Founded in 1986, the Sheth Group has created some of the largest townships, complexes, and skyscrapers with a focus on quality and customer-oriented designs. Today, the company’s portfolio boasts of over 40,000 homes, 80 projects, and over 20 million sq. ft. developed and delivered.
Mr Maulik Sheth, Director of Sheth Corp, spoke to Nikunj Joshi of RoofandFloor Bureau and shared insights Mumbai’s realty market with a special focus on Mulund.
Here are excerpts from the discussion.
How is Mumbai’s realty market doing in the current scenario?
Mumbai’s realty market has undergone a complete overhaul in the last one year. Scrapping old currency notes alleviated the problem of the shadow economy, creating a level playing field for reputed developers. There is ease of doing business now, and in fact, India is currently in the top 100 nations for the same.
In May 2017, measures were taken to bring structure to the sector by laying down guidelines for effective functioning. The increased transparency and accountability brought about by RERA have resulted in sales of 50% inventory of RERA-registered projects. This is a testimony to the reinforced sentiment of buyers.
The RBI also cut interest rates to 6%, and the festive season further incentivised homebuyers to take the plunge by offering lucrative schemes.
Overall, it is safe to say that the realty market has shown significant improvement and we expect a brighter future in 2018.
The housing market in Mumbai Metropolitan Region (MMR) is developing at a fast pace. Do you think the current pace of infrastructure development is in line with that? If not, what more needs to be done?
It is a well-known fact that the housing market in Mumbai is developing rapidly and there is a need for good infrastructure to support the growth. While enough initiatives are being taken to build road and rail connectivity, these projects need to be implemented and executed within shorter time frames.
Sheth Group has two completed projects in Mulund. At present, you have one ongoing project in Mulund. What made you select this location?
Over the past decade, Mulund has emerged as one of the most prominent realty hubs in the MMR region. The area offers an excellent blend of convenience and leisure and has evolved into a preferred destination for those looking to experience the hustle-bustle of city life while also getting peace and comfort.
The best thing about Mulund is its location. It is centrally located and well connected to the central and western suburbs along with Thane. It is also connected to Navi Mumbai via Airoli Bridge.
Tell us about this project. What is the ticket price?
A luxury project Sheth Montana is in Mulund by Sheth Group and Emami Group. Spread over 7 acres, it is located on the arterial LBS Road in one of Mumbai’s fastest-growing suburbs. It will comprise of four towers with an enchanting view of mountains.
It will have apartments of 2, 3, 4, & 5 BHK configurations in various spacious sizes with a price range of Rs 1.62 – 3.95 Crore. The project will house well-planned lifestyle amenities such as a multipurpose court, swimming and mini pool, games room, steam and sauna, fitness centre, private library, mini theatre, and spa, to name a few.
What are the three major USPs of Mulund’s realty market?
Mulund is well-equipped with excellent social and civic infrastructure and connectivity. Mulund Railway Station is regarded as one of the busiest stations on the central line. It is also effortlessly connected to the rest of the city and CBDs with the international airport located at a distance of about 14km.
It is also easily accessible from the central suburbs through the LBS Road and the Eastern Express Highway.
The suburb also has popular malls in the vicinity with access to several domestic and international brands. Residents of Mulund also have top-notch entertainment options such as multiplexes and fine dining restaurants. Not only this, the area has good educational and healthcare institutions making this suburban destination.
Sheth Group’s wishlist for 2018
The realty sector for 2018 looks upbeat owing to the active measures taken by the government. Providing a healthy market to attract foreign and domestic investors by modifying the regulatory frameworks will further facilitate the inflow of capital in the sector that is essential for its growth.
Efforts to improve and expand the infrastructure will also propel the growth of the industry.
A word of advice for RoofandFloor readers
Buying a home is a huge financial commitment, and I suggest do your research before taking the plunge. It is imperative to have a budget and requirements in mind to ensure you buy the right product at the right price. Lastly, it is also important to know which locality suits your needs the best.