Estrade Media Pte. Singapore, recently hosted the 3rd Estrade Real Estate Conclave & Awards 2017 – Singapore, which was scheduled on 6th October 2017 at the Grand Copthorne – Waterfront. The Estrade Real Estate Conclave and Awards is the only India focused, business to business connect engagement for the Real Estate industry organized in South East Asia. The awards night brings together more than 100 business leaders comprising of Real Estate developers, Interior Designers and Architects. Unlike other industry engagements organized in India, where the connect is more local, Estrade Real Estate Conclave provides a global connect at an international platform. Avantis Group’s OFIRA project in Surat won the Best Project Award in Non-Metro category. Team Estrade had the opportunity to speak to Viral Shah -Dirctor, Avantis Group at the 3rd Estrade Conclave and Awards 2017 in Singapore. Following are the excerpts of this interview.
About Avantis Group
Starting from humble beginnings, the Avantis group is a name to reckon with in real estate in Surat. From the days of designing the architecture of the structures to building huge high-rise apartments, the Avantis group has come a long way without letting go of its core values of dedication to quality and eye for detail.
Since 2000, the Avantis group brand stands for grand, top quality, and internationally comparable designs in its infrastructure projects. The company is known for our unique designs, contemporary architecture, timely delivery and the sheer magnitude of their projects.
Be it a commercial shopping destination like VIP plaza, or a luxury service apartment like Hardrock or a luxury residential haven like Ofira, each project that Avantis has taken up is not only a masterpiece in design but also value-for-money, in terms of world class amenities offered at a reasonable price. The company has also come up with the well-acclaimed luxurious Bungalows project Umiya I & II and is further coming up with some of the most high-end commercial as well as residential projects.
The company’s projects are not only resplendent in their features, but also incredible for the finest combination of strength, aesthetics, design, and architecture. At the Avantis group, they focus on nothing less than sheer excellence.
About OFIRA
The project is built with a new and modish look to give the feel of a peaceful place with graceful living. The project is crafted with artistic structure that emits an exotic feel. The designs and the furnishing of this magnanimous project is done with an idea to live unique and stylish. The interiors and the exteriors of the project are a class apart and are meant to rejuvenate your living. The up-to-date amenities and classy services make up a world of ecstasy. The planned world with personalized features is organized in a manner to let live a user friendly life. It’s not just an apartment; it is a world within a world.
OFIRA is located at the Vesu area, which is the preferred location in Surat. The company has taken luxury to the pinnacle of heights through this project. They have given best quality luxurious apartments with a touch of royalty. The project unprecedentedly offers Air Conditioning systems, a personal foyer with high-tech security systems for each apartment, and series of high-end amenities and specifications. The company takes care of each and everything that belongs to project. They have delivered best in Quality of what we promised.
“RERA and GST both have their own pros and cons.”
How do you feel on receiving the award?
First of all thank you very much for this honor. I am really pleased and proud to receive this award. Ofira has been our 1st project of Avantis Group. And receiving award for the first project itself and gaining recognition is one of the best feeling ever. This is great encouragement for us, thereby making us more responsible to deliver more beautiful and innovative projects.
How do you see the real estate market poised in India this year?
Its quiet good and progressing rapidly. In fact maximum funds flow, that I have observed, is in this industry and there is good return on investment too.
What are your views on the ever changing real estate industry?
Every day new technologies are evolving, so new things are to be learnt and implement, this in turn paves way for growth in the industry. Every elevation, structure and design these days is reflection of a persona and is a status symbol for any city or state, something to be proud about. It is giving builders and developer challenges to come up with more unique and facilities oriented projects. The Government’s support is also a great boost to the industry.
What are your thoughts in RERA and GST?
RERA and GST both have their own pros and cons. Though RERA, I think, benefits both customers and genuine real estate developers.
Its implementation is an evolving process; most people have less understanding on implications of its implementation. And this uncertainty is the reason for concern of all stake holders in market.
With regards to GST, Surat, our city has a huge textile market and textile business has been impacted hugely. Textile giants who were expecting major growth in the near future and planned initial investments in developing commercial hubs for the spurt in growth, have suddenly had to delay these investment decisions. Gradually once people and investors get more clarity, the market will automatically start to improve. May be growth projections and market sentiment will be even better than that observed during the pre-GST phase.
