Developers with a strong brand equity and credibility

What new real estate trends are emerging in the development market?
The real estate industry has progressed tremendously in the last decade. There have been a slew of policy reforms that have changed the modus operandi of the sector. Incentives for affordable housing sector, RERA and GST have put the sector in revival mode. RERA has made the sector more organized which has improved the market sentiment. Buyers who were fence-sitting are now buying homes. As for GST, If the government resolves the issue of bringing the entire real estate industry under the ambit of GST, it will increase the margin for developers by eliminating multiple taxes. This will lead to ease of doing business, an inflow of funds required for the development and better efficiency.

Another trend observed is that there has been an improvement in the standard of living. Homebuyers are more cautious while choosing a home and will pay a premium for lifestyle amenities. A property encompassed with spaces for recreational activities, facilities for fitness, dedicated play areas for children and intelligent planning has become a popular pick amongst all groups of homebuyers.

Another factor is that the importance of location cannot be stressed enough and developers are strategically choosing areas to set up residential properties as homebuyers want civic and social infrastructure around their homes. Sheth Group has conceptualized Thane’s Platinum Belt by offering prime residences on the stretch which are surrounded by schools, hospitals and Viviana Mall.

Most importantly, residents want homebuying to be financially easy and developers are striving to offer various schemes and flexible payment plans for the same. These trends are expected to have a cumulative effect on the industry and propel a robust development.

Share with us your new projects and plans that are taking your business to a new level.
Beaumonde: Several projects of Sheth Group’s have been landmarks in their own time. But our most well-known project is Beaumonde in Prabhadevi for which we have done everything possible—today, it still stands testimony to our efforts. We roped in international consultants for the design and layout. It was one of the first projects in 2001-02 with the concept of an eco-deck. The building, up to the second or third floor, has been clad with granite; above that, we have clad with ACP, an aluminium sheet imported from Malaysia. This probably still remains the only residential project to use this kind of material because it’s expensive; and compared to paint, it’s a plaster finish. Also, it is moisture, heat, wind, dust and water-resistant. It does not lose its colour easily and makes the building light in design. The up-scale residential complex ‘Beaumonde’ was Sheth Group’s first venture into luxury living spaces. Beaumonde is Mumbai’s signature development that incorporates world class iconic holistic living. Overcoming the challenge of space-crunched limitations, Beaumonde reflects the company’s vision and international expertise to create a project of parallel stature deserved by this global city. Conceived with a determined objective of creating a new level of magnificence in the uber-cool South Mumbai, Beaumonde became the ultimate home, delivering on location-planning, leisure activities, privacy and interiors with a splendid view of India’s first sea-bridge. Beaumonde stands for residential luxury designed to match the tastes and mindset of a select few, who aspire to live ahead of the times.

Vasant Lawns: Vasant Lawns was a venture embarked with the aim of catapulting a town, hitherto known for its budget and economic way of living, into the lap of luxury. With large tracts of land untouched by urban civilization, this residential project transformed the town of Thane into an international lifestyle destination. It is one-of-a kind Township in Thane with the concept of space explored inside-out.

The entire township is raised on a podium from ground level, and even the towers have high entrance lobbies; all planned to give the maximum advantage of distance away from the highway. For this achievement, Vasant Lawns has won several awards and accolades.

Explain your views on the potential growth in the rising sector and the way your business will get benefit from the market graph?
The realty sector has transcended over the years and is set for a revival owing to the progressive reforms implemented in the recent past. With greater transparency and accountability in the sector, we expect to see a significant rise in demand for residential properties from all types of homebuyers. Moreover, the government’s focus on infrastructure development, affordable housing will propel the growth of the realty sector. Recently, the cabinet also gave its nod for 100% FDI in the construction sector via automatic route. Additionally, a lot of developers are offering schemes and flexible payment plans to make home buying financially easy! These reforms have paved the way for a robust development for the sector. However, we hope the government looks into single window clearance which will help developers getting timely approval for project completion. This will help us to execute projects more swiftly and quickly. Also, Mumbai is now saturated in terms of horizontal expansion. More initiatives for extra FSI will certainly go a long way in addressing the housing demand in a largely populated city. As for Sheth Group’s business, we have always adopted ethical business practices and have witnessed great demand for our properties located on Thane’s Platinum Belt. The location offers homebuyers the opportunity to live in the lap of luxury surrounded by great infrastructure. Moreover, our ongoing property in Mulund has also witnessed great traction with homebuyers moving to the suburban areas for prime residences with greater affordability. Sheth Group also actively offers lucrative deals and schemes to lure homebuyers. We have offered no floor rise cost, GST Payback, flexible payment plans, etc and have received tremendous response for the same. We expect a fruitful going ahead.