India Post News Service
NEW DELHI: Proud bearers of a 47-year-old legacy, The Wadhwa Group is acknowledged for creating state-of-the-art buildings in premium locations. The group is one of Mumbai’s leading real estate companies and is currently developing residential and commercial projects spread across approximately 1.4 million square meters (15 million square feet). Over the years, The Wadhwa Group has received many awards for both its commercial as well as residential properties.
In an e-mailed interview, Mr Girish Shah, Director, the Wadhwa Group, talks of the impact of demonetization and other issues connected with real estate. The following are edited excerpts:
Scope for NRIs
Following Demonetization, residential home buyers can be rest assured that their hard earned money will not go waste. Errant operators face a crisis now as they will have to be transparent and accountable in their dealings thus providing customers with a sense of safety and security and reinforcing their trust in the sector.
For an NRI, checking the track record of the developer should be of utmost importance, particularly, while investing in under construction properties. Another important factor before making any financial commitment is documentation. This will help prevent any legal or financial troubles and ensure a safe buying experience. We provide the buyers with market insights and assist them in making informed decisions. Additionally, if the NRI is looking to sell the property in future for ease of repatriations/he should make all payments from the NRE account only.
We source the best talent and design architects from across the world to construct state of the art properties and match international quality.
The rental yield on commercial properties in India is great and stands at about 8-10% as compared to residential units. There is a huge scope for NRIs who are looking purely to invest. Considering these factors, small pre-leased retail/commercial spaces in prime locations are a viable option for the NRIs. Our commercial offices, Platina, Capital, and Trade Centre at BandraKurla Complex are classic examples of locations that are well supported by infrastructure development and are attracting companies Indian and International, to take up office spaces in these areas.
As for safety, with measures being taken to bring more transparency, there has never been a better time to invest. The jolt of Demonetization may have caused a temporary disruption; but for the long run, it is a blessing in disguise and a win-win situation for both, buyers and developers, paving the way for long lasting and trusting relationship.
Looking at the current market scenario, increased governance and stronger economic signs will have an impact on the sector. It will allow developers to focus on quality delivery to command a premium in the near future.
Indian banks have been quite helpful in easing the home buying procedure for NRIs. Majority of the banks and NBFC have their offices overseas catering to NRI clientele requirements including housing loans. Moreover, with offices being present overseas, it not only helps in client servicing but also helps in joint promotion.
We offer investor schemes to NRIs looking to engage with us and invest in our residential properties.
Current trends
There has been a shift in the location preference for developers. A dearth of space in the city has led to many developers exploring other avenues to set up premium projects. Additionally, the low cost of land and available infrastructure present in the suburbs is incentivizing developers to make this change. Many global companies are also moving their offices to these areas owing to low rental costs. This is gradually boosting the residential segment as well especially in central suburbs such as Panvel, Ulwe, Dronagiri located in Navi Mumbai. We have already capitalized on at Panvel by venturing into the low-cost housing residential project in the area.
Additionally, with increased environmental concerns, developers are incorporating green practices in the construction of their projects.
USPs of Wadhwa Group projects
At The Wadhwa Group, our designs adopt the philosophy of ‘Ventilit,’ based on the elements of height, light, and air. All our homes are designed to perfection and comprise high ceilings and huge windows that allow enough natural light and air to come in. This philosophy provides a holistic living experience and is adopted across all our properties ranging from ultra luxury to affordable housing. Customer satisfaction is paramount to us, and we aim to provide the best of the best to all our customers.
With the recent developments in the real estate sector such as RERA and Demonetization, the future looks promising for the real estate sector in the country. These moves are expected to bring transparency, efficiency, and credibility to the industry.
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