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Mr. Punit Agarwal, CEO, Nirvana Realty talks about new projects & 2nd home market scenario, in a

Mr. Punit Agarwal, CEO, Nirvana Realty Talks About New Projects & 2nd Home Market Scenario, In A

According to you how is the residential demand picking for second homes?

The residential demand for weekend homes is certainly increasing. With the current slump in the 1st homes market, a lot of emphasis is on the weekend homes segment wherein buyers prefer to spend considerably lesser and own a home in the outskirts of the city rather than investing huge amounts into a 1st home in the city. This is just one segment of the society, which can be categorized as the thriving middle class. On the other hand, the upper middle class who already has one or more flats in the city is constantly looking for weekend home / holiday home options to invest in. This class is the one who usually settles in for villas and other premium properties, which are about 2 to 3 hours drive from the city.

Moreover with the variety available in the market in terms of destinations, themes, facilities, etc the consumers are certainly spoilt for choice. Another important reason for the rise in the demand for weekend homes is the high stress levels and chaos of city-life that people now want to escape. With the rise in disposable income, nuclear family & DINK concept, there is absolutely no stopping this burgeoning market.

As per recent reports, destinations such as Lonavala, Alibaugh, Karjat, Wada, Talegaon, Khandala, etc, have seen steady growth in the number of weekend home projects. Options include villas, NA plots and affordable housing. Most of the second home options are located between the cities of Mumbai and Nasik or Mumbai and Pune.

Which projects have you launched recently and how are the responses till date?

  • Nirvana farms - Located in Pinjal, Wada, was conceptualized around the idea of community farming. With plots sold to customers with an option of making cottages or villas.
  • Waterfront - Set against the beautiful Vaitarnariver in Wada, this project boasts of beautiful land surrounded by a perennially flowing river.
  • Break the Routine - Set in the Malshejghats, Murbad. With many adrenaline pumping activities available, this is a perfect weekend home for those who love outdoor-sports.
  • Wollywood – This Bollywood-inspired Township is set in Wada. With recording studios and many options of seeing film shootings are just a few of the amenities here.
  • CITY of Music – India’s first music-themed township is located at the Khopoli-Pali Road, just off the Mumbai-Pune Expressway. With musical fountains, recording studios, instrument rooms, underwater speakers, open-air amphitheater and many more music related amenities.
  • Divine Villas - The super-luxurious Villas located in Mumbai’s favourite weekend destination – Lonavala.

Nirvana farms, Waterfront, Divine villas were sold out within a year. Wollywood is near completion the customers are being handed over their flats 4 months before completion date. Break the routine - is in the second phases with phase 1 receiving a great response/ City of music isour latest project and is currently launching phase 2.

Interesting milestones, awards, tie-ups, collaborations:

  • Our first project, Nirvana Farms (Pinjal , Wada) was launched on 15 August 2009 & sold more than 200 units within 2 months of launch! That tooduring one of the most difficult times in the economy
  • We are proud to be associated with Hema Malini, renowned actress and MP for our Wollywood Project, Wada.
  • Wollywood was the 1st weekend project launched with IPO style subscription where customers had to apply for flats by paying booking amount of Rs 11,000/- , within one month of launch we were oversubscribed 2 time the number of units which were available.
  • We have also associated with Padmashri winner and most renowned architect Hafeez Contractor for our project City of Music, Khopoli.
  • We have Padmashri Utsad Amjad Ali Khan, Singer Shaan and Sunidhias Brand ambassadors for City of Music, our music inspired township in Khopoli
  • City of Music recently sponsoredthe Palm Expo and IRAA Awards 2016
  • We even organized the Indian Idol Junior Live Event at City of Music, Khopoli few months ago
  • Most recently, we partnered with Singapore Based Holiday home rental venture With this association being one of the firsts of its kind in India, weekend homeowners can now enjoy not just their luxurious holiday home but also the additional income that it generates all-year through!

What is the expectation from consumers for the second home projects in upcoming festive season?

We are very bullish & expect a great response this year. The market sentiments are upbeat and we are expecting all our projects to do well.

As a CEO of the organization, what business goals you have set for your brand in next 3 years?

Nirvana is now a leading second he developed in Mumbai, we aim to become no. 1 in Maharashtra. We are expanding to locations like Mulshi, Igatpuri, Alibaug & Karjat. In the coming years, we also hope to expand to other cities in India like Jaipur, Bangalore & Gujarat. In terms of growth, we are targeting a 200% growth rate YOY and are very bullish about it. We are also expanding our top management team and are creating top management positions in every department to help take us to the next level. Another aspect is the Digital transformation in every process that we are working on which will help make customer experience seamless. Moving ahead we are looking for more partners such as hospitality, food & retail, airline partner, entertainment, furnishing partner, etc to offer value add services to our customers.

If you could give any advice to our readers who are planning to invest in second homes what would it be?

This is the right time to invest in your dream holiday home – go ahead & make your pick!

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