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Realty Icons Of Real Estate – FS Realty

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First Stone Article- Moguls of Real Estate

1.How was the idea of First Stone conceived?

It all started over a dinner with close friends and family we were talking about how real estate now is facing a low point, uncertainty and unprofessionalism. We talked about the loss of control over our finances when we go ahead and invest our hard earned money with a developer not knowing what the future awaits. Keeping in mind all these factors all of us thought that, ‘why can’t we establish our own company’ for all the investments, considering the amount we invest into real estate. So, this is how we conceived the idea of First Stone for a better world in times to come.

2.What all is under First Stone’s umbrella?

India is growing rapidly in terms of its wealth and with the nation’s GDP increasing, the need to manage assets professionally is essential so that it can be cherished and used smartly.  So, when you ask what all is under our “umbrella”, I feel we have tried our best to capture the essence of all the human dimensions that need attention in this day and age. We decided to take up the responsibility of starting small initiatives where we could get closer to the people we are surrounded with and understand the pain points and work towards improving the state of affairs. First Stone today has five ventures under its umbrella namely, FS Realty, FS Foundation, Suvaas, MIS (Macro Integrated Services) and Club Utopia.

FS Realty is a real estate venture in the most sought after locations taking charge of residential and commercial space. FS Realty has conceived 9 projects with 6.5 million sq ft under construction, employing more than 1000 employees in the first year. The bouquet First Stone offers has The Coronation, The Crest, The Crown. The Pinnacle, Jaypore, Mall of Jaipur, Insignia and Platinum as part of the project initiative.

As I mentioned, serving the community has been the driving force of First Stone. We began the FS Foundation keeping in mind social welfare and is based on our love for humanity. FS Foundation has played an instrumental role in improving the educational scenario by renovating Rajkiya Balika Uccha Prathamik Vidyalaya near airport of Jaipur and Rajkiya Uccha Prathamik Vidyalaya and also adopted 101 Anganwadi Pathshalas in Jaipur along with its many initiatives.

With our thought process progressing, we began Suvaas with a sole purpose to start not only an affordable home option, but a building upon a life that is truly value for money. Suvaas’s idea is not just limited to provide housing; we intend to make it a household name with all the amenities and benefits we provide to the community.

Other than that we have MIS, where we are building quality human resource assets. We are in constant need of skilled and professional people, be it gardening, security, food services or managerial levels.  Larger need of these services has been lacking attention and we feel if we improve this we will be creating new avenues, creating better employment and indirectly even improving quality of lifestyle and employability. In a span of six months, MIS has strength of 500 people and has partnered with leading healthcare, education, real estate and many more avenues to spread it wings.

The people of Jaipur nearly 4 million of them have many desires that are beyond a house or a job. We were lacking a space for recreational activities, a united platform to celebrate with each other and many such similar factors. With Club Utopia accredited with FS Realty projects, people of Jaipur can enjoy professional experience within the premise of the residential clubs. We are ensuring parents find hobbies or sports activities for their children to discover their talent other than pushing them only towards education. In addition, the club caters to adults as well where they can relax, socialize and simply unwind. We are in process to source the best talent in the country to provide classes at the club and are looking at getting all services accredited to ensure quality in what we offer.

3.It’s been a year now since you began the First Stone journey, how has the experience been so far?

The experience has been more than awesome. We have created and united our dreams and are simply seeing them come to reality. When we began our journey, we did feel we had a lot to achieve and did face ample ups and downs, but with the blessings of Almighty the ride of First Stone has been very smooth and fruitful. Making things inspirational, elementary or aesthetically viable were not the only things that help you carve a purpose, we at every step are creating things that are practical, manageable and definitely for the use of the community who can benefit out of it. The year has been quite historic for our growth despite demonetization, GST and RERA.

4.Which projects are covered in the future plans of First Stone?

As I mentioned, managing assets is a vast category in itself and limiting me to a documented future plan might not give our vision complete justice. Though, we are certainly here for a better world and are moving one step at a time to make a better world. Our future plans will most definitely revolve around people and community in large where we build upon the benefits all can reap.

5.Can you tell us what differentiates each residential project your company developing so far and if there is one thing that unites the all of them as well?

When we began, we tried to address every person living in the society. From people dreaming of an affordable living to the ones who want luxury apartments instead of bungalows, we researched ample before we could put in all our thoughts together. Today, we have projects that offer unit prices of 6 Lakhs to 6 Crores keeping in mind every segment of the society.  What unites us in the best way is the value for money we offer at a residence that is a complete solution to an individual’s needs. Our goal is to provide substance oriented projects where enriching community life is the core foundation.

6.Real estate is a capital intensive, heavily regulated undertaking for First Stone. Does FS Realty have all required licenses and capital to carry out such a development?

We always work on our cash flow and permits very professionally regardless of being part of a capital intensive industry. Now that you did mention capital intensive, yes I would say that the dream or desire of putting in a bit more will always be there, but, certainly not at the cost of our licenses. We are quite a disciplined company and respect regulations. We are fully compliant to all laws and regulations and also proudly announce that one of our projects, The Crown is the first RERA registered project in Rajasthan.

