The real estate sector is a critical driver of India’s economic growth. The sector has been sailing in turbulent waters over the past few years with lot of challenges. To analyze how various challenges are tackled by the individual companies, Insights Success has introduced the top real estate developers across major cities in India to analyze the most successful real estate firms.

1. The Forerunner of the Real Estate Renaissance in India
RAJNIKANT AJMERA
Rajnikant Ajmera
Chairman & MD
T
h
e10 Most
Admired
REAL ESTATE
TYCOONS
December 2018
www.insightssuccess.in

4. Editorial
he real estate industry in India is in a promising stage and has started
Tembracing professional standards and transparency with open arms. The
sector happens to be the second largest employer after agriculture and is
expected to grow at the rate of 30 per cent over the next decade. A growing
migrant population due to the increasing job opportunities, together with healthy
infrastructure development, is underpinning demand in the region's residential
real estate market.
This sector in India is being recognized as an infrastructure service that is driving
the economic growth engine of the country. The Indian real estate market size is
expected to touch US$ 180 billion by 2020. It has witnessed a series of regulatory
reforms aimed at driving transparency, governance, financial discipline and
regulation and the industry has now started moving ahead with a positive
mindset.
The real estate sector is witnessing an influx of opportunities driven by
government reforms, initiatives and convergence of digital and emerging
technologies such as Blockchain, Artificial Intelligence (AI), Augmented Reality
(AR)/Virtual Reality (VR) and Internet of Things (IoT). These technologies are
enabling real estate developers to provision better products and services, while
also impacting how they can effectively interact with potential customers.
India’s commercial real estate market is one of the most well-organised markets
in the Asia-Pacific region and the introduction of Real Estate Investment Trust
(REITs) structure is expected to help the sector become even more efficient.
Emerging technologies are helping new era, forward looking real estate
companies to derive value propositions by targeting specific issues in real estate
with technology capabilities, readily available now.
Rapidly evolving technology and changing regulatory landscape is redefining
how real-estate business is conducted and managed in the Indian scenario. What’s
noteworthy is how virtual tours of property, digital contracts, centralised
command and control centers, smart building solutions and cloud storage are
quickly becoming common industry practices and are gradually heading to a tech-
driven real estate sector.
With the possible deployment of technology, there remains a broad array of
opportunities lying ahead of entrepreneurs and investors. Automation of legacy
system, elimination of low value intermediaries will lead to a transparent
ecosystem for customers that will make them feel empowered and valued. The
need of the hour is to embrace the subtle shift customer-centric environment to
remain relevant in the business.
Real Estate-
An Essential
Contribution in
Indian Economy
Shweta Priyadarshini
Shweta Priyadarshini

5. SME-SMO Executives Swati, Manoj
Circulation Manager Tanaji
Digital Marketing Manager Prashant, Rahul
Technical Specialist Amar, Pratiksha
Business Development Manager Akansha Garewal
Co-designer Savita Pandav
Marketing Manager Dhruv Apte
Art & Picture Editor Rahul Kavnekar
Art & Design Head Amol Kamble
Associate Designer Poonam, Shweta
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6. The Forerunner of the
Real Estate Renaissance
in India
CoverStory
Rajnikant Ajmera
8
Professional
Stance
Still Thin, But
Complaints Galore!
26
The NBFC Real Estate
Crisis – What, Why
and What Next?
Expert’s
Opinion
4422 36
Maestro’s Talk
The Fast Expanding
Construction Sector

7. Contents
Manoj Agarwal
Redefining Trust
in Real Estate
Rahul Chawla
Seizing Opportunities
to Develop Seamless
Real Estate Solutions
Sanjay Jain
Envisioning
Affordable
Luxury Homes
2016
2024
42
Abbey Homes
Expertise in Providing
Best Class Customer
Service through
World Class Technology 18
Interview with
Insights success
Through the
Looking Glass
Green Cement
The Construction
Choice of Tomorrow
40
Editor’s Heed
Ingredients of a
Sustainable
Home
32

8. Admired Real Estate Tycoons:
Soaring Above the Skyline
T
h
e10 Most
Admired
REAL ESTATE
TYCOONS
he Real Estate Companies in India are serving the people by offering solutions to all their property needs. With
Trising demand for residential and commercial space, the property developers are leaving no stone unturned and
coming up with new projects in every real estate segment. The real estate and construction sectors are an integral
part of Indian economy’s growth graph and responsible for the development of India’s core infrastructure. And the real
estate developers, across cities, are offering a variety of inventories to buyers with different reasons. Most of the cities of
India have residential launches in budget as well as luxury segments.
The real estate sector is a critical driver of India’s economic growth. The sector has been sailing in turbulent waters over the
past few years with lot of challenges. To analyze how various challenges are tackled by the individual companies, Insights
Success has introduced the top real estate developers across major cities in India to analyze the most successful real estate
firms.
We have introduced Ajmera as cover story; the company has been the usher of the most futuristic vision when it comes to
real estate business changing the outlook of the Indian customers about a cozy yet affordable housing.
Agarwal Estates is the brand that focuses on the values and professional process through its futuristic approach to real estate
market. It serves the clients with transparency, knowledge and the quality of work delivered. In4velocity is focused on
developing solutions for the Property Development market to manage complex construction activities and customer related
sales transactions. Siddha Group which has conceived, designed and built residential & commercial units at prime locations
acrossIndiaoverasuccessfuljourneyspanningthreedecades.
We have also interviewed Abbey Homes which works as a consultant to the brief the customers about the latest to latest
information related to new properties. This opens up for the deals and embraces the purchase of a property with the convenience
forboththeparties.
Our in-house editors have written articles such as Green Cement:The Construction Choice ofTomorrow and Ingredients of
aSustainable Home
Articles such as The NBFC Real Estate Crisis –What,Why andWhat Next? written by ShobhitAgarwal is the MD & CEO at
ANAROCK Capital and RERA Deployment – Still Thin, But Complaints Galore! And The Fast Expanding
Construction SectorwrittenbyS.B.Saraswat istheResident DirectoratDanieliCorus.
Let’s explore the best real estate tycoons in India and know more about them.

10. Cover Story
Ajmera Realty
understands
Indian sentiment and
taste as well when it
comes to housing solution
“
“
The Forerunner of the Real Estate Renaissance in India
T
h
e10 Most
Admired
REAL ESTATE
TYCOONS

