Part II: “Real Estate Regulatory Bill to bring more credibility”
Jaycee Homes is today one of the leading names in the real estate sector in Mumbai. Having developed enormous living spaces, the company has to its credit executed over 250 projects with more than 10,000 families enjoying the unmatched Jaycee lifestyle.
With strong presence in Mumbai’s market, Diipesh Bhagtani, Executive Director of Jaycee Homes shared his valuable insights on recent and upcoming regulatory developments in an exclusive interview with Commonfloor.com. This is the second part of the interview. (Read Part I here) Here are the excerpts.
The Real Estate Regulatory Bill is likely to be tabled at the Winter Session in the Parliament. What is your take on it?
The Bill is very crucial for the real estate industry; it should balance the concerns of consumers as well as real estate developers. Developers have been campaigning for a faster project approval process, as that will help bring prices down. Bill will bring more credibility into the sector and also enable domestic and foreign inflows.
The Maharashtra cabinet recently cleared the Cluster Redevelopment Policy for the city of Mumbai. How do you think will it impact the sector?
Cluster development is the future of the city, however it is more cash-intensive than redeveloping single buildings. It will not be easy because there are many more stakeholders. The policy will unlock space in prime locations, especially in south and central Mumbai for fresh development.
Today, the real estate sector is facing the twin problems of questionable quality and project delivery defaults. How do you tackle these serious issues?
As developers, we are adopting construction technologies that adhere to quality standards and methodologies. We are employing professionals with expertise in project management and various levels of operations.
Internally we have as management set up best practices and standards.
Which are the key localities to watch out for in MMR in the short to long term?
Bandra, Ghatkopar, Kanjurmarg, Andheri, Goregaon
Marketing plays a crucial role in any real estate selling. How are you able to effectively overcome this challenge and effectively market your product?
We see marketing holistically. We begin the process from site selection. Our analysis on the market demands is thus the beginning. From there on based on the target markets our flats and project are designed to address specific needs. In real estate “location” is the primary marketing strategy.
From there on our marketing is involved in the right pricing and promotion, we use various outreach strategies from social media to direct marketing, from site visits to personalized meetings, from PR to online communications.
Read Part I here: Part I: ‘Realty market can expect revival in the near future’
