Navin Makhija, Managing Director, Wadhwa Group
is currently pursuing a course in OPM (Owner/President Manage Program) from the Harvard University. Backed by his excellent negotiation skills, Mr. Makhija performs the most critical role of land identification and acquisition with ease.
The Wadhwa Group
is one of the most eminent real estate companies in Mumbai. The group has built a reputation for itself backed by customer faith and product quality. The group’s commercial spaces are the powerhouses of many Fortune 500 companies. It executes commercial spaces, malls, multiplexes, hotels, and IT parks with as much precision as residential projects. Many of the prominent landmarks by the Wadhwa Group characterize the skyline of Mumbai. Some of the architectural marvels built by the Wadhwa Group are Solitaire - Powai, Imperial Heights - Goregaon, Aquaria Grande – Borivali, The Address - Ghatkopar, Trade Centre, Platina, and The Capital and ONE BKC in BKC.
Replying to Yash Ved
, Navin Makhija says "The time is changing for the real estate sector and would soon favour buyers as well as developers, bringing them on one platform."
Brief us about your current and upcoming projects?
Understanding the crux of the property market, Wadhwa Group is focusing on building projects at locations that have the potential and required space to meet Wadhwa’s creativity and strategy. Wadhwa Courtyard at Pokhran Road with multi-facility is coming up with 2 and 3 BHKs. With 32 towers enclosing 2, 2 and a half, and 3 BHKs, Anmol Fortune at Goregaon is being designed with excellence and location analysis. Giving a new definition to luxury and lavishness, Atmosphere at Mulund is a joint venture between Wadhwa Group, Man Infraconstruction and Chandak Group, built over 14 acres of land.
How is the outlook for the real estate industry?
Over the past few months, there was huge turmoil, as property prices soared. The real estate market took a downward leap. However, the direction of winds has seen a change. Builders have faced the pinch with piled up inventories and have thus realized the gaps of affordability. What ensues is obviously fall in property prices to a justified level in order to attract buyers.
What is your view on the recent RBI policy?
Being a giant in the real estate sector, we were expecting a few policy changes. However, we respect the decision of RBI and are hopeful that the decision of keeping repo rates unchanged will enhance purchasing power of buyers, especially fence sitters. This will not only help developers initiate more projects at a favourable capital, but would also widen offerings that benefit home buyers.
You have also won a Thane plot bid?
The thane plot was a superb investment for our visionary Thane Project. We were extremely happy to have won the bid. With Mumbai as our development destination, there are a few sustainable and potential lands to work on. As a unit, we go for quality and locality over quantity of lands. However, if we find all of it in one plate we do not think twice before going ahead with the deal.
You have recently raised funds from Piramal?
We have raised Rs. 200 crore from Piramal recently. A 500-acre township at Panvel in Navi Mumbai was our priority, which influenced this move. Further, we also plan to purchase a land for another project. This move also helped us to exit our previous lender with no remaining bonds. Our main intention was to replace high-cost debt with cheaper capital.
Do you expect recovery in the residential segment?
The time is changing for the real estate sector and would soon favour buyers as well as the developers, bringing them down on one platform. We are looking forward for a favourable move from RBI in the coming years. It’s a two-way process between builders and buyers: while they need to understand our cost effective quality, we also need to be aware about our target market’s aspiration from the project. When the two compliment each other, we are good to go.
Your comment on land acquisition Bill?
It’s good news for private players like us. I am glad that the government realizes our contribution to the city’s infrastructural development. I am sure this would change the face of the real estate market in a novel way in the future. We promise to exploit and leverage this opportunity in every possible way.