“We are focused on the residential sector in the MMR region and actively being pursued by developers under the development management model”, points Ashok Mohanani, Chairman Ekta World, Vice President NAREDCO West
With the Housing for All By 2022 initiative launched, how do you see real estate moving?
Housing for All By 2022 concept is to achieve providing homes to both economically weaker sections and rural areas. The scheme not only boosts the real estate sector but also helps in strengthening economic condition of the country. Post RERA, there is more transparency and professionalism between the stakeholders and the developers. Although the real estate sector has slowed down a bit, there are multiple signs of completion of this scheme before 2022.”
How do you source funds for your projects? What are the funding-related challenges faced?
Like most developers, we too seek construction finance and project finance from financial institutions and PE funds. The cost of money- is amongst the biggest challenges, like affordable housing being granted an infrastructure status permits seeking funding at lucrative rates similarly this should be extended to the whole of real estate such that the pool of beneficiaries are larger.
With RERA and GST what are the main changes that you have seen coming in this industry?
The Real Estate (Regulation and Development) Act, 2016 seeks to protect homebuyers as well as help boost investments in the real estate industry. Post RERA and GST, there is more transparency between the developer and the buyer. RERA induced temporary stagnation in the sector until all developers became compliant to the new norms, stricter rules and regulations to protect the interest of the buyer at the same time benefit the developers. It is also regulating the real estate sector. Whereas GST rationalizes the tax, structure and subsumes all previously existing tax slabs and structures.
As much as the concept of smart cities is beneficial to a city, is it posing challenges of any sort for the developer community?
Smart city projects help in improving the surroundings by providing better quality of life to the citizens and educate them about the benefits of saving energy and reducing the overuse of extinguishable natural resources. It helps the city develop faster, incorporate the conversion of waste into energy, improve & increase the efficiency of water consumption with the help of latest technology and techniques. There are multiple challenges that we as developers need to overcome some of them being: rigid thinking of the consumers, lack of availability of raw materials to develop smart city, which includes 24×7 accesses to electricity, water, etc.
Tell us about innovative materials, technologies and concepts used in your projects.
Ekta Tripolis is a green project and as a brand, EKTA World has taken a lead and progressed towards the growing trend of green buildings, in a day and age where we all strive to preserve for generation next. Ekta Tripolis is designed and executed to be a Green building. We make sure that our construction is pro-environment and your lifestyle is blessed with natural surroundings, such as maze garden, meditation & yoga area, garden walkway and more! We show we care! Ekta Tripolis is also endowed with the following Eco-friendly systems: sewage treatment, rainwater harvesting, vermiculture pit, well-ventilated homes ensuring effective utilisation of electricity, use of products like flyash bricks, led lighting etc and procurement of products with the stipulated radius etc.
What are your company’s plans for the next two years and any new segments within real estate that you are planning to tap?
We are focused on the residential sector in the MMR region and actively being pursued by developers under the development management model. We currently have two projects under this model and evaluating four more such ventures. Apart from this, we are actively working towards acquiring new projects in western, eastern and mid central Mumbai namely, Matunga , Oshiwara, Dahisar.
What your current turnover, and where do you see the growth for the company five years down the line?
We have appx 20.9 million sq ft under construction and developed across Mumbai, Pune, Nashik and Virar and with over 14500 families. And we are currently developing appx 1.5 million sq ft annually.
Also tell us about your immediate new projects that are coming up?
Ekta World is coming with projects in Bandra West- West Bay, a 21 storey building. Another one will be in Powai lake view 2-3BHK apartments called Lake Riviera. These projects provide stunning view of city skyline, spa life are some of their offerings and there would a slew of launches in the last quarter of the calendar year too.