To delve into the inspirational stories of two eminent real estate personalities, Vijay Wadhwa and Angad Bedi, spanning 5 to 2 decades respectively, Sapna Srivastava, initiated the conversation asking about their leadership styles. Vijay Wadhwa entered into real estate sector when it was a completely unorganized market and Angad Bedi before taking up the reigns of family real estate business had worked with corporate like KPMG and PwC
Vijay Wadhwa considers real estate to be an emotion driven profession that requires catering to the diverse needs of potential buyers. He says, “Although advancements in PropTech and AI are beneficial, the initial planning stages remain crucial. We are creating living spaces for individual we do not know, so if you don't prioritize proper planning, a building may be constructed, but it won't achieve the desired level of health and happiness for the occupiers. I have always endeavoured to lead my team to pay attention to small details and make sure the client’s needs are kept in mind.”
Angad Bedi was of the view that real estate’s transition over the years from a disorganized industry to adopting international standards of corporate governance had indeed been challenging and the process is still ongoing. “To lead my real estate venture, I brought the corporate governance style to my organization, standardizing processes, ensuring compliances and bringing in technology for process improvements. The change presented both challenges and learning opportunities for me.”
Sapna Srivastava summarizing both the leader’s views concurred that as a leader understanding your client and making sure the team follows proper compliances is a major task. “The times change, but for a leader, having a long term vision and the foresight to construct innovative buildings is crucial for progress. But not losing sight of the intent of the building is what will make a project successful.”
THE EXPERIENCES
The biggest concern of the real estate sector is the huge number of distressed projects. According to Vijay Wadhwa, the main reason for this problem is the greed. “Unmethodical and greedy builders focusing on usurping as much FSI as possible, causes delays and cash flow issues. The overleveraged developers are not able to complete the project and have to pay hefty interests on the loan which becomes a vicious cycle. Younger generations should avoid such greed, focusing on efficient project management, practical considerations and client needs,’ he advised.”
Angad Bedi sahred his own experience of a project where they were the contractors and the developers was unable to finish the project. “A large conglomerate struggled with a 55-acre project near Bangalore and stopped operating. As a contractor, I took over the project, transformed my business into a development arm, and successfully completed the project in collaboration with Nisus Finance. The objective was to complete the project as that would be not only a win for us but for the homebuyers as well.”
THE OUTLOOK
As a young developer, Angad Bedi sharing his thoughts on the future of the real estate sector said, "Housing is a fundamental necessity and will consistently remain in demand. The market for affordable housing in tier 2 and tier 3 cities is growing with the rising population and expanding middle class. However, the high floor space index (FSI) exacerbates infrastructure issues in overcrowded areas lacking proper sewage systems and development. Thus, promoting horizontal expansion over vertical growth is advisable in these regions. What’s more, there's a growing need for eco-friendly buildings using renewable energy sources.”
Vijay Wadhwa expressing his views about the times to come stated, “The real estate industry has improved with clearer guidelines and better organization, benefiting various stakeholders. However, experienced professionals are still needed to navigate its cyclical nature and maintain strong reputations. Builders and architects should prioritize maximizing sunlight exposure, minimizing reliance on air conditioning and artificial lighting, and ensuring proper cross ventilation in their designs to promote a more sustainable environment.”
Sapna Srivastava concluded the conversation by stating, “The conversation with the young and old of this industry has made it amply clear that a developer's vision and reputation plays a crucial role in the success of the company. Avoid greed, as it may cause stagnation and adapt building designs for a sustainable future, is what Vijay Wadhwa has emphasized. “Effective planning requires anticipating challenges and being prepared for them to ensure project completion is what Angad Bedi has demonstrated.”
Vijay Wadhwa -Being poor is not a sin and giving a well-lighted and well-ventilated basic house is not difficult, if developers can make sure to have properly planned project. Artificial intelligence can suggest improvements, but the basic design must be sound to build a meaningful project.
Angad Bedi - Industries like IT and automobiles have already seen digital and processes advancements. Real estate is likely to witness similar growth in next decade.The business emphasis in the real estate industry should move from utilizing every square footage to a consumer-centric business model.
IN A RAPIDLY GROWING MARKET, PEOPLE TEND TO JOIN IN HASTILY, BELIEVING IT WILL ALWAYS REMAIN ROBUST. BUT IT IS CRUCIAL TO ADOPT A FAIL-SAFE APPROACH, ESPECIALLY IN A SECTOR LIKE REAL ESTATE- ANGAD BEDI
THE PROACTIVE APPROACH OF DEVELOPERS TOWARDS CHALLENGES WHILE PRIORITIZING CUSTOMER WELL-BEING AND STAYING TRUE TO THEIR VISION, IS ESSENTIAL FOR A PROSPEROUS REALTY SECTOR- SAPNA SRIVASTAVA
THE SUCCESS OF A PROJECT DEPENDS ON A DEVELOPER'S HANDS-ON INVOLVEMENT IN PLANNING, CONCEPTUALIZING, AND EXECUTING OF EACH ASPECT OF THE PROJECT- VIJAY WADHWA