Founded in Dubai over two decades ago, Avighna entered Mumbai’s real estate business carving out a niche with a string of landmark developments. Avighna believes in quality over quantity; working on a select number of projects ensuring one hundred percent involvement of the management with sky-high standards of excellence resulting in projects that come with a touch of personal attention and thought.
"In order to boost demand, real estate players need to be constantly innovative in terms of their projects and other amenities that are offered. Additionally, if there is support from the administration in terms of regulations and a reduction in interest rates, this would go a long way in supporting this sector."
Nishant Agarwal, Managing Director, Avighna India Ltd shares his views with Sandeep Sharma about his company, premium luxury segment potential, realty scenario, project challenges, infrastructure bottlenecks, re-development opportunities, need for single window clearance and solution to India’s growing housing problem. Edited Excerpts…
Could you tell us about your company, mission and objectives?
Since our inception in 1999, Avighna has always defined new heights for the real estate industry. We are always in the pursuit for excellence and this is truly reflected in each of our creations, be it our high - rise condominiums, office towers or mixed-use developments.
Whoever be the end user, there are definite advantage to being associated with Avighna. These advantages represent the fundamental values, qualities and philosophies that define the company.
What kind of potential do you see in the premium luxury segment in Mumbai? Are you also planning to explore the luxury segment in other metros apart from Mumbai?
The premium luxury segment in Mumbai is just beginning to realise its potential. There is still plenty of scope to unravel its advantages. The interesting aspect about customers in this city is that they are willing to pay the requisite price if they are being provided with the best facilities that are available in the market.
The potential for innovation in offerings is tremendous. With regard to the exploring the luxury segment in other metros, we being niche players would therefore like to be associated with quality versus quantity.
How was the FY2011-12 for your company in terms of growth and projects announced?
While the market had been overall slow, the good thing is that there has been a consistent trend in the various projects that are being unveiled in the real estate space.
For Avighna, the past year has been satisfactory. This is primarily because we being a niche oriented player we are associated with various stakeholders who pay a premium on quality versus quantity.
Do you see any turn around for the real estate sector in FY2012-13? What needs to be done by the realty players to boost demand?
There is no doubt that FY2012-13 will be a challenging environment. However, as stated earlier, customers today do not mind paying a premium for quality products. For a company like Avighna which focuses on a niche segment, the future does look good.
In order to boost demand, real estate players need to be constantly innovative in terms of their projects and other amenities that are offered. Additionally, if there is support from the administration in terms of regulations and a reduction in interest rates, this would go a long way in supporting this sector.
Which of your projects till date was the most challenging and why?
For Avighna each project assumes equal importance. This is because we give great attention to detail in every property that we build. So, for instance, we remembered to have drains by the car park and plugs so you can vacuum your car. There is even a closet to store the vacuum! At Avighna, we make a big deal of the little things, and this is exactly why our buyers appreciate us.
Additionally, we think out of the box, and value others who do. We are known for our engineering innovations. Every Avighna creation combines solidity with beauty, form with function.
What’s your take on the opportunities available in the re-development and affordable home segment? Would you be exploring this segment in the near term?
The re-development market and the affordable homes segment in Mumbai is growing at a fast pace and there is immense scope in both these segments.
At Avighna, we do not take any pre - conceived decisions about participating in any particular project or sector. We generally understand the pros and cons of each activity before deciding to take the plunge.
What can be the solution to the infrastructure bottlenecks existing in cities like Mumbai?
Mumbai is growing at an extremely fast clip and if we want to position ourselves on city models like Shanghai and Singapore, we must concentrate on basic infrastructure that we provide to our citizens.
Currently, our infrastructure is stretched to the maximum extent and it would be wise if our administration take this into account while planning the future for the city.
For this city to progress, infrastructure will be the key requirement and there is a definite need to focus and invest in this segment.
In times of funds becoming dearer, how do you manage project financing?
Being a private limited company we do not have access like some of our competitors to public funds. However, Avighna with the name that it has earned in the market is able to generate funds from various sources that provide financial support that is required for our projects.
As stated earlier, project funding is getting dearer and it would be prudent for the administration to look into the financial regulations that are imposed on the real estate sector.
Could you comment on the need to adopt latest construction technology in high rises? Do you use the latest tech in your projects?
At Avighna we focus on our core competency in management, and outsource functions to the best players in independent areas such as architecture and construction.
We are also able to source superior materials and adopt engineering practices from our partners in different parts of the globe as and when required. So an apartment in Mumbai may have German engineered windows and marine paint from the Netherlands! This has allowed us to maintain a high standard in every phase of project development, thereby creating an outstanding end product.
We think out of the box, and value others who do. We are known for our engineering innovations. Every Avighna creation combines solidity with beauty, form with function. If you enjoy the satisfaction of creating or inhabiting something beautiful, something that stands apart, then lets join hands to set a class apart.
What’s your take on the need for ‘Single Window Clearance System’ and ‘Real Estate Regulator’ in India?
Having a “Single Window Clearance System” and a “Real Estate Regulator” in India is an urgent requirement for the sector.
Currently, developers are caught in mire with the number of clearances that are required from various government departments for a single project. This not only delays the projects but also increases the costs substantially.
Having a regulator will have dual benefits not just for the developer but for the customer as well since they will be able to air their grievances to the regulator if any.
What’s the solution to India’s growing housing deficit?
In a fast growing market like India, housing is going to be one of the most important requirements in the years to come.
In order to curtail this deficit, there needs to be proper planning from the administration in terms of infrastructure and amenities. Secondly, there needs to be sops given to the real estate sector which will bring down costs thereby reducing the load on end customers.
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