Real estate sector has been striving hard to get rid of controversies. However, developing projects worth crores is never an easy task; delays do happen and therefore the controversies. Similar situation happened with Mr. Hari Challa, MD, Aliens Group when he had to face controversy due to delay in their projects in Hyderabad. Leaving the past behind, the company is moving forwardwith fresh zeal and thoughts. Team RealtyMyths got an oportunity to interact with Mr. Challa and understand his future endeavour. Being the pioneers of innovative real estate development in Hyderabad, Mr. Challa explained company’s belief in delivering comprehensive, integrated, value-generating assets to address the changing needs of customer satisfaction in modern day living. Here are some of the exerpts of the conversation:
How has Aliens Group evolved? What’s your vision!
Currently, Aliens Group is in the process of devising a turnaround strategy. Our core aim is to bring back customer centricity to the project by duly completing it in the next two years. Our other prestigious venture is 1000acre golf community with wide options of residential plots and aesthetically designed high-end living spaces. Our core strength lies in building intelligent living concepts with the highest quality at affordable prices. We wish to adhere to this legacy by building one of the best residential townships in Hyderabad and also launch new iconic projects in other parts of the country.
How will demonetization impact real estate? Is cashless transaction the future?
Demonetization is going to bring in lot of positive scenario to the realty sector especially for residential projects below 1.5crore segment which are primarily bank funded. It further brings in clarity to the international private equity firms looking for investment options across the country. In the urban scenario cashless transactions have taken a predominant place while the rural section is in a transformational phase where the transactions costs are very minimal. However, with the banking sector witnessing a buoyant growth, the anticipated transformation doesn’t seem to be too distant.
What are the current challenges faced by developers due to demonetization?
In the long run though demonetization proves to be favourable to the industry, Velocity of sales may decline for high ticket properties in the short term as the transaction costs are higher. However, there shall be robust growth in the Medium segment properties.
How do you find the Hyderabad market? What are your plans?
Hyderabad market is turning out to be an investor, private equity players destination apart from primary home buyers market. Most properties are available at prices less than tier III cities across India. Additionally, positive government initiatives ,efficient infrastructure and transport facilities with a cosmopolitan atmosphere is making Hyderabad a realty destination.
Is our capital setting a wrong example to the world with so much pollution?
We believe in building green homes that are least polluting. In fact, our project is first Platinum certified Green Home Project in India. Likewise, there should be major shift in the metro cities towards a sustainable living green homes concepts. To boost this there should more investment driven to eco friendly infrastructure like solar energy, wind power etc.
After demonetization, how do you think RERA will impact?
Real Estate has already witnessed a major revolution with the introduction of RERA bill at the beginning of the year. Demonetization will further enhance the implementation of the bill and bring in more transparency to industry, customers, investors and all the stake holders.
Is it a good time to Invest in Hyderabad?
After the turnaround of political situation, recession and other impeding factors affecting the market in the past, Hyderabad market is now stabilised and is steadily progressing towards being an investment Hub. The velocity of sales has boosted by 8% and there is a significant price increase by 20% which explains Hyderabad as the ideal destination.
Do you believe in mentorship? How has mentorship made a difference in your professional and personal life?
Mentorship is an essential ingredient in one’s life, the earlier you get a mentor the better it is for you as by the time the life will seek stability you will be there as you would be navigated by someone who has seen it all and will help you make right decisions be it personal or professional. I cannot say I had mentors, but yes there have been lot many people who have advised me to do the right thing both professionally & personally and with time they kept on changing due to circumstances. However, parents are the first mentors which you have and will have till the time they are around.
What advice can you offer to the new age developers?
The market is highly favourable for developers who can deliver quality product with international standards of concept homes and making them available at competitive prices. It is advised to comply with the government norms of construction and maintain transparency of transactions.