11. Rajnikant Ajmera
Chairman & Managing Director

12. Aman travels the world over in search of what he
needs and returns home to find it.”
-George A. Moore
Home is the only place where the entire universe gets
unified for us. Thus owning the perfect home is the dream
of every individual. Real estate is a business which is above
the profit and services in general. It is something that is
truly too close to the soul of its customers as it comes with
the reality of the ‘dream humble abode’. A dream home or a
long-awaited business establishment or a well-designed
office comes holding the hands of the strong foundation of
real estate merchants. India is currently seeing the boom in
this sector with its strong economic growth. One of the
most prominent names of the real estate giants, Ajmera
Realty is the brand that needs no introduction and
Rajnikant Ajmera is being the flag bearer of the company.
Over the last 50 years, it has successfully established itself
as a leading real estate company in India to fulfill the dream
of a peaceful retreat.
Where Dream meets Reality
With headquarters in Mumbai, Ajmera Realty is engaged in
building a range of, residential properties such as integrated
townships, residential hi-rise towers, exclusive and
premium apartments and ultra-luxurious villas among
others. The company provides a world-class experience to
its customers with the aid of superior quality, innovative
technology, on-time delivery and high value for money.
Architectural and structural excellence along with the
acquisition of a robust and strategic land bank at the
premium location is the signature strategy of Ajmera. It has
enabled the company to develop masterly crafted homes
and truly grand lifestyle statements. It has a strong presence
in metropolitan cities like Mumbai, Pune, Ahmedabad,
Rajkot and Bengaluru as well as London and Bahrain, in
the International market.
Forbearer of Ajmera Realty
Ajmera was founded by Chotu Bhai Ajmera in 1968 with
a vision to create a company which would be a pioneer and
a trendsetter in the industry. This took the company where it
stands now. Though the beginning of Ajmera was humble;
however, Chotu Bhai was not a person to be weighed down
by limitations and had the courage to take unlimited risks
and face challenges head-on, a trait that played an important
role in his success. The band of seven brothers, also fondly
called as ‘seven pillars’ of the company, Ishwarbhai
Ajmera, Late Shri. Chagganbhai Ajmera, Rajnikant Ajmera,
Late Shri. Bhogibhai Ajmera, Shri. Natubhai Ajmera,
Rasiklal Ajmera and the Late Shri Chotu Bhai Ajmera have
We believe
the economy
and social structure
directly relate to the
living and Ajmera keeps
that in mind, always
“
“
“

13. their immense contribution to the company to help it reach
the zenith of success.
A Civil Engineer by qualification, Rajnikant Ajmera is
currently holding the chair of Ajmera. He is the Chairman
& Managing Director of the Ajmera group of companies
and the mainstay behind the growth of the brand. Trailing
on the same path of the Founder Chairman, Late Shri
Chhotubhai Ajmera, a large number of housing colonies
have been successfully completed under Rajnikanth's eagle
eye, in the shortest possible time. The group has also
attained ISO 9000-2000 certification. He served as the
President of MCHI (Maharashtra Chamber of Housing
Industry) and has also served CREDAI (Confederation of
Real Estate Developers Associations of India) as their
President and Vice-President. During his tenure, he was
very active in bringing the amendments to various rules
governing this industry. After diversifying in Steel Industry,
he served CORSMA (Cold Rolled Steel Manufacturers
Association of India) as their President for many years.
Alacrity to Stay Ahead
The company’s vision is to be the most preferred and
trusted name in the industry that enhances the quality of life
through sustainable growth of all the stakeholders.
Rajnikant Ajmera adds, “Our Mission is to fulfill the
growing aspiration of our customers, for which we create
innovative and world-class complexes for every stratum of
society. Our mission is to preserve affordability with a
superior outcome which is aligned with our motto of 'less is
more'.”
The Voyage of Triumph in a Favorable Socio-economic
Vagary
The real estate market has changed a lot in the last 2-3
years. The main reason that could be attributed to the
change is the introduction of regulatory policies along with
flagship government schemes like Pradhan Mantri Awas
Yojana (PMAY) and other developments such as granting
of infrastructure status to affordable housing and the
implementation of the Real Estate (Regulation and
Development) Act of 2016, or RERA can be considered as
one of the biggest growth drivers for this industry.
RERA especially has been a potent instrument in addressing
some of the pertinent issues afflicting the sector. Amongst
them, the impact is most visible in terms of completion and
deliveries of projects. It is by which they have managed to
increase consumer confidence making the fence sitters an
active player in the market.
Respecting the Sentiment
Demand for real estate is driven solely by economic
“Real estate market is changing drastically and it is very important to understand
the change of the market and mould accordingly to stay ahead in the competitive business”

14. Our Mission is to
fulll the growing
aspiration
of our customers, for
which we create innovative
and world-class complexes
for every stratum
of society
growth. As industries grow and purchasing power of
individuals goes up, new homes, offices and shops witness
an increase in uptake. Indian buyers are price sensitive
regarding the purchase of their homes, with expectations of
great design and amenities along with it. Rajnikant believes
that, developers have to plan and create a perfect balance so
that they meet the expectations of the buyers while meeting
the price point for the projects.
Herald for the Newcomers
While discussing about the current market situation,
Rajnikant Ajmera talked about something that is very
enlightening for the entrepreneurs of the same sector. He
says, “Discipline is the word that comes up as the most
virtuous quality in a world of distractions.” The multitudes
of digital distractions that surround to chip away the
attention affect the goal of ours. For the entrepreneurs,
getting distracted can lead to outright failure. “It’s easy to
get caught up thinking through every detail and yet it can
prevent one from putting out a minimum viable product. In
short ‘Keep Your Eye on the Prize’” adds Rajnikant.
The second important factor to stand in the competitive
market is to ‘Know Your Industry and Your Numbers’.
When, one pitch to an investor or a client, the one must
know the business, the industry, and one’s numbers. There’s
no substitute for that knowledge. “Believe me when I say
that people will know quickly if you don’t have it,” says
Rajnikant, and adds “Go through the different aspects of
your company from an investor’s perspective. That way,
you’ll have answers in advance. There’s a world of
difference between an answer you give to an anticipated
question and an answer you have to think up on the spot.”
And last would be to Work hard. “Work sincerely, do your
best and leave the rest to God’s grace” clarifies Rajnikant.
Looking Back at the Glorifying Past
This year, the company is marking its 50 years in business
after completing construction on 27 million sq. ft. of land in
India. Over the decades, Ajmera Group has achieved many
milestones like constructing India’s first ever dome theater,
building the first ever mall are some of the examples of
their foresightedness and innovation.
Curving a Promising Future
This year is very special for Ajmera, as it’s the Golden
Jubilee Year. Ajmera is planning to develop ‘Land Back’ of
approximately 30 million Sq. ft. Rajnikant sounds too
determined while talking about the future plans of the
brand, “We are all set to create ripples by entering into new
markets internationally in the coming months with launches
planned in Bahrain, and London”. Apart from that, the
company aims to diversify in other sectors as well, and
have launched a 15MW sun-borne energy plant at Kutch.
The brand is also coming up with the Ajmera Global School
which will be situated in Wadala region of Mumbai in
association with Jamnabai Trust. All in all, their aim is to
“keep expanding and keep exploring new challenges that
will continue to push us to our limits and enable us to keep
innovating”.
Trail of Achievements
This year Dhaval Ajmera (Director) individually secured an
award as the ‘Young Entrepreneur of the year’ in the
Construction Week India Awards. The company has also
won the awards for ‘Top Brands and Leaders’ in the
World’s Greatest Brands and Leaders 2016-17 - Asia &
GCC by Price water house Coopers at The Meyden
Racecourse, Dubai on 21st May 2017 out of 1200 entries.
Ajmera Realty bagged an award for ‘The Best Brand in the
Realty Space’ and Mr. Dhaval Ajmera was awarded ‘The
Best Leader Award’. Ajmera Realty won ‘Luxury Developer
of the Year’ at Real Estate Business & Leadership Awards
2017 By Realty Fact. Casa Vyoma, a project of Ajmera
Group won ‘Best Project ’ in the mid-segment category at
11th Real Estate Award by CNBC Awaaz (2016). Ajmera
Group has also been finalized as ‘Luxury Developers of the
Year’ and Top Challengers of 2017-2018 in Real Estate
category in Upcoming Quikr Realty awards and
Construction World Awards 2018 respectively.
“
“

