Prashant Solomon, MD, Chintels India and Hon. Treasurer, CREDAI NCR and Convenor of CREDAI National
Prashant Solomon is Managing Director, Chintels India and a promoter of the Chintels Group. He is also the Hon. Treasurer, CREDAI NCR and Convenor of Credai National (Media and PR Committee). Prashant graduated with Honors in History from St. Stephen's College. Before shifting to the real-estate business, he was a full time journalist with MidDay (Delhi Edition). He also holds a degree in Law. He has also been the President and CEO of Pacific SoftWorld Inc. In conversation with Dominic Rebello, Prashant talks about The Chintels Group, the latest trends in the Real Estate sector and how the sector is shaping up post GST and DeMo.
Tell us a few words about Chintels India?
The Chintels Group is amongst the top ten land owners and is one of the leading infrastructure developers in the Realty sector in Delhi and NCR region. We are a real estate development company in the process of developing over 600 acres of self-owned prime land in and around Dwarka Expressway bordering and including Delhi. We have been developing projects in different verticals of real estate such as townships, commercial retail and office spaces. All our projects are located strategically in areas where development is happening fast with international quality infrastructure. Our first group housing Chintels Paradiso was delivered in 2017 and is the first occupied project in the sprawling Chintels Metropolis, which covers almost three sectors of Gurugram. At Chintels, we are striving towards building a better NCR and in the process - a better India.
How do you plan to develop the township in Gurgaon?
Chintels Metropolis is a self-sustained area development by the Chintels Group, which will provide good housing, and living environments spread across 3 premium sectors of Gurgaon: Sector 109, 108 & 106. We have already handed over Chintels Paradiso, a group housing project and the first phase of Chintels Metropolis. Our residential project Chintels Serenity is also being developed as a prime project. Chintels Metropolis also includes a 168-acre luxury integrated township called International City (being jointly developed by Chintels, Sobha Developers)
Our first commercial project, Chintels Corporate Park, will be operational in the next few months and is already considered an iconic landmark in the area and construction of Chintels Center. These are a part of the over 70 acres commercial projects hat the company owns and will soon develop in sectors 114 and 115. This development will be the largest commercial and retail development which in close proximity to Dwarka and Terminal 3 of the IGI and is only 5 kilometers away from the newly inaugurated Expo center in Dwarka.
An IT park is also being planned about 500 metres away from the Dwarka Expressway in Sector 106. Chintels has also partnered with estate developer ATS in Chintels Metropolis to launch ATS Kocoon, designed by the renowned architect Hafeez Contractor.
Personal initiative, innovation and commitment to be the best are the driving forces that have catapulted the Chintels Group as one of the fastest growing developers in Delhi and NCR region. We are very selective in choosing our associates for development of our projects. Timely delivery of our projects with assured quality is our key USP which helps us build long lasting relationships with our customers through trust and faith. Transparency, honesty, integrity and humility is the motto of our company and we make sure that we inculcate these values while dealing with our customers.
What are the latest trends in the Real Estate sector?
The real estate sector in India is undergoing huge transformation fueled by economic growth, changing commercial requirements, regulatory reforms, and technological advancements. Thanks to recent Government reforms such as RERA and REIT, there is a greater deal of transparency now in the real estate sector in India and hence, it is witnessing a lot of investment from foreign investors and private equity owners. The trend amongst buyers now is shifting to premium unique properties that offer world class amenities. Affordable housing getting infrastructure status has been the most positive development in the real estate sector and is witnessing huge demand amongst buyers. Besides, due to rapid technological advances and increasing awareness amongst buyers, the green building market is growing at an exponential rate with India ranking third after the US and Canada in terms of the number of green technology projects and built-up area.
Post GST and DeMo how do see the sector shaping up?
Contrary to expectations, GST has not had much of a positive impact on the real estate industry. As ready-to-move-in properties do not attract GST, the preference amongst buyers is to go for finished inventory and therefore delaying purchases of under-construction houses, leading to liquidity crunch for developers. Developers are facing challenges in terms of rising operating costs and consumption continuing to be rationalized post demonetization. However, on a positive note, the implantation of GST has given a huge thrust to the affordable housing sector due to a lower GST rate along with interest subvention.