After nearly four decades of navigating real estate cycles, Pawan Agarwal, MD, NK Realtors has seen the business transform from brokerage-led deal making to full-spectrum advisory. In this conversation with Asma Rafat, Senior Correspondent, Realty+, Pawan Agarwal discusses how consultants are becoming long-term strategic partners, why data and transparency matter more than ever, and how shifting buyer expectations, technology adoption, and emerging asset classes like warehousing are reshaping India’s real estate landscape.
NK Realtors has witnessed nearly four decades of real estate cycles. From your vantage point, how has the role of a real estate consultant changed from being a deal-closer to a long-term strategic partner?
Pawan Agarwal: Over the last three to four decades, the role of a real estate professional has evolved significantly from that of a transactional broker to a strategic consultant and long-term partner. Today, leading consultants assume end-to-end ownership of a project, often being involved right from inception. This includes advisory on project conception, design, positioning, communication strategy, sales planning, pre-sales, and post-sales engagement. While this consulting-led, outsourcing-partner model is still adopted by only about 20–30% of the industry, it represents the future of real estate advisory driven by accountability, depth of involvement, and shared outcomes rather than mere deal closure.
You often speak about bridging the gap between developers and buyers. Where does this disconnect usually arise, and how can data-led advisory help correct it?
Pawan Agarwal: The primary disconnect between buyers and developers typically arises from communication gaps particularly around project progress, delivery timelines, construction quality, and on-ground realities. From a buyer’s perspective, the lack of transparent, regular updates often creates uncertainty. This gap can be effectively addressed through data-led advisory and technology adoption, such as automated customer portals that provide real-time construction updates, timelines, and documentation. Ultimately, structured, tech-enabled communication is the most powerful bridge between developer intent and buyer confidence.
Kolkata remains NK Realtors’ home market, even as you expand into cities like Bangalore and Hyderabad. What makes buyer behaviour and developer expectations in Eastern India distinct from other regions?
Pawan Agarwal: From a buyer’s standpoint, there is little regional variation across cities like Kolkata, Bangalore, or Hyderabad. Buyers everywhere prioritise size, quality, value for money, and assurance that what is promised will be delivered.
The distinction lies more in the developer mindset. Markets like Bangalore are more technologically advanced and mature in their approach to outsourcing end-to-end consulting services. Developers there actively leverage specialised partners for sales, marketing, customer experience, and technology similar to practices seen in developed global markets. While NK Realtors pioneered this model in Eastern India, Bangalore has embraced it more holistically, supported by stronger technology ecosystems and solution providers. Hyderabad is also growing rapidly, but Bangalore continues to lead in tech-driven real estate practices. In Kolkata, developers often seek stronger support in product positioning and demand generation, making strategic consulting and marketing especially critical.
With residential, commercial, land, and industrial assets under one umbrella, how do you advise clients to navigate today’s market volatility and make informed investment decisions?
Pawan Agarwal: Investment advisory today depends largely on an investor’s risk appetite and sector preference. Some investors have a clear inclination towards residential or commercial assets, while others prioritise stable, annuity-style returns—typically through pre-leased commercial assets yielding 8–8.5%. For investors willing to take higher risk in pursuit of superior returns (18–20%), opportunities may include land investments, structured partnerships with developers, pre-launch inventory, or deeply discounted entry deals. Importantly, we only recommend investment opportunities that we are fully convinced about—both at an individual advisory level and as an organisation ensuring credibility and long-term value creation.
Strategic marketing has become central to project success. How do you see the balance shifting between location-driven sales and insight-driven storytelling in real estate today?
Pawan Agarwal: Location remains the single most critical factor in real estate decision-making—defined not just by geography, but by connectivity, social infrastructure, accessibility, and even views. However, buyer evaluation today goes much deeper. Developer reputation, past track record, apartment layout efficiency, natural light and ventilation, amenities, sustainability, and green design now play a decisive role. Strategic marketing and insight-driven storytelling have therefore become essential, particularly in competitive or emerging locations. While a prime location may reduce the intensity of marketing required, no project regardless of location can succeed today without clear positioning and effective communication.
Industrial land and warehousing are gaining momentum alongside residential and commercial growth. What trends are you seeing in this segment, and why is it becoming critical for developers and investors?
Pawan Agarwal: India’s rapid transition into a consumption-driven economy, coupled with the rise of e-commerce and technology-led supply chains, has significantly accelerated demand for logistics and warehousing infrastructure. Government focus on roadways, expressways, rail corridors, and regional airports is further strengthening this ecosystem. Compared to global benchmarks such as China, Europe, or the US, India’s warehousing market is still at a nascent stage. This presents a substantial opportunity for developers and investors to diversify into industrial parks and logistics assets, catering to multinational companies and large third-party logistics players—making it a critical growth segment alongside residential and commercial real estate.
Looking ahead, what do you believe will define trust and credibility in real estate consulting over the next decade, especially as markets become more transparent and technology-led?
Pawan Agarwal: Trust and credibility in real estate consulting will increasingly be defined by stakeholder experience buyers, developers, and partners alike. Transparency in disclosures, honesty in communication, consistency in delivery, and long-term reputation will be non-negotiable. While digital platforms and online reviews play an important role, informed clients will combine both online and offline research, relying on real stakeholder feedback rather than superficial ratings. In a more transparent and technology-led market, credibility will belong to those who deliver what they promise and are consistently endorsed by the ecosystem they serve.
