident Housing in 2008, smart houses through BluNex Life in 2018; we always look at offering beyond brick and mortar, more than a mere lifestyle — we want to offer a complete living experience, an experience which is fulfilling.
