“Focus is on pushing the affordable and mid-segment housing”
The residential sector has performed well with a push to affordable housing and the emerging student housing space has gained momentum and is expected to grow in the upcoming year, says Maulik Sheth - Director, Ashwin Sheth Group
- Given the major government policies, implementation such as GST and demonetisation, how was the performance in 2018?
The residential market is progressively witnessing a recovery and the focus is on pushing the affordable and mid-segment housing. After demonetization, the enactment of RERA, followed by the Goods and Service Tax (GST) were the major changes that had a drastic impact on the sector. Demonetization and RERA have paved way for safeguarding the interests of the homebuyers by improving transparency, accountability and efficiency. With respect to taxation, the GST brought about uniformity to create a ‘one nation one tax’ reform. This improved affordability for the potential homebuyers in this segment.
- Can you give us an outlook for the real estate market?
The residential sector has performed well with a push to affordable housing and the emerging student housing space has gained momentum and is expected to grow in the upcoming year. Moreover, the government’s plan to make ‘Housing for all by 2022’ a reality will promote the growth of the housing sector, create employment opportunities and address the housing needs of millions. Furthermore, infrastructure development will play a crucial role in boosting realty and property appreciation. The upcoming Goregaon-Mulund link road will seamlessly blend the eastern and western nodes of the city. The 13.7km connector, 4.7km of which will be through the Sanjay Gandhi National Park (SGNP), promises to cut down peak-hour travel time between Goregaon and Mulund from over two hours to just 15 minutes and the estimated cost of the project is over INR 3800 Cr. The proposed GMLR will be in proximity to the Mulund Railway station, the industrial Area in Bhandup and the Mulund Railway station. The Thane Railway station will also be within a 4km radius. We believe the GMLR will give more avenues for developers and homebuyers alike.
The state governments are now more inclined towards enhancing the facilities by providing excellent connectivity and organizational structures. These are reflected in the ambitious projects taken up to develop new metro lines, airports, highways, coastal roads and sea links. This will help reduce the traffic and congestion on the road and save travel time, making it faster and more convenient for people while commuting. With the accelerating Indian economy and robust government policies, the future of the realty industry looks bullish.
- What impact does present regulatory environment have on the developers?
The regulatory norms of the real estate sector presently has revitalized the industry. This sector which was packed with teething issues posed by the prevalent norms has now settled and become more streamlined. We can see drastic changes such as the eradication of fly by night operators, grooming relationships with buyers and a level playing field for reputed developers. This has contributed to making real estate a more mature and consolidated market.
- Please brief us on some of the major projects that have been commissioned or in the advanced stages of completion?
In 2018, Ashwin Sheth Group launched an uber luxury project Sheth Avalon at Thane in partnership with celebrity designer Sussanne Khan who will be lending her design expertise for the uber luxury 4-5 BHK phase that is the club house space, luxe amenities and common lobby. The luxury edifice brings to you 28 storeys of pure living pleasure. The price of these residences starts from INR 3 Cr onwards. Each sq cm of space and detail is meticulously planned and curated by the group. Sheth Avalon is strategically located on Thane’s Platinum Belt and is adjacent to the eastern express highway. It is well connected to the surrounding areas and provides effortless access to educational institutions, hospitals, amusement hubs, restaurants, shopping malls, hotels and more. Sheth Avalon Phase 2 boasts of magnificent towers and mesmerizing views of the Yeoor Hills.
The group also launched Giona tower, which is a part of luxury project Montana, Mulund (W) by Sheth and Emami. The property has received a brilliant response from homebuyers with genuine inquires and lead conversions. With an inventory of 360 spacious and distinctive homes, the tower offers configurations of 2 and 3 BHK units with mesmerizing views of the Yogi Hills and Navi Mumbai cityscape. The project entails 4 towers of 2, 3, 4 & 5 BHK, and boasts of architectural design by none other than globally renowned James Law, known for his new age architecture; world-renowned interior design firm HBA Singapore for elegant interiors; and TROP, Bangkok for Landscape design of the project. A dedicated space for indoor games, a kids’ play zone and a specially created zone for senior citizens dot the premises making the ambience extremely amicable for both the young and old. Recreation amenities include banquet hall, party lawns and a cafe. In addition to these, residents can also avail use of a business center and an ATM. Montana has something for everyone – jogging tracks, a golf simulator, a gymnasium, tennis and basketball courts for sports & fitness buffs, a Jacuzzi, a Spa as well as a steam and sauna to indulge your senses!
