What happens when science meets technology, when design meets aesthetics, when computer engineering, meets construction management? That is what Chintan Sheth, a Computer Science and Engineering graduate from the US brings to Sheth Corp. A whole time Director, Chintan is responsible for Procurement, Engineering, Construction, Administration and Marketing &Sales division of all Sheth Projects in Western & Southern Mumbai. Here are some insightful thoughts he shared about the current mumbai market with team RealtyMyths.
The new Real Estate Regulatory Act gets implemented from this month. What changes, in your opinion, shall it bring to the market from the immediate effect?
The Real Estate Regulatory Act will boost the entire industry and will definitely prove to be a game-changer for the market. The impact of this act will be profitable to both consumers as well as builders as it will bring transparency in the industry and confidence amongst buyers. We wish the developers’ interest is also taken care when buyers default and delay payment which result in delays in project execution. Developers cannot be blamed for such delays. The Act also has to take into account the delays arising out of clearing plans and permissions.
Mumbai market, in comparison to others, is more end-users driven. Do you think the new law will boost buyers’ sentiments and bring back them to market?
Mumbai’s realty market is remarkable to invest due to its awesome returns and higher price appreciation. The significant steps that Government has taken in the amendment of the policies have given a boom to Real Estate industry. Although, the land is a major issue of concern, the developers are now focusing on the infrastructure development which will boost the growth of the real estate sector in the city. The new laws have definitely given a spur to the realty market and have increased the potential of improving buyer sentiments. The government’s efforts to promote affordable housing and infrastructural development in the city are some of the significant movements; the realty market has witnessed which promises better times for the sector going forward.
As per one of the recent reports, commercial realty is slowly gaining momentum. Share some details about your commercial business. Do you think the implementation of REITs would help the sector grow faster?
Commercial real estate is emerging as a bigger market and attracting more buyers, investors and corporate houses. For the growth and development of commercial property market, we would like the government to take more initiative in improving the infrastructure of the city as it will help in better commuting facilities for people working in these areas. Also, the proper and uninterrupted supply of power and water are necessary for the commercial property to thrive. We have developed a couple of commercial properties in Prabhadevi namely Cynergy and Sigma Estate. We entered the retail segment with Viviana Mall in Thane which happens to be our most ambitious development venture till date. The implementation of REITs will ensure more liquidity in the sector. It will attract both foreign and domestic investors in the sector and also act as an alternate source of funds for the developers. Also, FDI in real estate is expected to provide a significant boost to the sector in terms of greater foreign capital inflows. We now look forward to seeing FDI flow into the sector, thus creating more job opportunities and revitalizing the growth of the realty sector.
Share details about your ongoing and forthcoming projects? Any plans to move out of Mumbai in near future?
Currently, Sheth Group has 5 ongoing projects in Mumbai.
Midori: Sheth Midori is a spacious planned residential complex, located near Sanjay Gandhi National Park, Dahisar, it has excellent connectivity to the city as well.
Avalon: Sheth Avalon is an elite residential enclave , located at the Well-connected Majiwada junction, Thane, it enjoys seamless connectivity to all the prime areas of the city.
Montana: Sheth & Emami group, the two powerhouses come together for the iconic project located in the lap of nature.
Avante: Sheth & Emami group, two real estate giants bring to Kanjurmarg a real estate masterpiece, centrally located in Kanjurmarg, one of the fastest growing business districts of the city with excellent connectivity.
Aiyana: Strategically located in the bustling hub of Goregaon, Aiyana enjoys unmatched proximity to premium malls, offices, schools and colleges in the vicinity.
Mumbai being the commercial capital of the country commands one of the highest real estate prices in the country. Mumbai has emerged as one of the prominent cities in terms of residential development. It is our prime hub and there is plenty to offer to the city. If there is any good opportunity outside Mumbai, we will definitely consider.
In light of the ongoing Latur water crisis, do you think corporations have any role to play in solving this? What measure your company takes to save and recycle water?
In light of the Latur water crisis, the corporations must take steps to ensure proper storage and distribution of water without any wastage for the people all year round. Awareness should be created among people and every citizen should be responsible for saving this precious resource of ours. With regards to our company, we have implemented rainwater harvesting in all our projects. Also, we have STP (sewage treatment plants) installed in our projects to recycle water which can further be used for flushing purpose.