“The idea of Smart Cities intends to give a clean quality of life to the people for which the citizens would have to step outside their comfort zone and adjust. The conceptualization of Smart City varies from region to region and country to country, depending on the level of development, willingness to change, resources and aspirations of the city residents”
A qualified mechanical engineer, Rajesh Prajapati is a visionary who has set high benchmarks in ethical business practices, including the ‘code of conduct’ for builders’ fraternity. He is instrumental in motivating small and large builders of Navi Mumbai to emulate and follow the same. Through his tireless efforts as the Managing Director of Prajapati Group, he made his company grown successfully by enhancing the customer delight factors and has become one of the most respected construction companies in Navi Mumbai and Hyderabad in the residential and office premises sectors. While interacting with Team Realtymyths, he shared his opinion about the Smart Cities Mission and said it would play a vital role in Nationa’s Economic Growth. Here are the excerpts of the conversation.
The new Real Estate Regulatory Act got implemented. What changes, in your opinion, shall it bring to the market from the immediate effect?
The Real Estate Regulatory act has been enforced by the government to safeguard interests of home buyers and also encourage investment in the real estate industry. This law permits the real estate regulator to govern both residential and commercial transactions. We never get to witness an immediate impact of most of the regulations that have been announced earlier as the implementation of the law will take time. Also there is possibility that Real Estate Regulatory Act misused as there could be several reasons for the delays such as belated clearances of projects at various stages, multiple clearances required, shortage of raw material and labor, political unrest and delays in payments by buyers, In view of this, it is utterly unfair to put the blame on a soft target like developer.
As per one of the recent reports, commercial realty sector is gaining momentum. Share some details about your commercial business. Do you think the implementation of REITs would help the sector grow faster?
For the past 20 years, we have been developing the residential space, as we feel it is our core strength. REITs will boost funding in the real estate sector. Funding is an essential component in the stage of construction. At the same time, there is a huge shortage of funds in the real estate space. REITs will help fill this void, in turn, enable projects to be completed within due dates.
Share details about your ongoing and forthcoming projects around Navi Mumbai
We have 2 ongoing projects- Prajapati Magnum and Prajapati Vihar, which are located in Dronagiri. Dronagiri is close to the well-developed town, Uran, in the southern part of Navi Mumbai. Railway connectivity from Mumbai CST to Dronagiri is already under construction. With the well-paced development of the Mumbai Trans Harbor Link (MTHL), it will change the face of Uran all-together. Large Special Economic Zones (SEZ) will give business a big boost, especially because it is close to the upcoming International Airport and JNPT port as well as the central business districts of Belapur, Nerul and Vashi. This zone (SEZ) is presently being developed into an integrated township which encompasses residential towers along with Multi Services Sector, including IT/ ITES, commercial and trade facilities.
Work on Smart Cities initiates from July. What glitches you expect may come in the development of such a large project. Do you think government shall be successful in roping in FDI?
For a nation’s economic growth, cities play a key role. The conceptualization of Smart City varies from region to region and country to country, depending on the level of development, willingness to change, resources and aspirations of the city residents. The idea of a Smart City intends to give a clean quality of life to the people for which the citizens would have to step outside their comfort zone and adjust. Also to change the entire system of waste management, renewable energy management, water treatment, supply and application of smart technologies to regulate traffic can be challenging and time-consuming. Serenity strikes another key constituent as citizens demand such plans to always be on time. On a realistic note, it would take 100 cities and would take about 5 years to convert into Smart Cities. Funding also plays an important role for Smart Cities, where the government has reformed the FDI norms and made it more friendly and accessible to foreign investors which make the funding easier. So far the government has managed to pitch to foreign investors for funding and we presume the same for the future.