Though disappointed over lack of any significant announcements for real state in the Budget, Pushpender Singh, Managing Director of JMS Buildtech, is bullish about the year 2018. His hopes mainly hinge upon reforms like RERA and GST which, he said will benefit the end-users and bring a smile upon developers’ face. A first-generation entrepreneur with a passion, design sensibilities and business acumen, Singh talked at length to Realty & More about the industry in general and his company and its projects, in particular. A responsible business leader who believes firmly in transparency, corporate governance and ethical business practices, Singh also disclosed that JMS Builtech will launch residential projects in 2019.
The following is the text of the interview:
Realty & More: What is your reaction to the Union Budget 2018-19?
Pushpender Singh: The real estate and its allied sectors are the second largest employers in the country. It has seen some path-breaking changes with demonetisation and the GST since 2016 and was hoping for a revival. However, I felt dejected with lack of emphasis and further reforms in the Budget. The announcement of a dedicated affordable housing fund (AHF) will definitely boost the affordable housing segment in the country. The sector was also expecting decrease in the GST rates which has not happened.
R&M: Do you feel the housing sector has been ignored while drafting the Budget?
PS: The Budget has been guided by the mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors. Home-seekers across the major markets of the country were hoping for some announcement that would make it easier for them to buy their dream homes. However, they have been disappointed. Unfortunately, other than some minor mention about a fund for affordable housing and increased allocation for smart cities, there is not really anything for the real estate or homebuyers.
R&M: The year 2017 has not been very good for the real estate sector. How, according to you, 2018 is going to be?
PS: It was a watershed year for the real estate sector as many reforms like RERA and GST were introduced. It is expected that 2018 will be a good year for the sector. RERA, the main function of which is to bring transparency and accountability, will benefit the end-users bringing smiles on the face of the developers. The GST has simplified taxation compliance and has a positive impact on the industry. The supply chain will increase thereby inviting investors to the sector. The work relating to the completion of Dwarka Expressway and KMP will be completed by 2018 and will benefit the real estate sector.
R&M: How is it going to be for the residential and commercial segments?
PS: The year 2018 is expected to be a year of consolidation of products and services in the sector – with the impact of all policy initiatives taken in 2016-17 beginning to take shape in the coming year. More joint ventures/joint developments will be the order of the day with financially distressed developers being taken over by larger players presenting the industry with a fresh lineup of competitors. Completion of existing projects will be prioritised over launching new ones for both, the residential as well as the commercial segment.
- Unfortunately, other than some minor mention about a fund for affordable housing and increased allocation for smart cities, there is not really anything (in the Budget) for the real estate or homebuyers.
- The GST has simplified taxation compliance and has a positive impact on the industry. The supply chain will increase thereby inviting investors to the sector.
- More joint ventures/joint developments will be the order of the day with financially distressed developers being taken over by larger players presenting the industry with a fresh lineup of competitors.
- We are committed to deliver an experience that improves our customers’ quality of life and enhances the joy of owning a home.
- JMS is planning to launch two new projects in the coming time; both of these are in the commercial sector. One will be launched in February itself while the other will be launched in October- November.
- The market in Gurugram is good; it is simply indescribable. This complex city offers you so much that you can’t get anywhere.
R&M: What are JMS’s plans for 2018?
PS: We are committed to provide commercial development with international lifestyle facilities across the country. We believe that our commitment to offer our customers with a fulfilling experience will drive our organisation to achieve greater heights. For 2018, we demand our customers’ trust by consistently delivering quality construction within predetermined time period. We are committed to deliver an experience that improves our customers’ quality of life and enhances the joy of owning a home. JMS is in a high-growth mode and aims to double its area under development in the next few years.
R&M: How many projects are currently under way?
PS: JMS believes in quality construction and it has only one project under way
R&M: What is the USPs of your ongoing projects?
PS: The uniqueness of the projects is that both are purely commercial in nature. Timely delivery will be a very important aspect
R&M: Do you plan to launch any new projects in 2018?
PS: JMS is planning to launch two new projects in the coming time; both of these are in the commercial sector. One will be launched in February itself while the other will be launched in October- November. In 2019, we will also launch projects in the residential sector.
R&M: What is your take on RERA? Is it a boon or bane for the sector?
PS: The Real Estate (Regulation and Development) Act, 2016 seeks to protect the interests of buyers and also boost investments in the real estate sector. It is hoped that real estate purchase will be simpler by bringing in better accountability and transparency, provided that states do not dilute the provisions and the spirit of the Central act. So, we can say that RERA is a boon for the real estate sector.
R&M: Do you plan to venture into newer geographies in future?
PS: No, till date we don’t have any plan to move out of Gurugram. The market in Gurugram is good; it is simply indescribable. This complex city offers you so much that you can’t get anywhere. In terms of real estate, you can trust the residential as well the commercial projects.
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