Interview with Manoj K Goyal, Director, Homestead
How do you see the real estate market in India today?
The real estate sector in India is going through a correction phase. In the current market scenario, people are a little hesitant to buy property because of the overall economic slowdown and no or very little growth in their disposable income. Still both affordable and high-end homes are in huge demand. NRIs are seen investing a lot in high-end property and the trend is likely to continue. The mid segment market is expected to improve with the revival of the overall economy and following the government push for infrastructure expenditure. In the current market scenario India’s real estate sector requires clarity on regulations, rationalizations of taxes, FAR & density. A single-window clearance system is the need of the hour. We firmly believe that further correction in property prices is not possible because of high land prices, low FAR, high borrowing cost & non-availability of easy finance. We expect the market to start moving forward in a positive direction in the first half of 2016. Secondary market prices have already started increasing in many parts of the country. We also expect the FDI flow to increase in the sector due to the recent policy changes.
Homestead is said to be a leader in boutique branded residences. How do you intend to make the BBR concept work in India?
It’s very important for any real estate company to focus on a particular segment of housing to have better brand connect. We at Homestead believe that most of the consumers are internationally exposed and look forward to international class of residences & ambience. The boutique branded residences (BBR) concept stands firm on the belief that accentuated global lifestyles enable people to treasure every moment of their lives. These residencies, inspired by the traits of leading icons, offer a first-hand experience of their celebrated lifestyle and raise a toast to your achievements. We will continue to focus on boutique branded residences as there is substantial demand in this segment, provided that exclusivity is provided to the consumers for leading a luxurious lifestyle.
What is the scope of sports-centric projects in India?
Sports-centric projects have a lot of scope in India, but the brand which is chosen by a developer must also represent a certain lifestyle. They should be inspired from the lives of iconic personalities in sports such as Michael Schumacher, Maria Sharapova or some renowned name in golfing. We at Homestead will not only focus on sports-centric projects, but will try to create BBR in many other segments of lifestyle.