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18. Ahome has a lot of emotions attached to it. It’s a
place where a person spends a larger part of his/her
life and has memories attached to every nook and
corner. Deciding to buy a house and settle down with one’s
loved ones is a big occasion. When one zeroes in on a
house, one wants the space to be available as per the
specifications given at the time of booking the house. Even
a slight change in the plan, looks and delay in delivery time
hurts the sentiments of the house owners.
Finding Order in Chaos
-Real Estate Industry is looked at with distrust. People are
facing shoddy services and over promises which make them
view the entire industry as untrustworthy. While everyone
saw the gloomy conditions, one man saw the need to
provide high quality services
in an organized manner and
that too within the agreed
timelines. Manoj Agarwal
founded Agarwal Estates in
2012 with the primary
objective to bring about a
paradigm shift in the industry,
and build a transparent
platform for the property
buyers and sellers to do business, and provide one stop
solutions for the customers.
Manoj has varied experiences in IT and Telecom industry,
and has worked in the top-notch companies like Cisco, HP
and TCS. He has worked across different geographies and
has knowledge and experience in PMP, ITIL and Six Sigma.
Being in a competitive industry that runs in an organized
manner and on deadlines helped him use the same
principles, standards and methodologies in the real estate
segment, and endeavor to make it an organized and
disciplined sector. He focused on implementing processes,
service delivery standards and standardization of
methodologies.
Redefining the Sector
Manoj founded his company Agarwal Estates to change the
perception of the real estates’ services industry, and provide
world class services to the customers. He set out to
“Redefine” the “Trust” by investing in professional process
management. Through his company, he introduced world
class documentation practices, standardization, checklist
and processes which are unheard in the industry. The key to
earn trust was to become transparent in the dealings and
sharing all the information with the customers.
An Uphill Task
The first challenge was
dealing with the distrust that
people were harboring
towards the real estate sector.
Having correct information,
making the right choice and
not being forced to choose
was a new and defining
experience for them. Acquisition of clients was a hard task
initially, but fortunately it started out well and the company
focused on building the client base gradually. Within five
short years, the company moved on from a new and
unknown entity to a trusted and acclaimed organization due
to its focus on KEY (Knowledge Empowers You) and goal
to empower the customers with all the right
information and enable them to make an informed decision.
Never Give up your
dreams, and
dream big
Manoj Agarwal
Redefining Trust in Real Estate
“‘‘
16 December 2018

19. Manoj Agarwal
founded
The Key to Success
Manoj’s decision to make the processes transparent became
the secret –ingredient, USP and the core strength. As a one
stop solution, his company has expertise in varied aspects
of real estate business such as, real estate investments,
buying, selling, renting property, property and tenant
management, home loans, home decors and interiors and
more. In addition, the enterprise offers allied services such
as property tax, electric meter transfer, painting, cleaning to
name a few. His strategies were quite successful as the
customers became the marketing person, and referred it to
prospective buyers and sellers.
The Current Scene
Speaking about the current market scenario, Manoj
acknowledges the urbanized lifestyle, fast economic
growth, financial independence and attitude of modern
consumers as the changing factors with regards to savings,
investment and consumption. The urban consumers are
more demanding, well informed and are looking for a life
style. The new generation consumers want all the available
amenities, club house, sports facility, technologically
advanced safety and security solutions, smart homes
governed by AI and home automation and such new age
tools and facilities. Double incomes, fast-economic growth,
ease of home loan and migration from rural to urban areas
have enabled the consumers to invest in the real estate and
fueled the market.
From the regulatory perspective, it has become easier and
better than before, but hindrances do exist. Recent changes
like demonetization, GST and RERA have hit the market
adversely and brought the process down making them more
affordable. People are looking at properties as an
investment especially in tier 1 and tier 2 cities.
Marching into the Future
Manoj advises budding entrepreneurs to live their dreams.
He says,” I plunged into the world of Entrepreneurs without
knowing what the future holds for me, buoyed by the
support of my family and well-wishers”. His advice is to
never give up on dreams, and dream big. Every risk met
turn into an opportunity, and every failure lays the
foundation for a roaring success when one persists. “Your
efforts, passion and belief will help you tread ahead even in
the darkest of the time. And never ever do anything
unethical and compromise on your values”, he adds.
And always remember there will be thousands to
discourage you and paint a picture of dismal future, but
there will be few who will always encourage and support
you – so keep your well-wishers near.
Future, as per Manoj, is exciting. Innovative and
customized solutions have made his firm a major player and
he plans to carry on the momentum. The company is
CRISIL verified and features in the top ten lists of most
leading magazines. It is growing in all verticals. He will
continue to simplify the complex process, and make it
seamless and easy for the customers. Manoj and his
company’s journey into the future continue with the vision
to “Redefine Trust in Real Estate Services”.
December 2018 1717
T
h
e10 Most
Admired
REAL ESTATE
TYCOONS

20. Abbey
Homes
Abbey
Homes
Expertise in Providing
Best Class Customer
Service through World
Class Technology
Mr. Avtar Singh
Founder/CEO
December 201818

21. 1. Kindly brief us about the company. Enlighten us
with the foundation story and a brief detail of the
initial days of the company.
Abbey Homes is a company which works as a
consultant to the brief the customers about the latest
to latest information related to new properties. This
opens up for the deals and embraces the purchase of
a property with the convenience for both the parties.
th
The company was founded on 14 January 2012 and
since then, achieving the successes perpetually. The
company has started with the hope and plans for a
successful future and obviously started with a few
steps. The struggle and plans of those initial days
serves the customers along with the business.
Although the company faces difficulties at the initial
inception phase in Chandigarh, the planning and
mechanism helps the overall system to hit the plan
like splendidly.
2. Brief us about the Founder/CEO of the
company? Please share with us the major
contribution of him/her towards the development
of the company.
AHC is developed and derived by Mr. Avtar Singh
who is the person behind the scene and the one who
takes courage and guts to prove something to the
industries. He has started the career as 2004 and took
it to another level by and with the utilizations of his
various skills and guidance.
Mr. Avtar has unbeatable knowledge about business
and marketing. Apart from that, his tremendous
experience in customer relationship management
what he had gathered in his prior banking career, is
set to be very beneficiary for the business and
company.
3. What kind of struggle or hindrances were there
to overcome to grow this flawless gigantic
business structure?
In the growing trends of industries, it is really hard
for one to set a start up and grow it. There were
struggles while the inception of the business, but the
hard-works and struggle clears all the obstacles of
the way and proves to be the best. The people and
the support of the best professionals, helps to thrive
the business with the best ever pace.
4. What kind of vision or approach is there in your
business? What is the mission of your company?
Vision is concerned with the growth, undoubtedly.
But to prove this success, there must be the
dedication towards the people and a trust to prosper
them with. Here, Abbey Homes is proving itself as
one of the most supportive that avails their customers
with the best ever services. The foundation and plans
somehow relies upon the hope and intuitions of
being India's largest real estate services organization.
5. How do you justify the architecture, price and the
sentiment of Indian buyer at the same time?
Indian buyers always incline towards the best piece
with the most reasonable rates. Apart from this, they
literally have emotions towards the homes and
properties. Buying a property matters a lot for them.
There is no need to get offensive for the same, the
need is to comprehend the plans in front of audience
where the lines not only hit the mind but it must also
penetrate the heart with the emotions and sentiments.
Indulge the need of the customers
and they will themselves be your business promoters.
This will be a onetime investment; therefore it is
necessary to treat every buyer individually and
specifically.
6. Share your views on how real
estate market is changing and enhancing Indian
urbanized lifestyle.
Real estate market is thriving and
growing drastically. This is something that is literally
immeasurable these days. The people are running
towards buying the properties and this is increasing
the business obviously. As far as the Indian
December 2018 1719
Interview with Insights Success

