Kumar P Gera, Chairman & Managing Director of Gera Developments Pvt. Ltd enlightens us about the real estate sector, developments and Pune.
Accommodation Times: About the company, Gera Developments Pvt. Ltd
Kumar Gera: Gera Developments Pvt Ltd. is one of the leading real estate developers in India, with forty years of experience in developing premium residential and commercial properties. We have embarked on a mission for futuristic projects in the Indian real estate industry, setting new benchmarks in order to enhance customer experience and expectations. Our core values of Customer First, Innovation, Quality and Trust have made them us one of the most respected companies in the industry today.
Gera Developments Pvt Ltd is known for its many firsts in the industry, especially the Five Year Gera Warranty and Child Centric Homes. Currently the company has projects in Pune and Goa.
Accommodation Times: What is unique about the services you provide?
Kumar Gera: At Gera Developments, iQ is Innovation Quotient. We believe that this philosophy helps us see beyond the ordinary. It ensures that we think ‘beyond the plot’. It’s our way of product development. It means putting ourselves in the shoes of the customer and simulating their usage pattern. This translates to the best possible enjoyment of the real estate that we provide.
The 5 Year Gera Warranty, the first in the industry, ensures that customer’s buy real estate with confidence and peace of mind.
Accommodation Times: What are your current projects? Please give us some details about them
Kumar Gera: Currently we have projects in Pune and in Goa. Some of our ongoing projects are Gera’s GreensVille SkyVillas, which are very affordable luxurious large sized homes. These SkyVillas combine the luxury of a bungalow with the conveniences of an apartment. These 3 and 4 bedroom duplex SkyVillas are between 2285sqf to 3400sqf and are located in Kharadi, the neighborhood earmarked by all IPCs and Real Estate Management Consultants to be the next Kalyani Nagar of Pune. We also have Gera’s Emerald City, Kharadi, Pune which is our flagship ChildCentric project. These 2 and 3 bedroom apartments have been designed keeping in mind the needs and conveniences required by children and their parents. And we also have Gera’s Regent Park in Baner at a 5 minutes distance from the Mumbai-Pune Expressway and the Hinjewadi IT Park. Very few of these apartments are now left forpurchase.
Accommodation Times: How do you think has the Pune real estate market coped and is coping with a series of events in the last few months? (The recession, the budget and pandemic scares.) Your views.
Kumar Gera: Real estate in Pune has seen a significant rally in the past few months after a significant period when sales and prices nosedived. Sales volumes are back to about 60% of the peak volumes seen in January 2008 – the high point of the previous boom. Prices are gradually inching up and in the next few months further rises are expected.
The budget has been a disappointment, since the Government did not offer the impetus package that the sector was looking for. It is disappointing especially since Real estate has more than 150 ancillary industries associated with it and a boost to the sector results in a boost to all of these. Secondly, real estate is the second largest provider of employment after agriculture to the illiterate, semi-skilled and skilled workers of the economy. A boost to the sector has a direct impact on the quality of life of these strata of our society.
The pandemic scare has really not affected the company or the sector. We are following the guidelines issued by the PMC on this and we believe that there is no need for panic.
Accommodation Times: How well is Gera placed vis a-vis its peers to face the current challenges in the realty sector?
Kumar Gera: After 40 years of real estate development we, like several other tier one established players in the industry are well placed to face the current challenges in the real estate sector. The mid to long term India story is still very much in place, FDI is flowing back into the country, the economy has shown very encouraging numbers of growth and output, and I firmly believe that there is a market and place for all well established tier one players.
Accommodation Times: Any expansion plans? If so how would it be dealt with in lieu of the current environment?
Kumar Gera: Yes, we do have expansion plans, both in terms of product lines and geographies. Our philosophy has always been cautious expansion which we believe is critical no matter what the state of the business or market cycle. In any case this business has always been localized all over the world.
Accommodation Times: To stimulate the realty sector what measures do you suggest?
Kumar Gera: There are many suggestions that we have shared with the government, but foremost amongst these are:
- Institution of Special Residential Zones (SRZ’s) on the lines of SEZs to allow for the creation of truly affordable homes for the masses
- A freeze on home loan interest rates for the next 2 years at the mid 2007 levels
- A one window facility to obtain clearances and NOCs to ensure that greater supply comes into the market at a quicker pace to allow for the absorption of the pent up demand
- A firming up of Development Plans to ensure the proper planning of real estate development and infrastructure