Gera Developments Private Limited (GDPL), a reputed brand for over 50 years, is one of the pioneers of the Real Estate business in Pune. Recognised as the creators of premium residential and commercial projects in Pune, Goa and Bengaluru, the brand has established a global presence through developments in California, USA.
GDPL prides itself on providing long-term value to customers, by having a distinct customer-first approach. But how does the company continue to keep its focus on meeting the shifting lifestyle dynamics of their customers, year after year, generation after generation. Let’s, hear it from, Rohit GERA, Managing Director. Gera Developments Pvt. Ltd, the second generation of the family business.
Sharing his thoughts on the family-run firms especially in real estate over last two decades he said, “The last 20 years have seen a tremendous increase in scale for real estate developers. While family ownership still dominates the industry, a key shift has been the growing need for professional, non-family managers to work closely with owner-promoters. This need has arisen due to the increased scale and complexity of operations. Another significant change is the evolution and improved reputation of the industry, which has encouraged many from the next generation to enter their family real estate businesses.”
Rohit Gera agrees that a family-run model in today’s real estate market comes with its own set of challenges and opportunities. “Real estate development often demands quick decision-making, which is easier to achieve in owner-run and owner-managed companies. In contrast, non-owner-led companies typically follow more structured investment protocols, which can sometimes slow down decision-making for time-sensitive opportunities. Family-run businesses also tend to take a long-term, multigenerational view, whereas non-family-managed firms are often more focused on quarter-to-quarter financial results. Additionally, family-led businesses have the flexibility to make empathetic decisions, even if it comes at the cost of profits. On the flip side, non-owner-led companies often operate with clearer mandates and defined processes, which can lead to greater focus and objectivity in execution.
Is there a shift towards Corporatization?
Rohi Gera stated that over the last two decades, there have been a large number of professionals entering the real estate industry, creating a strong talent pool across all functions required in a real estate organization.
He added, “Yes, a significant shift is underway. Many real estate firms that have been around for 20 to 30 years are now scaling their operations. Meaningful scale is not possible without the right people to lead teams. Often, the leadership needs of a growing business exceed the talent available within the family. As a result, companies are increasingly bringing in non-family professionals to run the business alongside family members.”
Family-run businesses tend to take a long-term, multi-generational view. Non-owner-led companies often operate with defined processes & quarter-to-quarter financial results.
Challenges for the second- or third- generation leaders
Now the big question, how easy or difficult it is for the next generations to make their place when entering the family business?
Rohit Gera concurs that next-generation family members undoubtedly face several challenges when they join the business. He explains as in many cases, the businesses have been built by a parent or an uncle who has been the heart and soul of the organization for decades, it many a times leads to immediate comparisons and pressure on the incoming family member.
“They also face the need to prove themselves, as some non-family employees may perceive them as entitled or less capable. This often results in feelings of imposter syndrome, where the new entrant questions their own ability and legitimacy within the business. Therefore, without a clearly defined structure and role, there can be friction and frustration on both sides, which may lead to overall dissatisfaction, elaborates Rohit Gera.
Will family businesses continue to be integral to Indian real estate growth story?
Rohit Gera gives a resounding Yes.
“Family businesses contribute significantly to the country’s GDP across sectors, and real estate is no different. Most businesses in this space start small. Real estate development is a long-cycle business—acquiring land, obtaining clearances, constructing, and then offering a five-year defect liability period often spans 10 to 12 years. In the early stages, it’s difficult to attract high-quality external talent, so there’s a greater reliance on family members to step in. As developers achieve early success and move toward growth, the involvement of family tends to increase, often leading to the creation of a longstanding family legacy in the business,” he concluded.
While family ownership still dominates the industry, a key shift has been the growing need for professional, non-family managers to work closely with owner-promoters.
