The year 2018 now comes to an end. Indeed, it was an eventful year for the real estate sector. One of the major achievements of this year was the implementation of RERA across markets, barring few states. Mumbai is one such market which witnessed tons of activities. Clearly, MahaRERA made its mark here and helped the sector organize itself to establish the much-needed transparency. It directly benefits the organized and more transparent players. One such player is Tridhaatu Realty & Infra that has worked silently and has successfully made its ground in the Mumbai realty market. We talked to Pritam Chivukula, the Co-founder and Director of Tridhaatu Realty to know more about the market, the year 2018 and what’s there to look forward to in the year 2019. Here are the excerpts of the conversation.
Mumbai is one of the prime pockets of Indian real estate market. How was the year 2018 for the Mumbai’s housing market?
The year 2018 was an eventful year for Mumbai’s housing sector. Government policies like RERA helped build home buyer confidence. Due to a prolonged slowdown property prices have stabilized and come down to more realistic levels. This has set a level playing field for both genuine buyers and sellers.
So, do you think this is the best time to buy the property?
The year 2018 started off on a tepid note has slowly gained traction. The second half has seen quite a resurgence of a sort and we hope to see the property market move up from here on. Therefore, this is the best time for home buyers to buy as property rates may move north in the coming year.
As you say that the prices may go up next year, which segment, in your opinion, will see maximum demand in the year 2019?
The year 2019 will surely be the year for affordable and mid-housing segments. We are positive that the coming year will bring good tidings for the Mumbai real estate sector and hopefully we should see a gradual revival in 2019.
How is Tridhaatu Realty placed to welcome the New Year?
As a group, Tridhaatu has been prudently working on optimizing its projects and their delivery. With focused approach in our core areas of Chembur and Matunga and by offering a bouquet of options, we have been able to service the requests from across the board.
With MahaRERA in full force, we are optimistic about the exciting year ahead. With the resurgence in the second half of 2018, we are confident that the momentum gained will be carried forward to 2019 and it will be an eventful year for the Mumbai real estate industry as a whole.
Shall we witness expansion of Tridhaatu Realty to other locations in the year 2019?
The year 2019 should see us expand our footprints across the city of Mumbai with plans to launch multiple projects as well as new phases of residential projects in Byculla, Matunga, Chembur and across other locations of Mumbai.
Do you think the recent IL&FS crisis has impacted the real estate sector?
The IL&FS crisis has impacted sectors across the board, including the real estate sector. This comes at a time when banks have put a freeze on lending to the sector, thus further putting a squeeze on the funding route. However, this is a minor hiccup and we believe fundamentally strong developers will not face much of an impact.
So, you mean that the developers with strong fundamentals will not be impacted by this in the long run?
That’s right. In fact, on the flip side, we see minimal impact to developers who have a diversified portfolio, for instance, commercial, hospitality or retail property. Also, there is a trend of developers venturing into multiple property segments like affordable, mid and high end property. This gives them a larger canvass to work on and acts as a cushion in times such as these.
In a nutshell, this crisis has the potential to separate the wheat from the chaff, which means that well established players will survive and thrive, while the fly-by-night operators will perish. This bodes well for the entire sector as more transparency in the system means greater confidence among home buyers.