Rajesh B. Vardhan, Managing Director, Vardhman Group is a science graduate from KC College, Rajesh went on to do his L.L.B. from Government Law College. Following his academic accomplishments Rajesh joined his father’s Real Estate Group – Vardhman Group. In the past Rajesh was elected as the General Secretary at the Government Law College for two years. He has also been awarded the ‘Indira Gandhi Priyadarshani Award’ for Business man of the year in Real Estate. Rajesh is also actively involved in the planning and designing of various townships along with being a patron member of the Alumni Association of Government Law College. He is the Chief Patron member of the Jain Trade International Organisation (JITO) and the visionary behind the upcoming Business Magazine – JITO World.
Vardhman Group is a professional and diversified corporate group with interests across Real Estate, Infrastructure and Finance sectors. The development covers almost all asset classes - townships, residential towers, commercial premises, malls, retail outlets, movie theatres, IT parks amongst others. It is a revered name in the real estate industry and has become synonymous with luxury living and engineering sophistication. The Groups foray into redevelopment of old and dilapidated buildings, slums and old societies through innovation and technology bears testimony to its social practices.
Speaking with Yash Ved of India Infoline, Vardhan says, “The price will be increasing by 10-15% over the next 2-3 years.”
Brief us about your budget reactions?
The budget for the real estate sector was below the expectations. Government should create better infrastructure for housing. But by levying service tax on new construction and other increases in taxes, it has increased the cost of consumers. The waiver in excise which was given for steel and cement has been rolled back; hence prices of cement and steel have increase substantially, which will be again burden on construction.
Brief us about your current and upcoming residential and commercial projects?
We are coming up with various projects. We have ongoing projects at Thane known as Vardhman Gardens with nearly 3 lakh sq ft and Chira Bazaar known as Vardhman Galaxy having 40,000 sq ft. We have 2 projects which are ongoing at Girgoan known as Vardhman Crystal and Vardhman Shilp with 70,000 sq ft area and at Ghatkopar East known as Vardhman Vista having 35000 sq ft area. Vardhman Enclave at Malad (W) having an area of 2, 00,000 sq ft.
We have various upcoming projects at Goregoan (E) known as Vardhman City, Santacruz (W) known as Vardhman Castle, Mazgaon known as Vardhman Twin star, Kemps Corner known as Mahavir Heights.
We are coming up with two projects in Chembur known as Vardhman Solitaire and Vardhman Paradise. We have projects at Ghatkopar known as Vardhman Exotica, Mumbai Central known as Vardhman Pearl, Chembur known as Vardhman Greens and Vardhman Avenue, Mulund known as Vardhman Alpha, Borivali known as Vardhman Palace, Kurla known as Vardhman Fiesta.
The other upcoming projects are at Ghatkopar (E) known as Vardhman Eudora, Andheri (W) known as Vardhman Grandeur, Grant Road known as Vardhman Royale, Santacruz (E) known as Vardhman Arya and at Borivali (W) known as Vardhman Atrium.
Tell us about your retail and hospitality projects?
We have completed Mumbai’s First Jewellery Mall at Zaveri Bazaar, the iconic Cotton Exchange Building-Jewel World. We are entering into food division with six different brands at Mira Road. It will have South Indian, Italian Food, Marwari Food and Gujarati Food, Mumbai Junk Food, Chinese and Café.
In the hospitality space, we are coming up with a club house at Mira Road with 40 rooms. The sprawling 11 acre project will include a Club House, Guest Rooms and a Theme-Amusement Park. We will offer its members an Amusement Park, Boating, Flower Gardens, Amphitheatre and lots more.
How are you planning to raise funds?
For all the projects, we will raise funds from our internal accruals.
Brief us about your Vardhman Fantasy project?
Vardhman Fantasy is a groups’ initiative to give India its most affordable theme park. Situated in the heart of Mira Bhayandar, Vardhman Fantasy is a theme-amusement park that boasts of giving its visitors an experience of a lifetime.
The Greek Village is at the centre of Vardhman Fantasy. This area houses several segments that form the Global Village - a lush green park and shopping area for you to take back memories. Viva Las Vegas is the entertainment centre of Vardhman fantasy. The Gaming zone consists of Free Fall, Jumping Frog, Ferris wheel and lots more.
How do you see the trend in coming months?
We have about 15 projects which are in redevelopment stage. For the last several months, redevelopment trend is continuing and will continue in future. It will be an added advantage as we give more area to customers and give corpus fund for future maintenance also. The redevelopment process takes more time and is tedious and complicated.
Brief us about your stake in Stresscrete India Ltd?
The group has acquired stake in Stresscrete India Ltd., an infrastructure company involved in the construction of bridges, FOB, housing for government and semi-government bodies and institutions.
Which projects underway in infrastructure space?
We are coming up with a mass housing project at Sangli, Nanded and Sholapur as part of the JNNURM project.
What is your land bank?
We have a land bank of about 10mn sq. ft. as on date.
How do you see commercial and residential demand?
There will be more residential demand over the next 10 years than commercial demand.
How do you see price scenario?
I think prices will increase by 10-15% per annum over the next 2-3 years.