Rohan Lifescapes came into existence 12 years ago focusing mainly on redevelopment projects. With more than 60 projects spread across 54 sites and development of more than 20 million sq ft of homes and offi ces, the company is geared up to make a major impact on Mumbai skyline with 3.45 million sq ft of realty projects under development in Mumbai.
"The rapidly growing Indian real estate market and India’s economic progress has made real estate the most appealing investment option. Indian real estate scene has undergone a makeover in the recent years. The builders have managed to attract a lot of NRI’s as well as the non NRI’s to invest in the real estate market. The upcoming towers with luxurious amenities have created an interest among consumers to invest in the market.
Harresh N Mehta, Managing Director, Rohan Lifescapes with 25 years of business experience has a keen sense of identifying opportunities in the real estate sector. He is one of the pioneers of the rehab model of development in South Mumbai. He shares his view withSandeep Sharma about his company, signature projects, affordable housing segment, green building development, future trends in the realty space and many more. Edited Excerpts…
Could you tell us about your activities in the realty space especially in the redevelopment segment?
Rohan Lifescapes, a leading real estate corporate is a forerunner for urban regeneration in Mumbai. The company has been reforming the façade of real estate in Mumbai for over a decade and has many completed projects which have received both buyer approval and industry accolades. Rohan Lifescapes has been a path blazer of the rapid evolution and growth of the Indian real estate market, creating landmarks of exemplary quality and design – and setting new benchmarks for the industry. They have contributed to the development of the city through residential projects which have been buoyant due to access to funds and raw materials through favorable government legislations.
Are you targeting any other geographies for development apart from focusing on Mumbai?
Our land bank is very much South Mumbai based. It is very unlikely that we would concentrate on any other market.
What kind of potential do you see for luxury housing in metro cities of India?
The economics of India is lead by the metro cities as they are the trade capitals of the country. For instance, Mumbai houses all the major business conglomerates and witnesses a large number of immigrants daily which has led to a never ceasing demand in the realty sector. The development has drawn the attention of property investors from around the world, who view the Indian property market, more specifi cally the metro cities property market, as a haven for property investment.
Which are your signature projects till date and what makes them so special?
Over the years Rohan Lifescapes has developed myriad iconic projects (residential and commercial) in some of the choicest locations of Mumbai covering 2.5 Million sq. ft. The signature projects include: The Ruby (Dadar (W) – a commercial building in Mumbai covering over 1 million sq. ft.; Altimo (Altamount Road) – Luxury residential building with 3 BHK apartments; Aquino (Prabhadevi) – A 30 storey high end residential building with 1 apartment per fl oor among others, Aashiana – A 31 storey building at Nepean Sea Road, Ambar and Ram Kunj. The amenities luxury apartments that are built by Rohan Lifescapes include a luxury spa, a gym, a mini theatre, 24hours 3-tier security system, bathrooms with full height Italian Marble & international fi ttings, solar heater connection, best in class home automation, centrally AC, centrally air-conditioned lobby with double heights, Club House, Conference Room, Designer Modular Kitchen. Dry Yard In Bathroom, False Ceiling, Heavy duty Anodized Sound proof Sliding Window, High speed Elevators, Italian Marble in all Rooms., Modular Kitchen, Private Garden, Private Lobby, Reserved Parking, Swimming Pool, Visitor Parking and Visitor Waiting Area.
Are you also looking at exploring affordable housing segment in the near term?
Yes, affordable housing would be very much on the cards .As per our R & D goes, that is the right segment of TG that a whole lot of developers have been neglecting. But we are awaiting the government policies to be favorable to help come out with viable schemes for affordable housing.
What’s your views about and contribution towards the green building development in India?
In the future all developers will need to evaluate this and this is likely to become the norm more than a differentiator. Rohan Lifescapes is conscious of the same and are working with international partners to see how we can address this in our projects.
Could you please enlighten our readers about the future realty trends?
The rapidly growing Indian real estate market and India’s economic progress has made real estate the most appealing investment option. Indian real estate scene has undergone a makeover in the recent years. The builders have managed to attract a lot of NRI’s as well as the non NRI’s to invest in the real estate market. The upcoming towers with luxurious amenities have created an interest among consumers to invest in the market. Within India, when it comes to home, Indians are very conscious of the latest trend is. Homes with international standard features, facilities and interiors are now termed as lifestyle homes. The demand for luxurious high end properties is increasing in India. The Indian real estate sector is seeing a shift from just affordable homes to international standard high end premium residences. One of the key factors that have spurred the development of the property market is the commitment of the developers towards the community they are creating. Today, the cream of society in India has exposure to the latest in the world. They have seen and experienced international standard of living and hence prefer to have the same lifestyle in India.
In view of the recent fuel price hike, do you expect increase in bldg material prices? How do you plan to minimize the impact of the same on your projects?
Yes market infl ation will defi nitely impact our costs. But today is not the day to cut cost . It is a buyers market and more concentration is given to raising the bars of quality rather than cutting costs.
Do you see any real estate price correction happening in the next 6 months?
In South Mumbai, maybe not. If yes, up to a marginal extent of 10%.
What’s the solution for India’s ever growing housing deficit?
With our experience in South Mumbai, we can only speak to the extent of this part of Mumbai. With the ever growing demand, and not enough supply and to add to it unavailability of free land parcels to build, South Mumbai will always have a housing defi cit.
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