In an exclusive interview with SME Times, Shubhashish Homes CEO Mohit Jajoo said that Indian realty sector boasts a significant number of SMEs, which contribute immensely to the nation's economic growth.

These SMEs play a pivotal role in generating employment opportunities, fostering innovation, driving exports, and boosting the GDP, he added.

Excerpts of the interview…

1. Please tell our readers about Shubhashish Homes and its entrepreneurial journey.

Shubhashish Homes, as part of the esteemed Shubhashish Group, has been making significant contributions across multiple sectors since 1983, including IT services, wealth management, logistics, packaging, and warehousing. With our diverse expertise and strong reputation, we have established ourselves as a prominent player in the industry.

Our focus at Shubhashish Homes is on transforming Jaipur's landscape by creating exceptional living spaces and offering residents an extraordinary lifestyle. Building on the success of our renowned project, Shubhashish Villas at Narayan Vihar, we have recently launched Shubhashish Geeta, a new development that is progressing in phases, catering to the evolving needs of our discerning clientele.

Our core values serve as the guiding principles for all our endeavours at Shubhashish Homes. We are dedicated to spreading happiness, nurturing a positive work environment, upholding strong ethical standards, fostering innovation, and contributing to environmental sustainability. Through our unwavering commitment to these values, we strive to make a positive impact in the real estate industry and exceed the expectations of our customers.

2. What is the present situation in the realty sector?

In today's rapidly evolving real estate landscape in India, we are witnessing significant changes as the industry adapts to shifting market dynamics and embraces new methodologies and technologies. Developers are now placing a strong emphasis on innovation and sustainable development, incorporating sophisticated construction methods, green building practices, and smart features into their projects.

Despite recent challenges, the Indian real estate market continues to expand. Factors such as urbanization, rising disposable incomes, and government initiatives like affordable housing and infrastructure development have contributed to sustained demand for residential, commercial, and industrial properties. Moreover, we are witnessing a major wave of redevelopment in the market.

Given the limited availability of land in desirable locations, developers are revitalizing historic properties and transforming them into modern high-rise buildings. This approach not only optimizes land utilization but also rejuvenates ageing infrastructure and neighbourhoods, breathing new life into them.

Overall, the real estate sector in India is undergoing a transformative phase, embracing innovation, sustainability, and redevelopment to meet the evolving needs of buyers and tenants.

3. Interest rates have been high for quite some time now. Is it affecting the realty sector?

Certainly, interest rates have played a significant role in shaping the realty sector, but it's important to note the positive improvements that have occurred over time. In recent years, we have witnessed a remarkable rise in the real estate market, fueled by various factors.

Since the aftermath of the global pandemic, people have shown a strong desire to own their own homes. The rapid increase in rents, especially after COVID-19, has made individuals more concerned about their savings and financial stability. As a result, many are now actively seeking homeownership as a means of securing their future.

The real estate market has experienced substantial growth, with an impressive rise in the last few years. This surge can be attributed to several factors, including low-interest rates, a steadily growing economy, and favourable government policies aimed at stimulating the housing sector.

Low-interest rates have been instrumental in driving this positive trend. They have made it more convenient for individuals to borrow funds for property purchases, thus increasing the overall demand for real estate. Moreover, developers and construction companies have benefited from these lower rates as project financing costs have decreased, enabling them to carry out their plans more efficiently.

4. How many SMEs, according to you, are there in the Indian realty sector and what are their challenges?

The Indian realty sector boasts a significant number of SMEs, which contribute immensely to the nation's economic growth. These SMEs play a pivotal role in generating employment opportunities, fostering innovation, driving exports, and boosting the GDP. Despite the challenges they face, the government has introduced favourable policies to empower these enterprises and create a conducive environment for their success.

One notable policy that has positively impacted the real estate sector is the implementation of the Real Estate (Regulation and Development) Act (RERA). RERA has brought about transparency, accountability, and consumer protection in the industry, instilling confidence among homebuyers and investors. This has led to increased investments and improved market sentiments. Additionally, the government has taken steps to address the challenges faced by SMEs in the real estate sector. These measures enable SMEs to secure the necessary funding for their operations and expansion.

 Furthermore, the government's focus on infrastructure development, such as improving transportation and logistics facilities, has eased operational bottlenecks for SMEs. By embracing digitalization and adopting advanced technologies, SMEs in the real estate sector can enhance their productivity and competitiveness, aligning with the government's vision of a digitally empowered economy.

5. Please tell our readers about your future plans.

At Shubhashish Homes, we have exciting future plans that revolve around our core values and our commitment to customer satisfaction. Our core values are Ethics First || Innovative || Nature-Friendly || Spread Happiness || Be Positive.

Our customers are at the heart of everything we do, and we are dedicated to delivering exceptional customer delight services. We strive to go above and beyond to ensure that every interaction with us is a positive and memorable experience. Our focus is on building strong and lasting relationships with our valued customers.

Another key aspect of our future plans is to create an exceptional work environment. We believe that a happy and motivated team leads to better outcomes for our customers. By fostering a culture of collaboration, growth, and recognition, we aim to become the best place to work in our industry. Embracing the digital era, we are committed to enhancing our end-to-end digital presence. We recognize the importance of providing seamless and convenient digital experiences to our customers, from property search and selection to transactions and after-sales support.

Furthermore, our focus is on providing mid-income housing that combines luxury with comfort and is close to nature. We believe that everyone deserves a place they can call home, and we are dedicated to meeting the housing needs of the middle-income segment.

As part of our commitment to being nature-friendly, we are incorporating eco-friendly amenities into our projects. These include EV-charging infrastructure for each unit, sewage treatment plants, smart water meters, and more. By integrating sustainable solutions, we aim to minimize our environmental footprint and contribute to a greener future.