"CONCEPT SELLING WORKS BEST FOR REAL ESTATE"

What is the current scenario of the real estate industry and the market in India?

MadhurLaddha: We are a real estate firm, which is in a premium segment and is based in a Tier III city like Amravati, implying that the market for us is definitely good. We were also conferred with ‘Emerging Developer of the Year - West’ Award. I believe that if you are doing concept selling, the market would definitely treat you nicely irrespective of the location. Also, now that we have moved to the affordable housing sector wherein the GST rate has also reduced from 12% to 8%, we hope to have a great market for us. On purchase of houses availing of the Credit Linked Subsidy Scheme (CLSS) under the PradhanMantriAwasYojna and of those houses that are constructed in a project that has got infrastructure status, the GST would be charged at 8%. There is a major vacuum of good developers in these areas and so if you are a good developer offering quality, people would definitely buy from you.

What are the expectations of consumers in Tier II and Tier III cities?

MadhurLaddha: Consumers are now very well-informed, well-trained, educated, and well-travelled and therefore they understand what they want now and are specific in their demands. The bad name that the real estate sector was tagged with was basically because earlier the quality was not up to the mark, there were delays in possession, etc. But now with the Real Estate (Regulation and Development) Act 2016 (RERA) coming into full effect from May 2017, a lot of things have changed for this industry. The act will help these cities majorly because larger projects will be built now unlike earlier. Also, with the cost of land going up, people now prefer living in community or societies  instead of villas and bungalows.

What are your expectations from the government?

Dhruv R Daga: Major efforts are being made by the top tiers of the government like the prime minister and the chief minister of Maharashtra, some of which have been exceptional. But for that to trickle down to the lower cadres of officers is a challenging task and would take time, which the government should foresee. Reforms on paper look very good but ultimately there has to be implementation.

What are your expansion plans?

Dhruv R Daga: We see a lot of potential in Tier-II and Tier-III cities. We have two retail and commercial projects lined up – Daga Sapphire Infinity and DagaPlazzo, in the heart of Amravati. Daga Sapphire Infinity, registered with Maharashtra RERA, is a modern retail centre with units ranging from 928 sq. feet to 1,916 sq. feet. While the commercial project, DagaPlazzo, a modern commercial centre, is primely located just opposite D-Mart in the Camp area of Amravati. It has spaces for shops, commercial units, offices and a rooftop restaurant bringing wonderful opportunities for the franchisees looking to expand in a tier-III city like Amravati. The plan for this project has been fully sanctioned and the construction is expected to commence shortly. We also have plans to expand in Nagpur and Vidarbha.