Scarcity Of land Calls For More Preference To Redevelopment Projects In Mumbai Metropolitan Region
With over 14 redevelopment properties since 1994, Bharat Infrastructure discusses strategies to provide better residential complexes to residents in the Mumbai Metropolitan Region. The scarcity of construction space has resulted in the low supply of stocks and according to them, redevelopment is the key to solve major residential issues.
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In an interview with BW Businessworld, Dhaval Barot, Director, Bharat Infrastructure and Engineering PVT LTD elaborated their vision for providing better homes by redeveloping old properties. Influenced by the Prime Minister’s housing scheme their company has entered the affordable housing segment while creating ultra-luxury projects at the same time and have provided 3000 residents with homes and complexes in a span of 14 years.
Bharat Infrastructure is more focussed on redevelopment. What is the company's strategy with regard to this?
Given the land scarcity in Mumbai and Mumbai Metropolitan Region (MMR), redevelopment is one of the best options to increase the supply of stocks and also to make sure that the existing residents get to enjoy a better residence. With this in mind, Bharat Infra entered redevelopment space in a major way in the Juhu-Andheri area and it has been a great success. Till now, we have developed 14 properties since 1994 on a redevelopment basis and we are happy that more than 3000 residents have received new homes under the redevelopment process. We have constructed quality homes and have delivered on schedule and as a result, we have happy families- numbering more than 3000 who have been able to move to new residences thanks to the redevelopment of their existing homes. Going forward, we plan to take up redevelopment as a priority and we are already developing one marquee project at Juhu called "Juhu Acropolis" which was launched on 10th DEC 2018. We firmly believe that future development of Mumbai is closely linked to our ability to develop redevelopment projects at a faster clip which will contribute to solving the perennial housing shortage of Mumbai metropolis.
Under PM's housing scheme, affordable housing has become very popular. Can you share details on your affordable project?
There is an acute shortage of quality housing and Prime Minister's 'awas yojana' plans to create homes for all. Even in Mumbai and its peripheries, the need to create enough quality homes at reasonable and affordable prices is very high. In our small way, we thought that we should enter affordable segment construct quality homes. That thinking made us develop our affordable project and the response has been excellent. We were the first in the Shilphata location among all the others, to give possession to 250 families in Phase 1 of our project
Which are the areas of realty you are focusing on, new projects you are currently developing?
We are developing ultra-luxury, luxury along with affordable housing segment and we will continue to look at these opportunities going forward as the demand is very strong for all these segments within the residential real estate market. We have recently launched an ultra-luxury project Juhu Acropolis besides completing Skyvistas Bluez in Mumbai suburbs which fall into redevelopment space. We are developing an affordable housing project in Shilphata, very close to Mahape, which is coming up in a big way thanks to the rise of IT/ITes sector companies in and around that area. Till now we have delivered 250 homes through our project in phase 1 in the year 2017. Phase 2 and Phase 3 will be delivered by 2019 and 2020, respectively.
What is your view of the current real estate scenario in Mumbai and in India?
There are estimates that the total shortage of homes in India is close to 18 million homes. In Mumbai and MMR alone, there is a huge demand for quality housing if you look at the number of dilapidated buildings-- estimated at more than 16000 societies and the huge issue of providing housing to slum dwellers, the need to increase the supply is huge. Another good development in the last few years is the rise of aspirational demand by the ever-increasing middle and upper-middle classes who are ready to pay for it. Although the demand and supply scenario is different from city to city, the need to increase the supply will always be very high as Indian economy continues to grow very impressively- upwards of 7 per cent per year, making India as one of the fastest-growing economies in the world.
Susanne Khan has designed a show flat for your project- Skyvistas Bluez- how is the response of your customers?
Susanne Khan who has emerged as a leading interior designer has happily associated with us for developing a show flat for the benefit of our customers. Susanne brings a fresh air of elegant living through her well-thought-out interior design approach. Emphasis on the life-giving green, use of Indian materials and designing with an aesthetic approach lends serenity and peacefulness to one's home. We are sure customers will appreciate her superior eye for detail and will look forward to working with her.
What are the future plans of Bharat Infra Engineering in the next 3 years?
Bharat Infra is in the process of developing another 30 million sq. ft. of property in the next few years as we continue to focus on redevelopment and deliver quality homes in the suburbs of Mumbai. We have created more than 3000 happy families and will continue to deliver quality, reasonably-priced homes to Mumbaikars in the coming years. Besides, we are also planning to develop luxury resorts in Goa and the project is at an advanced stage of planning. We hope to launch that project in the near future as part of our growth plans. Bharat Infra will continue to focus on the segment of property development where we have a proven track record.