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Monday, 13 Feb 2012
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Real Estate, 2012
Mayur Shah - Marathon Group_ProjectsToday
 
"Real estate sector plays an important role in the urbanisation of Tier II & Tier III cities. Today, it is on par with international standards in terms of technology, architecture & designing, materials used, and more. Year 2012 definitely looks more productive and progressive as against 2011. The government is likely to be more supportive towards developers. As for our projects, we are certain that this year is likely to record growth in number of sales of properties in commercial and residential segment, both."
 
 
Marathon Group_ProjectsToday

 

Q. Give us a brief overview of the Real Estate industry in India?
Indian Real Estate sector has undergone a sea change over the last few decades. The sector, though disorganised majorly, is capable of being termed as the second largest employer of the country. One of the top contributors to the economy, this sector is also one of the most dynamic markets in India. Over the period of time, concepts such as affordable housing, townships have come into existence and evolved. Also, internally, it wouldn't be wrong to say, that real estate sector plays an important role in urbanisation in Tier II & III cities. Today, the Real estate sector is on par with international standards, in terms of technology, architecture & designing, materials used, sustainability and more. It has successfully carved a niche for itself in the global market.

 

Q. What are your views on the emergence of tier II and III cities as sought-after destinations?
In the recent past, tier II and III cities have witnessed rapid infrastructure growth. Factors such as space shortage in the metro cities and availability of opportunities beyond metros has transformed the tier II & III cities as sought-after destinations. Several surveys have concluded that tier II & III cities are witnessing enormous amount of development in every sector, across the country. The growth of Indian economy coupled with rapid infrastructural development has further boosted such a demand for housing in these cities, which is likely to augment further. Marathon Group has been constructing multiple projects beyond Mumbai in locations such as Badlapur and Panvel. We are also planning to come up with residential projects in Thane and Dombivili, which are one of the fastest growing suburbs in MMR (Mumbai Metropolitan Region) in the future.

 

 

 

Mayur Shah, Managing Director of Marathon Group has over 20 years of rich and varied experience in the construction industry. He is a Civil Engineer from the University of Bombay and MS in Structural Engineering from University of Oklahoma, USA. He pays minute attention to every aspect of construction, right from basic details like structural strength to planning the amenities that customers look forward to. He lays special emphasis on quality across the board, and adopts latest technology, which has resulted in zero-defect performance of all Marathon projects. He is a Hon. Secretary member of the Managing committee of Maharashtra Chamber of Housing Industry and was former Chairman of MCHI Property 2000 exhibitions.Shah is involved in various social activities, and takes active part in the functioning of V P Jain Jagruti Centre.

 

 

Q. Tell us about the problems faced by the industry, including alleged cement cartelization and space crunch?
There are several issues prevailing, which demands proper attention and permanent solution. The land acquisition reforms offer many challenges, not to forget the various other taxes including stamp duty, service tax and VAT, coupled with inflation. These additional components increase property rates. Speedy approval is an important expectation by the developer from the government. Delay in approval is resulting into an increase in the cost of construction. Developers have been seeking government's intervention for the single window clearance system for the approvals to various permissions in respect to the new projects. Space crunch, of course is a problem, which developers are attempting to tackle in several ways, such as constructing townships. However, developers do not get any incentives for constructing townships, which basically provides housing at affordable prices. This is one area wherein, Government can and should promote the construction companies to get into.

 

Q. The RBI's stringent credit policy has always been a concern; will this impact the Real estate sector?
The Real estate market has been under pressure due to continuous increase in the interest rates in the last one year. However, with the recent decision by the Central Bank announcing cut in CRR is indicating decline in the interest rate in the near future. We are hopeful of revival of market sentiments in the near future.

 

Q. What is your forecast for 2012?
Year 2012 definitely looks more productive and progressive as against 2011. The government is likely to be more supportive towards developers and is considering issues like delays in approval, increase in FSI rates, improvement in infrastructure, to name a few. Inflation and rise in repo rates are likely to be in control. We are positive that the solutions will be out in the near future and facilitate builders to provide better housing facilities for the potential buyers. The proposed infrastructure development is expected to boost the real estate sentiments. The Central Bank is also expected to provide some relief by not revising the interest rate guidelines upward since the inflation seems indicated of some signs of easing in the recent past. As for our projects, we are certain that the year 2012 is likely to record growth in number of sales of properties in commercial and residential segment, both.

 


 

 
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