Mr. Ravi Mohan Sethi, MD of Stellar One Projects, said in an interview, that the real estate sector must be accorded infrastructure status to bring about major transformation in the outlook and nature of the market.WHY IS THE MARKET ON THE BACK FOOT?
The main reason is the loss of trust. Many of the developers and builders have lost their credibility among home buyers and investors.The making or tarnishing of image is in your own hand. Only promise what you can fulfil. Don’t promise anything beyond your capability. When property projects prices are on the upswing, real estate owners are only bothered about their sales without worrying about setting up a system to deliver them.
When the market was going great, developers used to invest their sale proceeds of one project in buying land for another one.Then they launched another project with whose proceeds they bought land for a third project, and so on. It was as if a game of musical chairs were on. The slowing down of the market is similar to the music being turned off now, these developers find themselves stranded. So, it is a situation of their own making.
WHAT IS YOUR SECRET BEHIND TIMELY DELIVERIES AND QUALITY CONTROL?
We have adopted precast technology and set up our own facility on site; this gives us a world of creative possibilities in application and design. The technology is very versatile and is equally efficient for all types of construction–highrise, low-rise villas, commercial space, parking lots, etc.
WHAT ARE THE MAIN ADVANTAGES OF THIS TECHNOLOGY?
The main advantages of this technology are that it helps us stick to our delivery schedules, gives structural stability to our projects, helps in wastage control, and requires less manpower.