FROM A RICH LEGACY OF JEWELRY BUSINESS HOW IS THE FORAY INTO REAL ESTATE WORKING OUT?
For a jewelry company to diversify into real estate seems very risky and illogical. However, around 2016, the real estate industry started transforming with the coming of RERA and GST. The entire manner in which real estate companies operated, was transformed and we took this as an opportunity. This expansion has worked out very well for us over the years. Since Mahesh Notandas, caters to the luxury category, we were very conscious to position Notandas Realty in the high-end luxury segment. The synergies between both the brands have been very beneficial, because at the end of the day the potential clients for both the businesses are the same. . A lot of transparency has come into the industry, project timelines have shortened, and most projects are being delivered on time or before time and I believe developers are more financially prudent now. This has really boosted the confidence of people, to purchase under construction apartments.
WITH THE ADVENT OF DIGITIZATION HOW DO YOU FIND THE BUSINESS NAVIGATION TODAY?
Digitization has made a major impact on the real estate industry. All the information regarding any project can be found online such as timelines, apartment sizes, and competitive projects. In terms of project execution, with increased connectivity and communication across the entire company, it is now possible for us to get real time updates from all the construction sites, get information where exactly are we facing delays in terms of execution and this helps us take decisions at lightning-fast speed. We have managed to significantly cut down our construction timelines and deliver projects before the committed dates. We are currently creating a custom-building management software which would be used by all our residents who move into our projects. This would include access control, reservations of common areas, visitor management etc and it would be one of its kind when it’s ready.
HOW HAVE THE PROPERTY MARKET DYNAMICS CHANGED POST COVID?
Covid has been a major booster for the real estate industry. The sentiment for homeownership is stronger than ever. We have been seeing that common amenities such as pools, gyms etc are at the top of the list for clients now when purchasing a home. Another trend that we have been noticing is that people are willing to stretch their budgets and buy slightly larger house so that they can fit in a home office or an entertainment room.
WHAT ARE THE FUTURE EXPANSION AND GROWTH PLANS FOR THE COMPANY?
We as a company are very passionate. We tie up with the best architects and go the extra mile to try and create iconic structures. We do understand buying a house is a very big decision and our team is available for our clients and build strong long-term relations. We have actively been pursuing the holiday home market. I think there is immense potential there which would definitely force us to expand geographically. That being said we would make sure that any projects we take on, match our brand values and long-term vision. But I don’t like to count my chickens before they hatch. So, let’s just say 2023 will be a very exciting year for us.
WHEN I STARTED, BECAUSE OF THE LARGE TRANSACTION SIZES, IT WAS VERY HARD FOR PEOPLE TO TAKE A 24-YEAR-OLD SERIOUSLY. BUT WITH TIME AND EXPERIENCE I HAVE BUILT MY OWN SPACE. WE ARE STILL A VERY YOUNG AND HUNGRY COMPANY AND WE ARE CONSTANTLY EXPLORING NEW OPPORTUNITIES WITHIN THE REAL ESTATE AS WELL AS OTHER INDUSTRIES.