PANJIM: A third generation entrepreneur in family business, Deepak Cholera is taking Shantilal Real Estate Services to greater heights. In an interview with the Herald, he spoke about his company and the industry. Excerpts of the interview
HERALD: For how long have you been into the business?
Deepak Cholera: The company has been in the industry for around 35 years, but I joined about 5 years ago.
HERALD: What are the new projects that you have in the pipeline?
DC: Our latest project, ‘Palms Estate’, is nestled on a beautiful plateau situated in South Goa in upscale residential location of Sancoale. The project is 100 per cent Vaastu-compliant has 110 fully developed residential plots over 11 acres with over 4 acres dedicated towards open spaces and 25ft wide internal road network.
Palms Estate also has rock gardens, party lawns, fruit gardens and a children’s park. We also provide a recommended team of architects, civil contractors and interior designers to design customized villas and bungalows as well as the services of a professional property consultancy to manage your investments.
The minimum size of the plot is 225 sqm which can extend upto the desired size. We also have an associate tie up with HDFC where they are financing upto 80% finance to purchase the plot.
HERALD: What is the USP of your project?
DC: All projects are planned, executed and delivered with the intention of exceeding our clients’ expectations for safety, quality, functionality, aesthetics and delivery of finished products that will stand the test of time.
HERALD: Has there been a change in the way business is conducted over the years?
DC: Definitely, yes. India is the 3rd largest active Internet user market in the world. With the age of digitalization, online marketing has changed the way real estate is looked at. A survey conducted by Housing.Com indicates 41% of prospects first look online while buying a new home.
In fact, in the last five years we have taken online marketing pretty seriously which has expanded our client base. Also our housing design trends have been at par with the national and international trends.
New generations bring in new aspects into the business and its prospects. Whether it is the operation process or aesthetic values or efficiency levels, a company with budding entrepreneurs reach new heights at a balanced and healthy pace.
HERALD: How has been the market in the last 2-3 years?
DC: The end user market is an evergreen market. The demand for homes by first-home buyers and successful small businessman have infused some life in stagnating real estate market in the last couple of years. Also, Vasco and suburbs, where we have our business operations,have shown immense growth irrespective of the overall slowdown. This is because of the ever-growing demand from clientele employed with national and multinational companies in Verna and Sancoale whose businesses are not depended on the Goan economy. Hence their employees have a decent pay package which motivates them to upgrade their homes.
However the investor market has crashed to an unimaginable level. I personally don’t foresee any early revival in this segment. Vasco as an ‘investor market’ will have zero or negligible growth as it houses maximum barge owners and ship repairs agencies who are at its lowest business phase currently.
HERALD: What are the problems plaguing the industry?
DC: The most important factor in every aspect of life is trust. And over a last few years our second home market has had a major impact due to various moral issues.
Firstly, defects in land titles have been a key demotivating factor for second home buyers or investors. Also stalling of projects at various stages has resulted in negligible influx of funds into the industry.
Secondly, availability of real estate at a fairly competitive price in the European markets due to recession, and affordable housing in new foreign holiday destinations have seen a shift in holiday home buyers from Goa.
HERALD: What can the government do to improve the situation for the industry?
DC: I believe that taxation takes away a large chunk of funds from the house budget as buyers end up paying anything between 8-15% as taxes over and above the basic cost. Stamp duty, registration charges, Service tax, VAT, infrastructure taxes etc can be revised to bring down the gross cost and make home buying more affordable.
Real estate industry in spite being one of the key industries for growth is not regularised. The real estate (Regulation and Developemt) Bill 2013, after a few tweaks, needs to be implemented at the earliest which will streamline the industry.
Availability of real estate at a fairly competitive price in the European markets due to recession, and affordable housing in new foreign holiday destinations have seen a shift in holiday home buyers from Goa
Deepak Cholera
