Industry Status Would Give Boost to Real Estate
Vikas Pundir, CMD, Shri Kunj Bihari Group
Shri Kunj Bihari Group has emerged as one of the trusted names in the fraternity in its journey of 11 years. The reason behind the steep growth of the group is the timely delivery with the best quality. Talking to Rahul Trivedi, Vikas Pundir, CMD, Shri Kunj Bihari Group discussed about the various aspects of the sector. Edited excerpts:
Please tell something about the company background.
I and my brother Siddharth Pundir started Shri Kunj Bihari (SKB) group in 2005. We started as real estate consultants with a vision that people who were associated with us should get good returns. Then in 2010 we decided that when we believe in quality work then why shouldn’t we work for others and we launched our first project Gold Coast. Our aim was to deliver the best quality and give the customers value worth their money. We were able to deliver the project within two years from the start of construction.
What do you think about the current scenario of real estate market in North India?
I think there will be correction in the real estate sector. The developers who will work for their customers and their faith will be able to survive and the players inflating the market; who are here to make quick money and are only making promises rather than delivering the projects will vanish from the market. Also, I think soon the buying trend would pick up as people are waiting for some good announcements to buy the houses.
What are the positives of announcements like Smart Cities, RERA, Housing for All, GST for the real estate sector especially for the private developers?
All these announcements will be beneficial for the real estate sector. Developers who will have serious approach towards their work will get opportunity to work whereas fly by night developers will have to leave the market. With RERA, the sector will regain the confidence which it has lost in last few years. If you see, all the schemes are inter-linked. Smart cities will give opportunities to the developers to work, whereas RERA would ensure the good work and GST would ease the taxation.
Which are the upcoming real estate markets in North India?
Despite so much development in the North India especially Delhi NCR region, the market size is huge. If you see there is still scope of development near the expressways. If you talk about NH-24, this itself is a huge market for the developers as the Ghaziabad-Meerut belt has good scope. Apart from this, Kundli is an emerging market. All the markets which are nearby to Delhi have good potential.
What are the challenges you see in the real estate sector?
The biggest challenge which I see for the real estate sector is that it has still not been recognized as industry due to which it is difficult get funding from the financial institutions. The norms are also very difficult for us to work. Also, there approvals are not speedy. So, if the sector gets the industry status and single window clearance is there then the sector would get the much needed boost.
Please tell us about some of the distinct features of your project?
As I mentioned earlier that our aim is work for the customers and give them the value worth their money. We create value by constructing homes in the best location with best quality, luxury, and comfort of living. Every project is built with the idea of giving the best home to an individual. We do not sell houses rather we build homes. At Gold Coast, we have used branded materials like Tata Steel, Kajaria Tiles, Asian Paints wallpaper, bath fitting from Jaguar, Godrej locks etc. So when any customer buys a house in Gold Coast he will get value for his money.
Please elaborate on the company’s Growth Plan
Irrelevant to the size of the company, customer satisfaction is a crucial factor in the success of SKB. Real estate is our bread and butter so we will continue with this but simultaneously, we are tying up more large-scale projects to continue on its growth trajectory. Also, we are planning to enter in other fields like Hospitality, Agriculture & Information Technology.
Do you have any plans to launch new projects in other area?
We have Gold Coast 2 in Crossings Republik, Gold Coast 24 at NH-24, which will be first skyscraper of Ghaziabad and Gold Cost Color Homes in Park Town, Aditya World City. We are not in a hurry and would like to continue to work on our vision to develop one project at a time.