Ahemadabad: After banks and private vault players, Godrej Security Solutions is now looking to tap the real estate industry with its advanced security products. Even as the company looks to launch fully automated safe locker system 'Autovault' and lockers with high end user experience 'Secunex', Godrej Security Solutions is in talks with real estate developers for supply of the latter in upcoming realty projects.
"We are in talks with builders for locker facilities in cities like Ahmedabad and Surat, among others. We are seeing real estate groups, especially in Gujarat offering private vault facilities along with flat schemes," said Mehernosh B. Pithawalla, Head - Marketing, Godrej Security Solutions.
One of the leading providers of wide-ranging security solutions in India, Godrej Security Solutions (GSS) is in the process of introducing two new innovative products for the Indian banking establishments - Secunex and Autovault. While Secunex will feature enhanced end user experiences such as smart lighting and dimpled key, Autovault will look to revolutionise locker system in banking and financial institutions.
Though its tie-up with ITOKI Corporation of Japan, GSS will soon launch Autovault - the smart access anytime locker. The fully automated vaults will have fast retrieval to ease congestion at banks during festive season. The security of the individual locker will be three-layered with access card or biometric, PIN Code and finally a key. According to Pithawalla, the retrieval time of locker in Autovault will be around 40 seconds and bring down space utilisation at banks and private vault players by 60-70 per cent.
"We are already in talks with 10-15 banks for Autovault where the automated locker system will be a high-end experimental product designed for ultra-high networth individuals or HNI clients of the banks. The cost of an autovault with 750 safe boxes would be around Rs 3.5 crore," Pithawalla said while adding that the company has invested around Rs 10 crore on the two new products.
According to Pithawalla, Godrej Security Solutions' banking business is worth around Rs 560 crore, of which 25 per cent is that of lockers. "While banks have a larger market share, private vaults are growing faster than the banking sector. In locker space, Godrej Security Solutions has a 65 per cent market share," Pithawalla added.
The locker market growth rate is being pegged at 25 per cent CAGR.