A significant transition

Experts are of the view that over the last decade or so, backed by RERA and other policy measures, the domestic real estate market has undergone a significant transition. One of the biggest changes is transparency, which has led the market to a more robust structure where buyers are calling the shots. Besides, the RE market has witnessed a good deal of consolidation, evolving into a mature marketplace.

With these changes, real estate today is no longer confined to a regional play for large and reputed developers like the Ashwin Sheth Group, which has a proven track record of timely delivery and quality construction. As a result, in the last few years, multiple developers from the South, like Puravankara Ltd, Prestige, and others, have ventured into the Mumbai & Delhi-NCR markets, and vice versa to a certain extent. Builders are expanding their operations across much wider geographies.

Moreover, in the changed market scenario, diversification into multiple asset classes offers opportunities to explore the market in a more effective way. Capacity and capability building have become relatively easy and smooth in today’s market, where shared capabilities among multiple stakeholders have become the norm.

This is where asset-light models are ruling the market, helping players tap varied avenues in more than one location. All this, on the one hand, helps developers to enlarge their portfolio without much stress on their books, while on the other, they build up a well-diversified portfolio that also provides an effective hedging mechanism against market vagaries.

“Today, Indian real estate can be characterised as relatively robust, led by a marked change in the industry’s market dynamics and overall perception. The post-RERA era has been essentially transformative in terms of bringing more regulation and structure, enhancing developer-homebuyer engagement and relations. Developers have built on this strong platform and ensured consistent and effective communication with their consumers, which has been the foundation for the industry’s recent performance as a whole. RERA has provided a huge boost to the industry and ensured that only trusted and credible developers are catering to home buyers,” says Boman Rustom Irani, President, CREDAI.

“Our varied portfolio spanning different sectors and geographical regions serves as the cornerstone from which we advance and fulfil our commitments to achieve our performance and ESG targets. A diversified, balanced and evolving portfolio also serves to mitigate specific risks, such as slowdowns and sales fluctuations, while addressing consumer demand across the real estate spectrum. Moreover, a larger pipeline with well-timed launches facilitates consistent sales growth with predictable profit recognition,” says Ashish R Puravankara, managing director of Bengaluru-based Puravankara Ltd, which has recently purchased 12.75 acres of property in Thane near Mumbai. The RE player, which has also been building up its portfolio in Mumbai for some time now, is expected to develop a residential project with a Rs4,000 crore potential income on this land parcel in Thane.

The Ashwin Sheth Group has collaborated with chlorophyll, India’s first end-to-end brand consultancy firm, for its new brand identity. The new logo consists of the letters ‘A’ and ’S’ and reflects the commitment to crafting spaces that serve as mirrors to the worlds inhabited by the Group’s cherished stakeholders. The tagline ‘Our world reflects your world’, eloquently expresses the dedication to understanding and fulfilling customers’ desires, needs, and aspirations.

Commenting on the new brand identity, Kiran Khalap, co-founder and Managing Director of chlorophyll brand & communications consultancy, says: “Real estate in India is characterised by only a handful of pan-Indian brands. Given Ashwin Sheth Group’s ambition to become one, chlorophyll needed to use its rigorous process ideantity to understand the pan-Indian mindset. A surprising insight emerged: true luxury involves a true understanding of a buyer’s needs, something that the Ashwin Sheth Group excels at. This led us to express the brand’s meaning in a startling visual (where A and S were mirror images) with the brand line: ‘Our world reflects your world.’”

Over the last couple of years, the company has been working on building the required capabilities. While transitioning from a family-run setup to professionals running the organisation, the company has, over the last few years, hired professionals from across the industry.

“Our commitment to employee-centricity and our deeply ingrained values are the cornerstones of our company’s success. By integrating SAP, HONO, Smart APP, and SFDC, we are transforming our operational efficiencies to consistently exceed customer expectations and move towards being a tech-driven company. In FY24, the Ashwin Sheth Group was recognised as one of the preferred companies due to its pay cycle. We are devoted to attracting and hiring the industry’s top talent, ensuring our leadership team sets the benchmark in expertise and industry-leading business practices. We are also dedicated to fostering a world-class culture and offering exceptional growth opportunities for our outstanding talent, which will, in turn, help us scale greater heights,” avers Prabhakar Azad, Chief People and Process Officer, Ashwin Sheth Group.

Best in class HR policies

Azad, a veteran HR professional in the real estate industry with over 26 years of experience, joined the company in May 2022. As CPPO at Ashwin Sheth Group, he has played a crucial role in inducting exceptional senior leadership talent and integrating top-notch people practices. Under his leadership, the HR function has been recognised for its growth-enabling and career-nurturing environment. He introduced best-in-class policies, processes, and procedures for employees, including technology-driven recruitment approaches, aligning with global standards.

