The Herald, Family Newspaper - February, 2006

Rohit Gera-Executive Director, Gera Developments Pvt Ltd

ON THE NEW TRENDS IN REAL ESTATE

Tell us something about your foray in ‘intelligent buildings’?

Till now such buildings were seen only in a self-owned format by corporates for their own use. We have pioneered with ‘Legend’ in the multi-tenant format where the advantages of smart living space come to the end users.

What are the main intelligent features introduced by you?

For safety, we have smoke detectors with audio cum visual smart alarms, access control based on biometrics like fingerprints and key codes. On the savings front, we have smart Acs, lux sensors and self –illumination that translate into substantial energy and expense savings. Besides, we have hit another novel solution of separate energy meters for MSEB and Generator back-ups with the device of auto-converters so that non-user don’t have to unnecessarily subsidies the heavy users.

What has been the response-risk status of innovations like this and the five year warranty on buildings?

Being innovative is risky, but we have taken calculated calls, which have paid off with the healthy acceptance curve. Customers realize the benefits plus flaunt value and are paying us the cost and well soon be ready for the premium too. When the idea of warranty first came up, people thought we are crazy and would be taken for a ride by fake data but any thing new has to pass from reluctance to skepticism to popularity.

Is Indian real estate industry as mature as its counterparts?

Mortgages constitute 40 to 60 per cent of GDP in US, while the same figure stands at less than three per cent in India . We have a long lag to catch up due to archaic laws, need for REITs and supportive cum consistent policies.  

Which segment has the highest potential in real estate?  

Retail is growing due to pent up demand for organized retail and FDI. Residential segment own its surge to higher incomes, low interest rates and better affordability. ITES, IT and BPO are significant in the commercial space. SO, every segment is driving high on its fundamentals and there’s huge demand across the board with a healthy economy. However, some pockets in Pune command better rates than others.