With an unwavering commitment to ethical enterprise and excellence in the construction industry, Krish Raveshia, CEO, Azlo Realty has made an impact in this sector. Read on to know more about his journey and what future growth plans he has for the company.
Tell us about your journey in the real estate business?
Raveshia Group has been in the real estate business for over 2 decades, have developed multiple projects in the commercial as well as residential segment also a hospital in Mumbai. In 2018 we decided to carve out the real estate business for greater visibility and independent branding. At the group level, I was responsible for the finance division. Developing a landmark structure, helping someone realize his/her dream was my passion, so real estate came naturally for me. At Azlo Realty, I oversee finance, design and sales, something I enjoy doing on a day-to-day basis.
Having experience in financial risk and strategy how did it help you in the construction sector?
Raising funds, managing cashflow requirements is critical for a company. More so, real estate is a capital-intensive business with financing requirements spread over a period of time. My experience in financial risk and strategy helped arrange funds which is the life-blood of any business. At Azlo Realty most of our funding requirement is through existing surpluses and reserves at Group level.
What are the standard protocols being followed by your company while building a project?
From a construction perspective, we have implemented best practices for sound engineering and design implementation. This includes a plethora of norms and processes including third-party quality audits, superior materials procurement, and extensive training on site for better handling of novel technologies and machines.
From a design perspective, Azlo believes in making statement pieces. Our latest launch, the Metropole, a glimmering grade A commercial building with a gold façade and urban green landscapes designed by Deep Roots, Singapore, is yet another example of the kind of thought that goes into an Azlo product.
From a regulatory and finance perspective, we pride ourselves on transparency and compliance. All our products fulfil all regulatory and financial compliances including RERA, MCGM norms and other guidelines laid down by the Government.
According to you how is the demand picking up for premium residential space?
While the last few months did see some record breaking premium residential deals, the demand for affordable housing and, mid-premium segment is picking up faster and it reflects well in the sales data for the past few months. The majority of the deals were below Rs 2 crore segment. The premium residential, high-end luxury residential space will take some time to revive, maybe 1-2 quarters.
Your vision “providing a customer-centric approach in the real estate sector” so define in what context you are different from the other developers?
By customer-centric approach, we aim to identify the needs of our target audience and accordingly work backward in terms of design, layout, space, and most importantly the cost. Our customer-centric approach helps us address the exact requirement of our target group. We have recently launched ‘The Metropole’ in Ghatkopar Mumbai which will primarily cater to the existing MSMEs in that area. The project, located in the vicinity of the railway station, the layout of Metropole is designed keeping in mind the connectivity, requirements of the businesses running their operations there. The aim to provide them an option to upgrade their offices. India’s MSMEs contribute heavily towards GDP and nation-building. We aim to cater to this very category with our latest project.
What about the landmark projects the Group has executed so far and important infra projects in hand?
Under Raveshia we have developed multiple projects, talking about specifically Azlo Realty, our current focus is ‘The Metropole’ the commercial project and our upcoming residential project in Chembur, which we aim to launch in H2CY21.
What are your thoughts on the current scenario of the real estate business?
With the timely intervention of the government and the central bank, unlocking demand is picking up. We expect the current situation of positive sentiment to continue for the rest of 2021. Going forward, the demand will be skewed towards branded projects, with amenities. The rising cost in the existing CBDs will result in the creation of new CBDs and realty hotspots in suburbs of metro cities.
Recently your project ‘Metropole’ won an award for the “Commercial Property of the Year (West), so tell us more about it?
The Metropole is a one-of-kind Grade A commercial building with office spaces ranging from 350 SFT to 650 SFT. It’s unique design, encompassing a golden honeycomb façade, urban green spaces, and breakout zones is our attempt to bring the amenities and standards of a building normally occupied by MNC’s and corporates to the SME’s and professionals of Central Mumbai. With the growing trend of reducing commutes and satellite offices, we believe the Metropole will offer a unique value proposition to an office seeker looking for a well-located commercial building.
What are your future plans for the company?
The current focus for the year is to develop and deliver on the existing projects. This strategy will help us maintain a fine balance on the unsold inventory.
Your views on coping up with challenges posed by the recent pandemic.
The pandemic sparred none, with most locked in their homes. My learnings from the pandemic are being flexible and agile helps even during the most trying times. Embracing technology is the key, most work that took place during the lockdown would not have been possible with the efficient use of technology. Yoga and meditation in our free time are a must given the long hours we put in during the lockdown.
What message would you give to budding entrepreneurs?
My message to them would be simple, focus on innovation and original ideas, spend time to develop a solution to an existing problem. There is no dearth of funding and support for such kind of enterprise.