About the book
Vivid and detailed, Moguls of Real Estate aims to preserve for posterity the business biographies of five of the most successful leaders of the real estate industry in India - KP Singh of DLF, Niranjan Hiranandani of Hiranandani Constructions, Sushil Ansal of Ansal API, Shapoor Pallonji Mistry of Shapoorji Pallonji & Co. Ltd. and Irfan Razack of Prestige Group.
The book examines their lives closely and reveals how they overcame obstacles, forged their own management philosophies and revolutionized the business world. It celebrates their larger than life ambition, inspired leadership and hard work. The book traces the growth including the highs and lows of the Indian real estate market and is as much for general readers as for those particularly interested in the Indian real estate industry.
ROLI BOOKS
This digital edition published in 2015
First published in 2007 by
The Lotus Collection
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Copyright Manoj Namburu, 2007
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eISBN: 978-93-5194-074-6
Cover Design: Supriya Saran
Pictures Courtesy: K. Sriram
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This e-book is sold subject to the condition that it shall not, by way of trade or otherwise, be lent, resold, hired out, or otherwise circulated, without the publishers prior consent, in any form or cover other than that in which it is published.
This book is dedicated to my mother
Sulochana and father Mohan Rao, who have given
the best part of their lives to bring us up as valuable citizens
of this country. We have imbibed good values from them.
They are the most encouraging parents
any son can expect to have.
[ CONTENTS ]
[ FOREWORD ]
THE REAL ESTATE INDUSTRY IS AT THE CORE OF INDIA S GROWTH story. The sector is booming with huge unmet demands, accelerating prices and increasing foreign investments. growth, expansion, buy-outs and deals are its buzzwords. favourable demographics and rapid economic development are driving the growth of the sector, making the country an attractive destination for property investors. Realizing its potential, the Indian government has proactively introduced reforms, thereby boosting the sector and drawing tremendous interest from global developers and investors.
In India, the real estate sector still remains largely fragmented with a huge number of regional players operating across the country. However, the realty business today lacks discipline, policies, control, governing bodies and processes. It needs a more strategic approach with greater focus on security, environmental issues, quality ratings and greater accountability from developers. over time, only developers who value quality in their projects will thrive while others will be weeded out of the system, making the realty market a more organized segment. Hopefully, the influx of funds will result in bringing in professional management teams into the system and help developers in India devise improved processes, systems and standard operating procedures.
Some other factors driving the real estate boom are soft interest rates on home loans, tax incentive on home loans and the uptrend in the Indian economy. With the metros reaching a saturation point, developers are now shifting their focus to the tier-two and tier-three cities. Here the population translates into different employee segments with different kinds of workplace and housing needs. As a result, the desire of middle-class Indians to own their own homes is no longer a distant dream.
A group of entrepreneurs have made a remarkable fortune in the subcontinent, and in the process have built the countrys strongest real estate brands. Their vision has put the Indian real estate market on the world map as a popular destination for global companies. It is only appropriate that we applaud and acknowledge the contributions of the sculptors of Indias real estate landscape.
It is my privilege to be able to contribute to a valuable work which is an extremely well-balanced synthesis of the lives of Indias real estate barons KP Singh (DLF), Niranjan Hiranandani (Hiranandani Constructions), Sushil Ansal (AnsalAPI), Shapoor Pallonji Mistry (Shapoorji Pallonji & Co Ltd) and Irfan Razack (Prestige Group). The vision and experiences of these living legends are a true representation of Indias real estate story.
The book takes a comprehensive look at current issues and strategies prevailing in the real estate sector. Manoj Namburu lays out for us, in this book, a journey embarked upon by Indias real estate Moguls. Its interesting to analyse these manifestations and reflect upon whether there is mind and message behind their lives, struggle and efforts. I am confident this book will serve as a useful reference for real estate developers, offering them general information and practical strategies for addressing various issues and problems.
Thank you, Manoj, for this valuable compendium on the real estate sector, which in many ways has served as a catalyst in fast-tracking the Indian growth saga.
Ganesh Raj
Ernst & Young India Real Estate Practice
INDIAN REAL ESTATE CAN ONE REALLY SAY ENOUGH ABOUT IT ? The sector is vibrant with ceaseless transformation, innovation and activity. It is also a hard, demanding taskmaster. Many venture into it with stars in their eyes, but very few make any significant mark. Success smiles only on those with above-average insight and acumen on people with progressive vision, uncommon courage and zeal.
The annals of the Indian real estate market do have their heroes. These men and women beheld the larger picture, then proceeded to add their own indelible brushstrokes. What differentiates them from their obscure contemporaries is a deep understanding of what makes this sector tick. They accepted the overall scenario with all its flaws, loopholes and inconsistencies, harnessed their resources and bravely put them on the line.
And this, finally, is the foundation of every success story. While many recognize the amazing potential of Indian real estate, few are willing to go all the way in helping shape its forward direction and thereby its future. To carve a niche in this highly unorganized business arena is comparable to building on shifting desert sands. Impossible for most yet those who succeed leave monumental pyramids in their wake.
In penning this treatise on the stalwarts of Indian real estate, Manoj Namburu has rendered a valuable service to Indian real estate corporate history. The living legends of this dynamic sector come to life within its pages, and I commend him on this exemplary biographic anthology. I am confident that Moguls of Real Estate will set a unique new benchmark, and I look forward to more such offerings from Mr Namburus fertile pen.
