SL: The Lalani Group was established in 1985. We are mainly into residential projects and have also ventured into malls, commercial premises and IT Parks over the past three years. On the residential front, we have specialized in projects that cater to the high-income group between Bandra and Santacruz, we also have middle-income group housing projects at other suburbs like Jogeshwari and Goregaon wherein we have delivered more than a 1000 homes so far. Having completed more than 20 projects covering an area of about 1.2 million sq. ft., in and around Mumbai we have now ventured into other markets like Thane and Pune as part of our growth plans.

HL: On the commercial and retail front, we have two ongoing projects at Bandra namely, Main Street and Lalani Aura. The former has already been handed over to a large retail player, who will be setting it up as one whole retail unit with about 40,000 sq. ft of usable carpet space. The project should be ready by the end of this year. Lalani Aura will cater to the increasing need for office space in the Bandra-Santacruz belt. Its also well suited for smaller IT units in need of space in this area.

Our other ongoing project, Velantine Complex on Film City road, Malad (East), which is also fast nearing completion already boasts of more than 450 happy and contented families who have been given possession. In fact we have already begun construction of Velantine Apartments 4 and 5, which will be the last of the lot. Part commercial, they will meet the daily requirements of the community in terms of convenience shopping.

HL: We also have a track-record of proven services and successful completions. The use of highly advanced, fast-track construction methods have enabled optimum allocation of resources and a completion rate of one project a year, which in itself is a rarity in this capital and labour-intensive industry.

In Pune, our group is developing Lalani Quantum, a commercial Information Technology Park project at Bavdhan, close to the IT hub of Hinjewadi. This project, scheduled for completion in the next two years, will encompass an area of about 1.5 lakh sq. ft. We are also exploring other opportunities for developing several other residential and commercial projects in this fast-growing city that also enjoys the dual advantage of being very close to Mumbai.

HL: Another important point to note is that Mumbai suburbs like Bhandup and Mulund have got cluttered given the paucity of land. Thane is more accessible and once the connection between Dahisar and Thane is made, the travel time will be drastically reduced between the city’s eastern and western suburbs. The upcoming Chembur link road will also be an added advantage. With all these integrations happening, Mumbai will soon be transformed into one large city. Thane also offers an excellent value-for-money proposition to families looking at buying a larger home at prices that are 30-40 percent lower than those at Bhandup and Mulund.

HL: Alongside the IT sector, retail has also made a huge difference. With FDI and new brands coming in coupled with a growing consumer awareness, retail is now playing a vital role in the development of realty. With big names like Wal-Mart, Reliance and Bharti entering this segment, retail is now generating a tremendous demand for commercial as well as residential space. A case in point is Pune, where another 30-40 malls are expected to come up in the near future which translates into a tremendous opportunity for the real estate sector.

Transactions might slow down in the short term and there might be a slight price correction to the extent of 10-15 per cent in areas where realty prices have doubled and even trebled in the last two years, but the market is not going to fall. I don’t think there will be a repeat of the 1995 scenario when the property market really crashed and created a huge turmoil. Even if there is a minor price correction in overheated areas, the market will still climb eventually, though it might not be at the same pace as in the past two years. However there will still be moderate growth.

HL: Yes we do need a regulatory body that can bring the industry together on a common platform. But there should transparency even in the regulatory body. It should be more of an industry monitor protecting the interests of customers and less of a hurdle to development. Developers today are already facing a lot of hurdles given the number of clearances required to start a project. Already it takes a good 8-12 months for a developer to actually start work on a project since here there is no clear title for land. If we have another governing body dictating terms to us, it might create more problems for the developer fraternity.

SL: Hopefully if things work out as per our plans we should be among the top 10 developers in India at the end of five years.