Excuses galore within the sector and there is a big question mark over the execution and delivery capability of the developers. The execution failures have given a lending credence to the criticism that the developers just can not deliver on time. Delivery has emerged as a major issue even though the developers continue to blame it on external factors.
The satellite towns and periphery locations of major cities across the country have been stigmatised as the last refuge of the struggling homebuyers. The collective consciousness looks at these locations meant for buyers who have no choice but to compromise with their wants and needs.
What has been an interesting finding during this fiscal year is the fact that a number of relatively smaller developers but with impeccable track record of delivery and consumer satisfaction are breaking the myth that it is the sheer volume and premium that elevates a company at the Brand Leadership Chart.
The Indian real estate market has always been notorious for its lack of transparency, and the changes in recent times has been less than desirable. As India aspires to get clean money into the sector, the foreign funds too have high standards in terms of service quality and clarity.
Sowparnika Projects & Infrastructure introduces ‘Positive Homes’ a unique proposition designed and developed based on new age customers demand. Positive Homes comes with uncompromising features and fixtures and price that is unheard of, all-inclusive price of around INR 10 lakhs for a Studio.
Till a decade back such was the mad rush for raising money in the capital market that even the real estate companies with limited presence in select micro markets started launching projects across the country to showcase a pan-India presence. Significant increase in housing demand, organized retailing and liquidity boom from 2003 to 2008, led to huge increase in land prices and real estate values and most real estate companies had a great run.
This may not be music to the ears of the developers who are hoping against the hope that the recent policy changes & reforms would bring the homebuyers back to the market. But the ground reality is that for a vast majority of the Indian homebuyers the measures like demonetization, GST, RERA or Benami Transaction Act are more for academic discussions than making any tangible changes for them on ground.
RERA is one year old now and already the homebuyers are questioning the legislation, in the absence of any visible changes on the ground. The developers, on the contrary, feel RERA has already identified the challenges and hit the nail. Within the built environment the debate is inconclusive as to what extent RERA has brought in transparency and accountability and to what extent has it enhanced homebuyer confidence.
Meet Ravi Menon, Chairman of Sobha Ltd and son of PNC Menon whose legacy gives the son liberty to rest in his cabin and enjoy the laurels that the company has earned. But it seems there is something professional in the DNA of this family. Hence, the colleagues respect Ravi as first co-worker in the office whose personal involvement and eye for detailing is what has helped brand Sobha to get to the next level of brand reputation.
He came from Kolkata to Bangalore in 1993 to set up the Salarpuria Group’s construction business. But he believes that he was destined to be in this business. The business leader still carries the gratitude to point out that he was fortunate to be mentored by the best professional, Late Mr Salarpuria, in the industry which has goaded him to be where he is today.