Could you please tell us about Siroya Group, its evolution to reach the present status it enjoys as a developer known for its quality, delivery, and customer orientation.
Our company has been in existence for over 40 years and has come a long way in building the trust that is called "Legend Siroya" today. There was a time when we used to only undertake one project at a time and today we have more than 20 projects that are under construction and about 30 more in the pipeline. We don't compete with anyone. Our biggest competitors are us and that is the philosophy that enables us to work harder and bring new things to the table in every project.
With projects comprising residential, commercial, hospitality and mixed-use real estate, Legend Siroya Developers boasts of a diversified portfolio with a pan-India presence. From SRA constructions, affordable housing to luxury housing, we have projects spanning through different segments in the real estate sector.
In a first-of-its kind venture, Legend Siroya have launched their premium residency project Worldin in Mumbai. Along with a swimming pool, bar and barbeque area available in each apartment of the 40-storey project, each apartment will also boast of its own attached terraces, walk-in wardrobes and a service space that can be used as a laundry room or abode for the domestic help, sanitary fittings by UK-based luxury brand Villeroy and Boch among other amenities.
The apartments in the project range from 2.5 BHKs to 8-bedroom duplex condos. For those who prefer to live life king-size, the 4, 6, and 8 bedroom residences include additional amenities of a grand double-door entrance, a separate al-fresco party area and also a sprawling spare space that can be converted into a private cinema hall, game room, library, art room, gym, studio or just about anything else that can be imagined.
The USP of the project is the luxury of space with world-class amenities; a rare comfort in a crowded metro like Mumbai. The project is an attempt to provide the customers with a 'flat that comprises the entire world'. We expect the project to be completed in 2-3 years.
Could you please enlighten us on some of the unique and awarded project of the firm? Also a word about your upcoming suave and elite 'Marbella' projects and their USP.
Modeled on the lines of Spanish architecture and culture, Marbella is a 38-villa luxury project, conveniently located on the Mumbai- Pune express highway,
The project promises to deliver amenities and features that are unique and never heard of in a single project. A Roman-style 'bathhouse', private surf simulator, amphitheatre, and outdoor cinema have been designed to enable the residents to experience pure luxury.
Each villa too has been designed with special attention-to-detail, complete with individual swimming pools and deck. The larger villas have lobby-height of 40 feet; more than double the usual height. The architecture ensures each property is spacious, airy and has a beautiful view. Also, in a bid to be eco-friendly, each villa has been provided with a wind turbine, so that wind energy can be utilized to operate generators in case of a power cut.
A rustic jogging trail, indoor and outdoor games arrangements, a water-front café, landscaped garden, state-of-the-art gymnasiums, spa chambers, home theatre, library, and even a conference room for those who carry their work with them are some other salient features of this project. All these amenities have been provided keeping global standards in mind.
In this environment of massive construction activity, there is a constant threat to the environment. How does your company policy address this concern in your projects? What are some innovative practices you have introduced in the field?
All of our sizeable projects confirm to environment-friendly norms. The smaller projects have eco-friendly features like rain water harvesting and energy saving. Planning is done in a way to boost cross ventilation and the use of glass as much as possible enables natural light in the homes reducing the overall consumption of electricity.
What is your take on redevelopment projects and Slum rehabilitation?
Siroya has about 45 redevelopment projects under various SRA, BMC and MHADA schemes. Currently, there are about 22 projects that are under construction and another 20 at various stages of approvals.
We have recently completed our slum rehabilitation project Kingston Tower in Parel. The project started in 2005 and was completed in 2009. It is the first tower of its height in Parel with 34 floors plus 4 floors for parking. Also, our SRA project at Mahul Road, Chembur is around 3-4 months away from completion.
How do you witness the growth in real estate sector in tier II and tier III cities? What are your plans to extend your business in these cities?
Various tier II cities are really coming up, and these are exciting times for real estate ventures there. This will bring up the standards of local regulations and create an infrastructure for the nation as a whole. Legend Siroya has moved into the tier II sector in a big way, with venture into the EON homes 12 tower project in Hinjewadi, Pune. This is currently under construction.
We have kept numerous other proposals in various cities in India, and are currently in the process of adding them to the pipeline.
Affordable housing schemes have been making the desired impact due to liberalization of financing schemes. Today technological options are affordable, what is not affordable is land cost. How can an enabling environment be created to make land cost consumer-friendly?
Land is restricted in the metros this is true. Yet a lot of land is locked into the slums in these cities, and slum projects are notorious for being slow in delivery. These are due to slow government processes in passing documentation, and issues with slum tenants. If a more streamlined process is placed, a price correction will be forced due to oversupply of land and flats.
An improvement in infrastructure allowing distant parts of the metros, and they're suburbs to be connected, and reduce commute times will raise the demand for properties in these less crowded and less exploited regions.
How do you see demand scenario in the residential and commercial sectors in 2013 and beyond?
An appeasement of FSI restrictions in place with the new parking schemes will be positive for the market. They will help address the ever-growing issue of public parking within residential complexes, and will allow developers to benefit from the additional FSI consumable. The excess supply generated through this should keep a close check on prices, so buying a property for a customer will be an easy decision with little fluctuations in prices in markets.
Would you like to share some of your experiences with our readers that inspired you most?
We've realized that the construction industry is so unique that there are many levels of competition at various sizes of the industry. With vision, we can see our current fit, and what it will take to go to the next level.
