D Kishore Reddy, the Founder and CMD of Mana Projects Private Limited, speaks to REM Times about the soaring growth of the real estate sector of India, the trends it’s experiencing and much more
With over three decades of experience in the residential, commercial and luxury real estate markets of Bengaluru, India, D Kishore Reddy is the Founder and CMD of Mana Projects Private Limited. The brain behind Mana Foresta, India’s first vertical forest tower, Reddy has a penchant for perfection and ensures that his projects blend luxury with innovation and sustainability.
In an interview with REM Times, Reddy speaks about the booming real estate sector of India and the cordial equation the country shares with the Middle East.
Q1. What are the driving factors behind the rapid growth of real estate in India?
Urbanization and population growth have led to an increased demand for housing and commercial spaces. As more people move to cities in search of better opportunities, the need for residential complexes, office spaces, and retail outlets has surged.
Government initiatives such as ‘Housing for All’ and ‘Smart Cities’ too have fuelled the construction sector. Subsidies, tax benefits, the rising demand for housing because it is a basic need, steady growth as well as price appreciation, have made property ownership more accessible to a wider segment of the population. Amidst a surge in layoffs across various industries, real estate remains a reliable choice, offering steady price appreciation even in challenging times. Moreover, when it comes to investing one’s hard-earned money, real estate continues to stand out as a superior choice.
Additionally, foreign direct investment (FDI) in real estate has increased, bringing in capital for large-scale projects. The rise of information technology and e-commerce sectors has also spurred demand for commercial properties and technology parks. Furthermore, changing lifestyles and preferences have led to a demand for modern amenities and sustainable housing, driving developers to innovate and offer better-quality properties.
Q2. The country has been attracting a lot of foreign investment recently. What is the reason for this?
India's robust economic growth and its vast consumer market make it an attractive destination for foreign investors seeking high returns. The country's demographic dividend, with a young and rapidly growing population, further enhances its appeal. Additionally, India has undertaken various economic reforms to improve the ease of doing business, such as the introduction of the Goods and Services Tax (GST) and initiatives to liberalize foreign direct investment (FDI) policies.
Q3. What equation does the country share with the Middle East?
There is a growing synergy. Middle Eastern countries, particularly those in the Gulf region, have significant sovereign wealth funds and are actively looking to diversify their investments internationally. India, with its economic potential and strategic location, has become a preferred destination for Middle Eastern investors seeking to deploy their capital in sectors such as infrastructure, energy, and technology. This mutually beneficial relationship has further facilitated the flow of foreign investment into India.
Q4. What are your views on the Indian investments abroad especially in the Middle East?
Indian entrepreneurs and businesses are looking to expand their global footprint, and the Middle East, with its robust economy and strategic location, offers a promising destination for such expansion. Dubai, in particular, has emerged as a popular choice due to its well-developed infrastructure, business-friendly policies, and connectivity to both Europe and Asia. It serves as a gateway for Indian companies to access the Middle Eastern and North African markets. Moreover, the Indian diaspora in the Middle East is substantial, and many Non-Resident Indians (NRIs) have invested in real estate, businesses, and financial instruments in the region, fostering economic ties between India and the Middle East.
Q5. You have stressed on sustainability in your projects. How important is it for the industry to work towards attaining net-zero?
Extremely, as the real estate sector has always been a significant contributor to carbon emissions and energy consumption. However, consumers and investors today are increasingly prioritizing eco-friendly and energy-efficient properties. Meeting zero-carbon standards not only aligns with global climate goals but also enhances a property's marketability and long-term value.
Furthermore, sustainable practices often result in cost savings through reduced energy and resource consumption. Efficient facility maintenance also extends the lifespan of buildings and infrastructure, leading to economic benefits for property owners. In essence, sustainability is not just a buzzword; it's a strategic imperative for the real estate industry. It ensures a healthier environment, enhances market competitiveness, and contributes to the industry's long-term viability and success.
Q6. What are your strategies at Mana Projects to ensure a high level of quality and excellence?
Meticulous project planning and execution lie at the heart of our approach. We begin each endeavour with a comprehensive research, employ innovative architectural designs, and utilize premium materials to ensure not only structural integrity but also stunning aesthetics.
We also ensure stringent quality control processes. From inception to completion, we conduct regular inspections and adhere to industry best practices. Our focus on green architecture underscores our commitment to keeping nature at the centre of all our projects.
Sustainability is another pillar of our philosophy. We are dedicated to integrating eco-friendly practices that minimize our environmental impact and contribute to a greener future. Moreover, open and continuous communication with our customers is paramount. We actively seek and incorporate their feedback, ensuring our projects align with their ever-evolving needs and the emerging trends. Lastly, our commitment to timely delivery and post-sale customer support guarantees a seamless experience.
Q7. What are the current and future trends in the sector?
There is a growing emphasis on sustainable and eco-friendly construction practices. Developers are incorporating green building technologies, energy-efficient designs, and eco-conscious materials to meet environmental standards and cater to conscious buyers.
The concept of smart homes and technology-driven amenities is on the rise. Home automation, energy management systems, and advanced security features are becoming standard offerings, enhancing convenience and safety for homeowners. Co-living and co-working spaces are also gaining popularity.
In future, these trends are expected to continue evolving. The adoption of virtual reality and augmented reality for property tours and design customization may become more widespread. The post-pandemic shift towards remote work may also influence the development of homes with dedicated workspaces and better connectivity.
There is a noticeable shift in people's awareness about where to invest their money. Particularly, individuals aged 25 to 35 are becoming more discerning when it comes to investment choices. Real estate is gaining significant traction as an early investment option among this age group, reflecting the changing landscape of investment preferences.