Developer Perspectives for 2020

Ashok Mohanani (AM), chairman of EKTA World and vice president of NAREDCO Maharashtra, shares insights with your author (YP).

EKTA World is a real estate firm that has grown over the last 33 years. From humble beginnings as a real estate consultant to a stalwart in today’s real estate fraternity, Ashok Mohanani has been instrumental in the growth of the organization. EKTA World continues to create memorable parts of city skylines. It constantly works toward creating memorable projects complete with flats in Mumbai and other cities in Maharashtra. The group’s success stories include residences Lake Homes, EKTA Meadows, EKTA Terraces, Lake Superior, EKTA Empress, Ecstasy I and II, and Eminente. It has also built residential complexes in the western suburbs between Bandra and Dahisar in Mumbai, the upmarket NIBM Road at Pune and a global residential township near the heritage site of Pandav Leni at Nashik.

YP: How is connectivity-boosting infrastructure development by the government influencing real estate development?

AM: The government has taken several measures to boost infrastructure development. It is one of the key factors that boosts the growth of real estate in cities. Infrastructure is a chief segment that propels the overall development of an economy. The demand in the real estate sector principally depends upon accessible infrastructure facilities. Smart cities, metros and monorail projects and Housing for All are related initiatives taken by the government.

YP: To what extent does this imply increased scope for vertical transportation (VT), as elevators and escalators will be a given in airports, metro and railway projects, along with residential buildings, office spaces, malls, etc.?

AM: Whether it is a residential project, office building, stadium or other publicly accessible building such as a mall, hotel or hospital, the customer experience for visitors from the time they enter the building through the time they leave is of utmost importance. Nothing impacts a building’s overall functionality, safety and value quite like its VT system. 

YP: What are your expectations for real estate and, therefore, VT, related to the same during 2020 and beyond?

AM: This market is estimated to grow at an approximate compound annual growth rate of 6% during 2018-2024. With most cities going the high-rise way, VT is of paramount importance. Factors are its capacity, speed, maintainability and safety. The Internet of Things in commercial, residential and industrial sectors is having a positive impact on the emerging ecosystem of next-generation elevators and escalators. Smart lifts are the need of the hour; they are designed with intelligent abilities to serve beyond VT. They are further equipped with security systems like biometrics, floor destination control grouping and access control.

YP: How has the Real Estate (Regulation and Development) Act, 2016 (RERA) transformed real estate development? To what extent has it influenced VT selection and decisions?

AM: The implementation of RERA has gone a long way in formalizing the sector and inspiring consumer confidence in India. In the pre-RERA era, the sector was highly fragmented and unregulated. The grievances of the home buyer and seller were usually addressed in the consumer courts, if at all. Lack of regulation made investing in real estate an intimidating experience. But, with the onset of RERA in the country and stricter rules and guidelines, only credible and reputed developers will last in the market. The choice of VT is subject to a host of factors, as mentioned above, and dependent on the kind of development being undertaken. Among other things, safety will be a top priority.

YP: How is VT taken into consideration at the project-planning stage at EKTA World? What are the selection parameters, and at which stage is the final decision taken?

AM: VT is a function of many facets, like building height and number and density of apartments. We at EKTA World use KONE and Schindler elevators for our projects. For EKTA Tripolis at Goregaon, which is a 40-story high rise, we have tied up with KONE for its smart lifts that have a destination-control system, and Mitsubishi Electric with access control and private elevators for our uber-luxury project EKTA Invictus.