Disruptions, Survival & A New Start
“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