Mumbai property market shall remain sluggish for luxury housing for next two years, though demand for
affordable housing to remain robust, says Mr Rohit Poddar, MD, Poddar Developers. Poddar Housing is a
pure play affordable housing developer in Mumbai. A Bombay Stock Exchange listed Public Limited
company, currently, the developer is building several integrated townships in the MMRDA region. One of
their pet project is Poddar Navjeevan at Atgaon (W), Shahapur, Thane. Interview with
RohitPoddar, MD, Poddar Developers is produced below.
Q.1. The future of real estate caters to the low cost housing or affordable housing the most. What are your initiatives in this regard?
A. Poddar Housing is a pure play affordable housing developer that has delivered over 4,000 apartments over the last 3-4 years in the MMRDA of Mumbai - primarily in the Central suburbs. Apartments have been delivered from Rs. 4 lacs to Rs. 30 lacs.
Q.2. Besides MMRDA region, which are the other priority locations for Poddar Developers to execute its projects?
A. Poddar Housing is also doing Value Housing projects in Goregaon, Dahisar, Vidyavihar and Ghatkopar.
Q.3. What is your view regarding the slew of reform initiatives put forth by the present NDA Govt., in order to revive the realty sector in the country?
A. The new policies being put in place are highly practical and progressive and will spurt the supply of slum tenements and also speed up projects that have been stalled or stuck for a long time.
Q.4. With US began raising rates, it pose to affect the developing economies including India. Do you think, it would hurt the realty sector as well?
A. Interest rates cannot remain unsustainably low for the future. Monetary and quantitative easing were policies for a particular time of the economic cycle. We are now entering a period of stability with sustainable growth and interest rates have to reflect this paradigm. India has built up its coffers substantially to be able to withstand any reversal of FII and FDI inflows in the short term so I do not expect any major effect on the Indian economy and the realty sector as well.
Q.5. How do you see the Mumbai property market in comparison to other tier- I cities in the Country?
A. Very robust for the affordable housing sector and remaining sluggish for luxury for the next two years.