Disruptions, Survival & A New Start

Disruptions, Survival & A New Start
Feb 2021 , by , in Interviews

“IF WE ALL WORK TOGETHER, PLAN TOGETHER AND ACT TOGETHER, SURELY THE REAL ESTATE SECTOR WILL EMERGE A WINNER FROM THIS CRISIS,” IRFAN RAZACK, CHAIRMAN & MANAGING DIRECTOR,  PRESTIGE GROUP 

Real estate industry creates wealth for the people and for the nation, thereby boosting economy. Apart from  building homes we build workspaces,  industries, hotels and places to  shop and play. With the time the  residential space and size demands  have changed. In commercial realty,  the e-commerce has increased the  requirement of warehousing &  storage spaces. Apart from many such  new trends, the real estate market  itself has expanded exponentially  over past few decades. 

“WHEN I GOT INTO THE  BUSINESS OF REAL  ESTATE, THE SIZE &  SCALE OF OPERATIONS  USED TO BE QUITE  SMALL. NOW IT’S GONE  THROUGH THE ROOF,  DEMAND HAS GROWN,  JOBS HAVE INCREASED  AND THERE ARE MANY  NEW ASSET CLASSES  AND OPPORTUNITIES THAT HAVE EMERGED. “

In the year 2020, there has been an increasing inclination  among people to invest in property  which was further boosted by  unprecedented low home loan  interest rates by banks. Across  

the country, there are new hotels,  malls. Townships, offices, etc. coming  up to fulfil the need of housing, work  spaces and recreation among others.  It is the government that has to  create infrastructure for connectivity  to city peripheries and upcoming  developments by utilizing, GST,  infrastructure tax and other taxes  and premiums collected through real  estate transactions.  

“I BELIEVE, WITH INFRASTRUCTURE DEVELOPMENT  WILL COME PROSPERITY AND PROGRESS TO OUR  CITIES. NOT TO MENTION, GOVERNMENT PARTNERSHIP  AND INITIATIVE IN TERMS OF ECO-FRIENDLY  DEVELOPMENT IS ESSENTIAL AS WELL. FOR INSTANCE,  WASTE WATER MANAGEMENT, GARBAGE COLLECTION  SYSTEM, RAIN WATER HARVESTING NEED TO BE  LOOKED INTO BY THE GOVERNMENT FOR CREATING  BETTER ENVIRONMENT FOR CITIZENS AND TO  SUPPORT A SUSTAINABLE URBAN DEVELOPMENT.”

The big challenge for realty sector  now is to cater to the high demand  for real estate in an eco-friendly  and a sustainable manner. How we  can protect our environment while  also delivering on the customer’s  demand is a critical line of thought.  For developers, I would like to say  that whatever we create, it has to be  designed and developed keeping in mind the end user. And not to  forget, our construction will have to  be more environment sensitive.

Excerpts from a Special Address at 12th Realty+ Conclave & Excellence Awards 2020- South

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