Apr 15 2017 | Q&A

Tejinder Pal Setia, Chairman, Mona Townships Pvt Ltd

RERA and the new tax regime in the form of GST promise to revive the realty sector, which ranks among the top in the country in terms of employment generation. RERA will bring much needed transparency in the real estate business. It’s likely to help build trust among all the stakeholders, be it builders, customers, property advisers or employees. It is a very balanced Act which has something good for everyone.

Tejinder Pal Setia, Chairman, Mona Townships Pvt Ltd Tejinder Pal Setia, Chairman, Mona Townships Pvt Ltd shares his view with Sandeep Sharma about his company, real estate projects, features and amenities, after effects of demonetisation, upcoming and ongoing projects, market scenario in NCR, project funding, green building development, impact of RERA and technological supremacy.

Could you brief us about your real estate projects?
Mona Townships Pvt Ltd has stamped its class as one of the most sought after real estate developers of the region in just 12 years of its inception on account of its unwavering commitment to rise to the expectations of customers. We have an array of exciting projects under our belt across Delhi, NCR and Punjab, which are spread over an area of 2.5 million sq ft. Excelling in creating world-class residential, commercial and recreational spaces, we have six projects in Zirakpur and Mohali, four of which are operational, including Mona Greens, VIP Road, Zirakpur; Mona Greens II, Gazipur, Zirakpur; Mona Aeroviews, Swastik Vihar, Zirakpur and Mona Paradise Apartments, Sector 127, Mohali.

Construction is going on in full swing on the other two projects, including Mona City in Sector 115, Mohali, and our flagship mixed-use project J90, which is coming up over 14 acres in Sector 90, Mohali.

What kind of features and amenities do you incorporate in your projects to ensure customers delight?
Our philosophy has always revolved around “Reinventing Growth”, and this has made all the difference. We are customer-centric. For us, customers come first. Our foremost concern is to ensure that our buyers get their money’s worth. Unlike many other real estate developers, we take care about the minutest details and make it a point to offer only ready-to-move properties after having all arrangements in place. We have always incorporated modern facilities in all our projects and features like proper ventilation/lighting, energy-efficient design and ample open spaces.

How is the real estate market shaping up in NCR? Do you see any upside after demonetization effect has waned out?
Demonetisation will not have much of an impact on property prices in Tier 2 cities of the northern region like Mohali and Chandigarh because their real estate market is largely driven by end users. These cities will also escape the fallout of demonetisation on account of their small pocket size, which is in the range of 30-35 lakh. The secondary market will also gain momentum in the next few months. In the long run, demonetisation will actually benefit the real estate industry.

Are you exploring any other geography apart from NCR / Punjab?
We will surely go for expansion beyond NCR and Punjab, but not in the immediate future.

Technologically how far your construction is positioned against the leading developers in the region?
The biggest challenge in the real estate market is the fierce competition, and very few real estate developers are able to win the trust of customers. However, at Mona Townships, the very foundation of our company is built on trust. We stand out from the rest for our ability to deliver projects in time while maintaining the highest construction standards. Not every real estate developer can match timely delivery and quality construction as we do. We are where we stand today because we have turned these challenges into opportunities. In every township we have used state-of-the-art engineering techniques that not only add to the strength and stability of the structures but also reduce maintenance charges.

How do you fund your projects??
Mona Townships is funded by internal accruals and has tie-ups with leading banks.

Are you into green building development?
We, at Mona Townships, have always tried to make all our projects as eco-friendly as can be, whether it is the flats at Mona Greens and Mona Aeroviews or the apartments in Mona Paradise. All our buildings are designed to be energy-efficient. Our structures are well-ventilated and located and designed in such a way that they trap maximum natural light and use minimum electricity. Jade Business Park, an integral component of our flagship J90 project, is a demonstration of a refreshing green business concept destined to set new trends. The project has lush-green, open surroundings to breathe life into your business. Replete with all modern facilities, the workspaces will have large window openings for natural lighting and cross-ventilation, well-lit and ventilated corridors, power back-up, three-tier security, recreational green parks and cafeterias on terraces. Our state-of-the-art engineering techniques are intended to improve productivity.

What can be the impact of Real Estate Regulatory Act, 2016 (RERA) on the real estate companies and the buyers at large?
RERA and the new tax regime in the form of GST promise to revive the realty sector, which ranks among the top in the country in terms of employment generation. RERA will bring much needed transparency in the real estate business. It’s likely to help build trust among all the stakeholders, be it builders, customers, property advisers or employees. It is a very balanced Act which has something good for everyone.


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