17 October 2019

Table of Contents for Realty Biz

Interaction-Bijay Agarwal, MD, Salarpuria Sattva

We actively contribute to green and clean energy


With a humble beginning in Bengaluru India in 1993, acquiring a small plot that offered just 20000 sq ft. of construction, today the Salarpuria Sattva group has taken giant steps to become a builder of immense magnitude. In an exclusive interview with CONSTRUCTION OPPORTUNITIES, BIJAY AGARWAL, MD, SALARPURIA SATTVA speaks about the real estate sector in Karnataka, the company’s milestones and his outlook on the company’s perspective.










Which segments in real estate are you focused on. In terms of types and value segments. Your comments on the premium and luxury housing segments in Karnataka.


With a humble beginning in Bengaluru, India in 1993, Salarpuria Sattva Group has grown to become one of the leading Real Estate developers in India with a presence in Bengaluru, Hyderabad, Kolkata, Pune, Coimbatore, Jaipur and Goa. We have completed 26 million sq. ft (both commercial and residential) of construction and have 38 million sq. ft in the development and planning stages. With the economy growing at a faster pace in the last few years, we have also ventured into commercial spaces and IT Tech Parks, of which more than 60 percent is commercial development, to be completed over the next four years.


Our premium and luxury housing segments in Karnataka are primarily focused in Bengaluru, where the demand has been stable over the years. Luxury housing is a relatively new concept; however, the market seems to be growing in Bengaluru. Premium housing is among the best-positioned developments in Bengaluru. Other markets, like Mangaluru and to an extent Mysuru, are also critical markets for premium housing in Karnataka.




Tell us about the major milestones achieved by your company.


Starting at 20,000 sq. ft. and standing tall today with 26 million sq.ft. and 38 million sq. ft. on the drawing board, has been Salarpuria SattvaGroup’s significant achievement. Needless to add, we are one of the early entrants for developing IT Parks in Bengaluru; even prior to its coronation as the ‘IT Hub of India’.


Salarpuria Sattva is also one of the leading builders of commercial properties in Hyderabad. This has been one of our key milestones. We are currently replicating our Bengaluru achievements in Hyderabad.




Major projects executed by your company in Karnataka. What distinguishes them vis-à-vis your competitors.


At the time when Bengaluru were opening up its shores to later become the IT Hub of the country, Salarpuria Sattva Group had already established ‘Salarpuria GR Tech Park’, a software IT Park, now popularly known as the IT Hub of Bengaluru. We enjoy a reputation of being trustworthy in the market, and this is reiterated in our tagline ‘Trust is what we build’. The trust factor has been key to our success in the market. We continue to grow ‘trust’ across stakeholders – which is our single biggest differentiator


Our foray into verticals beyond housing, has been paved with innovation and shaped by thought leadership. By further expanding into various ventures such as urban development, education, rentals and leasing, aerospace, facility management, hospitality and retail, the Group today, stands tall as a frontrunner, shaping India’s growth story.




Details of an iconic project executed by your company in Karnataka.


Sprawling across 10 acres of land in the propitious IT belt of Whitefield, ‘Salarpuria GR Tech Park’ is the state-of-the-art IT Parks your business needs. Aptly located in ITPL, the abode of thriving software offices, ‘Salarpuria GR Tech Park’ has a spacious campus to address all the infrastructural needs of substantial businesses. The Tech Park has various amenities such as Food Court, Coffee Shop, Crèche, and ATM. With ample parking space, beatific walking corridors and a calm and soothing environment to boot, GR Tech Park houses reputable organizations in its campus.




Your outlook for the real estate market in the State, across all segments ranging from affordable to premium to luxury housing.


Even though Bengaluru has been the anchor of real estate activity in Karnataka, the predominance of other markets such as Mangaluru, Mysuru, Belagavi and Hubballi-Dharwad cannot be sidelined.The premium and luxury housing projects have not withered down in attracting buyers due to their USPs. Since there aren’t many large-scale luxury housing projects, the demand has been equivalent to the supply. Last year had been a testing period on account of various structural reforms such as RERA, GST and demonetization. However, this year, we see new launches in the market.




Green Products/technologies/processes adopted by your company in your projects


We strictly adhere to the Indian Green Building Concept guidelines detailed under each mandatory requirement. This leads to all our projects being rated as per CII’s Indian Green Building Concept (IGBC) rating system. We avoid the conventional method of construction and adopt a eco-friendly process by utilizing fly ash bricks and other eco-friendly construction materials including fly ash-based concrete, glass, aluminum, floor tiles, ceiling tiles, paver blocks and certified wood. Most of our building materials are procured locally, within 400 km of the project site.


We actively invest in offsite renewable energy systems to contribute to green and clean energy. Systematic construction management is implemented for controlling soil erosion and sedimentation, thereby avoiding air and land pollution have been administered as well. At our projects, we harvest rainwater with the help of underground tanks and recharge pits/wells. Deep recharge wells have also been designed and executed for recharging the surface groundwater. Thereby, zero discharge of storm water is ensured by using both harvesting and recharging systems, in the envisaged project. Additionally, we have also implemented Solar PV Panels to generate electricity, which serves the building part load or lighting load, and further ensures the reduction in overall electrical consumption of the project.




Does Karnataka’s investment and policy foster growth of your company.


Karnataka has always been at the forefront of promoting innovation by creating infrastructure and investing adequately in sectors that are imperative. These initiatives have also influenced the growth of the Real Estate sector. Be it the new international airport in North Bengaluru or the Namma Metro, both projects are fueling the growth of Real Estate.


Today, North Bengaluru has emerged as the go-to-destination for house-buyers. The upsurge of property prices along the Metro lines have also created demand for homes, for people who find it easier to commute by train. Today, Bengaluru is among the top job markets in the country that attracts talent from all over and housing is integral to this. All companies, including Salarpuria Sattva, are taking advantage of these initiatives. Undoubtedly, Karnataka’s investment policy is driving the growth of Real Estate in Bengaluru in a significant way.




Your assessment of the State’s labor policy.


Karnataka’s labour policy is fair and unlike other geographies, the labour unrest issues are very minimal. We believe in an all-inclusive growth and considering the investments flowing into the core sectors of the economy in Karnataka, it will be prudent to say that a positive labour policy is among the factors motivating this. Lately, there has been tremendous leaps in the number of automobile manufacturers setting up their bases in Karnataka which would unequivocally impact the real estate sector positively.




Outlook on the industry and from a company perspective.


The outlook for the real estate industry has remained positive followed by a brief period of lull and uncertainty because of demonetisation, the introduction of GST and implementation of RERA. During last year and the initial half of this year, most players have been wary and wanted a perspective on how the situation would play out. The industry is still absorbing the impact of all the three initiatives at the micro level. However, from a long-term perspective, the growth will be streamlined and we see new launches in the market as the confidence levels are returning to normalcy among the stakeholders.


If you look at sales in the metros, barring one or two cities, others are showing considerable stability. We expect this to continue over the next one year, as some sections of homebuyers are still in the ‘wait and watch’ mode. Overall, the situation will be hoped to improve in the next 1-2 years, as people gradually realize the values of transparency and accountability.


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