Real (e)state of success
An entity that’s seen-it-all during the past
60 years... glorious if we could call it, or rather successful with a touch of style – that’s Eros Group for you! Even today, the company is all set to grow bigger, getting bulkier by the day, having tasted success in all its previous ventures in the fields of real estate development, colonisation, hotels & restaurants and film exhibitions business. With a land bank of roughly 500 acres in the most lucrative stretch of the National Capital Region (NCR), the company’s upcoming projects include a township and a mall each in Gurgaon and Faridabad, a corporate tower in Manesar and a 700-room five star hotel in Gurgaon. An animated and enterprising Avneesh Sood, Director, Eros Group gets candid with 4Ps-B&M while discussing his plans for the group and developments in the realty sector.
4Ps B&M: Your comments on the Indian real estate sector...
Avneesh Sood (AS): The industry is booming like never before. It has observed significant developments over the last few months on all sides. Recently, the industry also observed some of the biggest land deals. From a state of being un-organised & non-transparent, we have matured into a much better space to be in. However, a lot of efforts are still required to clean-up the space, Moreover, One need to safeguard against the fly by night kind of developers. Developers like them dampen the mood in the industry.
4Ps B&M: Is the real estate boom sustainable?
AS: It’s not a ‘bubble’ for sure! The sector has been observing an upward trend for 4-5 years now and bubbles really don’t last that long! At the moment, there is correction in prices which can be attributed to the interest rates scenario and excess supply in certain pockets. However, by large the demand and the prices are stable. Therefore, the real estate growth story is still intact – ‘highly sustainable’ it is!
4Ps B&M: What is your vision for Eros?
AS: Our vision is to create a world class institution in the real estate industry. Over a timeframe of ten years, the group has successfully diversified within India, and now we’re thinking of ‘beyond national borders’. Moreover, going for a public issue will certainly be on our top priority list. Presently, there’s just one thing on our minds – growth!
4Ps B&M: What are your plans within India?
AS: Well, that has been our focus till date. For the short term, we want to stay close to NCR, and don’t want to expand geographically. A lot of growth potential is still there to be tapped, and we’re doing well...
4Ps B&M: What are your plans for the festival season?
AS: It has been observed in the past that during the festival season sales go up significantly. We are planning a variety of launches too. New projects, relaxation in payments, down-payment discounts to first 50 consumers and so on, are some of the campaigns we will introduce. We expect an increase of 20-30% in our sales during the festive season.
4Ps B&M: What advice would you like to give an upper middle class family planning a property purchase?
AS: An advice would be to go and purchase the asset right now! It’s the right time to buy the property for the end user, but from well established developers who will deliver on time & as promised..
An entity that’s seen-it-all during the past
60 years... glorious if we could call it, or rather successful with a touch of style – that’s Eros Group for you! Even today, the company is all set to grow bigger, getting bulkier by the day, having tasted success in all its previous ventures in the fields of real estate development, colonisation, hotels & restaurants and film exhibitions business. With a land bank of roughly 500 acres in the most lucrative stretch of the National Capital Region (NCR), the company’s upcoming projects include a township and a mall each in Gurgaon and Faridabad, a corporate tower in Manesar and a 700-room five star hotel in Gurgaon. An animated and enterprising Avneesh Sood, Director, Eros Group gets candid with 4Ps-B&M while discussing his plans for the group and developments in the realty sector.4Ps B&M: Your comments on the Indian real estate sector...
Avneesh Sood (AS): The industry is booming like never before. It has observed significant developments over the last few months on all sides. Recently, the industry also observed some of the biggest land deals. From a state of being un-organised & non-transparent, we have matured into a much better space to be in. However, a lot of efforts are still required to clean-up the space, Moreover, One need to safeguard against the fly by night kind of developers. Developers like them dampen the mood in the industry.
4Ps B&M: Is the real estate boom sustainable?
AS: It’s not a ‘bubble’ for sure! The sector has been observing an upward trend for 4-5 years now and bubbles really don’t last that long! At the moment, there is correction in prices which can be attributed to the interest rates scenario and excess supply in certain pockets. However, by large the demand and the prices are stable. Therefore, the real estate growth story is still intact – ‘highly sustainable’ it is!
4Ps B&M: What is your vision for Eros?
AS: Our vision is to create a world class institution in the real estate industry. Over a timeframe of ten years, the group has successfully diversified within India, and now we’re thinking of ‘beyond national borders’. Moreover, going for a public issue will certainly be on our top priority list. Presently, there’s just one thing on our minds – growth!
4Ps B&M: What are your plans within India?
AS: Well, that has been our focus till date. For the short term, we want to stay close to NCR, and don’t want to expand geographically. A lot of growth potential is still there to be tapped, and we’re doing well...
4Ps B&M: What are your plans for the festival season?
AS: It has been observed in the past that during the festival season sales go up significantly. We are planning a variety of launches too. New projects, relaxation in payments, down-payment discounts to first 50 consumers and so on, are some of the campaigns we will introduce. We expect an increase of 20-30% in our sales during the festive season.
4Ps B&M: What advice would you like to give an upper middle class family planning a property purchase?
AS: An advice would be to go and purchase the asset right now! It’s the right time to buy the property for the end user, but from well established developers who will deliver on time & as promised..
