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Square Yards in collaboration with L&T highlights the realty issues in Mumbai

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Square Yards, India’s first and only mobile leveraged real estate transaction platform, aggregating real estate brokers, organized an event in association with L&T, facilitating personal interaction over real estate issues pertaining to Mumbai. The event held on the 24th of September 2015 at Taj Land’s End in Mumbai was meant to enlighten NRI customers and foreign investors brought to India on a common platform by Standard Chartered HNI, along with other investors and buyers in the country.

Key members in the discussion panel were Mr. Amit Goenka, MD & CFO NIFCO; Mr. Sanjay Mehrotra, National Head – Sales & Marketing L&T Realty; Mr Mayank Jain, Executive Director – Standard Chartered Bank and Mr. Tanuj Shori, Founder and CEO Square Yards.

Elaborating on the event, Sahil Shah, Principal Partner Square Yards commented, “The real estate scenario in Mumbai has been a major cause for concern for the city for years now and certainly needs to undergo redevelopment in specific locations. The soaring real estate prices in the city can be controlled if the supply could be increased by freeing areas like Dharavi Slums, MMTC land parcel in Wadala, Mumbai Port Trust Land, and NTC mill land in South Central Mumbai adding ready possession inventory in the next 5 years.”

Anil Srivastava Channel head, L & T further added, “More than 2000 acres of land parcel can be freed in Mumbai. In view of this, redevelopment should be made compulsory in the city, in certain locations. Buildings under a government-regulated compensation mechanism can also solve a lot of problems of inventory in Mumbai.”

Mr. Mayank Jain (Executive Director – Standard Chartered Bank), said “Infrastructure works inversely to property prices. If Transharbour link, Coastal Road, Metro lines, improved rail infrastructure are all accomplished in the next 5 years, property prices can fall significantly.”

The key note speech of the event was presented by Mr. Amit Goenka delving into the Mumbai real estate market. Covering various topics, the key highlights of his presentation were RBI Governor analysis on real estate, Micro analysis of Mumbai real estate, Unsold inventory in top 8 cities, Key real estate policies and how the Market rewards smart investors.

Discussions in the event were themed around the crucial question of “Is this the right time to invest in Mumbai real estate.” The panel discussion was represented by Sahil Shah, Principle Partner Square Yards; Amit Goenka, MD & CFO NIFCO and Anil Srivastava, Channel head, L & T Realty, wherein Mr. Sahil stressed on the prevailing property rates in Mumbai and how developers are offering deals to attract buyers. Mr. Goenka gave insights on how market prices have risen in a period of 10 years; he insisted that customers should look at the long-term horizon while investing in the Mumbai market. Mr. Anil Srivastava gave details of the L&T strategy to provide quality homes to customers at the right price.

The panel discussion was followed by a Q&A session, where the members of the panel answered the queries of the customers. Following this was a presentation session by the key organizing members of the event. The Square Yards presentation, which was represented by Mr. Sahil Shah, gave a brief introduction to the company and the kind of services they provide to the customers. The L&T Realty presentation was given by Mr. Kulwant Khurana, where he provided details of Emerald Isle and Crescent Bay. The Standard Chartered presentation was given by Mr. Mayank Jain and Mr. Vignesh Giri. Their presentation covered products and services offered to their customers.

The informative and insightful event on real estate culminated with dinner, drinks and customer engagement with Square Yards sales executives.

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