VISION with VALUES

By Realty Quarter Bureau

Mr. Jay Morzaria Director of Vraj Group is a young and dynamic developer aspiring to be one the most trusted developer in Mumbai. He is passionate about his journey which was inclined earlier towards him from his forefathers. His acumen of business has kept him with pace with the changing time of real estate elaborates his philosophy & ethic in conversation with Nimisha Gupta

Q1. What made you enter in real estate at this young age?

Ans: I was always passionate for doing something challenging, my forefathers were into real estate which gave me inclination towards it. With professional team headed by me, we have ventured in to redevelopment and established as a trusted brand with ethical and professional approach.

Q2. As an ace developer, what is your view that is driving the major force of real estate sector in Mumbai market?

Ans: Real estate represents a significant portion of most people’s wealth, and this is especially true for many homeowners in Mumbai. There have been several factors bringing in positive change in the Indian real estate market. For instance, after implementation or RERA and GST it will bring more transparency in Industry and this will surely attract nation and international investors in near future.
The expanding services sector and the growth of IT sector has created a new breed of home buyers. With an increasing number of sector-related multinationals putting their money in India, everything is changing.

Q3. With implementation of RERA & GST what challenges are being faced as a developer?

Ans: With implementation of any new rules be it RERA or GST, the market goes through phases of growth as well as depression. For instance, at present, there are more houses ready for sale than there is demand for. If we look at the difficulties developers are facing in selling homes, the Indian market is in a depression, though still not at the lowest point of the trough. But it’s expected that this will turn positive in next few years when buyers will get confidence in these new improved rules.

Q4. Do you think that RERA Act is biased? It offers maximum protection to buyers?

Ans: No RERA was much needed positive change in our industry. We needed RERA in order to revive confidence in our country’s real estate sector. It is one of the leading revenue generators in our country and it needed some regulatory authority or some transparent government authority to keep a check on developers. RERA will provide a common ground for both buyers and developers and will reduce the risks which were faced by the people before. RERA is of extreme importance as it will be applicable to more than 76,000 companies across the country. This act mandates number of things like registration of projects and real estate agents is mandatory now, 70% of the funds collected from buyers is to be deposited in a separate bank account and can utilize for the same project only. A buyer will have all the rights to know every detail about a real estate project and will also have the right to get all the documents related to the project.

Q5. Tell us about current projects and expansion plans?

Ans: Recently we have completed 3 projects in western suburbs before promised date which has helped us in being a trusted brand in respect to traditional players. We have executed agreement of 13 projects which will be approx INR. 600crores. our main focus will be on executing these projects before promised time-line.

Q6. What are you plans to invest in next 2 years?

Ans: We have clear road man for next 3 to 5 years, have almost 1 million of Sq Ft work in hand in Mumbai city and main object is to deliver before time and with best quality products. Group turnover will multiply 10 times in these few years. Planning to expand same business at domestic and at international market.

Q7. What is your thought on the year-end whirl in real estate? Do you think 2018 will be an ideal year?

Ans: Timing will be paramount for homebuyers in the coming months, while sellers will likely have an easier time making a successful deal. Meanwhile, renters may find more amenities and negotiating power.

The implementation of overarching regulatory mechanism such as RERA has instilled a much higher level of confidence in the global investor fraternity. The real estate sector is projected to receive Private Equity (PE) investments to the tune of US$4 billion during this fiscal year, as per industry reports.

Not just the PE funds from the US, Canada and Singapore are interested in infusing capital in the sector, but countries such as Japan, China, Qatar, Hong Kong and the Netherlands are also poised to invest in the sector.

At the same time, global sovereign wealth funds—that are otherwise known for their risk-averse, conservative approach—have been increasing their exposure to the market and it proves that the sector is headed in the right direction.

As for property buyers, it is a sign of revival on the cards.

In overall, the current environment presents an opportunity to buy property and make the best out of the coming year.