Mukesh Bhagtani, CEO, Jaycee Homes Ltd holds a MBA degree having a total work experience of over 10 years. Stepping into the business at a very young age of 21 has helped him in understanding and grasping the nuance of the business.
Jaycee Homes from the stable of the Bhagtani Group are pioneers in the real estate development in Mumbai. Over the past 45 years, Jaycee Homes has evolved into a 3rd generation company that has created landmark buildings in the city. The company executed over 250 projects across the western & central suburbs of Mumbai like Versova, Andheri (W), Santacruz (W), Juhu, Vile Parle, Chembur, Kanjur Marg, Bhandup, Powai, Thane, Mira Road and Dahisar. Currently, it has a land bank of over 4 million sq.ft. and plans to build 2 million sq.ft. of affordable housing projects across Mumbai.
Speaking with Yash Ved of IIFL, Mukesh Bhagtani says, “We are planning to develop about 40 lakh sq ft in Mumbai which includes residential and commercial projects.”
Brief us about your current and upcoming projects in residential, commercial space?
We specialize in residential projects. We have 7 residential projects with an area about 7 lakh sq ft which are ongoing.
We are planning to develop about 40 lakh sq ft in Mumbai which includes residential and commercial projects.
What kind of impact with rising interest rates?
Over the last one year, RBI has increased rates for about 10 times. The rate hike will impact retail customers. It does not make difference to businessmen. Most of our clients have been self –employed. For smaller projects, it will affect sales a bit.
What are the new projects in the coming fiscal? Any new segment are you planning to enter?
The company is planning to launch Santacruz project with prices ranging from 2.25 crore with an area of about 14,000.
The company is also planning to launch projects in Kanjumarg and Mira Road.
We have 3-4 BHK flats with prices ranging from 4 crore.
Brief us about the Bhagtani Krishaang project?
Bhagtani Krishaang, a 23 storey building comprises of 4BHK apartments, is so designed that every apartment owner gets a view of Powai Lake and National Park, amidst the tranquility of the hills and lush greenery surrounding the area.
What is price scenario do you see in Mumbai and other cities?
For the last 1 year, prices have been stagnant for every locality. Going forward, I do not expect prices to increase in the coming fiscal.
Are you planning any acquisition of properties?
We are looking at economic housing. We recently acquired 200 acres of properties in Thane.
What are your projects in the re-development space?
We are looking at bigger space as far as redevelopment projects are concerned.
Our target area would be around 2000 sq. meters.