INTERVIEW
Stability in projects is exciting Irrespective of slowdown in the real estate sector, 2014 was fairly good for Cosmic Group. With core focus on development in the NCR region, 2015 looks good too, says the chairman of the company Sushant Muttreja.
To begin with, how was 2014 for Cosmic Group? In 2014, prices were stable in Indian real estate sector. Sales neither went bullish nor too bearish for us. We will continue with our action and 2015 should be very exciting for us. What are the projects currently in the execution process and what would come for sale in 2015? We are currently executing projects in Noida, Greater Noida, Gurgaon, Ghaziabad and Rishikesh. We are currently doing about 10 million square feet of overall development, including IT parks, five-star hotels, resorts and shopping centres. What are the Cosmic’s important business areas and subsidiaries serving these areas? As I have mentioned earlier, development is our core focus. We are currently doing multi scale development, covering almost all sectors of real estate; and this ultimately leads to development of the economy. We are currently doing economical projects, luxury projects, ultra luxury projects. We are present in all three segments and serving country in all the formats of real estate.
in. The kind of drives they have done, the kind of booster they gave to the real estate sector in terms of the real estate sector friendly budget; there are many expectations. However, there is a need to consider few things like single window clearance which has been pending from decades now. There are a lot of expectations especially in terms of clean governance and corruption free governance for which Prime Minister Narendra Modi and his team are working very hard. But still there are some challenges in the sector, affordability is not showing up in the sector and how big is taxation as a concern for developers? As far as affordability is concerned, the cost of land is very high. And for this, the land acquisition bill is required. Then, there is a need to focus on small cities for development. High quality projects should be developed in these small villages and cities. For this, law and order and support are required from authorities and administration. There is a lot of scope in small cities. One can actually go and do a lot of stuff in these small cities. The only thing required is the overall government machinery to provide comfort, support and security to the sector.
What cities are you targeting and what sales are you expecting from SUSHANT MUTTREJA T2 and T3 cities? What are the emerging trends in Chairman, Cosmic Group We are operating currently in the the sector and how do you see the NCR region. As far as T2 and T3 cities are scenario of the Indian real estate concerned, they have lots of potential and sector with the formation of the we will move to bring development in near new government? future. As of now, our developments are focused in NCR. In future, There are some very exciting trends. The government has we will develop high quality projects in T2 and T3 cities. introduced the concept of smart cities. The boost could be given to the sector in terms of the real state. There are new concepts How do you see the pricing scenario? which are coming in the building material, which are very innovative. Prices were stable last year and it will continue to be stable in Now, we are getting away from simple three or four bedroom first quarter. apartment and moving to very high standard, very contemporary structures. Even in terms of the construction, we are replacing the How has been the sector with the coming of the new old technology with new and innovative ones. A lot of exciting things government and what are your expectations from the new are happening in the sector, a lot of improvements and innovations government? have been seen in the sector and I think next 2-3 years will be very There is a lot of positivity with the new government coming exciting for the industry.
INDIA & YOU January-February 2015
25