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Real estate sector needs to be treated as FMCG sector: Jijina

Kolkata, Jul 12 (UNI) Real estate sector needs to be treated as the FMCG sector –where
the customer is the king and the products are developed with the need of the customer
in mind, Managing Director, Piramal Capital & Housing Finance Limited (PCHFL) Khushru
Jijina on Thursday said.
Moreover, the development of better execution capabilities and clear financial closure
perspective of developers are likely to pull the market from the current slowdown," he said.
On behalf of the Indian Chamber of Commerce Harsh Vardhan Patodia, Chairman,
Real Estate and Infrastructure Committee of the Indian Chamber of Commerce &
Chairman & Managing Director of Unimark Group, delivered the inaugural address.
He pointed out that the capital-intensive; funding has emerged as one of the greatest
challenges facing the real estate sector in recent times. The global economic crisis
considerably reduced funding options available to developers, who have been looking
for alternative sources of funding due to reduced deployment of gross bank credit to
commercial real estate and housing.
Speaking at the Capital Connect: Rediscovering Kolkata programme organized by
the Indian Chamber of Commerce, Mr Jijina said, limitations only exist in the mind and
the hardships of the sector can easily be overcome with sheer will and logic.
He cited the transforming Government positive perception towards the real estate
sector moreover, pointed out that implementation of RERA will increase customer
confidence, and, in turn, ultimately facilitate greater volumes in the domestic market
and direct more investment flows towards this sector. The current challenges faced by
developers in the real estate sector across India started with the economic slow down
wherein the absence of equity funding, along with the high cost loans.
According to him, while the market is slowly recovering as developers are selling
pre-demonetized flats, there is a need for developers to select the right ticketing size
and have an end-to-end solution provided by a financial partner.
Shobhit Agarwal, Managing Director & CEO, Anarock Capital, conducted the panel
discussion.
Rajiv Gandhi, president Commercial Credit, Indiabulls Housing Finance Ltd., pointed
out the issues of liquidity in the Kolkata real estate market, which has risen from the
perceptions of Kolkata being a low demand market. He proposed that the stress and
liquidity crunch in the market can be handled by a prudence mix of equity and debt.
Amar Merani, Managing Director & CEO, Xander Finance, was of the opinion that
the Kolkata real estate market is actually performing well, with Kolkata being only
second after Bombay in terms of growth in the sector as compared to the other states
of India.
According to him, the developers of Kolkata were far more disciplined, calibrated
which is positive from a lending point of view, as the developers here look for lower
cost of funding and therefore has more intention of payback and hence less fraudulent.
Nandu Belani, president CREDAI Bengal & Managing Director, Belani Group, was
also of the opinion that the Kolkata real estate market suffer from a misperception of
dull growth.
He pointed out that GDP growth of Kolkata in the previous year has been 12 per cent
while India as a whole has had a GDP growth rate of 7 per cent. Moreover, even the ease
of doing business in the state and the MSME sector is doing good, therefore, the real
estate sector in the state holds a better future.
UNI BM
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