Times Real Estate Conclave & Awards 2023–2024.

Celebrating the positive vibe and honoring the industry’s bright spots.

The brightest minds in the real estate business convened to discuss the elements driving the industry’s expansion and how the current phase of support for mega-infrastructure construction bodes well for guaranteeing a trillion-dollar increase over the following ten years.

March 2024 saw the Taj Mahal Palace in Mumbai host the seventh edition of the Times Real Estate Conclave & Awards 2023–24, which included LIC Housing Finance Ltd. and Namma Homeopathy as associate sponsors.

The purpose of the event, which is a flagship project of Times Group company Optimal Media Solution, is to honor and commemorate the trailblazers and leaders who have made outstanding contributions to the real estate industry.

Maharashtra Housing Minister Atul Save said before the august audience that the state administration is still dedicated to advancing the Housing for All program. This dedication is demonstrated by the several infrastructure projects that have recently been inaugurated in and around Mumbai. The move by the Maharashtra government to lower the premium will be advantageous to all parties involved, including the final customers. Furthermore, he stated that the state government does not intend to raise ready-reckoner rates or stamp duty in 2024.

Following this, Pooja Jain of ET Now hosted a series of enlightening panel discussions that were led by prominent figures in the real estate sector. Dhaval Barot, managing director of Bharat Realty, noted during a panel discussion titled “Staying Ahead of the Curve, Remaining on Consistent Growth Path” that the desire for homeownership is currently at an all-time high due to the expansion of the Indian economy. The fact that the customer is satisfied gives us a great deal of confidence in the real estate market at the moment. But in order to assist consumers with mortgage rates, we need some cooperation from the government,” he stated.

In a similar vein, Vaibhav Jain, the creator and promoter of the V S Sambhav Group, expressed his opinions about how any government-sponsored program is still a good idea. “The real estate sector welcomes any push from the government, whether it is regarding the affordable housing scheme’s subsidiaries and incentives, tax rebate, or long-term capital gains (LTCG) exemption.”

Parth Mehta, founder and managing director of Paradigm Realty, stated that the real estate industry’s potential to surpass the trillion-dollar threshold is contingent upon the performance of the government’s fundamentals and macroeconomic factors. “Things are bound to grow significantly if the federal and state governments continue to demonstrate their strength and resilience in the upcoming term.”

Ghulam Zia, executive director of Knight Frank India, spoke during the second panel discussion, “Evolving into a Trillion-Dollar Industry in the Next Decade,” about new developments in the industry, particularly following the end of the pandemic phase. “In 2023, the high-end sector outsold the mid-end for the first time. But in the years to come, real estate will have a lengthy marathon run once the low-end recovers.

According to Brihanmumbai Developers Association President Harrish Jain, millennials in India will continue to propel real estate expansion as they seek larger, healthier houses.

Speaking about trends, former MCHI president Vimal Shah insisted that, for a considerable amount of time to come, the residential market in India will continue to be the key driver, closely followed by the mixed-use market.

Vice-Chairman of NAREDCO Rajan Bandelkar stated that the real estate market has changed into a service sector after RERA was implemented. “You will receive more referrals from customers the more you serve them.”

Domnic Romell, president of CREDAI-MCHI, echoed similar views when he stated that the sector’s defect liability has decreased to 0.03 percent following the application of RERA regulations.

The third panel discussion served as the culmination point and represented the growing influence of women in the real estate industry. On the topic of “Rising to the Changing Paradigm in Realty: Today & Beyond,” directors Ayushi Ashar of the Ashar Group, Shraddha Garodia of Dosti Realty, and vice president Sarina Menezes of Oberoi Realty shared their perspectives. Ritwika Gupta of ET Now moderated this panel discussion.

According to Ayushi Ashar, the core of most real estate companies nowadays is growing technology, but at the core of any business’s strategic planning is the ability to communicate a distinctive brand story to the customer.

Speaking about growth hopes for 2024, Shraddha Garodia stated that, in order to spur the construction of several projects, it is necessary to expedite the process of many online approvals, particularly those pertaining to environmental clearances.

Sarina Menezes shared her views on how more women are paving the way to the real estate industry’s boardrooms, saying, “You are valued today for the talent that you bring to a brand.” Even though there have been many more women entering the workforce in recent years, it is still more important than ever to stay in the field and rise to the top.