Ajit John
HERALD: What are your present projects in the state?
Avinash Borkar: Currently we have 5 projects under execution in Goa. They are Akar Heights in Sancoale, Akar Gardens in Aquem, Margao, Akar Harmony in Shirvodem, Navelim, Akar Excelsior In Colva, Akar Suburbia in Cuncolim and a project in Mumbai named Akar Pinnacle in Borivali, Mumbai
H: Do you focus only on residential or do you also construct commercial projects?
AB: Our primary focus is currently on Residential projects or mix use residential cum commercial projects. We do have one full commercial project in the pipeline for South Goa.
H: Do you build all over the state or do you focus on certain areas, if so why?
AB: In the past few years our focus has been on South Goa but we are in talks for a few projects in and around Panjim. Since there was a huge opportunity in South Goa for all these years we never had to look for opportunities anywhere else. Today we are growing at a pace which forces us to look for opportunities not just in Goa but also in other parts of India.
H: where do you see this market going in the next five years in terms of design, amenities for the paying customer and cost of flats?
AB: In my opinion we will see more contemporary architecture coming up for buildings and high rises but for Villas there is still a huge demand for more classical architecture. Most Goans still prefer the old Goan architecture for their homes. It is mostly non-Goans who prefer the modern architecture for their villas. Today people are becoming more tech savvy and this is promoting a lot of technology in the amenities that we provide. As the next generation starts buying homes for themselves they will want amenities such as Home Automation, High Speed Broadband Internet, High tech security systems and many such amenities that might have not been seen yet. Today we are also seeing a lot of lifestyle amenities such as Swimming Pools, Gymnasiums and Games rooms being introduced into projects and as people’s disposable income increases we will see more of such amenities being introduced. The cost of flats will definitely go up as the construction cost and land prices go up. We are hoping that the rate of increase of prices will be stable and sustainable. In the past the world has seen bubble effects in the real estate pricing. Such Bubble effect has not been observed much in Goa and we don’t expect to see such phenomenon in Goa in the near future.
H: What would you like the government to do in terms of policies to benefit the industry?
AB: Today approvals take very long. This leads to increase in cost which affects the sale prices. If the government can reduce the time for approvals then it will help the developers in reducing their prices which will eventually help the common man. In Goa there is not much vacant land available in the Cities or Urban areas and hence we are forced to move to panchayat areas. There is a lot of opposition for projects in panchayat areas which leads to a lot of difficulties for developers. Even after a developer gets all the necessary approvals he faces tremendous difficulties in panchayat areas. The government should create proper guidelines and regulations for projects in panchayat areas. Redevelopment is another sector which is much needed in Goa. A lot of buildings in the cities of Goa have become old and dilapidated. If the government introduces a redevelopment scheme for old buildings then developers can give new life to old buildings. Such redevelopment schemes are working very effectively in cities such as Mumbai and Pune. It is high time that Goa also sees such redevelopment schemes.
H: What are your plans for the next five years?
AB: We are in a high growth phase for our company and are expanding our operations not just in Goa but also in various cities in Western India. We already have 5 projects in the pipeline for Mumbai and are exploring possibilities for projects in Pune. For Goa, which is our home, we have a villa project planned especially for Goans. Today any Villa in Goa costs upwards of Rs. 1 cr which is beyond the reach of most Goans. We are in the process of launching a villa project which will have villas starting at Rs. 70 lakhs so that Goans get an equal opportunity to own a villa and enjoy the benefits of private gardens and backyards. We also have a mixed use Residential cum commercial project planned. This would be one of the biggest projects by any Goan developer. There are a few other smaller residential projects on the drawing board which will be launched in the next 18-24 months.
