Vishwajeet Jhavar, CEO,Marvel Realtors, holds a degree in Engineering from College of Engineering, Pune, with a specialization in instrumentation and controls. He has over 16 years of experience in the areas of automation, engineering and construction. He manages key portfolios like land sourcing, automation and business development. Before venturing into his current business, Mr. Jhavar has worked as a design and development engineer with Badwe Engineering, a firm involved in designing microprocessor based controllers for the Indian Defense. He has been trading engineering goods to sugar and other industries for the last 10 years.
Marvel Realtors is one of Pune’s most widely recognized names in Real Estate, having more than 11 years of experience in developing and constructing ultra luxurious projects. Marvel has 23 million sq. ft. of luxury residential construction under its belt and its exclusive apartments will soon be visible in Mumbai and Bangalore. Since its inception in 2001, Marvel Realtors greatest challenge has been to consistently surpass its own benchmarks. The Company has recently forayed into commercial projects that will offer over 2 million sq. ft. of world-class commercial space for 21st century businesses. It provides with common amenities across the residential and commercial projects such as large expanses of tropical landscaping, automation, hi-tech security systems, state-of-the-art recreational and fitness facilities with swimming pool and gymnasium.
Replying to Yash Ved of IIFL, Vishwajeet Jhavar says, “We see ourselves launching a million sq. ft. every second month for another year. We will be delivering at least one project every quarter for the next four years. We do not have immediate plans for an IPO. But, as is the natural progression of our business, the company will eventually be listed.”
Brief us about your current and upcoming projects in residential, commercial space?
The company is working on various residential projects such as Arco, Aurum, Bounty (Phase I & II), Cascada, Cerise, Isola, Sangria at Pune.
Other current projects include Arista, Viento at Bengaluru, while Belleza is at Goa.
Various current Commercial Projects includes sentinel at Pune.
The upcoming projects include Izara, Kyra, Selva Ridge Estate, Verano at Pune.
What are your plans in Retail and Hospitality space?
At present, we have 7 km of prime frontage Retail space planned in Eastern Pune – in places such as Kharadi, Magarpatta, NIBM and Viman Nagar – where we desire to provide a high street shopping experience, complete with landscaping and integration with the street. We believe this will change the look and feel of the entire locality.
2 kms of frontage has already been launched for sale at Marvel Ganga Sangria and 1 lakh sq. ft. is on offer at Marvel EDGE, our iconic commercial project in Viman Nagar.
With regards to Hospitality, we have a 40-key boutique hotel planned at Marvel EDGE, offering state-of-the-art interiors, facilities and amenities. We intend these to be the best 40 rooms in Pune, catering to discerning business and leisure travelers. Features include a fine-dining rooftop restaurant with attached bar, spa and gym, as well as access to all the world-class business facilities on offer at Marvel EDGE. These include meeting and board rooms, convention and business centers.
Are you seeing any slowdown in your projects?
The Pune market is driven by end users, many of whom work in the IT, engineering, automotive, and service industries, or have migrated here for education / employment – often from rural areas. As the majority of our portfolio lives in Pune, we have not seen any slowdown yet.
What is the total area under development?
Marvel’s total area under development is 23 million sq. ft. which includes 21 million sq. ft. of residential development and 2 million sq. ft. of commercial projects
When all projects will be commissioned?
Marvel has projects in every stage of development. Amongst the ongoing projects, the different stages range from 50-90% completion – and we see ourselves launching a million sq. ft. every second month for another year. We will be delivering at least one project every quarter for the next four years.
What is the price scenario do you see in Pune as compared to Mumbai?
Compared to Mumbai, Pune’s projects are value for money. As the market is not speculative, the prices are driven by demand, as well as by inflation, so we do not see spikes like in other markets. Pune price increases are gradual.
Any plans to expand business globally?
We feel residential development is quite a local business, and currently there is huge scope for Marvel’s expansion within India itself. We don’t see global expansion in the near future, mainly because – excluding a few pockets in Africa – there are very few markets in the world with real estate growth rates like ours.
Comment on your Capex plans?
We have initiated the set-up of the Pre-Cast factory and would be investing about Rs. 500mn in the same by the end of second quarter of 2012. Additionally, we currently have 8 operational Ready-Mix Concrete Plants, 8 Tower Cranes and other construction equipments and a fully operational Brick Factory. We intend to purchase Tower Cranes, erect Ready-Mix Concrete Plants & Transit Mixers for each and every site going forward, and other construction equipments to expedite the process of construction.
Any plans for IPO?
The corporatization of Marvel has already happened with five Private Equity investments in the company – by Och-Ziff, HDFC Portfolio Management, ICICI Prudential, JM Financial and Paracor Capital Advisors. The company is ready to be listed; however, since we do not have any immediate requirements for liquidity, we do not have immediate plans for an IPO. But, as is the natural progression of our business, the company will eventually be listed.
What is your land bank?
Our land bank is currently at 23 million sq. ft. or 300 acres of prime real estate in Pune, as well as a few parcels of land in Bangalore, Goa and Mumbai.