22. urbanized lifestyle concerns, it is enhanced by the
architectures and ambiances.
There was a time when people are devotionally
depends upon buying the plot and then construct the
regular homes. The real estate market is facing
competitions where there is a run race to serve the
best. In this race, ultimately the buyer wins. As they
get the best offers and deals while competition.
Those traditional kitchens are converted into the
modular kitchens. The lanes get converted into the
society which has own clubs and swimming pool.
7. Please tell us about the business model you follow
and the service you provide that makes the
company unique in the mid of the cut-throat
competition.
Abbey home avails the customers with the end to
end services whether it is about the selection of the
property or about loans and other documentation
works. The customers are benefitted with the
transparency of the services as the platform is
reducing their head-aches by taking the issues and
tackling them so efficiently. There are basically two
categories of the services what AHC has for its
customers –
Pre sales services: This leads the customers to get
relaxed for visiting the areas, flats and all. Here, the
company matches your needs and then convey the
required details to you.
Post sales services: People are having full
documentation supports. The trustable loan partners
are also here to help you for any financial need.
8. Brief us about the future of the company or the
goal it has set to mark its exceptionality in future.
The real estate industry has really a bright and rich
future. This is thriving like none other is setting like.
Having an own home, is a dream of the people and
youths are realizing the same. Therefore, to serve the
needs that lead to the better future in every term,
there are few guidelines to be followed. Whereas, the
educated professionals are always here to prosper the
needs, the transparency matters. There is also a need
of creating a trustworthy wealth partners with the
company to avail and serve the customers better.
Sharing the best services at the best reasonable and
competitive rates and then with the transparency is
the basics of AHC.
9. Advise for the budding entrepreneurs who are
trying to embark in the same field.
See, there is no hard and fast rule that can promise
anyone that the success is definite. First of all set a
main goal and then go for the fragmentations, set
some small goals with the cantles. Develop a set of
rules to follow, try to stick on that. But don't make
them as rigid as the world is changing and the real
estate industries too. If one has starting a business
with a vision for 10 years, so many things are going
to change and so as the plan lists too and they must
be indeed.
This industry requires the embracement from the
customers' views. Success is there and waiting for
you, come with a planned structure to serve the
customers, be honest with them and they will drag
your business to the heights of success.
10.Share with us the accomplishments and
achievements of the company.
Abbey Homes has the fabulous plans and ideas that
are continuously serving the customers and getting
their love and response in revert. The company is
setting trends and acquiring the establishments since
the birth. Here, the accomplishments are adding the
feather to the cap Abbey Homes has received
numerous awards which includes Extra Ordinary
Performance 2015, Awarded for Relationship Builder
2016, Magnificent Star Achiever 2017, Award of
Honor- Consistent Contribution towards Growth
2017, Sales Achievement Award 2017, Star
Performer of the year 2017, Rising Star of the year
2017, Achievers Award –Outstanding Sales
Performance 2017.
20 December 2018

24. he infrastructure and industry sector in India is
Tprogressing rapidly with many ongoing large scale
construction projects receiving huge investments.
Any large-scale construction project in industry sectors is
complex and involves one or more contractors/employers.
The importance of construction sector cannot be denied
from the fact that it’s contribution to GDP of India is around
1.4% which is next highest to the agriculture. It employs
around 40 Million of work force. This sector has operation
budget of around 175000 crores per annum.
Due to multi - party nature, the projects are becoming more
risky. There are many risks in the large and mega
construction projects in any country in general and in India
in specific. One of the identified risk is delay of the projects
due to various reasons of delays, therefore, the disputes in
the construction sector are on rise. Any kind of disputes in
the projects, delays the projects which are not good for
country's economy as growth declines. Whenever such
disputes do arise among the stake holders, it is essential that
there should be a mechanism in place to sort out the dispute
and complete the project as early as possible under agreed
contract conditions. Construction disputes always arise in a
variety of situations which varies from project to project.
These disputes finally land in demands of extension of time
of project without imposition of any liquidated damages
(LD) and penalties and brings claims and counter-claims
from contractors to employers and vice-versa and that
begins the battle of conflicts and disputes.
One of the first requirement for this kind of projects is
engineering of the process/technology, equipment's and
structures which again needs the support and application of
various engineering disciplines like Civil, Mechanical,
Electrical, Instrumentation, Automation, Chemical,
Metallurgical etc Involvement of these engineering's may
vary from one industrial project to other depending on
process of production, type of technologies and products
manufactured. Objectively, construction sector needs to be
on top priority for the nation to achieve a high growth rate.
In today’s competitive environment, the construction sector
is becoming more complex and uncertain resulting in
various disputes including non-performance, breach of
contract and delays. To resolve these disputes, approaching
courts does not appear to be the most promising option as it
becomes long drawn and tedious. Resolution of disputes
through courts may take inordinately long time given the
extreme pendency in litigation. This will in turn defeat the
main purpose of dispute resolution. Delay in resolution of
disputes in construction projects is an unhealthy trend for
the country’s economy as it leads to a decline in its growth.
Means of Dispute Resolution in the Construction Sector
To minimize the disputes, there is a need to have a clear
understanding of the contract, the project execution
requirements and to adhere to the same. However, in
practice, disputes are bound to arise in projects. Therefore,
it is necessary that the disputants have confidence and faith
in that mechanism of dispute resolution. Arbitration is a
preferred mode of dispute resolution because of its
economic price and shorter durations with the flexibility in
procedures and autonomy of disputants. However,
arbitration has not been a prevalent means of resolution in
industrial disputes, specifically in the construction sector.
However, given the estimated backlog of three crore cases
in courts, disputants have had to compromise with the best
possible alternative in the given circumstances and have
lived with these disputes. Other than ad-hoc arbitrations,
there are a number of institutional arbitrations wherein the
arbitration is governed through an institution including
International Chamber of Commerce, Singapore
International Arbitration Centre as well as Indian Council of
Arbitration.
Alternate dispute resolution mechanism like Arbitration and
conciliation is getting huge popularity in India .The
Government of India’s has taken lot of initiatives to present
India as a pro-foreign investment and pro-arbitration nation.
Now this dispute resolution mechanism will be reachable
by a common man of this country. This situation has created
a big demand of qualified arbitrators comprising of
advocates, chartered accountants and officers with an
engineering degree, to take over the role of arbitrators.
Conclusion
With the increase in arbitration as the most preferred mode
of dispute resolution, it has created rewarding career
opportunities, for a wider range of professionals, as
arbitrators in India and other international arbitration
centers world over. The stricter and more professional
timelines are also encouraging foreign investment in India.
India will be on the path of becoming the arbitration hub
and consequently the requirement for arbitrators will rise.
22 December 2018

