Manju Yagnik, Vice-Chairperson, Nahar Group proved her mettle in every aspect - planning, land acquisition, construction, landscaping, marketing, vendor negotiations right up to community building initiatives at the project areas.Besides focusing on these activities, Manju is now engaged in developing Nahar Group’s exponential expansion plans of constructing about 1.5 million sq. ft. annually and simultaneously building the relevant organizational capabilities for successful implementation. Manju was honored with the Times Group’s prestigious Udaan Sanman - “Business Woman of the Year 2012 Award” by Chief Minister of Maharashtra, Mr. Prithviraj Chavan. The Award is in recognition of Manju’s immense contribution in taking the Indian construction industry to newer heights, saluting her efforts for her leadership role in the male-dominated real estate sector thereby empowering women to seek new career destinations. Manju is an entrepreneur with a 'golden touch.
Nahar Group is a premier real estate developer headquartered in Mumbai. The Group has developed 15 million sq. ft. of prime real estate projects, making it one of the names to reckon with in Mumbai. Nahar Group is recognized for its quality products, reliable delivery and professional approach. The Group seeks to build a better future for its customers, leveraging its expertise and collaborates with the best in the industry to create landmark destinations of design and quality that exemplifies the highest standards of international living.
Replying to Yash Ved of IIFL, Manju Yagnik says "The ever increasing demand for all realty segments in the country, which is outstripping its supply, signals a rosy outlook for the country’s real estate sector.”
Brief us about your current and upcoming projects in residential, commercial, retail and hospitality? What is the total area under development?
As one of the leading real estate developers, we are engaged in every segment of realty - residential, commercial, retail and hospitality, and have major ongoing projects with many more on the anvil across the country. With around 5 million sq. feet under development, we are not faced with any slowdown with our projects.
Currently we are focused on completing number of projects at our township, Nahar’s Amrit Shakti, at Chandivali near Powai in Mumbai. Over 3000 families are already residing in 40 buildings and towers in this complex where we have provided some of the best amenities including club house, departmental store, swimming pool, restaurant, garden among others. Educational and Healthcare amenities, both that would bring immense benefits to the residents, are ready.
Four residential towers containing exclusive two BHK flats are under construction, and work has begun for construction of two ultra-luxury residential towers Burberry - a 20-storeyed tower and Bryony - a 18-storeyed tower at the township. The apartments offering lavish spaces with only two apartments per floor, incorporate would give a true luxury experience with exquisite architectural detail and décor.
Yet two projects are under construction at this residential complex - a huge Podium of about 9 lakh sq. ft., the largest of its kind in Mumbai on which a garden adorned with a huge expanse of emerald green, vibrant flowers and plants is being built on an area of about 5.15 lakh sq. ft. The podium designed to host 22 luxurious residential towers, will have the largest parking structure - a three storey-parking facility for approx. 4000 cars below the ground floor level. This would prevent car movements or parking at the ground floor level allowing the residents to enjoy uninterrupted walks amongst rushing waterfalls and gushing fountains.
The second project with distinctive features is the additional Club House of nearly 50,000 sq.ft., complete with gym, swimming pool, tennis and squash courts, indoor games area, fine dining restaurants and other facilities which is under construction that will have the unique distinction of being one of the largest clubs in any residential complex in Mumbai when completed.
Other major amenities like a Jain Temple, a Mall, a Multiplex, a Business Center, Service Apartments and Office Complex are at various stages of construction at Nahar’s Amrit Shakti.
We have already firmed up two luxurious residential projects, one each in Pune and Chennai, which would be launched shortly.
What are your plans for redevelopment projects?
We have redevelopment projects in the pipeline, and are also examining some more proposals. There are immense opportunities for realtors on the redevelopment front, especially in metros and big towns where old and dilapidated buildings and slums exist in large numbers. In addition to the growing demand for the affected tenants, it is encouraging that Government is increasingly facilitating redevelopment activity by easing rules and regulations, and also participating in such projects.
What is the price scenario in Mumbai and other cities?
Land scarcity, widening gap between demand and supply, increased cost of construction and high interest regime are some of the factors that have no doubt caused adverse impact on prices in realty sector. Unclear policies, rules and regulations, delays in receiving clearances are among the other causes that have resulted in price increases in some key large cities. Rapid urbanization, out-of-reach costs for realty in bigger cities, mushrooming of shopping malls, entertainment halls are among other factors that are contributing to the hike in class II and III cities.
However the scenario has not dampened spirit of both home-buyers and investors in view of the significant appreciation – short and long term, which they continue to gain on their investments. We are confident that this sector will continue to remain attractive.
What is your land bank?
For our new projects, we have been creating multiple land banks in various parts of Mumbai Metropolitan Region, Pune, and Chennai. Similar is the case for our redevelopment projects in MMR area.
What is the outlook for the real estate industry?
The ever increasing demand for all realty segments in the country, which is outstripping its supply, signals a rosy outlook for the country’s real estate sector though currently as with other economic sectors in the country, this sector is also going thru its cyclical phenomenon as projected by various media reports where the buyers are following the wait and watch policy. However we are already witnessing resurgence in the market with growing number of project launch advertisements in media, which is also reporting on new projects planned by the developers.
India, as you know, has already made its mark as one of the few global growth oriented economies, which in its wake has created other factors such as increasing urbanization, growth of the services sector, rising as also disposal incomes and higher aspirations for new lifestyle, which are all driving the Indian Realty and each of its segment.
In the residential segment, besides the bridging the gap of demand and supply which currently is pegged at about 26 million units predominantly in low-income segments, opportunities are offered by the ever increasing annual growth of 34% in the housing sector. Add to this, the escalating aspirations to own second homes and vacation houses, premium and luxury homes of corporate executives, younger generation from HNI families, businessmen and NRIs.
Similarly demand for commercial and hospitality space which is driven by the influx of multinational companies, growth in services sector and tourism is increasing.. Retail sector is also buzzing with activity in urban cities and even smaller towns, which is now accelerating because of the possibilities of Government allowing FDI in retail.
It therefore augurs well for the Indian realty sector, which is quite confident that it would continue to be a major contributor to India’s GDP.
Your view on affordable housing?
Government’s commitment to support mass and affordable housing has created massive opportunities for the real estate sector. We are already witnessing Government agencies as also private developers undertaking such projects. A sustained focus on these segments would provide the right platform for the industry in meeting the likely demand of 80 to 90 million houses in the next ten years that caters mainly to the middle and low income groups. An encouraging sign is that some of the big names in the industry who are known for developing premium and luxury housing have entered these areas. Equally significant is the Government’s scheme of Affordable Housing in Partnership, a part of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) which aims to promote public-private partnerships amongst the private, cooperative, financial services sectors, and the urban local bodies, for realizing the goal of affordable housing for all.
We have also entered the affordable housing segment by developing a township of 1000 affordable houses at Chikhloli, Ambernath, in a joint-venture. Similarly at our prestigious township, Nahar’s Amrit Shakti, we are constructing 6 residential towers exclusively compact flats.