Friday, October 30, 2020

Table of Contents for Realty Biz

Interview-Abhijeet Maheshwari (TRIL)

Smart Cities offer interesting growth opportunities


A 100 per cent subsidiary of TATA Sons, Tata Realty and Infrastructure Ltd (TRIL), is in the business of creating value and assets in the real estate and infrastructure space. ABHIJEET MAHESHWARI, HEAD REAL ESTATE, TRIL responded to queries from CONSTRUCTION OPPORTUNITIES on the company’s building expertise and plans on strengthening its market presence.


From a developer’s perspective what are the opportunities you are looking to tap across India and the focus areas driving your business volumes?
Tata Realty and Infrastructure Ltd (TRIL) is in the business of creating value and assets in the real estate and infrastructure sphere. Our key focus in on developing office-led, mixed use projects and retail developments in top 6-7 cities in India. Simultaneously, we are looking very selectively at the opportunities from tier-II cities as well. Real estate projects were the initial focus areas for the company. It even included projects of other Tata Companies and the marketing opportunities included infrastructure projects focused on airports, urban transport, roads and bridges and special economic zones. An offshore fund of $1 billion was setup to finance the real estate initiatives.


Briefly tell us of the projects you are currently engaged in?
We are currently involved in the construction of our flagship project, Ramanujan IT City. The project located in Chennai is spread over 4.7 million sq ft IT SEZ area. Of the total area, works on the 3.2 million sq ft area is complete and the balance 1.5 million sq ft is expected to be completed by June 2016.  Our other project Trillium Retail Mall is developed in Amritsar on a 0.7 million sq ft development. The mall is operational and has become one of the most successful projects in Punjab. TRIL IT 4 is our other successful project. Located in Goregaon, Mumbai the IT Park spread on a 7.8 lakh sq ft area is operational and leased to well known players in the IT space. Our existing residential projects include the Tritvam and Capitol Heights located at Kochi and Nagpur respectively. We will start providing possession in both these projects by 2016.  Apart from these, TRIL will shortly start works on our latest projects in Gurgaon and Bengaluru. A commercial office led project will be developed at Gurgaon over 7.8 acres with a total development potential of 1.1 million sq ft. The Bengaluru project is a mixed use project spread over 13 acres with a total development potential of 2 million sq ft.


Give us an idea of the various buyers and tenants targeted by your projects?
Our commercial office projects have tenants belonging to varied sectors such as IT/ITeS, financial services, insurance etc.  On the retail side, we have a mixed group of tenants from domestic and international brands. Our residential projects are positioned in the premium category and are aimed at  discerning clients who today seek a high-end residential living experience. We deliver best-in-class infrastructure facilities within our projects as per the demand requirements from the respective client groups.


Tell us about the best construction practices, technology and special materials used in your projects that have contributed to creating a brand Image for the company?
Our constant endeavour is to improve the systems and operational practices employed in the process of project development. For example, one of the best practices being followed at TRIL is the application of lean construction. The process always helps to design product systems which can minimise the wastage of materials,  time and effort in order to generate the maximum amount of value. In terms of technology, we have implemented Building Information Modeling (BIM) systems which are a digital representation of physical and functional characteristics of a facility. This has helped us to make reliable decisions especially in ensuring a sustainable lifecycle for the building.


Can you tell us about the project management techniques that you employ?
Project management is one of the vital elements in the process of project construction and development. We employ various project management techniques as per the timelines and competencies as required. For instance, we have successfully implemented an Alliance Model in the development of Ramanujan IT City and Tritvam, Kochi. This is a unique model of partnership which is collaborative in nature. Apart from this, we also use other contracting styles like the design built model and item rate contract as necessary tools in the process of project development.


What is TRIL’s approach in terms of creation of a land bank for future development of properties?
Availability of qualitative land parcels is one of the key determining elements in the execution of projects within a stipulated timeframe and estimated budget. Our strategy is to often identify and take up land parcels where we can start construction activities within a short span of time. We are more focused towards timely execution of projects. Our project development strategy has helped us in the successful execution of projects.


As a developer, tell us about your emphasis on ensuring aesthetically superior and eco-friendly structures?
Since inception, TRIL has been committed towards development of aesthetically superior and environment friendly projects. Most of our building projects are Green certified. Even in the process of construction, we are committed to use materials which are green building compliant. Some of the key environment friendly features which are commonly used in our projects include zero discharge STPs, LED lights, daylight and motion sensors, solar power, recycled materials like fly ash etc.  


Could you name some prominent architects or project consultants associated in your projects and tell us how have they contributed to strengthening the company’s brand Image?
Aesthetics is one of the key differentiating elements in our projects. We have been associated with renowned international architects like SOM, RTKL and Woods Baggot and local architects like Edifice, RSP to name a few. This has helped us in developing future ready projects which are much ahead of the curve and are in line with globally accepted norms. Our effective aesthetic association has helped us to develop projects with effective features that are best suited and are modified to meet local requirements.


Tell us about the company’s plans for future expansion and to strengthen business?
We are looking forward to expand our portfolio in the real estate segment, especially on the commercial front this year. The company has already geared up its activities to achieve this growth. We have a very sanguine view on the opportunities in the commercial realty space. Furthermore, improvements in corporate sentiments, increasing outsourcing trends and emergence of new tools like e-Commerce will provide us sufficient opportunities in the commercial realty space. Smart Cities is the other evolving concept which offers interesting growth opportunities.


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