Paradigm Realty’s dynamic journey began in 2015 with a vision to bring an experiential change by providing quality functional housing at affordable pricing to Mumbai city. Paradigm Realty being a first generation real estate brand is now reckoned amongst the top 20 developers of MMR including Multi-generation institutional brands.
According to Parth Mehta, it is people’s faith & confidence in the brand that has led to accomplishment of 1600+ homes delivery till date with 6 completed projects with OC, and a delivery track record of over 2 million sq.ft & 4 million sq.ft of ongoing developments across Mumbai suburbs. “The objective of the company is to design grand homes that offer comfort and solace by catering to practical requirements of the end-user. We craft spaces that are a blend of contemporary art & technological novelty while staying truthful to our core principles of aesthetics, strength & commitment,” he said.
“COVID-19 BROUGHT TIDE OF WOES ON REALTY SECTOR.”
Speaking about the times of pandemic, Parth Mehta shared that the massive scale of the impact of COVID-19 on Indian real estate can be gauged from the fact that the sector has incurred a loss of over ?1 Lakh Crore since the pandemic broke out. The pandemic resulted in a serious liquidity crunch for real estate developers. The credit shortage brought down the residential sales from four lakh units in 2019-20 to 2.8 lakh units in 2020-21 across the top seven cities of India.
He added, “The dawn of COVID-19 brought a tide of woes on the real estate sector, stifling it to the point where property transactions went to a near-halt, ever since then the market has taken several strides towards recovery witnessing green shoots of growth in early 2021. The new normal kicked in by the pandemic has brought a focal shift in people’s perspectives, making them keen to buy properties that offer more than just living spaces & hence developers are now focussed on offering leisure luxuries, green surrounds, improved security & facilities. Smart commercial spaces with smart features & augmented network of connectivity is the new choice. Moreover, the pandemic outbreak and the subsequent growth in digital transactions and e-commerce have brought warehousing & logistics and data centers into sharp focus. Also,Mumbai holds the highest potential for the retail sector. Seeing the current trends, Mumbai definitely is poised for strong robust growth.”
“THE COMPANY SHOWED FINANCIAL DISCIPLINE DURING DIFFICULT TIMES.”
Parth Mehta was proud of the fact that the company did not sack any of the team members during the Covid era, nor there were salary cut for any staff. “We recognised the personal difficulty each one of us faced and empathised the situation. Our core team has shown tireless commitment towards addressing all of the challenges relating to Covid-19 and led the business through the difficult period who delivered 3 projects in such tough situation. Special mention has to go to the team for preparing site offices according to the prevalent Covid protocols and making sure our customers and existing family of buyers experience complete control in terms of hygiene and safety,” he expressed.
MUMBAI’S PROMINENT REAL ESTATE MICRO MARKETS
“In my opinion, the top luxury micro-markets in Mumbai are Worli, Lower Parel, Chembur, Andheri, Kandivali and Borivali. These locations have time and again proved to be the choice of the elite class. With major developments leading to these locations, most of the iconic developments have taken shape in recent times. While Chembur, Bandra and Andheri serve as the cosmopolitan urban choice of living, Worli and Lower Parel have mostly become the choice of evolved patrons looking for the South Mumbai ambience and neighbourhood with Central connectivity. Whereas, Santacruz, since is a nodal location, attracts more upper-middle class buyers who look for high standards of living with a touch of the newness and smart configurations,” says Parth Mehta.
“RBI DECISION TO INCREASE REPO RATE WAS EXPECTED.”
Sharing his thoughts on the impact of RBI repo rate hike on the buyer’s and developers Parth Mehta stated that the RBI decision to increase repo rate by 50bps was on expected lines. He added, “The home loan interest rate hike is likely to impact homebuyers negatively as EMIs are set to get costlier on back of higher stamp duty. In the current situation developers are trying to keep sales buoyant by offering developer subvention rate, subventions where buyer’s loan rate is capped and offering furnished homes etc.”
“OUR DEVELOPMENT PLANS ARE OPEN TO NEWER POSSIBILITIES.”
Paradigm Realty has announced its expansion plans in the Mumbai market for driving growth. This development is part of their larger plan to strengthen its footprint in major metros over the next five years while undertaking decisions that moralize environmental, social & governance (ESG) initiatives.
Talking about the new project launches, Parth Mehta enthusiastically shared,”Our 1HCY2022 launches included Artteza (Juhu Tara), an uber luxurious project with a host of amenities in the great location of santacruz - Juhu neighborhood. In 2HCY2022 we have two launches planned a residential complex housing over 600 homes at 102 Downtown, Oshiwara (a 10 acre multiuse township with an uber luxury mall coming up comprising largest floor plate in MMR) and Commercial and Residential development Paradigm Antalya, a premium lifestyle gated community housing 400 homes in Borivali (W).”
Quoting the famous quote by Robert Shculler - “Tough times don't last, but tough people do”, Parth Mehta concluded the conversation, “The company is all poised to open up its development horizons to newer possibilities where it can reach out to the larger audience of home buyers. Increasing awareness on family safety and automation has become one of the core customer expectations in recent times. With a myriad of technologies taking the front stage, it’s soon going to be a market for technologically advanced facilities that are ready to become an inseparable part of an Indian household.
We recognise our intent & resilience and our financial discipline by not opting for any interest moratorium or loan settlements with financial institutions & lenders during the
unprecedented times.
The new normal kicked in by the pandemic has brought a focal shift in people’s perspectives. The world is moving towards a new way of living with technology-driven smart homes and lifestyle add-ons.
