The High-End Residential Player!

Comment on the industry outlook as a part of the trend going on in the real estate market?

The real estate industry is looked upon as one of the most prominent pillars of the Indian economy. It has been seen as a globally recognized sector which is expected to contribute around 13% GDP of the economy by 2025. With a contribution of close to 6-8% to India’s Gross Domestic Product (GDP), it stands second in terms of employment generation. Due to a lot of changes that occurred in the presiding year where RERA came into existence followed by GST hit the market in a big way the sector went through worst times.

2020 is anticipated to be fruitful due to the initiatives taken the government followed by a recent scheme of SBI to refund home loans to customers if the developers delay projects. With the exponential overhaul of infrastructure and the upsurge of connectivity we are anticipating 2020 as a year of revival.

What are your recently recognized projects?

EKTA World recently launched it’s new projects EKTA Trinity at Santacruz West, Mumbai. EKTA Trinity is a high-end residential property which promises to offer the perfect mix of design and comfort to the buyers. This attractive real estate project spells pure luxury, offering world-class features to the residents. It is a 2-tower project with luxury 2 and 3BHK flats spread across 16 storeys. From spacious living room and kitchen to bedroom and bathroom, every single unit will be laced with unconventional lavish features. It offers amenities like ACs as well as other gadgets and appliances in the entire home -,vehicular free amenities deck is equipped with over 15 amenities, like children play area, , gymnasium and eco facilities like storm water drains, water conservation, rain water harvesting, landscaping & tree planting, along with fire protection and fire safety requirements much more.

What are your views on the government policies and reforms to develop the field of real estate, as a major part of the infrastructure development movements?

The government’s policies and reforms will boost the sector as sentiment will see an uptick. The recent announcement by FM on unveiling investment of Rs. 102 lakh crore in national infrastructural plan will boost the sector as sentiment will see an uptick. The investment on road projects promises both quality infrastructure and better connectivity which will benefit both buyers and developers by providing good value to the housing assets. On the other hand with the central and state government’s expectations on private shares of national infrastructure rising to 30 % from 22% will get the sector organized and act as a game changing regulatory. We are hopeful that the annual investors meeting will turn the tables for the sector at large and increase much needed liquidity in the sector.

How do you view the impact of RERA norms in the construction world?

The motive of implementing RERA Act 2016 was to establish the Real Estate Regulatory Authority to promote and regulate the real estate sector.  The requirement of registration of all new projects with the regulatory authority has helped provide greater transparency to home buyers.

The developers need to adhere to the plan which specifies that if the developer delays in structuring the project he/she is liable under to pay the same interest back to the customer. If any structural defects are found within 5 years by the buyers the developers are eligible to bear the repairs. These measures along with additional few indeed will increase transparency in both the funding and the development stage so that fraud companies no longer exist.