BUILDING TRUST & GOODWILL IN REAL ESTATE
Established in 2013, Geetanjali Homestate is among the leading real estate service providers in the Delhi-NCR. Sunil Sisodiya – Director, Geetanjali Homestate Pvt. Ltd briefs Realty+ on the current property market and the influential role of channel partners in present scenario.
WHAT IS THE DEMAND AND SUPPLY SCENARIO IN DELHI- NCR MARKET?
Right now, commercial properties are most in demand because the buyer is well aware where he has to invest his money. Similarly malls, food courts and multiplexes are witnessing good investments in Gurugram but, no one is investing in plots or even residential. The problem basically lies in the over capitalization of property.
Earlier, people used to invest according to the properties location, today they invest in properties that have a good leasing potential. The important factors to consider are the developer, construction partner and the company maintaining the commercial property.
RERA HAS REMOVED FLY BY NIGHT DEVELOPERS FROM REAL ESTATE. WHAT’S YOUR OPINION?
When rules and regulations are introduced in a sector it is said that the sector gets cleaned. RERA had the same effect on the market. As a consultant, even before RERA we were doing sales for only reputed developers with good track record. Hence, in my career I have done business with only A-class builders. With introduction of RERA, only those channel partners have survived that work with a professional developer.
WHAT ARE THE TOP 3 DISRUPTIONS IN INDIAN REAL ESTATE?
Today, real estate demand is there supply from organized developers is limited. After the introduction of RERA, there is now a control over the real estate market. A developer cannot put money from one project into four other projects. Thus, the limited supply.
In the coming years the payment plans will be improved. There will be changes in the buying patterns no doubt. Buyers want affordable but along with that quality of life. Due to this demand, developers have also changed their construction and projects to provide buyers with what they desire.
To get rid of unsold inventories in residential, the builders are leasing out the flats to buyers for a period of two years. So, the customer gets to reside and experience the lifestyle of a gated community for that stipulated period. In this way the developer is getting an income and a potential customer A number of builders have taken up this method..
If you are in real estate you cannot look at the challenges. One has to be positive at all times and just focus on the opportunities. The coming times will be better for real estate.
WHAT ARE THE GROWTH PLANS FOR GEETANJALI HOMESTATE?
In the next 6 months to a year we are planning Shops cum Offices (SCO) commercial plotting complex, just like Gurgaon sector 29, Khan Market etc. It is basically a proper commercial plot. Builders are used to constructing ground plus four but SCO is a totally different concept. Here any buyer can come and open their showroom, restaurant or they can rent it out. This is being launched in Gurgaon after 12-13 years.
We are also planning a multiplex development. Multiplexes is one of the best investments in the world and India as well. One of the reasons is the long lease. Also the presence of a big brand is an advantage. In a city the best source of entertainment is a multiplex.
Indian real estate will soon witness a burst of growth. I believe that if one buys from the right builders who have a good reputation then there will be no problem. One who chooses rightly will never have a downfall. For example: IPhone will always sell because everyone is aware of its quality and brand. Thus, if the brand has quality, top of the line service, transparency and is a good investment then it will always have the market.
My future plan is to take Geetanjali on a global platform. In the coming years I plan to set up 20-30 branches on an international level, not as a dealer but as a consultant and a shareholder firm. Many people we come across in this field are not adequately informed. So, we would like to provide professional advice to these people and guide them towards good investments.