Gen Next carrying the family legacy to new heights
International Day Of Families falls on 15 May every year and highlights the importance of families as basic units of society.
The United Nations General Assembly proclaimed that 15 May of every year shall be observed as the International Day of Families. The day reflects the importance that the international community attaches to families as basic units of society.
Family is undoubtedly the basic unit of society but to a family, the most needs are simple- Food, shelter, and clothing. This International Family Day, Realty+ looks at some of the Indian Families who provide the basic need of a home to the families of society.
The Indian Real estate sector has in the last decade seen many second gen leaders take over the family business and reach new heights. Leaders in the industry such as DLF, Lodha, Hiranandani, Puravankara, Brigade, Mantri, Prestige, Vatika, Sheth Group, Siddha and many more have undergone a succession of power. Sons and daughters of real estate moguls are now finding it more and more attractive to follow in the family’s footsteps and take rein of the business.
On this International Family Day, Samyak Jain, Director, Siddha Group, recollects his childhood days of watching his father and uncle build a successful business, knowing one day he would be the one leading the way forward,
“My first ever family business experience was back in 2002-03 when I was 13 years old. I accompanied my father to a site in Jaipur which was spread across over 141 acres with no habitation around the area. Now there stands an NRI township in Jaipur Housing Board which is now a commercially viable trait. In the year 2008, I moved to Calcutta to pursue my graduation from St. Xavier’s College. After attending college in the morning I used to head directly to our Calcutta Office where I learned how the business works. Ever since then, my source of inspiration has always been my uncle and my father who have inculcated values and sense of responsibility to nurture our family business. By the age of 26, the responsibility of heading the Mumbai operation was given to me as we entered the Mumbai market in the year 2016. I believe that I am fortunate to have grown under the shadows of these two great personages and businessmen.”
Nirupa Shankar, Director, Brigade Group articulates,
“I decided to join the family business post my Masters of Management in Hospitality (MMH) from Cornell University in New York. The hospitality industry in India was booming at that time and Brigade was at the cusp of launching many new hospitality ventures. My interest in the family business was piqued during dinner table conversations that many times revolved around the business. Its been 10 years now since joining and while I started off with just hospitality, I now oversee the Retail and Office verticals as well.”
Apart from developers, architects as well have been inspired by their families to taken up the profession and carry on the legacy. Firms such as Somaya & Kalappa, Shashi Prabhu & Associates, K2 Architecture, Seedle Group and many more have continued the family name in the field of architect.
Ar. Amol Prabhu, partner, SPA shares,
“SPA was founded 50 years ago by my father, Shashi Prabhu. The company started in 1967. He is the director of the company. He is our mentor. My younger brother, Atul Prabhu, joined company almost 15 years ago. I was away and spent most of my time in America. I came to India in 2005 and joined the company as partner. Since then, we have changed the face of the company. We don’t do only architecture anymore. We do architecture, interior design, engineering, services. We do everything because it is important for an architect to be able to complete the project rather than just do the planning. We have taken the company my father started to new heights.”
As is much aware, the Indian Real estate sector has witnessed a slowdown in the past three years however, this does not have seemed to deter this young gen next. Armed with international degrees and broadened perspectives, they have brought a breath of fresh air into the industry.
“It is believed that family-run businesses are doomed once they go beyond generations. But we wish to prove it wrong, and keep our legacy going for generations to come. I have been fortunate to inherit the values and learnings from my father Mr. Ashwin Sheth, who has been a constant support in influencing my career and has helped me fathom business.” expresses Chintan Sheth, Director, Ashwin Sheth Group on Family Day.
The brand having been built by the older generation and now led by the second generation is carrying forward the family legacy in the hope of taking the business into the next revolution and making it an even bigger success. Consumers trust them, cherish them, swear by them, and are willing to be part of their projects.
Whatever the real estate industry may witness in the next coming years, one thing for sure is that the future of Indian real estate lies in the capable hands of this Gen Next. Their new tech-savvy methods, global perspectives, and eagerness are taking the sector in a positive future.