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4ps b&m talks to the man behind the omaxe dream about his perception and his growth strategies...
4Ps B&M: How do you see the current financial dynamics affecting the real estate industry?
Rohtas Goel (RG): The Real Estate market is experiencing some ups and downs. The situation for the sector looks very strained because of a combined pressure from rising input costs, escalation in inflation and rise in interest rates. However, the long-term forecasts for the sector continue to be good.
4Ps B&M: Do you think there can be more correction in the prices in times to come and why?
RG: The forces of demand and supply are the factors responsible for price correction. The clusters of small developers that have entered the industry very recently have substantially increased the supply level. However factors like inflation and costly home loans have given a setback to the demand. Hence the market has to reach an equilibrium which is only possible through a correction. But, the changes in prices wouldn’t be much because of the increasing increase in the input costs.
4Ps B&M: What are the key challenges for the industry and how can one address them?
RG: The Indian Real estate sector has emerged as one of the most dynamic sectors over the last couple of years with sustained growth. The price correction of inputs is the basic correction which will impact the overall cost of projects. Also a reduction in interest rates and check on inflation will give more purchasing power to consumers which can be diverted to the sector. Though inflation will put pressures on the purchasing power of the people, yet the high level of disposable incomes, easy availability of housing finance, and also the need for a housing unit for an individual will always remain high on priority. As a result of economic buoyancy, the developers will continue to offer projects to cater to the ever-growing demand for quality residential space.
4Ps B&M: In the recent past, formats of developments have undergone a complete change. How do you see the real estate market shaping up in the future?
RG: From our recent offerings of affordable housing and high end luxury projects, Omaxe foresees a good demand ahead. We have created a niche market for ourselves. But, the way forward is consolidation & innovation in products which can help a developer sustain himself in such dynamic market conditions. We believe that the real estate business will continue to remain a good medium for long-term investment. We are also coming up with a lot of luxurious projects in addition to existing 54 residential & commercial projects consisting of a Hotel, 24 Group Housing projects, 16 integrated townships, 14 shopping malls & commercial complexes. Nobody wants to compromise on issues related to lifestyle and housing.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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