7.Through Suvaas, what aim are you trying to fulfill for the common man?

Suvaas can be defined as “Samridh Sukhi Avaas” where we are helping achieve prosperity and happiness not limited to the four walls of a house but, through extending our vision to FMCG products very soon.

Our dream is not only limited to the common or special man I feel, through Suvaas, we want to introduce quality of life on one single platform where the masses get the best. Suvaas is where we introduce a no frills policy and will be resolving the basic needs with best quality products and an exceptional delivery system.

8.What about the basic funding through which each activity is carried on?

We started this company with tremendous support from family and a few friends who have been part of our lives for more than 20-30 years and they all have been financially pretty sound. Real estate was not their bread and butter, so we were fortunate enough to pull more than 500Cr in investment which in no way is a debt for the company rather a long term commitment. We introduced 811 apartments and today have already sold 423 of them. Also, our first commercial venture is already achieved more than 70% commitments in the very first month.

9.In addition, how has FS Realty planned to deliver homes in promised time?

When plan is intact and you are clear in your intentions, I doubt anything can stop you. We have all our resources in place, from acquisition of land to planning a building, taking permissions to acquiring approvals, marketing and sales, we precisely took care of everything. We do accept we are new in this field, but to back us up strongly, we believe in outsourcing the best in the industry who work with us together as a team to deliver what is promised with exceptional quality as the first factor in mind.

10.What sets you apart from your competitors, if any?

At the moment we haven’t come across any competitor who is creating something similar to First Stone or its avenues. At times we see things around us that ignite a fire within and give us ideas to learn from. Work by seasoned professionals is what we look up to and hope to improve and excel at our learning stage.

11.First Stone through FS Foundation has marked a year long journey. Can you enlighten us with your achievements, big or small?

We are not running after an achievement or any recognition for our foundation. All we are working towards is contributing to the society since no matter how pretty a thing you may have in your life, you need to take care of it and nurture it. The foundation has a goal to serve the society without any commercial benefit from it. We count the contributions to the aim we have in mind and no achievements in particular.

12.What defines, “First Stone: For A Better World”?

It is a thought process which is our intent: to create a better world.

13.The future seems to be shining bright for First Stone, we want to know some of the best things you saw in the last year (at least two).

Whatever we thought has come to life just the way we wanted. The second thing is that whatever has been started is going in the right direction as per plans.

Also Read: FS Realty Becomes The First Developer In Rajasthan To Get RERA Compliant Project

Special Reports

Magicbricks Ads Singing And Dancing To Housing

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Magicbricks Ads Singing And Dancing To Housing

Magicbricks, the online real estate portal, launched India’s first musical real estate commercial. The platform offers over 14 lakh listed properties. With the dancing and the song ‘Property Ka Supermarket’ they hope to offer a shot of positivity.

The ad is about a young couple who are looking for their perfect home while sitting on their couch. Once the app fires up the couple is transported to a supermarket, where shelves are stocked with all sorts of homes. The song in the background goes like “One, two, three, four, saare BHK. Bungalow, villa, flats hatke. Ready-to-move-in any time, Possession mein ya hai time. Oonchi price, neechi price, sasta-sundar-sabse right.” It has also got a catchy tune for anyone to voluntarily start humming it.

The idea behind the ad was to communicate all that Magicbricks, a Times Group company, has to offer at every stage of the buyer’s expedition. Right from their range of properties to home-search related services like experts backing and buyer reviews.

Prasun Kumar, Magicbricks marketing head, points out, “There was genuine consumer interest that came back in the industry, believing that there’s a clean-up act happening and as a buyer, you’ll probably get better value for money now. However, due of multiple policy interventions, interest was not converting to deals.”

This obviously left the builders in anguish. According to the experts, consumers were desperately seeking reassurance. He added, “With this backdrop, we realized this festive season would be a window of opportunity to go to consumers with a different narrative. We realized the external factors are not conducive to a very emotional, melodramatic approach. We needed a mood refresher.” Thus the answer was Bollywood song and dance. Thus, stressing on the point of quality, trust, choice and best deals.

Another myth that it bursts is that buying a home is a man’s job. Kumar said, “The image is that real estate is a masculine category. This is also part of the challenge because all of a sudden 50% of your TG is out of your purview.” However, the fact remains that it is a joint decision of both man and woman.”

Nevertheless, not everyone seems convinced with the ‘property ka supermarket’ idea. Karthik Srinivasan, national lead, Social@Ogilvy points out that supermarket is generally where you get a lot of cheap things. Moreover, he isn’t very happy with the execution, as according to him it doesn’t do justice to the idea well enough. He adds, “I read the material that was released with the ad (Every agency does this.) It went ‘property ka supermarket’, first musical real estate ad, etc. It’s a tall claim. There is an interesting germ of an idea that is the property market is gloomy because of RERA and everything, and they wanted to make it light, musical, positive and buoyant. But the execution wasn’t as interesting as the idea itself.”

He concluded by saying, “What remains to be seen is if the houses do the real estate equivalent of flying off the shelves.”