“RERA mainly intends to protect interests and rights of home buyers
by way of enhance transparency in real estate industry.”
How do you see the future of real estate market in India?
Future of India’s real estate is very good. We have seen and got good success in this short period of 5 years or so. From our experience, the market booming like anything and I have not seen such rapid growth in any other industry in India.
What’s your view on the RERA?
RERA holds huge promise for India’s Real Estate industry. Genuine real estate developers, brokers and other players have great opportunities with RERA’s implementation and would not face any issues. However, the fly by night operators and those who were in the business of giving false commitments to buyers by claiming wrong ownership rights on property, etc., will not be able to operate in these new market conditions dominated by RERA regulations.
How introduction of RERA is set to change the future of Real Estate market in India?
RERA mainly intends to protect interests and rights of home buyers by way of enhance transparency in real estate industry. Also across the country there will be standardize practice and a uniform legal system. This will lead more faith amongst buyers, our primary stake holders, and will bring in more investments. Transparency, along with clearly laid out practices and laws are a corner stone of any healthy industry, so, same with Real Estate industry.
REIT and FDI, which will dominate the market for Real Estate and Infra projects over next 2 years?
REIT, as they form a network within the same industry. Clearly, through REITs these stake holders have more faith and trust on the real estate developers when compared to FDI. REIT Investments are faster and more transparent.
“As the population grows, it demands city development and better infrastructure.”
Which segment, Real Estate, Commercial or infra, do you think will contribute maximum, in revenue terms, over the next 2 years?
A lot of new businesses are developing, thereby leading to an increased demand for real estate and commercial development. Real estate and Commercial will definitely earn more revenues in coming years, in comparison to infra.
Affordable housing is commercially viable? This is product going to dominate the market nationally?
Ans) Buyers views and mindsets have changed lot from past few years. Majorly all income groups are looking more good way of living. It is only some income group its a benefit product. With change mindsets of buyers, I do not think it will dominate market anymore.
There has been way too much stress on luxurious lifestyle in real estate marketing, is this set to change?
No, I do not think so. As I said earlier those buyers mindsets have change. They are more interested now to know what facilities and amenities real estate developers will provide. Be it commercial or residential project buyers want good quality with maximum facilities and amenities in the project. Developers know that what was considered luxury in earlier projects has now become a kind of basic need for buyers. So it’s not over emphasis or stressing at all, rather a requirement from the market itself.
What are the key changes that the Government must do in policy and permissions terms?
Paperless policy is one that I think is necessary, which to some extent is being answered in the form of RERA being online. There are concerns related to the fact that sometimes procedures are lengthy, that lead to the delay in certain phases of project implementation and delivering within deadlines. So, some kind of a quick reform policy would be a great advantage and benefit all stake holders of the industry.
“Rather than the investors, now the users are demanding for more facilities and luxurious life style”
Is the industry facing shortage of skills? Which areas? How are the Real Estate players bridging this gap?
Not as such. Along with growth, builders and developers are adapting new technologies and methods. With globalization there has not been any issue as such faced. Real estate players are constantly at par with new innovation, technology and skills and there are people also available who are flexible about learning new methods and technologies.
How do you think realty firms would benefit from government’s flagship schemes such as ‘Housing for All by 2022’ and ‘100 Smart Cities’?
These go hand in hand. As the population grows, it demands city development and better infrastructure. This indirectly promotes business and growth opportunities for real estate firms, thereby creating more job opportunities as well.
Do you see correction in property prices?
They will be more stabilized than before, so not so much volatility in the real estate market as earlier. Now it all depends on what kind of product you are giving to the buyer and accordingly you can have an asking price for the product, because, a good real estate developer can easily accept a good price for a quality real estate product.
What kind of projects are getting funding from investors these days?
Mostly textile and commercial properties are getting more funding as the investment ticket size is less and return is a lot more.
How is the outlook on Residential property over the next 1 year?
Outlook is very positive and bright. Rather than the investors, now the users are demanding for more facilities and luxurious life style. Existing old buildings, do not offer much in terms of facilities and amenities. This change in the sentiment and demands of the buyer has created tremendous opportunities for future growth.
In the next two years, what are the two trends that will define the future of the industry?
Innovative residential luxurious flats and commercial projects with the right location and area, will make a huge way in the industry.
“Future of India’s real estate is very good” – Viral Shah, Avantis
