Joint Secretary, CREDAI-MCHI Thane and Raymond Realty’s Chief Operating Officer Sandeep Maheshwari, sheds light on the company’s commitment to addressing not only the material needs of customers but also their aspirations for a fulfilling life within the spaces they create.
By Nichola Marie
The real estate sector in India is seeing a boom. Do you foresee long-term growth for the real estate sector?
The mood in the Indian real estate sector is undoubtedly optimistic and buoyant. In recent years, we have witnessed remarkable growth and resilience in the market, driven by several factors. The government’s initiatives such as ‘Housing for All’ and ‘Smart Cities’ have played a pivotal role in boosting the sector. Additionally, low-interest rates, favourable demographics, and an increasing urban population have created a strong demand for housing and commercial spaces. Regarding the long-term outlook, I feel real estate has a very good growth opportunity. The real estate sector is expected to grow ~2X faster than the Indian economy by 2030. Currently, the real estate sector is contributing ~7% to India’s GDP which is going to double (15%) by 2030.
Sustainable long-term growth will depend on factors like continued government support, regulatory reforms, infrastructure development, and the ability of the industry to adapt to changing consumer preferences, including sustainability and technology integration.
What are some of the trends that are bound to influence the real estate sector in the future?
Several trends are expected to significantly influence the real estate sector in the future:
Sustainability and green building: Increasing focus on sustainability, energy efficiency, and environmentally friendly construction practices will shape future real estate projects. Green buildings and sustainable design will be in high demand.
Technology integration: The adoption of technologies like artificial intelligence, smart home systems, and blockchain for transparent transactions will revolutionise how real estate is bought, sold, and managed.
Remote work Impact: The rise of remote work may lead to changes in office space demands. Flexible and hybrid work arrangements could affect commercial real estate leasing patterns.
Urbanisation: Rapid urbanisation continues to drive demand for housing and infrastructure in urban areas. Developers will need to create smart, efficient, and connected cities.
E-commerce and warehousing: E-commerce growth will drive demand for logistics and warehousing spaces. Proximity to urban centres will become crucial for efficient last-mile delivery.
Real estate technology (proptech): The proptech sector will continue to innovate with solutions for property management, data analytics, and virtual property tours, enhancing the customer experience.
Regulatory changes: Government policies and regulations can have a significant impact. Policies related to affordable housing, taxation, and zoning will shape real estate dynamics. These trends highlight the need for adaptability and innovation within the real estate sector to meet the evolving demands of consumers and investors in the future.
As a fast-emerging player in the realty sector, what is your long-term vision?
Our Chairman embodies the essence of a dynamic leader, one whose vision and determination are propelling our organisation towards remarkable achievements. His unwavering clarity and foresight have set our company on a transformative journey, one that extends across diverse geographies and portfolios.
In this pursuit, we are not merely seeking to expand our business; we are striving to redefine our very identity. From the ‘Complete Man’ to complete homes through operational excellence and manufacturing mindset. This shift symbolises our commitment to addressing not only the material needs of our customers but also their aspirations for a fulfilling life within the spaces we create.
At the heart of our transformation lies a deep-seated dedication to becoming a truly customer-centric developer. This means going beyond bricks and mortar to build lasting relationships with our clients. We understand that a house is not just a physical structure; it is a dream where families create memories. Our goal is to be the catalyst that facilitates these life journeys.
To achieve this, our Chairman’s dynamic leadership, our commitment to expansion, and our customercentric approach are all aligned and in tandem. We are not just building houses; we are shaping dreams where aspirations are realised, memories are made, and lives are enriched. Together with our talented team, we are redefining what it means to be a developer in the modern world, and we are excited to embark on this transformative journey.
Our mission: Raymond Realty wants to fulfill the customer’s dream of moving into a home or workspace built to the highest of standards. As a prestigious and time-tested brand, Raymond goes beyond exceptional value, quality, and customer service to create a lifestyle that leads to community building and is rich in beauty, comfort, and fulfillment. That’s why we are the preferred developers wherever we go.
