Managing Director and CEO of Godrej Properties Mohit Malhotra says there have been plenty of changes to the real estate industry since The CEO Magazine interviewed him in 2017. Economic challenges such as the liquidity crisis due to the NBFC defaults in 2018 slowed consumption and hit India’s banking system hard, also impacting the RE sector dramatically. Regulatory changes such as the implementation of RERA, GST and the revision to the input credit norms further compounded the impact. “Despite these hurdles, our company has done phenomenally well,” Mohit beams.
Its website states that each Godrej Properties development combines a 123-year old legacy of excellence and trust with a commitment to cutting-edge design and technology. “Since 2017, we have more than doubled our sales. Overall, we are satisfied with our performance. We were agile in adapting our strategy to respond to changing market and regulatory conditions. Our strategy has evolved from an asset-light model to an intensive capital deployment model.”
In 2017, the country saw the government implement a new real estate law – the Real Estate (Regulation and Development) Act 2016 – with hopes of encouraging more significant activity and investment in the sector, leading to a higher supply of housing into the market. Mohit is pleased with the improvements the industry has seen since then.
This story is from the June 2020 edition of The CEO Magazine India.
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This story is from the June 2020 edition of The CEO Magazine India.
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