Today, it’s time for an industry to upgrade and to adopt new technologies. Technology is disrupting many different sectors across the world, and real estate is not so far behind. Many of the real estate companies are pushing technology to the next level and providing virtual tours of potential properties to save time and cost. With the Internet opening up the market in unprecedented ways and taking a lot of the footwork out of finding property options, technology has led the real estate consultants to move beyond the traditional ways of prospecting.
In an interview with Insights Success, Shrikant Joshi, the CEO and MD of L&T Realty, has shared some insightful views and highlighted the influences made by his company to be the most respected realty developer, sustainably delivering customer delight and well-being for the communities and environment.
- Kindly brief us about your company.
L&T Realty is the real estate arm of Larsen and Toubro, the USD 17 billion conglomerate. It is a trendsetter amidst real estate developments with its presence across Mumbai, NCR, Bengaluru, Hyderabad, and Chennai. L&T Realty, today, has a mixed portfolio of real estate developments which includes Residential, Office and large format retail with the current development pipeline of about 62 million sq. ft. Out of this the office and retail portfolio is approximately 30 million sq. ft. across cities, while the residential development pipeline is to the tune of another 32 million sq. ft.
- What are the different products and services provided by the company, that sets you apart from your competitors?
At L&T Realty, each development is planned with an aim to enrich experiences, integrate communities and elevate life. Leveraging the values of the parent company, Larsen and Toubro, L&T Realty is synonymous with expertise, trust, quality, and commitment. It values the same professionalism and distinction that defines new paradigms for all stakeholders by integrating value creations and best environmental practices.
- Brief us about the key personality (e.g. Founder/CEO), and what is the source of inspiration for your company to be in the most recommended builders and developers in Bangalore.
Mr. Shrikant Joshi is the Chief Executive Officer and Managing Director of L&T Realty. He is an alumnus of IIT Delhi and IIM Ahmedabad and has more than 33 years of diverse experience across organizations such as Wipro, Philips, Heinz, Sify, and Emaar Group.
Mr. Joshi joined L&T Realty in the year 2011 and is responsible for L&T’s long-term vision to create a sustainable and strong real estate business. Under his leadership, the company has exhibited profitable growth year on year. In his tenure, L&T Realty has built India’s first and largest Transit Oriented Development (TOD), Seawoods Grand Central, Navi Mumbai. He has been the pioneer in bringing the Walk-to-Walk at the company’s flagship project in Powai, Mumbai. Apart from this Mr. Joshi has been instrumental in delivering several large-scale residential, retail and office projects in Chandigarh, Chennai, Hyderabad & Mumbai.
Mr. Joshi was presented with the Real Estate CEO of the year 2017 Award by Grohe Hurun Real Estate Leadership Summit and Excellence Awards.
- What is the current scenario of the real estate sector, from your point of view?
Indian Real Estate landscape has witnessed major irreversible changes in the recent past. These transformations are much wider in impact than what the industry has undergone in the previous six decades. Benami Transactions Amendment Act, Demonetization, Real Estate Regulatory Act (RERA) & GST are bringing in more transparency and easing the way we do business. Along with this, the stable macroeconomic scenario is strengthening the realty index. Technological advancement in the country (digitization) has made the customer more powerful with real-time information. All this is leading to a clean-up and consolidation in the sector making it conducive for L&T Realty.
- Brief us about ongoing projects by L&T Realty.
Emerald Isle, L&T Realty’s flagship project is situated close to picturesque Powai Lake in Mumbai. It is a gated community complex which has been thoughtfully designed to create an environment that elevates life to a joyful living experience. The project is a part of a 20 Acre Mixed Land Use Development Project which is divided into two Phases. Homes at Emerald Isle are carefully crafted to meet the changing needs of a contemporary lifestyle.
L&T Realty created history in July 2016 by handing over 300 apartments in phase 1, Emerald Isle, Mumbai well before the promised delivery time and with all important infrastructure in place. In order to provide an uninterrupted living experience for the residents once they move in, the execution of the tower and non-tower areas in this project was done concomitantly.
Inspired by the shape of the crescent moon, Crescent Bay at Parel, Mumbai is built in association with Omkar developers. The special attraction of the project is the Sky Deck along with a jogging track on the 21st floor which runs through all the buildings forming a unique architectural marvel.
L&T Realty’s upcoming project in Bengaluru Raintree Boulevard is a part of 65-acre mixed-use development (Residential, Retail & Commercial) that perfectly blends modern amenities, aesthetics, and architecture design to elevate your “being at home” experience to a whole new level. The project is situated in Hebbal, which is one of the most sought-after locations in Bengaluru.
On the commercial side, L&T’s Seawoods Grand Central at Navi Mumbai is the largest Transit-oriented development in the country that offers a combination of an embedded transit zone (train), commercial office space and retail mall and recreation facility under one roof with a total construction area of approximately 2.7 million sq ft in Phase-I. TOD is a futuristic concept to combat traffic congestion and protect the environment while avoiding challenges of the growing metropolitan cities worldwide with direct access to suburban trains.
Raintree Boulevard, Bengaluru – Live Where the City will meet tomorrow
Raintree Boulevard offers well-designed 3 & 4 BHK homes surrounded by extensive landscaping and includes a wide array of well-appointed amenities. Built on the concept of Live, Work & Play; this integrated development situated at Hebbal – Bengaluru, will have residential units for spacious living and a large format retail space in the vicinity to support the shopping and entertainment needs of the residents. Also, for those working in the surrounding commercial/ office space of this mixed-use development; it will help them save on the travel time and reach home earlier and spend time on things they truly love.
Efficient design, well-connected location, and superior product features have made Raintree Boulevard, Bengaluru a sought-after project. Together with these, speedy construction progress has further boosted customer confidence. In fact, we are confident of delivering this project before the committed time to the customers. In all, L&T Realty’s Raintree Boulevard is a thoughtfully planned project – a true world of its own that will be a one-stop integrated destination of the future.
- What are your plan and vision for 2022?
Our vision for 2022 can be summed up as:
- To be the most respected Realty Developer, sustainably delivering Customer Delight and Well-being for our Communities and Environment.
Going forward, Elite Housing, Joint Development for SRA & Society redevelopment, top End of Mass Housing and Grade-A Office space will be our focus areas.