25. December 2018 23
Maestro’s Talk
S.B.Saraswat
Resident Director
Danieli Corus

26. When a business grows, it doesn’t grow in just
one direction. There are many other fields and
services that get impacted. Moreover, the
sector’s own needs change and it needs services from other
sectors to help absorb the huge demand that has been
created. Last decade, the Real estate Sector was riding a
high wave. Property prices were going great and people
were purchasing property not just to reside but also as an
investment.
The Natural Entrepreneur
It was during this high in 2004, that Rahul Chawla, a
techie, entrepreneur, and a natural problem solver, saw the
need for a Real Estate software
platform that would work
towards unifying a Real Estate
Developer’s workforce. His
own interactions with Real
Estate developers made him
realize the lack of a single
platform product, that was
cost-effective and easy to use,
and that made operations
efficient. This realization
paved the way for establishing In4velocity as a focused
effort to build a vertical solution for the Property
Development market to manage complex construction
activities and customer related sales transactions.
Rahul, the Chief Executive Officer of In4Velocity System,
is a visionary and a charismatic leader. He holds a degree of
B.A. in Computer Science & Economics from Brandeis
University, U.S.A. and has played semi-professional Golf
representing India in Tournaments at St. Andrews. He
started his career in 1993 in the United States playing a
crucial role as part of the team credited with establishing
Cambridge Technology Partners (CATP), a global IT
consulting firm.
The year 2000 saw him starting Orbit-e Consulting, funded
by Warburg and dedicated to Business Strategy Consulting
and offshore development. In 2003, he merged Orbit-e into
a Bain-funded company based in the US and China. Finally,
in 2004, Rahul started In4, which is India’s foremost Real
Estate ERP for Property Developers and Infrastructure
players. He then established ArrowPS, in 2015, which is a
top Professional Services Automation software company.
Unifying Real Estate
In4’s proprietary product
In4Suite® (as in -
“Information Suite”) is an
integrated product platform
that helps Real Estate
developers streamline their
operations and optimize the
business processes leading to
an increase in revenue and
shortening of cash-flow cycles. It also accommodates
Rental/Leasing customers, as well as Property Management
companies that benefit from automating maintenance and
management thereby enhancing customer experience. It
brings all key processes of a real estate organization on a
single platform by combining a group of integrated modules
that together provide a comprehensive and complete
solution. It digitizes the complete value chain – from the
purchase of Land to the communication to customers to
delivering the construction of their units and managing all
Nurturing skills today
can create more capable and
effective entrepreneurs,
leaders, and
responsible citizens
Rahul Chawla
Seizing Opportunities to Develop
Seamless Real Estate Solutions
“‘‘
24 December 2018

27. Rahul Chawla
CEO
their transactions and relationships via one single platform.
This builds hyper-efficiencies and impacts the bottom line
by reducing costs and increasing customer satisfaction.
Making the Most of Today
Speaking about the current real estate scenario in India,
Rahul emphasizes that the sector has entered a revitalization
mode where the teething problems posed by various
regulatory reforms (like RERA, GST etc.) have started
settling in. These have now instigated a healthy ecosystem
infused with greater transparency, accountability and
customer assurance. Active promotion of digitization and
enabling ICT based infrastructure solutions through
initiatives like ‘Smart City’ is letting them explore new
opportunities. They are now looking to develop building
automation and resource management systems for
commercial and private spaces to maximize comfort,
environmental quality, and sustainability.
As a serial entrepreneur, Rahul is enjoying every moment of
the current startup fever that has caught the country. About
the budding entrepreneurs, he says “I believe everyone is
born an entrepreneur- they just need to develop certain
skills and behaviors at an early age to grow into truly
successful and effective entrepreneurs.” He shares his set of
eight traits that are needed to develop business and are true
for life alike. The set includes Learning from failure and
getting back up; Ingenuity, creativity, and critical thinking;
Dedication and commitment to productivity; Curiosity and
an appetite for knowledge; Confidence and conviction;
Compassion and emotional intelligence; Positivity and
optimism and Engaging the community.
Improvisations for the Future
Under Rahul’s leadership, the company has garnered
several awards.It is the only software company to get
“CREDAI’s seal of approval” and be selected as a CREDAI
Preferred Partner for consecutive three years. Other
industry accolades include “Best Product Startup”, by
Silicon India, 2009, “Red Herring Top 100 Winner”, 2011,
Asia & “NASSCOM Top 50 Emerging Companies”, 2011,
amongst others.
These awards just fuel the desire to excel in future. As a
leader, Rahul is capable of communicating the vision of the
company to inspire employees and customers. The future,
he insists, belongs to those who believe in the beauty of
their dreams. He adds, “Our Vision will drive our Future.”
Standing in the inspiring vision of future, Rahul and his
team are ready to boldly take every step large and small
with courage and intent. Increasingly moving into a digital
world, every organization will need to move from physical
processes to automate and software-enabled processes.
Keeping this demand in view, Rahul, along with his
efficient team, continues to look for new ideas and
platforms that can help the real estate sector provide better
services and delighting customers always.
December 2018 25
T
h
e10 Most
Admired
REAL ESTATE
TYCOONS

28. RERA
DEPLOYMENT
Still Thin, But Complaints Galore!
ANUJ PURI
Chairman
ANAROCK Property
Consultants
nuj Puri, Chairman of
AANAROCK Property
Consultants, is a
highly respected industry
authority and thought leader
with 30 years’ experience in
leveraging Indian and global
real estate opportunities. At
ANAROCK, he leads a dynamic
team of 1800+ real estate
service and research experts
across 13 key Indian real estate
markets and in Dubai,
and a global network of 80,000+
preferred channel partners.
ANAROCK serves the
needs of investors, developers,
occupiers, financiers and the
public sector.
26 December 2018

29. More than a year and a half after the deployment of the Real Estate Regulatory Authority (RERA), it is evident
that the Centre’s aim to have it enforced in each state to regulate the Indian real estate sector still falls way short
of the intended mark. It may be recalled that RERA intended to cover developers as well as real estate agents
seamlessly across the country.
As it stands now, there are quite a few states still in the process of notifying their RERA rules, while there are others where
buyers have been continuously fretting about the dilution of the rules notified. However, one provision that makes RERA
across a few states a ‘hit’ among consumers is the rising number of complaints being registered with the respective state
authorities, and its redressal timeline.
Even if the redressal of complaints is not satisfactory for many, consumers are increasingly bestowing their faith on RERA
regulators and coming forward in large numbers to register their complaints. For example, the latest numbers (as on
November) show that more than 4,900 complaints have been registered in Maharashtra ever since MahaRERA came into
effect. Interestingly, out of this total, orders have been passed for more than 3060 complaints while the remaining are
pending with the concerned regulators.
Similarly, in UP, a whopping 8,000+ complaints have been registered since RERA notification, of which only a little over
one-fourth have been addressed.
Looking at these numbers, one can say that while consumers are banking heavily on RERA provisions, the authorities need
to buck up and address the concerns in a time-bound manner – as provided in the RERAAct itself.
Here is the latest deployment status in the form of a heatmap which provides a ready visual oversight of the actual situation
on the ground. Maharashtra still leads the ‘race’ (if it can be called that, considering the overall lack of adrenaline behind
this movement) with 18492 RERA-registered projects and 17273 registered agents and agencies.
The rest of the numbers speak for themselves:
RERARegistered Projects &Agents across States (as on November, 2018)
December 2018 1727
Professional Stance

