Going forward, the outlook for the commercial sector is positive, with REITs being the game changer
Transcon Developers, a Mumbai-based real estate company, is known for its luxury projects and is also the owner of the T20 Mumbai League, a platform for budding cricketing talent. It recently launched its first commercial project in Mumbai.
Aditya Kedia, Managing Director, Transcon Developers, said the company has already launched a commercial project in Santacruz West. "This year, we plan to launch another commercial and retail complex in Mulund West. Around 12.5 million sq ft of area is currently under construction across western and central suburbs in Mumbai," he added.
A: Cricket is an integral part of the real estate sector. In India, just as religion gets passed on to every child, cricket too flows in the blood of every Indian. The real estate sector has always been a strong supporter of cricket as a sport. The industry hosts several tournaments.
A: Transcon has around eight million square feet under development across Mumbai. The company recently forayed into the domain of commercial real estate through the launch of Ramdev Plaza, a commercial project located in Santacruz, Mumbai. The project is spread across an area of 50 sq ft to 700 sq ft. It has been designed to cater to the demands of start-ups, businesses and the SME sector. Prices start at Rs 40 lakh.Q: Which segment is currently doing well: residential or commercial?
A: Of late, commercial is beginning to pick up pace. In residential, smaller ticket sizes are doing well. The last three-to-four years have been quite challenging for the sector in terms of sales but we are hopeful that the premium segment should also pick-up in the next six months. The sector has stabilised with GST and RERA coming in. We are hopeful that things will start looking better post the election verdict.Q: The first REITs have been launched in India? What has been its impact on the commercial segment? Are you planning to go the REIT way?
A: REITS are a game changer for the commercial real estate sector. People, who were vying for a pie of the real estate sector and were not able to do as the quantum required for investment was very high, are now able to do so with a minimum investment of just about Rs 2 lakh. We do not have any plans to go the REIT way anytime soon as we have not achieved that kind of scale yet. Down the line, it is always our aspiration to do so. Overall, the outlook for the commercial market seems positive.Q: Any new launches planned going forward?
A: We have already launched a commercial project in Santacruz West and this year we plan to launch another commercial and retail complex in Mulund West. Transcon Developers has so far delivered over 6 million sq ft in both residential and commercial segments. Around 12.5 million sq ft of area is currently under construction across western and central suburbs. The company holds a land bank of over 1,000 acres in and around Mumbai.