Jay Goenka, Director, Dynamix Group

5 May 2022 , 09:35 AM

In an interaction with Mamta Maity, indiainfoline.com, Mr. Jay Goenka, Director, Dynamix Group said “we have 3 upcoming projects and we are very excited to bring these to the market in the coming year. These projects are situated in Goregaon, Malad and Sahar respectively and aggregate to almost 1.1 million sq. ft. of development. Through them, we hope to continue to cater to the seeker of high quality homes and spaces.”

How has the company performed over the past 2 years, since the onset of the covid-19 pandemic?

As with everyone, the covid-19 induced pandemic disrupted our operations. We suffered labour shortages, operational challenges, and uncertainty. However, it gave us the opportunity to reflect upon how our business may change, and to be ready to respond to those changes. The events of the past couple of years have made the desire of quality home ownership — homes which provide generous spaces, appropriate amenities and full lifestyles — much stronger. As a company, we have always been focused on well-designed and thoughtful residential and commercial developments, and we reinforced this commitment through our launches immediately post the first wave of the pandemic, and till date.

Our performance reflected a strong acceptance of our product and thesis. In the Mumbai Metropolitan Region and Goa, we accomplished sales worth Rs 330.6 crs in FY20-21 (despite losing the first 2 quarters to the lockdown). In FY21-22, our sales numbers more than doubled (an increase of 129%), to Rs 756.4 crs across our diverse projects and joint ventures. We are also set to launch 3 new projects in Mumbai in 2022, in Sahar, Goregaon and Malad. We expect to spend over Rs1050 crore over the course of the development of these projects, which would be developed over the next 3-4 years.

How do you plan on funding your ongoing and upcoming projects?

Our ongoing projects have already attained financial closure, thanks to the strong sales we have achieved, the equity deployed and the construction finance raised. Our upcoming projects will be funded through a combination of equity, construction finance and subsequently sales receipts once the projects are launched. In addition to this, we will continue investing in maturing our land holdings in order to build the pipeline for launch and further sales for the subsequent financial years.

Tell us more on the sales of the projects in the last year?

We saw very strong sales in FY21-22. We launched the third tower in our Avanya, Dahisar project in March 2022 and sold 93 units in less than a month. In February, we opened  higher floors of our Parkwoods project, situated on the arterial Ghodbunder Road, Thane. There, we sold 90 2-bed units, in addition to the 212 units previously sold on lower floors.  Astrum, comprising of large 2 bed and 3 bed units with balconies was launched in August 2021. The project is situated in Malad East and we sold over 56% of the high-value units launched in a span of three months.  Shrishti, a JV with Kalpataru, at Mira Road, was launched in October 2021 and 341 units were sold by March 2022. Finally, our ongoing Divum and Aldeia de Goa projects contributed steady sales numbers during the course of the year. The projects combined contributed to sales worth INR 756 crs for the financial year 2021-22. We have thus far delivered over 30 million sq. ft. of real estate to date and are currently developing projects spread over 3.5 million sq. ft. in Mumbai, Thane and Goa.

What is in the pipeline in the coming year in terms of developments?

We have 3 upcoming projects and we are very excited to bring these to the market in the coming year. These projects are situated in Goregaon, Malad and Sahar respectively and aggregate to almost 1.1 million sq. ft. of development. Through them, we hope to continue to cater to the seeker of high quality homes and spaces.