30. State/UT Notification Status
Arunachal Pradesh In Progress
Assam Notified (Website yet to be launched)
Kerala Notified (Website just Launched)
Manipur In Progress
Meghalaya In Progress
Mizoram In Progress
Nagaland In Progress
Sikkim In Progress
Tripura Notified (Website yet to be launched)
West Bengal Notified (Website yet to be launched)
Lakshadweep Notified (No Regulator)
Puducherry Notified (Interim Regulator)
State/UT Notification Status
Registered
Projects
Registered Agents
Andhra Pradesh Notified 61 34
Arunachal Pradesh Notified (Website yet to be launched) - -
Assam Notified - -
Bihar Notified 250 -
Chhattisgarh Notified 859 316
Goa Notified 320 120
Gujarat Notified 4076 740
Haryana Notified 481 -
Tabular Format
28 December 2018

31. Himachal Pradesh Notified 23 17
Jharkhand Notified 30 66
Karnataka Notified 2133 1159
Kerala Notified (Website just launched) - -
Madhya Pradesh Notified 2019 479
Maharashtra Notified 18492 17273
Manipur In Progress - -
Meghalaya In Progress - -
Mizoram In Progress - -
Nagaland In Progress - -
Odisha Notified 215 35
Punjab Notified 602 1267
Rajasthan Notified 841 731
Sikkim In Progress - -
Tamil Nadu Notified 778 367
Telangana Notified 30 86
Tripura
Notified (Website yet to be
launched)
- -
Uttar Pradesh Notified 2517 2169
Uttarakhand Notified 200 175
West Bengal
Notified (Website yet to be
launched
- -
Andaman & Nicobar Island Notified 1 15
Dadra & Nagar Haveli
Notified 80 2
Daman & Diu
Delhi (National Capital Territory of
Delhi) Notified 18 89
Lakshadweep Notified (No Regulator) - -
Puducherry Notified (Interim Regulator) - -
December 2018 1729

34. INGREDIENTS OF A
SUSTAINABLE HOME
32 December 2018

35. G
o Green’, ‘Eco-Friendly Homes’, ‘Sustainable Living’
are not just the buzzwords or lifestyle in vogue. While
our forefathers lived in harmony with nature, the current
generation needs to bring nature to their living spaces to bring
harmony to their lives as well. Instead of being dependent on the
Government, rules and regulations, the Real Estate Industry, the
Architects and so forth to construct eco-friendly homes, the onus
lies on individuals to make their current dwellings sustainable.
Green is the New Black
Going eco-friendly is not that tough as it may sound. Building a
new home with sustainable features is easy considering the fact
that green construction products are now available in the market.
Those who already own a home can also make a few
modifications and make their homes and society eco-friendly. The
first and foremost step to create a green home is to realize and
maybe list down the consumption of the house including energy,
electricity, water which will give a fair idea about the kind of
solution required. Depending on it the following features can be
added to make homes greener and closer to nature.
Sustainable and Locally Sourced Material should be used to
reduce the carbon footprint in construction. After all, there’s a
good reason Eskimo live in igloos and not a high rise building!
Houses made of local material are more suitable for the area
utilizing the abundantly available raw material and also financially
helping the locals.
Energy Efficient Lighting will require making a switch to light
bulbs that utilize less energy and last longer. The modern LED
lights are better than the old filament bulbs and come in varied
‘
33
Editor’s Heed
December 2018

36. colours too. One can also make efforts
to minimize the use of artificial lights
by efficiently capturing the natural
light with help of sunroofs and broad
windows according to the location of
the house.
Water Efficient Homes reduce, recycle
and reuse the water available to them.
Set up wastewater management
system, rainwater harvesting system
for home and society alike, fix leaky
taps in time, use flush systems that use
less water, bath fittings that optimize
water consumption, use treated water
for watering plants and flushes.
Harnessing Solar Energy is a very
important step for a sustainable home.
Use it to light up home, run appliances,
regulate the temperature and more.
Solar fixtures are now becoming easy
and cheaper to install and prices do fall
when the complete society or
community opts for it.
Waste Management is another essential
feature of an eco-friendly house. The
wastes must be segregated and treated
accordingly. The wet and kitchen waste
can be used to make compost for the
garden and even be used in biogas
plants. Recyclable and non-recyclable
products, medical waste, sanitary waste
should all be separated and sent for
proper treatment.
Plants should be an integral part of
one's home. Depending on the space
that one has, one can opt for potted
indoor plants, shrubs, herbs, and
garden trees. Vertical gardens, green
roofs terrace gardens, are options that
should be considered. If one has space
and time, having a kitchen garden will
help provide organic food items and
put kitchen waste to good use too.
Sustainable Interior designing
advocates using
sustainable material and
recycled or second-hand
furniture to design the
homes. Using cork
instead of conventional
wood for flooring, using
toxin-free paints, using
bamboo or refurbished
furniture go a long way
in creating an eco-
friendly home.
34 December 2018

37. Small Steps, Big Rewards
Apart from the mentioned broad features that need to be incorporated, there
are many small but important points that need to be pondered over and
practised in our daily lives that make for an eco-friendly home and life
possible. These include but are not limited to
• Unplugging your devices when not in use.
• Replacing your old appliances with energy saving appliances.
• Turning off taps, taking bucket baths and using normal water for washing
clothes.
• Better ventilation, use of fan instead of air-conditioners.
• Installing motion sensing lights which turn off when no one’s around.
• Solar powered outdoor lights.
• Using natural filters to clean kitchen water which can be then be used in
gardens.
• Minimum, multipurpose, refurbished, and reusable furniture.
The whole motive behind eco-friendly luxury homes is not hurting nature
anymore and giving back to it more than we take from it. The cost of
constructing or buying such a home almost equals the normal homes.
Moreover, with growing awareness, the government and financing institutes
are offering sops and lower interest rates for such homes. With initiatives like
Smart City being put forth, the need for smart and sustainable homes will also
grow. The demand is growing and is expected to beat the demand for the
normal home. These small and individual steps will go a long way in making
an eco-friendly world.
35December 2018

38. Shobhit Agarwal is
the MD & CEO at
ANAROCK Capital.
He has been a
protruding deal-maker
in Indian real estate
markets for more than
two decades now. His
team of capital
markets consists of
well-honored industry
experts who have
been part of handling
multimillion-dollar
capital mandates.
Shobhit has added a
feather in his crown of
success by trading
capital in excess of
US$ 10 billion in his
previous assignments.
ABOUT THE AUTHOR
Shobhit Agarwal
MD & CEO
ANAROCK
36 December 2018