Also Read: INIT Mumbai Wins The Prestigious Realty Plus Excellence Awards 2017

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Tanvi Group Fail To Deliver Homes And Declare Bankruptcy

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Tanvi Group Fail To Deliver Homes And Declare Bankruptcy

Another case of delay in project completion and possession has surfaced, once again escalating investment fears for home buyers. Tanvi Group is under scrutiny at present. The group has declared bankruptcy.

They have taken 1000 crore as 50 percent advance for almost 500 flats in their Dahisar project. They have now filed for insolvency and all their project construction have stopped leaving the buyers in a lurch.

Almost 200 families have invested in their Kashimira project – Tanvi Eminence. The project started in 2010 with possession committed in 2013 however even after 7 years the construction remains incomplete and no sign of possession. More than 100 home buyers gathered at Kashimira in Mumbai to protest against the delay in completion of their housing project.

Tanvi Group is also accused of building 20 floors at Tanvi Eminence while they only have the permission to build 11 floors. Buyers have also registered a complaint at the Kashimira police station. According to sources, there are four partners namely Vijay Kumar Hegde, Sangeeta Hegde, Bhupat Lukhi, Dayabhai Sutaria in this project but due to their internal disputes, the projects have been left hanging.

A disgruntled buyer said, “Last seven years we all have been waiting for our houses. We have invested our hard earned money here. All we ever get is new promises and new dates of delivery. Due to builder’s internal conflict, they are playing with our emotions and money and this has been happening for the past 7 years. We even tried to cooperate with them but now all we want is our houses.”

One of the partners at Tanvi Eminence, Dayabhai Sutaria said, “I have filed lawsuits against my two partners Bhupat Lukhi and Vijay Kumar, for not cooperating with me and taking this project forward. My sentiments are there for the home buyers who have invested their money.”

While Vijay Kumar, Partner at Tanvi Eminence said, “Mr. Dayabhai is holding payment of more than 20 crores and Bhupat approximately 7 crore which is sufficient to buy the TDR and start construction. They are misleading all the buyers.”

There is no doubt that MahaRERA Act is tightening the noose around the developer community. However, according to legal experts, some of them may have found liquidation proceedings or the bankruptcy law as an avenue to escape the ambit of the state regulator.

Experts have predicted incidences of insolvency to go up going forward as builders may be able to transfer the losses to property owners.

As for the home buyers, it is in their best interest to check if the project they want to invest in is RERA compliant and all permissions are in place. Instead of delaying your decision to buy a property, it is better to make informed decisions to stay above any traps.

Also Read: 50% Growth For Nashik Realty Sector Since Ganeshotsav

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Insomniacs Bags The Digital Marketing Campaign Of The Year At The Realty Plus Excellence Awards 2017

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Insomniacs bags the Social Media Campaign of the Year at the Realty Plus Excellence Awards 2017

It is a big moment for the Mumbai-based digital media agency Insomniacs. They won the prestigious Realty Plus Excellence Award for the Raunak Group’s ‘Darr Ke Agae Ghar Hai’ campaign.

Raunak Group, an established realty brand in Mumbai, was going through the aftermath of the demonetization. They recognized the problem as clarity – consumers had no clarity and nor did they have a trusted source that they could turn to. The developers were sitting with folded hands waiting for buyers to knock their doors while the unsold inventory had become a huge cause of worry.

This is when team Insomniacs believed was the opportune moment to send out a strong message. Pranav Patadia, director, said “When an opportunity knocks at your door, you need to recognize it and make the most of it. We were given a challenge and we wanted to tackle it in a unique way; in the process offering a solution which has never been attempted before. The result of that effort is in front of us.”

The idea was to emerge out of the rumours and make people believe in the offers instead of just rotating advertisements in the market. When the market hit rock bottom, getting people to visit the project sites was a herculean task in itself. Thus the “Darr Ke Aage Ghar Hai” campaign was created.

The campaign was supposed to bring to light the many fears that home-buyers face today. “Darr Ke Aage Ghar Hai” engaged the masses on social media and dispel these fears, systematically and ultimately. One of the major fear-inducing problems the customers faced during demonetization was the prolonged delay in possession. Raunak Group with the team’s assistance aimed to successfully resolving this and many other issues.

Shyamal Mody, Marketing Director Raunak Group stated, “I congratulate the team for the award and the campaign that they introduced. It is a pleasure to work with such a dedicated team. Raunak Group sold inventory worth 50 crore for 1.23% marketing cost. The best part was that people could actually find solutions to their property problems and most of them ended by up a house for themselves.”

There was a lengthy ground research involved along with an impactful campaign on social media channels and on-ground activities. Even a micro site was created ‘A2Z of Darr’ which highlighted various home buying fears of a customer, providing detailed solutions for each and every problem.

The team managed a highly successful campaign with highest ever sales recorded by any real estate group. Govind Rai, Director, Insomniacs added, “The idea was to create a campaign for a larger impact. We were fully aware how the campaign could be advantageous on other media platforms. The fact that other ad agencies carried out our campaign talks lengths about its success.

It was indeed a well-deserved win. We congratulate the team at Insomniacs.

Also Read: Realty NXT Does a Survey On Why People Feel Scared to Buy Homes

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