Noida and Gurgaon Still among the Emerging Markets
Vijay Gupta, CMD, Orris Infrastructure
Starting his journey as a land aggregator, Vijay Gupta, CMD, Orris Infrastructure has never looked back and has slowly & steadily established himself amongst the one of the trusted real estate companies in the NCR region. Talking to Realty Plus, he expressed his views on the various aspects of North India market as well as elaborated his growth plan. Edited excerpts:
Please tell something about the company background.
We started Orris in 2007, when the market condition was good and the rates where low. Prior to Orris, we were land aggregators. We used to buy land then we used to sell it. Since the inception of Orris, we have been growing and as of now we have land bank of more than 1000 acres in Noida and Gurgaon. Mainly, we work in Gurgaon and there are a couple of projects in Noida.
What do you think about the current scenario of real estate market in North India?
Even before demonetization, the market of North India was sluggish from last three to four years. During the demonetization the sales have been down because of various reasons but you can’t say that because of demonetization there is a slowdown in the market.
What are the positives of announcements like Smart Cities, RERA, Housing for All, GST for the real estate sector especially for the private developers?
Housing for all scheme is certainly a very good scheme. People who are actually in need of house will get their home. Since, this scheme talks about affordable housing so the people who are in the middle income group can also buy a home anywhere they want. They will get better amenities and will be able to live in a better life.
I think with the Smart Cities schemes Government will create a city which will have the entire basic infrastructure and which will be able to cater to the population living in it. If you look at Gurgaon, it is densely populated due to which sometimes the situation gets worse. So, with smart cities people will get a better infrastructure and better environment to live.
Which are the upcoming real estate markets in North India?
If you ask me I will say that Gurgaon and Noida are still emerging market. New Gurgaon is also been developed which can also be seen as an emerging market. Apart from this Kundli, Sonepat, Bhiwadi and Neemrana are also gaining pace. Not only these places but any market place which is well connected is an good option for developers as well as buyers.
What are the challenges you see in the real estate sector?
I think the customer is running away from investing in real estate as of now and this is a big challenge for the sector. The construction is slow because developers are not getting the buyers and hence not getting the money. Unsold inventory is also a big challenge for the real estate fraternity. Due to the increasing number of unsold inventory developers are forced to do price correction. The project which was earlier sold at Rs. 6000 per square feet is now being sold at Rs. 5000 per square feet and even less than that.
Please tell us about some of the distinct features of your project?
We have launched a commercial project by the name of Market City. The most distinct feature of this project is that we are not taking any after sales charges from any buyer which saves them at least Rs. 20 to Rs. 30 per square feet. Around one lakh people are living around that project and by the time the Market City will be completed around 10 lakh people will start living in that area. We have promised to deliver the project in 4 years but we will complete it in 3 years only.
Please elaborate on the company’s Growth Plan
Since we have good land bank and we have licenses so our target is to develop at least 7 to 8 projects in coming 2 years only in Gurgaon and Noida. We don’t want to go beyond Gurgaon and Noida.
Do you have any plans to launch new projects in other area?
We have another commercial project in 10 acres on main highway which we will launch soon. Then we have a residential project in which we have done a tie-up with Godrej in Sector 85, Gurgaon and another residential project in Sector 150, Noida which also we will launch soon.