Replying to Yash Ved of IIFL, Bijay Kumar Agarwal says "We have 15 million sq.ft of space completed, 16 million sq.ft under construction and 22 million more under stages of planning, design and development."
What is your outlook do you see for the real estate sector?
Despite a slowdown in the industry last year, Indian real estate segment holds immense potential in the coming times. Today, it’s the second largest sector after agriculture in generating employment and contributes significantly to the country’s GDP. The Governments move to introduce more accountability into the realty sector will boost buyer confidence and impact the industry positively.
Brief us about your current and upcoming residential projects?
We have a formidable presence in Bangalore with verticals that include Commercial, IT ITeS, Residential projects. We are also significantly present in Hyderabad, Kolkata, Pune, Coimbatore, Jaipur, Vizag, and Goa.
Salarpuria Sattva homes belong to the premium category with state- of- the -art amenities, security and green measures and caters mostly to the upwardly mobile corporate class, most of them from the IT sector. As businesses grow, we see a stable demand from real consumers.
Recently, we have launched up to 5000 units. By end October2015, we will be launching another 2000 Units in Bangalore. Our projects are located within the CBD or in key developing areas with the best possible connectivity and infrastructure support.
The ongoing projects includes Cadenza- Hosur Main Road, Bangalore, East Crest- OMR Road, Bangalore, Laurel Heights- Hessarghatta Main Road, Bangalore Celesta- OMR Road, Bangalore, Aspire- OMR Road, Bangalore, Luxuria- High end super luxury homes in Malleshwaram, Bangalore ( Reaching completion), Magnificia- High end super luxury homes on OMR Road, Bangalore ( Reaching completion), Greenage- Hosur Main Road ( Phase II), Bangalore, Casa Crescent – Binny Crecsent, Jayamahal, Bangalore( Super luxury homes), King’s Domain- OMR Road, Bangalore ( Super Luxury Homes-Reaching completion) Water’s Edge- Goa, Necklace Pride , Hyderabad and, H&M Royal- Pune.
What were the recent launches during the quarter?
The recent launches during the quarter were Pipal Tree,First Town Houses, Diviniti, Casa Irene.
What is your total area under development?
We have 15 million sq.ft of space completed, 16 million sq.ft under construction and 22 million more under stages of planning, design and development.
What is your take on real estate prices?
Keeping in mind the current macroeconomic indicators such as inflation, forex reserve, fiscal deficit, rate of interest etc. our economy looks on a positive footing.
Bangalore, where we are significantly present, has shown consistent and realistic growth, because it is a buyer’s market. Recently however, Bangalore’s prices have stagnated ( but not come down) as an impact of the national trend. The good news is that Bangalore is the job- hub of India and recent Commercial absorption shows a significant upward trend. This is an indicator of the turnaround that will happen in Residential demand soon. So, I am positive that this is just a temporary lull and the buzz is going to come back soon.
In other parts of the country there seems to be a correction happening. Overall, due to the positive trends in the economy, we expect to see upward trends in the near future. We can expect growth in residential as well as commercial segments.
What is your take on land acquisition bill?
The bill is a step in the right direction, as it will not only expedite approval for bigger projects but also ensure that proper compensation is given to the land owner. The land acquisition bill primarily focuses on providing fair compensation to the original land owner through a far more transparent process.
It will ensure that pending approvals for various projects across the country are being cleared post appropriate verification. This will eventually bring in more transparency and help boost the industry’s growth.
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