Founded in 1985, PS Group has grown to become one of India’s most prestigious real estate corporations and the largest in Eastern India. Boasting a significant portfolio of commercial and residential developments that are constantly elevating lifestyles, at par with global benchmarks.
The next gen leader of the firm, Ravi Dugar Director, PS Group throws light on the incredible journey of the last twenty years, when like any other family business in real estate, PS Group too operated quite traditionally. “Our focus was often very regional, relying on personal networks and a deep understanding of local land and market dynamics. Decisions were typically centralized. But, with real estate market maturing and becoming more regularized, we too have embraced modern corporate governance and a more professional approach to project management and customer service. For PS Group, this meant expanding beyond just residential projects, venturing into commercial, retail, and even hospitality spaces, and critically, adopting best practices in construction and design.”
Showing both sides of the coin of a family-run model Ravi Dugar explains, “The advantages, for us, are deeply ingrained. First, there’s the legacy of trust. When you’ve been building for generations, that trust is a powerful asset. Our name, our long-standing presence in Kolkata, reassure customers and partners. Second, we have a longterm vision. Unlike companies driven by quarterly results, we can invest in projects that might have longer gestation periods but offer sustainable growth and value. This allows for more strategic planning and the ability to ride out market cycles. Finally, while we are professionalizing, the ability to make nimble decisions when opportunities arise is still a significant edge.
However, there are challenges. Succession planning is always a critical discussion; ensuring a smooth handover to the next generation while preserving the core values can be complex. Accessing large-scale capital can sometimes be more challenging compared to publicly listed companies. And, while we are actively addressing it, there can be a perception of a professionalization gap or the risk of nepotism if not managed carefully. The key is to balance the strengths of a family structure with the rigor of professional management.
Is shift towards professional management necessary
Ravi Dugar agreed that there is a noticeable and necessary shift towards professional management, due to the sheer scale and complexity of modern real estate. “Within PS Group, this is happening in several key ways from hiring external talent for leadership and managerial roles to professionals with specialized expertise in finance, marketing, legal, and project execution. We’ve also significantly strengthened our corporate governance with more formalized board structures and clear reporting lines. Furthermore, there’s a huge emphasis on technology adoption to improve efficiency and transparency. And for the next generation, including within our own family, there’s a strong push for them to gain external experience, and bring in a fresh, professional outlook.”
Next generation challenges in a family business
It’s a unique set of pressures for the young leadership from navigating the often-complex internal family dynamics to facing the market they enter that is far more complex than what their predecessors faced. Ravi Dugar adds, “Living up to the legacy is an immense pressure. There is an expectation to not just maintain but accelerate the growth and reputation built by the previous generations. Then there’s the generational gap –introducing new ideas, without disrupting the established wisdom and processes of the founders. They also need to earn respect and authority from long-standing employees and external partners. It’s not automatically given; it has to be demonstrated through competence and leadership.”
It’s a unique set of pressures for the young leadership - from navigating the internal family dynamics to facing far more complex market, than what their predecessors faced.
Will family run firms stand the test of times?
As India urbanizes rapidly, family businesses are uniquely positioned. Their deep understanding of local markets, the legacy of trust, long-term investment philosophy, and ability to adapt –are powerful advantages.
Ravi Dugar is without a doubt that family businesses will remain absolutely crucial to India’s real estate growth. “We have the established networks, the ground-level insights, and the commitment that few others can match. The ongoing professionalization within these firms means we’re constantly evolving, blending our traditional strengths with modern efficiency and expertise. PS Group’s journey is a testament to this.”
The noticeable and necessary shift towards professional management is all about blending the family’s vision with cutting-edge expertise.