In summary, our objective is to make home ownership accessible to all, fulfilling the cherished dream of countless Indians. We do so with a deep commitment to operational excellence, ensuring that the homes we build are of the highest quality. Moreover, we prioritise the customer experience, acknowledging that the journey to home ownership should be as enriching as the destination itself. We are not just constructing houses; we are making dreams come true, and in doing so, we are shaping a brighter future for our nation.
Can you give us a brief on the inception of Raymond Realty and its emergence as a leading player in the luxury real estate segment?
Raymond Realty, established in 2019 with a mission to make home ownership accessible, began its journey in Thane. In the same year, we launched our first project, TENX Habitat, spanning 4.3 million square feet and featuring 3,100+ well-designed residences on a 14-acre plot. Impressively, the first three towers were delivered in December 2022, an impressive 24 months ahead of the stipulated RERA deadline, greatly enhancing the customer experience.
Building on this success, we introduced our second project, The Address by GS, catering to the luxury segment in Thane with various residence options. This project has been embraced enthusiastically, with 80% of units sold, establishing us as a market leader in the real estate sector in Thane, known for outstanding sales performance and operational excellence.
Responding to the high demand for The Address by GS, we launched its latest luxury project, Invictus by GS, and The Address by GS – Season 2, which has quickly made a significant impact in the market.
We are now expanding our reach beyond Thane and are planning to launch our first project in Mumbai, located in Bandra.
Which are the latest and upcoming projects? How will you differentiate these projects?
Raymond is currently engaged in the management of five active projects. Four of these projects are situated in Thane, while one is located in Bandra. Each of these projects is distinct not only in terms of their geographical locations but also in their target customer demographics. This diversity in project locations and customer profiles plays a pivotal role in our strategy to expand our geographical footprint and connect with a broader and more diverse customer base.
From an operational perspective, these projects present unique challenges, primarily due to their varied locations. The successful commencement, execution, and completion of each project will necessitate a carefully planned and strategic approach. This approach is essential to ensure that work progresses smoothly, despite the different conditions posed by each location. We draw confidence from our experience gained from managing our current projects, which gives us the assurance that we will fulfill our commitments effectively and meet our project objectives.
What kind of opportunities do you look forward to in the future? What are your expansion plans?
In addition to housing projects in Thane, Raymond Realty is ready to expand its business in Mumbai metropolitan region (MMR). We are evaluating numerous options through joint development agreements and joint ventures without land acquisition. Our key focus areas would be the Western and Eastern suburbs and Navi Mumbai.
Currently, we are more focused on residential projects while we definitely have a five-year plan towards which the organisation is, together, working very hard.
Looking at the projects of Raymond Realty, it clearly reflects your approach of ‘Going Beyond’. How did you manage to achieve continuous innovation and improvement?
At Raymond Realty, we are constantly improvising to achieve aggressive timelines and raising the operational excellence bar. Focusing on operational excellence (OpEx) and customer experience (CX) has been a major game changer for Raymond Realty. With just four years into operations, a robust framework has been implemented to ensure seamless alignment between operational teams, processes and transactions that has enabled the business to set new benchmarks in the sector.
Key focus area (KFA): Product-focused, growth-focused, market-focused; engagement of right talent; enhancing process capability; optimum use of construction technology; and disciplined execution – on time in full (OTIF) – delivering the promises made to customers on time.
Our CMD is equally involved and believes in challenging ourselves beyond the normal. We continuously push ourselves to do bigger things in a better way so as to break the traditional market norms. This is how we intend to compete with the established industry players.
Having a breakthrough mindset and trusting each other with ideas has improved our performance and, in some cases, even innovated new ways of doing the same thing. Our fresh perspectives on standard processes have operationally expedited activities on site. Micromanagement at the early stages of the project helps in aligning everyone for better output.