39. The NBFCThe NBFCReal Estate CrisisReal Estate Crisis
– What, Why– What, Why
andWhatNext?andWhatNext?
BFCs account for over 50% of total developer
Nfinancing - close to INR 4 trillion in Fy2018
• Real estate has already exhausted over 75% of available
credit
• Consolidation of not only developers but also NBFCs on
the cards
As an alternative to the main banking sector, Non-Banking
Finance Companies or NBFCs have had few peers, which
makes the perfect storm that has gathered around them now
all the more worrisome.
What ARE NBFCs anyway?
NBFCs are financial institutions that are essentially
engaged in the business of providing loans and advances
primarily to retail customers. Unlike the formal banking
sector, they cannot accept deposits from the public; they
depend solely on wholesale lending and banks for their
operations. Two-wheeler loans, consumer durable loans,
gold loans, vehicle finance and loan against property are the
segments where NBFCs have a very strong presence across
the country and enjoy a much larger share than the public
sector banks.
Which sectors do they fund?
After agriculture, the MSME sector is heavily dependent on
NBFCs for loans and working capital. Since banks cannot
be present in every nook and corner of the country, NBFCs
have capitalized on their highly localized presence to grow
their business on the back of strong rural demand and the
thriving SME and MSME sectors. Their local network and
understanding of customer profiles at a local level give
them an edge over the banks when it comes to lending at
the micro level.
Due to these advantages, NBFCs could rapidly scale their
businesses where the formal banking system was slow in
lending. Also, the rising Non-Performing Assets (NPA)
crisis in the overall banking sector made banks reluctant to
lend to the perceived riskier sectors like SME and MSME,
thus helping NBFCs to gain market share. Real estate, also
considered a high-risk sector, depended heavily on NBFC
funding as well.
37
Expert’s Opinion
December 2018

40. How did the current crisis play out?
The ongoing liquidity crisis in the NBFC industry is the
result of asset-liability mismatch (ALM). Since the NBFCs
cannot raise retail deposits from the general public, they
depend on wholesale lending for their capital requirements.
As a result, the cost of funds for NBFCs is higher than that
of banks.
The biggest error that the majority of NBFCs and HFCs
committed with regards to the real estate sector is that they
ventured into long-term lending to builders and also into
underwriting loans with very long-term repayment tenures.
As a result, the NBFCs short-term borrowing was
channelized towards financing long-term loans. They were
heavily dependent on banks, mutual funds and private
placements to meet their capital requirement as well as for
refinancing of loans. However, post the IL&FS default,
banks and mutual funds have stopped refinancing the loans
of NBFCs and also stopped the disbursal of sanctioned
loans to them, since there is still no clarity regarding the
spill-over impact of the IL&FS default.
How bad is the situation for real estate?
NBFC loans to developers have seen a phenomenal rise
since 2014, particularly due to the slowdown in bank loan
disbursals. Interestingly, as per the current fiscal, NBFCs
alone account for more than 50% of the total developer
financing, which is somewhere close to INR 4 trillion in
FY2018 as on date.
However, the recent NBFC crisis has clearly spelt intense
gloom - if not outright doom - for Indian real estate. Nearly
USD 34 billion of mutual funds debt in NBFCs and HFCs
is maturing between Oct 2018 and March 2019. Prior to the
crisis, the sector was already dealing with a massive cash
crunch and subdued demand, due to which more than 75%
of the available credit facility was already exhausted.
With the rise in banks’ NPAs to INR 10 lakh crore (as on
March '18), up INR 1.39 lakh crore in a quarter, further
funding from banks to NBFCs and HFCs (currently have an
exposure to bank lending of more than 40%) seems
extremely difficult.
The liquidity crunch has been a major pain-point for Indian
real estate over the last two to three years owing to tepid
sales, banks’ refusal to disburse loans due to rising NPAs
and the widening debt-equity ratio even with the biggest
developers. The recent NBFC crisis in September has only
exacerbated the pain for the real estate sector and its major
stakeholders – the developers.
Post the IL&FS crisis, some NBFCs even halted the
disbursal of earlier sanctioned loan amounts to developers
for fear of widening the funding crisis even further. The
worst phase came when some NBFCs urged developers to
return the money that was disbursed to them so that they
can repay their dues.
As per the S&P BSE realty index data, the debt-equity ratio
of the top 10 listed players (on a stand-alone basis) in FY
2014 ranged anywhere between 0.10 to 0.85 which has
increased in the current fiscal to range anywhere between
0.17 to more than 1. This may not seem overly alarming,
but the situation is worse in the case of small and mid-size
developers whose debt-equity ratio is much higher.
The major bailout option for most of these small developers
is to possibly consolidate. It also needs to be highlighted
that out of the approximately 10,000 developers in the
country today, only 35-36 are listed. Hence, the financial
numbers could be even worse.
What next?
The Government’s consistent assurance of ensuring credit
to NBFCs is some sort of a relief, particularly for skittish
investors who started panic selling in the equity market post
the IL&FS default. Sensing trouble, even the RBI came
forward to aid NBFCs by relaxing liquidity norms and
allowing banks to lend more. Vey recently, the apex bank
relaxed asset securitisation norms for the NBFCs in a bid to
ease the persistent stress on the sector.
Thus, even while the RBI and the Government have taken
steps to ringfence the NBFC crisis and support its financing
needs by providing additional liquidity to banks and credit
enhancement for refinancing needs, there are speculations
over spill-over concerns in the market in the near-term.
Only time will tell whether or not we feel this heat in the
near term. However, one major outcome visible in the
coming year will be the consolidation of several small
NBFCs.
38 December 2018

42. Green
The Construction Choice of Tomorrow
onstruction is a part of a growing economically
Cemerging country like India. Every day new
buildings and roads are being constructed and the
key to all this construction is a powdered grey coloured
binder known as Cement. Seldom used on its own, cement
is used to bind the construction materials together by
adhering to them as it sets and hardens. When it is mixed
with fine aggregate the resulting mixture is mortar which is
used for masonry. Mixing of cement with sand and gravel
produces concrete for construction task.
The most common variation of cement used is the Portland
cement which sets like an adhesive due to a chemical
reaction between the dry cement and water. Each passing
year witnesses millions of tonnes of cement being produced
and consumed worldwide. China, India and USA are the top
three producers as well as consumers. Cement is a vital part
of industries like chemical, cement, industrial and real
estate and construction. But with its convenience comes the
baggage of its effect on the environment. The production of
cement involves heating or roasting of limestone and clay at
high temperature in giant kilns releasing tonnes of carbon
dioxide in the air. Dry cement powder causes severe eye
and respiratory irritation and a long duration exposure can
cause diseases like tuberculosis. It is highly alkaline and the
setting process i.e. mixing with water makes it even more
corrosive and can severe skin burns on contact. The
reaction also produces some carcinogenic and toxic
chemicals. So while Cement may be a boon to construction,
it seems to be a bane to the environment and human beings.
Looking into cement’s unwanted effects, scientists have
long been searching for safer, cheaper and viable
alternatives. The recent result of this research is Green
Cement. It is defined as “A cementitious material that meets
or exceeds the functional performance capabilities of
ordinary Portland cement by incorporating and optimizing
recycled materials, thereby reducing consumption of
natural raw materials, water, and energy, resulting in a
more sustainable construction material.”
struction Choice of Tomorrow
GG
struction Choice of Tomorrow
G
40 December 2018

