In a candid conversation with Realty+ Senior Correspondent Asma Rafat, Pradeep Misra talks about the company’s evolution since 1992, the nuances of India’s planning ecosystem, emerging investment opportunities like SM REITs, and the road ahead. He offers a deeply insightful look into the evolving real estate and infrastructure consulting industry. Here's the conversation:
From a time when trunk calls had to be booked and business operated without the internet, to today’s era of smart cities and digital infrastructure, Pradeep Misra has seen India transform, and he has helped shape that transformation. As the Chairman and Managing Director of Rudrabhishek Enterprises Ltd (REPL), a NSE-listed integrated urban development and infrastructure consultancy, he has steered the company through three decades of change, innovation, and expansion.
Let’s begin by understanding how REPL started. What was the vision back in 1992?
Pradeep Misra: I founded REPL in 1992, which was a turning point in India's history. That was the year the economy began opening up, transitioning from a controlled system to a market-driven one. We sensed early on that the country was on the verge of massive transformation, and we wanted to be part of that change. We entered the field of infrastructure consultancy just when India was beginning to evolve into a new kind of economy.
Over these 30+ years, has India really transformed the way you had envisioned?
Pradeep: Absolutely. Those who worked before the 90s, between 2000 and even post-2020 have experienced vastly different eras. In the 90s, there was no internet, no courier services, even telephone calls had to be booked in advance! But despite the lack of tech, business existed although in smaller volumes. Once the economy opened up, we saw a boom. New sectors emerged. For instance, the service sector wasn’t even considered a sector then. The introduction of service tax in the mid-90s was confusing for most. Now with GST, it’s an evolved system. So yes, India has come a long way.
Do you thinks for young entrepreneurs today this is the best time to start a business?
Pradeep: Professionally, yes. Today’s generation has technology, speed, and access to global ideas. But personally, it's very different. Earlier, we didn’t have to inform our parents every hour. No news was good news. Now, everything is connected, which is great for business but sometimes overwhelming personally.
What has defined REPL’s identity and made it stand out from others in the industry?
Pradeep: REPL has always evolved with time. We started with infrastructure design—water supply, sewerage systems—and gradually moved into town and country planning, architecture, MEP, and integrated design solutions. Over the years, we added verticals like smart cities and hi-tech townships. We keep reinventing ourselves every few years. Most recently, we obtained the license for SM REIT. The idea is to diversify, stay ahead of the curve, and operate in areas where margins are good and competition is low initially.
Since you brought it up, what is SM REIT, and how do you see its future?
Pradeep: SM-REIT is among the biggest shifts in recent years, similar to how mutual funds started 15 years ago. Back then, people didn’t understand mutual funds. Today, they're huge. I believe SM REITs will outpace mutual funds in the next 10 years. At REPL, we have been part of this industry for decades, and our expertise in master planning helps us understand growth patterns. We can identify where to invest, whether the growth is organic—driven by population—or induced by infrastructure like airports or expressways. SM REITs allow us to leverage that knowledge to guide investment meaningfully.
What have been REPL key milestones & challenges in smart city projects?
Pradeep: The first phase of Smart Cities focused on 100 cities. Establishing control and command centres was a major achievement—now cities can monitor infrastructure in real-time. Every city has its own character, some religious, some commercial and the goal was to identify each city's core and upgrade it to national or international standards. The biggest challenge, however, is sustainability. If capital is spent on non-revenue-generating assets, maintenance becomes difficult over time. Smart planning must ensure long-term viability.
What has been your experience with initiatives like PMAY and Jal Jeevan Mission?
Pradeep: The Government of India has become highly structured with digital platforms and defined processes. Whether past or present, governments work through the same bureaucratic system. What changes is the philosophy and priorities of each administration. On-ground execution, though, remains with officials and the people. These projects involve the lowest strata of society, and working with such diversity—different mindsets, expectations, and needs is the real challenge.
What about stalled or mid-construction projects? How has REPL dealt with those?
Pradeep: There are three ways we’ve seen such projects revived: one, through government-appointed agencies which is the fastest route; two, via NCLAT with new promoters effective but time-consuming; and third, through court-monitored boards, which often result in prolonged standstills. Each has its own pros and cons, but timely resolution is critical to revive stuck assets.
What is your vision for REPL over the next decade?
Pradeep: First, we will continue to deepen our core areas. Urban planning, infrastructure, design. Second, we are exploring forward and backward integration, possibly in geoengineering or tech services. And third, the most transformative will be SM-REIT. That’s where I see the biggest opportunity. Internationally, we are open but currently focused on India, which is growing rapidly. Developed economies are stagnating; India offers far more potential if we ride the growth curve smartly.
Finally, what message would you like to give to the real estate sector today?
Pradeep: Real estate is much more than just housing. Unfortunately, the sector has become overly fixated on residential development. We need to think holistically—offices, schools, SEZs, entertainment zones, infrastructure, all are part of real estate. Balanced growth is critical. Also, the housing market is changing fast. Large corporate developers are reshaping it, moving away from the old model of customer-funded construction. With REITs and rising demand, the next decade will be transformative for the entire industry.
