Sea-change Mumbai: Right time to buy property, says Puranik Builders

Sea-change Mumbai: Right time to buy property, says Puranik Builders

BizNewsx reached out a cross section of the realty industry to find out their take on the state of the business. Here are the responses from Shailesh Puranik-Chairman and Managing Director-Puranik Builders Limited

How was the year gone by for the real estate/infra industry – in terms of sales and new project launches. Can you please list a few launches and the category of projects – luxury, affordable etc. and the locations?

In the past year sales and launches have shown significant traction in the top cities across the country with Mumbai being of them. With a jump in residential sales and focus on affordable housing, the momentum has been set for a robust development. Homebuyers have been seeking homes in the affordable and mid-income segment housing across various locations in the central suburbs especially Thane and other markets including Dombivali and Kalyan. Thane has seen a transformation over the last decade and is now better equipped with social and civic infrastructure. Puranik Builders Limited has recently forayed into the low-income affordable housing segment with a project in Neral.

Do you appreciate the point that infrastructure development is important for the growth of realty? What according to you are key infra issues that weigh the customer’s mind while looking for a house?

Infrastructure and real estate complement each other and contribute to the overall development of the housing sector. The development of roads and rail networks work towards connecting different parts of the city together for easy accessibility. Today’s homebuyer wants to live in a well-connected locality that is environed by basic necessities such as schools, hospitals, entertainment options, etc. They also want to live closer to work to be able to have a balance life. For this, infrastructure development, especially road and rail becomes a key factor that is considered by the customer before they make a decision.

The government has initiated several infra projects such as metro, coastal road and Bandra Versova Sea Link. Do you agree that these will help create a positive sentiment for realty industry?

A strong infrastructure is imperative to boost the real estate market and taking cognizance of this, the government has taken up several initiatives to enhance the quality of life for citizens. For instance, the road projects such as the Mumbai metro lines and coastal road will make commuting much more easier and provide easy and comfortable access to the island city from the suburban towns. This will also provide more options to the homebuyers to choose from as they won’t be restricted to certain pockets. Also, when an area is environed by top notch infra, it also enhances the value proposition resulting in property appreciation in the long term. This has certainly created a positive and bullish sentiment in the industry.

Specifically speaking, please mention the area wise impact of the following: Mumbai Metro Projects, Coastal Road and Bandra Versova Sea Link.

The under construction 29.2 km coastal road will run through Marines Lines in South Bombay and connect it to Kandivali in the North. This will reduce travel time between North and South Mumbai locations and is also expected to reduce traffic congestion on western express highway and S.V. Road.This will also be complemented with the various metro corridors such as Thane-Bhiwandi-Kalyan, Wadala-Ghatkopar-Kasarvadavali among others. The metro projects are expected to solve commuting woes and increase value proposition of the areas they are situated in. Residents will be have the option of exploring more areas to suit their needs and budget for their dream home.

Has RERA helped in bringing about or improving transparency?

The enforcement of RERA has been a boon for the real estate sector and the implementation process has been fantastic. RERA is an example of good governance. While there was an improvement in the approval processes, RERA has further complemented the reforms especially in the Mumbai MCGM region. There is now much-needed structure to the unorganized sector by this single monumental reform. Increased transparency, accountability, streamlining and standardization have drastically improved the market sentiment incentivizing investors and bridging the trust deficit between builders and developers. Additionally, Mr. Gautam Chatterjee has ensured a robust system for the addressal of grievances.  The past year and a half has facilitated a level playing field for the reputed players resulting in consolidation and a more mature market by eradicating errant operators.

Do you feel this is the right time to buy?

Buying a property is a well thought out process and several factors are taken into consideration before the customer makes the final decision. A homebuyer would typically have a check list ready which entails details such as budget, location, infra requirements, configuration of home, amenities, financial schemes, loans, reason for purchase and most importantly, builder’s track record. If a particular home checks of all the requirements, then there is no reason for a homebuyer to delay purchasing his or her dream home.

One line on how do you think the New Year will pan out for realty/infra industries since the construction industry contributes handsomely to the GDP?

Overall, the residential market has seen an upward movement and an enhanced investor sentiment. Homebuyers who were earlier fence sitting are now actively looking for homes in cities as they are more sure about their finances. Developers have also gone above and beyond to give a holistic living experience to their valuable clientele. We are optimistic about the future of the industry and look forward to brighter days ahead.

Recent News