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Market Updates

Real estate is on the path of recovery – Ravish Kapoor, ELAN Group

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Elan GroupHaving a wide experience in the field of strategic sales and marketing, Mr. Ravish Kapoor, Director, ELAN Group brings onboard the latest concepts in management to drive innovation and enhance services delivery and offer the best to customers. He holds a degree in Business Administration and loves to travel & explore new places. He is known for the Real Estate Advisory Services in the industry. Over the years he has been the force behind the strategic sales and marketing of diverse realty projects in Gurgaon & other parts of NCR region. His sincerity, customer focus and long term vision guides ELAN Group and its team to create new benchmarks in the industry. In a candid conversation with Team RealtyMyths, Mr. Kapoor shared his perspectives and the way forward plans. Below are the edited excerpts of the conversation.

With government’s initiatives, FDI and PE flow has increased. Do you think the real estate sector is reviving?

The Real Estate sector has seen a slump over the last 3 years but it is on the path of recovery. The initiatives taken by the government, such as RERA ( Real Estate Regulatory Act), the amends in the Real Estate Investment Trust (REITS), GST, correction of prices and lowering of interest rates in the past six months have improved the overall sentiments of investors and homebuyers. However, NCR market was struggling, home prices fell 4% in the first half of 2016. Though, commercial real estate showed some positive momentum in the first half of the year, with transactions rising 12% to 20 million sq. ft. Also, there was an increase in the absorption rate which is expected to touch 42.7 million sq. ft. by the end of this year.  All the developments such as the GST are going to benefit the real estate market and definitely will revive the sector.

How was your journey in this industry? What kept you going with ELAN?

The journey has been enthralling and we are humbled to see the distance we have covered. We started with the construction of projects in Punjab and did great work there. Gurgaon was the upcoming hub for commercial projects and we started with Elan Mercado in Sector 80 as our first step in Gurgaon. We celebrated 3 years of establishment in August. Passion for my work and the vision we have for ELAN keeps us motivated and inspired.

How is ELAN adding value to the real estate market? What vision drives your organization?

ELAN has a strong bond with its channel partners. We believe in creating long lasting relationships and the support and loyalty of our channel partners makes it possible for us to reach a step closer to our goals. We value our customers and their comfort is our top most priority.

Our vision is to leave an indelible mark in the commercial segment. We want to make a difference with our services and facilities. With the constant faith and support from our channel partners and customers, I’m sure we’ll be able to make our vision into reality.

What challenges do you expect in the given market conditions? How will RERA impact this market?

There are certain challenges that developers face in the given market scenario. Though the market is showing progression but in the past we have witnessed this to be more of a roller coaster ride. Infrastructural development of the area where construction is being carried out is of utmost importance but the same has to be carried out by the government authorities as well; it takes a lot of time caught in the web of redtapism.

With RERA, the builders would have to open an escrow account in the very beginning of the project which would be lead to timely construction and delivery.

Do you believe in mentorship? How has mentorship made a difference in your professional and personal life?

In my opinion, mentor has both a narrow and broad meaning. In the professional world, a mentor is a wise and experienced advisor. It can be any respected person who supports us as we grow in full measure of our professional aspirations.

Mentorship has always played a very important role in both the spheres of my life. My mentor has kept me on my toes and humble, supported my growth and motivated in troubled times.

What are the future prospects of ELAN?

We have recently acquired 7 acres of land from Suncity on Dwarka Expressway. With the Sector 84, Dwarka Expressway, we will be entering the commercial segment there.

This project will see an Integrated Development with hi- street retail and luxury service apartments with some high end residential villas.

We have collaborated with PVR and signed 20 silver screen in our projects ELAN TOWN CENTRE and ELAN MERCADO, with 12 and 8 screens respectively.

We are the first real estate firm to have signed the largest number of silver screens in Gurgaon.

We are hoping to extend this kinship with PVR in our Dwarka Expressway project as well and come up with the largest no. of silver screens on the same floor.

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