Before joining the Group, he held senior positions at prominent companies such as Sahiti Group as CHRO, Turner Construction Company as Global Head – HR (across South East Asia, India, Europe, America, Caribbean, and the Middle East), Lavasa Corporation Ltd and its 30+ SPVs as Group Head – HR, Hindustan Construction Company, and Atos Syntel. He has implemented tech models like SAP – HR, RAMCO HR, FARVISION, GREYTIP, ORACLE, and HR-MANTRA in his previous organisations and has significant expertise in both internal and international mobility.

Azad is a Certified Senior HR Assessor for the CII - National HR Excellence Award and a former member of AMCHAM India. An alumnus of Cornell University, he holds an MBA in HR from the JDC Bytco Institute of Management Studies.

Bhandari joined the company in May 2023. He is an alumnus of IIM Ahmedabad and holds a Master’s degree in Marketing and Commerce, with advanced training in Sales and Marketing from NMIMS, Mumbai. As CSMO of the company, he oversees Sales, Marketing, Strategy, Corporate Communications, and CRM functions. With decades of extensive experience in Sales, Marketing, CRM, Operations, Business Development, and Strategy, he has held significant positions at renowned real estate companies like Puravankara, Kanakia Spaces, Radius Developers, Kalpataru Ltd, and Raheja Universal.

Bhandari’s expertise spans various industries, including advertising, real estate, education, retail, and logistics. His core skills include Brand Management, P&L management, Sales Operations, Innovative Distribution Strategies, Customer-centric initiatives, Product Development, Change Management, and nurturing a performance-driven culture.

Throughout his career, Bhandari has led numerous successful project launches, luxury sales, and award-winning thematic marketing campaigns in residential, commercial, and retail. He has also driven strategic customer initiatives, loyalty programmes, and first-possession experience programmes. Passionate about real estate, luxury, the transformative potential of design, and brand building, he serves as a mentor and is a sought-after speaker on various media platforms. He has received accolades and recognition such as Brand Builder of the Year, Top 10 Influential CSMO of India, Top Iconic Leader to Watch in 2024, The 10 Most Influential Business Leaders in 2024, and CSMO of the Year, among others.

“It was a conscious decision on our part to opt for this transition. We finally realised that this is the only way we can expand our business significantly. Now we want to leverage our track record in our journey 2.0,” says Sheth, who is an industry visionary and veteran. Under his leadership, the company has developed some of the largest townships, iconic complexes, and tallest skyscrapers. The company’s portfolio is a testament to his strategic planning, unwavering focus on quality, and customer-centric designs.

Having delivered over 38 million sq feet of properties, the company is currently building up 8 major projects (around 85 per cent residential) across a pipeline of over 36 million sq feet. All these residential projects located in the MMR region are expected to be delivered in the next 3-5 years in a market which has shown a great deal of momentum in the last 3 years. Prominent among them is Victoria Towers at Sheth Avalon – a signature landmark in Thane. The property (5.5 acres; 8 towers; 3 towers under construction; 5 towers delivered and total: 178 apartments) features a grand entrance lobby and majestic clubhouse designed by renowned designer Sussane Khan.

Surging sales

Sheth Avante (5 acres; 4 towers; ready for fit-outs; total: 383 apartments) at Kanjurmarg (W) offers luxurious 1, 2 & 3 BHK homes. Sheth Edmont in Kandivali is a sustainable oasis spread across 2.02 acres of land, offering an upgraded lifestyle with 2 & 3 bed residences in a 51-storey skyscraper.

According to the recent CBRE report, the luxury segment housing (units priced Rs4 crore and above) recorded a 10 per cent Y-o-Y sales growth during January-March 2024. The percentage share of the luxury segment in overall residential unit sales stood at about 5 per cent during the quarter. The report further points to around a 64 per cent Y-o-Y increase in new launches of luxury segment units during January-March 2024.

City-wise, the report states that Mumbai recorded the highest surge in unit sales during the review quarter, registering a 15 per cent Y-o-Y increase in luxury segment residences. This was followed by Delhi-NCR, Hyderabad, and Pune. Hyderabad and Pune saw sales activity increasing by more than 2x and 4.7x Y-o-Y, respectively. The resurgence in India’s luxury residential real estate has spurred robust growth, as about 45 per cent of the overall luxury stock was injected in the last 5 years. The segment has also grown at a CAGR of over 9 per cent since 2019 across the gateway cities.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, says: “The Indian luxury real estate sector demonstrates robust fundamentals for sustained expansion, underpinned by consistent increases in household income and consumer spending power. These factors will cultivate a segment characterised by discerning buyers prioritising quality, financial prudence, and a desire for an elevated living experience. Going forward, capitalising on the positive sales trend, developers nationwide are ramping up activity and are expected to launch new units in the segment.”

With all these developments in place, Ashwin Sheth Group, in its new avatar, has commenced its Journey 2.0. Over the last 2-3 years, the company, having a proven track record of around 4 decades, has meticulously transformed itself in order to monetise its reputation and capabilities as well as to explore the emerging opportunities that the present market offers. The timing and the scenario are perfect now. All said and done, it remains to be seen how the company executes its plans on the ground, going ahead.