43. Right now there is no fixed recipe to produce green cement.
Individual researches have created substances that set like
cement and are as sturdy. The whole idea behind Green
cement is making a product that reduces carbon emission,
requires less energy for manufacturing uses industrial
wastes as raw materials, has high long-term strength and
higher ductility, reduced porosity and enhanced mechanical
strength. These goals are achieved by using alternative fuels
i.e. fuel other than petrochemical or coal, using ground
limestone which reduces cost and carbon emission, using
Ground granulated blast furnace slag which uses less
energy and works at low heat.
Other ideas are based on the use of resource efficient
cement mixes. This includes:
Calcium Sulfoaluminate cements which use comparatively
lesser energy and release less carbon;
Calcium aluminate and calcium alumina–silicate cement
which is comparatively quick to produce and produces less
carbon;
Magnesium-oxide based cement which requires less energy
to produce and form a carbon-negative cement meaning it
absorbs more than it releases carbon in the process.
Alkali-activated cement which is competitive with regular
cement in terms of performance and cost, produce very less
carbon, have a longer life and use industrial waste as raw
material thus helping in recycling.
Commercially, many companies in the USA and Australia
are now manufacturing green cement for worldwide
consumption. They differ on various points but are aimed
towards providing a cleaner and greener alternative to
cement. A company uses seawater to make calcium
carbonate out of the carbon emissions to be used as
Portland cement substitute. Yet another one uses
superheated steam to modify cement particles which are
more reactive and separates and captures carbon emitted in
the process. Zero-carbon footprint claims a cement
manufacturer, which is made of fly ash and liquid additives.
Construction is essential for humankind and so is cement.
The idea now is how to reduce if not reverse the damage
that has been caused by the popular methods of
construction. With every industry in need to go green and
sustainable, it is important for cement manufacturers to
look for an alternative that help them take up the cause. The
need to deliver an alternative that suffices, if not supersedes,
the current virtues of Portland cement soon, persists on the
scientific minds.
Through the Looking Glass
December 2018 41

44. The Indian Economy has long shifted from being
totally dependent on agriculture to other industries.
It is now a buzzing centre for varied industries like
IT, textile, tourism, medical tourism, spiritual hub and
more. This drastic shift has brought a change in the lifestyle
too. India is no more confined to villages and the urban
population is rising. The last few decades have seen a
massive flow of population from villages and small cities to
urban areas. This changing lifestyle has proved to be a boon
for the Real Estate Industry.
Breaking New Grounds
Mr Chandra Prakash Jain and Mr Sanjay Jain at
Siddha Group has been a major real estate player
overseeing this transition since
1986. The company’s success
story spanning over three
decades have seen the
company conceive, design and
build residential & commercial
units and townships at prime
locations across India. Being a
credible real estate developer
and marketer, they have been
crafting full-fledged residences
in Kolkata, Jaipur, Mumbai,
and Bengaluru.
The journey started with CP Jain, the Group Chairman
expanding his expertise and venturing into other avenues of
business and built the Siddha House in Jaipur. Inspired by
him, Sanjay Jain, the Group Managing Director forayed
into the real estate business with his first project ‘Aashray’,
which was the first duplex apartment building in Kolkata.
The company has now grown exponentially and executed
several residential and commercial projects in Kolkata and
Jaipur.
Sanjay, an accomplished and empowering leader, voracious
reader and a world traveller, has more than two and a half
decades of industry experience and has led the group to be
one of the most trusted and renowned real estate developers
in India. He oversees the entire functioning of the
company’s real estate development and ensures smooth-
sailing of all the residential and commercial projects. He is
currently focusing on the expansion plans of the group, and
new project launches.
Customer as a Priority
Sanjay and his team at Siddha endeavor to provide quality
offerings and affordable homes without compromising on
world-class comfort and
quality, within the committed
timeframes to the clientele.
An in-depth research on
prevailing market trends and
demand drivers helps them to
create world-class spaces
with high-design material and
construction excellence at
competitive prices. Customer
satisfaction is of paramount
importance and the group
constantly innovates to provide a unique living experience
in a time and monetarily efficient manner.
He believes in making the company a customer-oriented
and a progressive organization with due respect to nature.
Achieving sustainability ranks high for the company and to
serve the purpose, it has inculcated the use of eco-friendly
products such as PPC (Portland Pozzolana Cement), PSC
(Portland Slag Cement), AAC block, Fly ash bricks and
aluminum shuttering instead of wooden shuttering in its
Deliver what you have
promised and this will go
a long way in building trusting
relationships with the clientele
Sanjay Jain
Envisioning Affordable Luxury Homes
“‘‘
42 December 2018

45. Sanjay Jain
Group Managing Director
projects. Most of its projects are certified by the IGBC’s
‘Silver Rating System’.
Awards and Accolades
Sanjay and the group’s journey so far is witness to
completion of thirty-five projects, and handing over of more
than five thousand apartments and office spaces. Over the
years it has achieved several credible awards such as Realty
Plus Conclave & Excellence Awards 2018, CNBC AWAAZ
Real Estate Awards 2018, 10th Annual Real Estate Awards
2017, Credai Bengal Realty Awards – 2017, Realty Plus
Conclave and Awards 2017. It has been credited for
ideating and offering unique Rooftop Skywalks in their
projects, the first for Indian real estate.
Assessing Indian Market
Sanjay has seen the Indian Real Estate Market transform
and evolve with the introduction of new trends and policies
and developers striving to offer the best-in-class amenities
and designs. The demands have been fueled by growing
economy, higher purchasing power, bold and positive steps
from the Government and RBI and policy reforms which
have effectively cleaned the sector. Developers are making
efforts to deliver projects that are encompassed with quality
amenities at attractive prices. These range from Sky walks,
rooftop gardens, premium residential clubs, swimming
pool, gymnasium and offering beneficial schemes and deals
such as customized payment plans, cash back offers, 0%
EMI until possession, modular kitchen and interiors,
complementary furniture and appliances and much more.
Guiding the Young
The Real estate sector has witnessed growth promoting
regulatory developments and initiatives that are paving the
way for strong sector growth in the future. This has also
inspired young entrepreneurs to look at this sector with a
renewed interest. Sanjay advises the young guns know the
industry like the back of their hands. He says, “They should
understand the market dynamics and study the competition.
Once they have gathered their market intelligence, creating
proper plans with timelines and should be realistic with
their goals.” They should understand their strengths, seek
help from peers and the experienced and keep pushing
themselves and should be true to their values and goals.
Planning the Future
Going ahead, Siddha Group has twelve ongoing projects
and seven upcoming projects that are spread across Kolkata,
Jaipur, Mumbai, and Bengaluru. It has introduced the
concept of Rooftop skywalks and Siddha Galaxia is among
the four skywalks which is the world's longest unique
rooftop Skywalk.
Sanjay recognizes the current real estate industry as a more
mature market than earlier that has been catalyzed by the
various policy interventions and development. Progressive
reforms have started showing results with increased
transparency and accountability. The industry is now more
organized and consumers are getting quality construction.
This enhanced market sentiment has fueled demand in the
residential sector across affordable and premium segments
and NRIs too are viewing India as an attractive investment
destination. Siddha Group looks forward to continuing its
legacy and leading the fraternity to construct affordable
homes that are world-class spaces, green and sustainable.
December 2018 43
T
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e10 Most
Admired
REAL ESTATE
TYCOONS