The real estate sector has been struggling with sluggish demand in the market since the demonetisation. The situation further deteriorated with the introduction of GST and its implications. Though, the government tried to help the sector by introducing many reforms. The latest was the introduction of the INR 25 Cr Real Estate Bailout Fund. And it had started showing results on the ground as well, but not for long. As the entire economy is now facing the forced slowdown due to the COVID19 outbreak, real estate is no exception. How the sector can come out of it? What the government and the developers can do to minimize its impact? Santosh Sinha, Editor, RealtyMyths talked to Mr. Rajiv Ranjan, General Manager, KW Group where the later suggests some tactical reforms to solve the current crisis. Mr. Ranjan also discussed the initiatives KW Group is taking to safeguard the interest of its buyers and investors. Here is the excerpt from the conversation.
Do you think KW Blue Pearl will become the landmark in Delhi’s commercial space? What is so unique about this project?
– Certainly yes! We are known for our commercial projects and we are really a pearl in the crown for the jewelry hub of Karol Bagh. A Government approved property constructed over DDA allotted land, a corner property on DB Gupta road, with dynamic façade of global standard, KW blue pearl has all the elements to create mesmerizing impact and profitable equations for investment.
Your other project, Delhi 6 also promises to emulate Chandni Chowk with added comfort and amenities. Why are you so fascinated with the walled city’s architecture?
– For us, KW is not just a business but a legacy that we want people to remember forever. We believe in offering a lifestyle to the customer rather than a flat/unit. We weave our professional commitment with the client’s passion and emotion and then build a revolutionary concept, which facilitates us to develop an unmatched masterpiece facility. As far as Delhi 6 project is concerned, it is a tribute to Chandni Chowk which is the signature cultural heritage of the country and we are trying to make it a landmark with our project, which will in future become the epicenter of business activities for regional development. The idea is to blend the beauty of Chandni Chowk with the comfort and amenities of the International standards that KW Group expertise in.
Tell us more about your ongoing and upcoming projects. Do you plan to expand beyond NCR in the near future?
– As far as future plans are concerned, yes, we are looking for expansion in several cities. At present, we are pretty occupied with two ongoing projects that are Delhi 6 in Raj Nagar Extension and KW Blue Pearl in Karol Bagh.
Given the current circumstances and the crisis created by COVID19, how grim is the situation for the real estate sector in particular? What initiatives you have taken to protect your construction workers?
– Let’s accept the fact that the economy is frozen. But the other side of the coin says that there is hope and we are looking at the brighter side of it. While we accept the hardships the situation has created, we are also preparing alternative plans to keep the business in sync with the situation. And looking at the forecast, it is likely to impact people’s buying decisions for a few months as well. But, as an expert, I feel that it is the right time for people to invest in it, as prices are going down, so it is easy to invest. One needs to foresee a bit to utilize this dark time in a productive way and that is what we are doing at KW Blue Pearl Group. As an organization, we are truly devoted to government guidelines. We have an employee welfare team and they are taking every precaution into consideration. We have taken the necessary steps to ensure employees’ safety through a 24-hour helpline as well.
What do you think the government should do to safeguard the economy and the real estate sector in particular during this forced slowdown?
– The State Government should give some exemption from the stamp duty of property registration for at least some time, especially till September-October. Also, the Government should allow making payment of charges like TDR, ULC in a phased manner. It will make things easy for us to function smoothly.