Rohan Agarwal, Managing Director, Geopreneur Group
“Redevelopment does not only upgrade the look of the city’s infrastructure but also upgrades the life of the tenants at the same time makes more room for more residents in the same space…
Would like to know more about your boutique construction theme? How did you decide on such developments?
Our vision is not only to create huge number of square footage but also to deliver living spaces which are unique and well thought. Our projects too are on the premium side as compared to our competitors. Providing the best of amenities to our customers, we opt to build a home for customers where they get their car brought to their doorstep, with sound proof and dust proof homes and various multi-faceted amenities which enthral a person even with a single glance. When you look at regular homes and compare them to our homes, you can see the difference. You actually feel at home with the best of features.
Geopreneur Group, a real estate endeavour that established Geopreneur Corp in the year 2013 by me along-with my father Ajay Agarwal, Chairman, Geopreneur Group with a vision to enhance the home buying experience for a home owner. Proving the fact that quality sells itself and no hype is necessary, the company saw an overwhelming response from the market. One of the two projects we are on the verge of completing, ‘Mayur’ has already bagged the 6th Estate award for ‘The Best Redevelopment Project Award’. Having in-house capabilities for designing and executing projects, the group entered related businesses in 2014 with Geopreneur Design Studio in alliance with Aslam Architect and Architect Yogesh Tirlotker. The studio now caters to internal and external real estate requirements. Having our forte in execution, we realized that several developers, especially the emerging ones could make use of the professional expertise while executing their projects, which lead to the inception of Geopreneur Infra Corp. The belief in quality and customer centric approach has created a niche for the group in the real estate segment. We are planning to penetrate western suburbs in the coming year with bespoke and unique projects.
Your project ‘Mayur’ has bagged an award; tell us more on the specifics of the project?
Mayur Apartments was a five storey chawl located on the highway of Bandra East. With Geoprneur Group taking up the redevelopment of the project, Mayur apartments is a state of art twin tower structure that offers amenities like parking that did not exist in the earlier structure except that available on the road. More amenities provided are the flat, terrace garden, elevators, DG back up, fitness centre, CCTV camera surveillance for safety, rain water harvesting and a modular kitchen even for the tenant flats. The 15 storey twin towers also introduced with them the concept of sound proof and dust proof apartments. With redevelopment, the chawl has now become one of the prime properties in heart of Mumbai. 15 storeys Ekta Apartment of Borivali East was on the other hand a single storey chawl and post redevelopment will house amenities like fitness center with requirements, roof top garden with children’s play area, well decorated entrance lobby, elevators, rain water harvesting and an automated car parking system. Both projects are classic examples of how redevelopment does not only upgrade the look of the city’s infrastructure but also upgrades the life of the tenants at the same time makes more room for more residents in the same space.
What is your total land bank and how many projects are you developing? Where?
Our total land bank is 1,05,582.67 for Mayur (Bandra), Ekta (Borivali East), Casa Rare & Casa Castelo
(Borivali West), Maison De Reve( Kandivali West) apart from that from our upcoming projects we have Sky Abodes (Upper Powai, vikhroli) with the land bank of 2,00,000 and Geopreneur Square (Goregaon west) with land bank of 47,750. There is also a project planned in Jabalpur which is at a nascent stage to talk about.
Technologically besides, electricity, water supply, gymnasium and club house, what specific amenities are you offering to your consumers?
As a group, we believe in creating real homes for real people. While designing any project, we first ask ourselves if we would like to stay in this home and what are the amenities we would need to live comfortably. At the same time, we keep in mind that the price point is reasonable for a common man to afford. Our homes have unique features like Sound and Dust Proofing too that creates a sanitized living space in a city like Mumbai. Designer lobby, Swimming Pool, roof top garden with children’s play area, rain water harvesting and an automated car parking system too are some amenities that we provide.
What is your take on the current scenario in the residential sector in a competitive market in all Tier cities development?
While, Mumbai and other such metro cities remain amongst the top construction hubs in the country, tier-II and tier-III cities, are drawing buyer’s attention too. For instance, Pune, which is growing at the new centers of the construction world. Many people tend to purchase homes in tier-II and III cities as investment made there are highly valuable and are at increasing level as well. At the same time they are connected to the metro which brings best of both the worlds for the buyers.
What quality sets you different from your competitors, your business strategy to develop different levels of project?
Complete care is taken to provide the best of unique amenities while planning and designing our projects. No amount of detailing is missed while designing homes by us at Geopreneur Group as we believe that real home are created for real people. We plan the projects customised to the factors specific to a particular locality and make thoughtful designs that cater to the needs of the residence.
Which cities would you be concentrating in near future and why?
Currently, we are focused on the Mumbai real estate market but shortly we would be expanding our foot print in Tier 2 cities like Bangalore and Pune. We would follow the equity model with the local development initially.
Besides approvals what are the other hindrances in the process of developing projects? What new norms are required to be implemented where ambitious developments are taking shape?
Real estate in India is a season driven industry. For instance, during monsoon, the construction process comes to a standstill. Availability of resources like sand is a hindrance. Along with that, delay in approvals make project timeline uncertain. It is the need of the hour that the government regulates the sector and brings a single window clearing system as well as uniformity in norms.
Potential, growth and challenges for sustainable development in real estate sector in India
For a developing country like India, real estate plays the most vital role. Cities are developing rapidly and are seeing constant migration and thus demand for real estate. Nuclear families that have emerged too have created a demand for homes. Redevelopment along with new projects across the country that includes rural and urban zones. So, yes, this sector has great potential and is growing at a stable pace. It however needs support from the government so that a developer is able to deliver projects on time as well as it will allow more players to enter the sector.
What is your take on GST on developers? How will it impact the construction activities across the country?
It will be important to see what the final rate of GST would be because if the rate is higher than the existing cumulative taxes, it will certainly be a dampener as it will increase the final cost for buying an under-construction flat. Construction costs would be reduced to some extent and this benefit can be passed on to the customers. Stating that the real estate sector shares positive symbiotic relationships with more than 250 other sectors such as cement, steel, IT the benefits or drawbacks of GST on each sector will also have an indirect impact on real estate and vice versa.