With a steadfast belief in continuously creating meaningful and innovative developments in various real estate segments – residential, commercial and hospitality – Assotech Realty has carved a niche for itself in developing world-class spaces for the discerning customers. Debuting in 2004, the company has successfully developed around 30 lakh square feet of real estate development. Furthermore, the company has earmarked over `600 crore to develop a slew of projects, which also include a hospitality project named Sandal Suites (serviced residences), planned panIndia over the next three to five years. Neeraj Gulati, Managing Director, Assotech Realty spoke at length to Vishnu Rageev R of Realty Plus on the continuing saga of success scripted by the company and its ambitious plans to scale greater heights of excellence in near future. Excerpts...
Vishnu Rajeev R: What was your inspiration behind venturing out into real estate business? Could you take us briefly through the company’s journey since its inception in 2004? Neeraj Gulati: For Assotech Realty, the inspiration behind getting into real estate business was the opportunity that this sector gives to express one’s creativity. Since its inception, the company has created a variety of meaningful developments, starting from our first commercial development next to the Greater Noida Golf Course — Tradex Tower I & Tradex Tower II — followed by a series of highly acclaimed residential and hospitality projects including Windsor Park, Aspen Heights, Elegante and Cabana, an innovative serviced residences project running successfully and generating commendable operational returns. So far, the company has developed approximately 30 lakh sq ft of real estate space.
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Is Our Credo
VRR: What are Assotech’s major promotional drives? Which media vehicle or promotion mode do you consider most suitable for promoting brand awareness? NG: We intend to promote our products mainly through awareness among the general public and investors by way of quality delivery and innovative designing. Print media has remained the most effective way of communication and brand building for us.
terra project includes luxurious 4-star level serviced residences by the name of ‘Sandal Suites.’ With its careful and spacious designing, ample green space with awe-inspiring elevation, and world-class facility within the complex, ABC is all set to become the corporate’s first choice in selecting offices in the NCR region. We are planning to construct such complexes across 25 major cities in India.
jects they wish to undertake. The current liquidity crunch due to high interest rates and slow sales in residential property is another challenge before the real estate sector. However, it is a short term phenomenon, and with increase in demand, improving sales will benefit developers We are in favour of a real estate regulator. The regulatory Bill, when implemented, will be favourable for both developers and property buyers. However, the structure should be such that a central regulator may issue directions/guidelines to the sanctioning authorities who should monitor the implementation at the ground level.
VRR: What are the prospects and challenges before the Indian realty sector? Are you in favour of a real estate regulator? NG: The increasing cost of raw materials has resulted in slowing down of construction, constraining many developers to reduce the number of pro-
VRR: What are the current initiatives and immediate plans of Assotech across residential, commercial, retail and hospitality segments? NG: We are developing residential projects in Greater Noida (25 lakh sq ft) and Indirapuram (20 lakh sq ft); commercial/IT spaces at Expressway Noida (15 lakh sq ft), hospitality project named Sandal Suites (serviced residences) across different locations on pan-India basis. VRR: What would be the quantum of investment for your upcoming projects and expansions? How do you intend to raise the money for them? NG: The approximate quantum of investments for our upcoming projects in approximately 3 to 5 years is as follows: Housing: `500 crore; Commercial/IT: `300 crore and Hospitality: `250 crore. The company intends to raise money through a combination of internal and market accruals and debt funding. We are selectively looking at private equity players on project-to-project basis.
VRR: Are you developing any out-of-the-box
“ Creative Constructions
with different sizes ranging from 1,000 sq ft to 1 lakh sq ft, along with retail space and serviced residences. The project consists of approximately 12.5 lakh sq ft of eye-catching façade and world class environment consisting of intelligent and flexible office space offering solutions that are tailor-made to suit any requirement. It would have approximately 5 acre of greens with golf-putting, squash court and lawn tennis court, an E-Library, jogging tracks amphitheatre, water bodies and ample parking space. Also, ABC will consist of a mini shopping complex ‘Windsor Street’, offering high street shopping experience and food joints. Another major highlight of the Assotech Business Cres-
realty project? If so, what are its specifications? NG: Assotech Realty is planning to deliver an integrated world class mega business park at Sector-135 on the Noida Expressway by the name of ‘Assotech Business Cresterra’ (ABC). Spread across 14-acres, the estate would have commercial space www.realtyplusmag.com
VRR: What are your core strengths and USP in real estate business? What best practices are being followed by your company? NG: We believe in continuously creating meaningful and innovative developments, that is our USP. Our core strengths lie in quality, passion, value for money products, innovation and timely delivery. One of the best practices being followed at Assotech is ‘fiscal discipline.’
VRR: What is your vision for 2020? NG: In the year 2020, we visualise our company as a prominent real estate player having a variety of projects in Northern India and some niche projects like serviced residences and senior homes in panIndia locations.
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