Patel Realty India Ltd (PRIL), the 100% subsidiary of the Patel Engineering Group came into existence in 2007. PRIL is engaged in the development of real estate and currently has under its development portfolio three integrated townships, One million sq ft of high end commercial space in Mumbai and several other residential projects in Mumbai, Noida, and Mauritius.
“I strongly believe that India needs a Real Estate regulator. I have always been of the opinion that the Real Estate sector needs to be granted an industry status in India. It is very important to have a regulatory body in all sectors and the real estate sector is an important sector and appointing a real-estate regulator will definitely help to keep a check on the corruption and the stagnant growth in the industry. This move is bound to make developers more accountable for buyers and bring in greater transparency in the sector.
Pravin Malkani, President, Patel Realty India Ltd (PRIL) shares his view with Sandeep Sharma about his company, projects, hot geographies, green building concepts, need for vertical development and real estate regulator. Edited Excerpts…
Could you brief us about your company, mission and objectives?
Established in Mumbai in 2007, Patel Realty India Ltd (PRIL) is a wholly owned subsidiary of the Patel Engineering Group and a natural extension of Patel Engineering’s extraordinary vision into Real Estate.
PRIL’s principal mandate is to acquire, develop and program real estate assets located in major cities where real estate demands have witnessed sharp increase due to lifestyle changes amongst all age groups of the population. Cost effective, buildable solutions and a high level of customer satisfaction is our main aim.
What kind of real estate projects your company aims to build?
PRIL is spread across a range of verticals which encompass residential, commercial, IT Park, SEZ, Retail, Entertainment, Hospitality and Waterfront developments.
Known for uniqueness, each of PRIL’s projects is a state of the art creation. From Patel Corporate Park at Mumbai to Smondo at Neotown, Bangalore each of its projects has been crafted with precision to ensure quality to clients and an environmentally conscious development.
PRIL’s main aim is to indulge in a sustainable business. Since its inception PRIL has been making efforts to build a business on a basis of sustainability and Corporate Social Responsibility.
Which are the geographies you are targeting for your projects and why?
Today PRIL has over 1100 acres of land bank. These land banks are located across various geographical regions across the country including Maharashtra, Delhi, Bangalore, Chennai and Hyderabad. Presently PRIL has over 7 million sq ft of space under construction in Mumbai and Bangalore.
How do you plan to meet the project financing needs?
While we have done many projects specific to client briefs/requirements but our landmark projects have been Infinity, Forum, Forum Mart and Technopolis.
The company has a long term strategy plan to raise funds for different projects. Presently our mode of funding is through internal accruals but going forward we may exercise money raising options like debt / Joint ventures, etc.
How was the financial year 2010-11 in terms of growth and projects take off?
The company had robust growth in FY 2010 - 11 and revenue recognized was about Rs 100 crore. During FY 2010 - 11 the company launched 3 phases of its residential development consisting of approximately 850 apartments in the integrated township of Neotown at Bangalore
Could you tell us about any of your latest project launch?
Patel Realty India Limited recently launched Townsville, its latest offering in luxury living at the 120 acres integrated township, Neotown in Bangalore. Townsville is an enclave of 124 limited edition premium duplex homes and bring the coveted living of European style townhouses to the city of Bangalore.
The launch of Townsville marks a significant step in our journey towards creating a paradigm shift in the real estate industry by setting new benchmarks of Service, Quality and Innovation. Townsville will be a feature-rich community that will offer its residents the pleasures of fine living like no other. Each townhouse has been meticulously designed to offer something special to each member of the family.
What can the real estate buyers expect from PRIL?
We here at PRIL leave no stone unturned to match our buyers’ needs. Industry experts at PRIL continuously keep a tap on the latest developments in the real estate industry to keep match with the same. Our buyers can expect luxury and affordable housing in all segments with unmatched quality.
Are you planning/executing any green building project in India?
Since its inception, PRIL has been guided by a single mantra “Engaging Earth” – All its properties across geographies are in complete harmony with Mother Nature and developed without causing destruction to the natural surroundings.
PRIL has adopted the nationally recognized Indian Green Building Council (IGBC) and Leadership in Energy and Environment Design (LEED) Rating Systems. PRIL takes pride in calling itself a green company as its business activities have a minimal carbon impact or carbon footprint on the environment.
Do you see increase in building material prices like Steel and Cement in the near term? How do you plan to reduce the impact of the overall increase in the material cost on the offer price to the end customer?
Considering the present inflation, steel and cement prices are bound to rise in the near future. Being a wholly owned subsidiary of Patel Engineering engaged in infrastructure works, PRIL does not see a very high impact in terms of rising costs. Additionally, we are also exploring various cost saving options.
What's your take on the infrastructure pressure points being created owing to vertical expansion of the city buildings?
Vertical development is one way to address the burgeoning populace in cities. No doubt the required infrastructural support for a project need to be taken into consideration but the government should also ensure that infrastructure projects are executed to keep pace with the increasing demand for real estate. Residential and commercial projects cannot be moved away from city centre for want of infrastructure but on the contrary made available to them.
Are you in favour of having a real estate regulator in India?
Yes, I strongly believe that India needs a Real Estate regulator. I have always been of the opinion that the Real Estate sector needs to be granted an industry status in India. It is very important to have a regulatory body in all sectors and the real estate sector is an important sector and appointing a real-estate regulator will definitely help to keep a check on the corruption and the stagnant growth in the industry. This move is bound to make developers more accountable for buyers and bring in greater transparency in the sector.
What's the solution to India's growing housing deficit?
According to me the solution to the growing housing deficit in India is affordable housing. In the recent past property rates have touched a new high and buying a house has gone beyond the reach of the common man.
Another realistic solution to the growing housing deficit in India is redevelopment. Redevelopment is a continuous process of urban renewal. While urban population is on the rise, the shortage of land in the cities is becoming quiet evident. Redevelopment will open new avenues and also gives an opportunity to refurbish residential complexes in keeping with changing lifestyles.
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