Customer centric developers with focus on deliveries & financial discipline would continue to do well especially in Gurgaon, which by far is the most happening Real Estate micro market in India. There has been a positive impact on the overall market scenario with more transparency, reduced trust deficit and improved compliance standards.
Raj Singhal, CEO, Elan Group shares insights with Sandeep Sharma about his company’s footprint in the real estate sector, project inspiration, new project launch, market scenario and real estate trends, need for single window clearance, and solutions to solve the burgeoning housing problem in India. Edited excerpts...
Could you brief us about your company's footprint in the real estate sector? Since its inception in June 2013, Elan Group has stood for “Building the future”. In a span of 5 years, we have been able to gain the trust of our Customers and Channel partners through our unique selling propositions, pricing and services that are exclusive to our Clients.
Elan has recognized the potential of the Indian realty sector and looks forward to contribute in its growth through ultra-luxury Commercial and Hospitality properties. We are developing cutting edge innovations that will bring major positive transformation in India realty industry. We aim at creating connections between discerning individuals and intelligent spaces to create exciting new prospects. This includes adopting breakthrough innovations, exploring new technologies and researching potential future spaces.
The company has embarked a strong presence in the highly competitive commercial real estate market in Gurugram with its benchmark creations Elan Mercado, Elan Town Centre and Elan Miracle.
What's the inspiration behind 'Elan Miracle' project? Could you share finer details about this project and the progress made so far? The inspiration was to create an iconic structure amongst the most prominent growth corridors in Gurgaon, i.e. Dwarka Expressway. It’s a retail, entertainment, and fine dining destination of a size & scale which becomes an inspirational landmark for New Gurgaon. Having 6 screen multiplex, spacious food courts across 2 levels and nearly 100 service apartments, Elan Miracle is located on Dwarka Expressway straddling the 135m wide multi-utility corridor & 24 m wide road and has a frontage of nearly 100 ft.,/p>
Apart from 'Elan Miracle' which other projects you are currently executing or about to launch? Elan Miracle was launched in May 2017. Elan Group is also launching soon a new project on SPR, Sec-70 Gurgaon.
How is the market scenario shaping up in your stronghold? Are you facing any challenges in improving your project sales? There is a huge demand for quality retail spaces offering a mix of food court, multiplex and retail. Our inventory across 3 ongoing projects Elan Mercado, Elan Town Centre & Elan Miracle is nearly sold out. We are not facing any challenges with respect to our project sales.
Could you comment on the need for Single Window clearance system? How much time do you typically spend on getting project approvals? The Single window clearance system will definitely be a great help. Currently it takes 3-6 months for project approvals. Though, the Government has pro-actively converted most of the approval processes to an online mechanism ensuring the developers transparency and a faster turnaround time.
Could you provide us with insight about the emerging real estate trends? Customer centric developers with focus on deliveries & financial discipline would continue to do well especially in Gurgaon, which by far is the most happening Real Estate micro market in India. There has been a positive impact on the overall market scenario with more transparency, reduced trust deficit and improved compliance standards.
What's the solution to solving India's burgeoning housing problem? The present Government in India has pushed “housing for all” over the last 4 years by adopting innovative policies. Some key policy initiatives is likely to go a long way in solving the housing problem. These include affordable housing with higher FSI & lesser EDC, IDC, Deen Dayal Upadhaya Yojna, Interest subsidy up to specific threshold, etc.