WHAT WILL SHAPE FUTURE OF INDIAN REALTY

In Indian real estate, legacy isn’t just about how long you’ve been around it’s about how deeply you’ve earned your place. It’s the quiet resilience of firms that have weathered policy upheavals, liquidity crunches, and shifting buyer moods without losing their footing.

Shobhit Agarwal: Ajmera has built a strong reputation in MMR over the decades. How do you ensure that this trust and credibility are carried forward while also adopting new age design, technology, and sustainability practices?

Dhaval Ajmera: Ajmera Realty started more than 30 years ago. We have the advantage of three generations working together building on the wisdom of previous generation and the fresh new ideas of the young generation. So, it’s a great mix. Post-COVID, we realized this was our moment to leap. We brought in professional minds, and shifted our mindset from 1x or 2x growth to 5x or 10x. This isn’t just about chasing numbers. The Rs7,000 crore worth of launches in Mumbai reflects something deeper a shift from cautious optimism to bold ambition. Legacy players like Ajmera aren’t just holding ground anymore; they’re rewriting their playbooks. We are blending old-school credibility with new-age agility, challenging the status quo while respecting the roots. I believe, legacy means knowing when to pause and when to push. It means having the humility to listen and the courage to lead. And as Ajmera Realty steps into new markets and scales up its vision, it’s clear that heritage, when paired with hunger, doesn’t slow you down—it propels you forward.

Shobhit Agarwal: Many large developers from outside MMR — including Bengaluru, Pune, and Delhi-based players — are aggressively entering this market. Does this intensify competition for established MMR players, or does it expand opportunities through partnerships and market expansion?

Dhaval Ajmera: MMR and Mumbai contribute to 50% of the entire real estate volume wise of the real estate market of India. So, no surprises that developers from other states are entering Mumbai with fresh ideas and bold ambitions. The competition is no longer just about land banks or launch volumes it’s about vision. And that’s raising the bar for everyone. What’s emerging is a more conscious ecosystem. Collaboration across cities, cross-pollination of talent, and a shared commitment to smarter, greener growth. The boardroom conversations are changing from “how fast can we build?” to “how responsibly can we grow?” I am a firm believer that there is enough and more market in the Mumbai-MMR for everyone to operate space, though local established players will have an edge due to the name which has been earned over the years in the market.

Shobhit Agarwal: Redevelopment is poised to reshape Mumbai’s skyline. Do you see long-standing relationships with local societies as the biggest advantage for established players, or can new entrants disrupt this space with fresh models and aggressive execution?

Dhaval Ajmera: What was earlier 1.85 FSI in Mumbai, today depending on the road width and other factors, the FSI has gone up to six to seven times. So that’s where the opportunity for redevelopment has come in Mumbai. Secondly most people want to continue to stay in their micro-market and see development of their societies as a way to get premium housing with lifestyle amenities. Lastly, with so much infrastructure development happening, once the localities that were far-off from central areas are now better connected and old buildings in such areas are a good catch for redevelopment. However, much of redevelopment in Mumbai is disorganized and haphazard, that is why government has introduced cluster redevelopment, wherein large land parcels will be redeveloped in a more cohesive manner, with better built-up area and green spaces planning.

Shobhit Agarwal: Technology is being called the “new cement” of real estate — AI in construction, prop tech in sales, digital twins in design. Do you think Indian developers are genuinely ready to embrace this, or is it still a buzzword game?

Dhaval Ajmera: Real estate had for long been riddled with labour shortages, inconsistent construction quality and unpredictable timelines—these challenges demand new tools, new thinking, and a willingness to adopt technology. Although real estate is at a very nascent stage of technology adoption, but in the next five years we will see a burst of technology in construction, marketing and operations and almost all fields of real estate. Modular construction is something I am very bullish on.