Resolute on making real difference to realty segment

Being a part of CREDAI Mr. R Nagaraj – Zonasha Group Chairman, is working towards making real estate as the organized and recognized segment

The escalating land value may not allow each and every individual to own a house in Bangalore. However with the aid of the government and builders, the dream can be realized for an ordinary citizen. To make this achievable, Mr. Nagaraj is interceding with the relevant stake holders to a greater extent. Meet this humble builder and a president of CREDAI, who thoroughly understands the exertions of a common man to own a house in the IT city. He is resolute in making 'Home for all' project a reality in Bangalore. "Now the government is very positive and wants to bring single window clearance for the plan sanction. The government and CREDAI is closely working to make ‘Home for all’ in a big way. At this juncture, getting a home is ultimate for anybody. The initial range to buy a house under this initiative is between Rs.5lakh and Rs.10lakh," beams Mr. Nagaraj. This is a small glimpse on how he is committed towards the realty development in Bangalore.

Pioneers of recreation facilities

Having been around for over two decades in the real estate sector, he ravishes speaking about his journey, "I totally lacked knowledge on real estate and building construction when I ventured into the business. I am a commerce graduate; it was just out of a stroke I entered this business. Started as Ferns Builders, now we have reached a juncture where over 1,300 people in waiting list, who have enrolled their requirements," he states.

In the year 1994, under the banner Ferns builders and developers, Mr.Nagaraj started his real estate journey. Incidentally, it was during that period Bangalore saw lot of NRI migrants moving into the city. Two years later, the ITPL was started and the scenario changed and gave the real estate sector an international lift. Lot of emphasis was given on the erection of malls, shopping complexes and gated communities. He adds, "Today we are contributing 30 percent of the IT spaces in the country is in Bangalore. Secondly, climate, innovation and architecture wise, the city outclassed the rest of the places. Since then, there was no looking back for the growth of the real estate in Bangalore."

In 1994, his firm was the pioneer for club house facilities for middle class section. "We felt it's equally important for a middle class individual to live through the luxuries an upper class person would enjoy and hence we offered facilities such as swimming pool, gym, party hall and other recreation facilities," says Mr. Nagaraj.

Of all his projects, he reminisces Ferns Paradise as is close to his heart since through that project; his firm was the first one to implement underground cable and drainage systems.

Awards and recognition give more responsibility

Recently, Builders Association of India has recognized Mr. Nagaraj as a senior citizen with an award. Also, Confederation of Real Estate Developers Association of India (CREDAI) has given a role of President for the Bangalore Chapter. Yet, he humbly accepts recognition with great honor admits that lot to be achieved in the realty sector.

Mr.Nagaraj out rightly dismisses view that real estate is not well recognized sector compared to IT and other services industries. "It's a recognized but more of an unorganized sector. In addition, lot of black transactions and third force involvement has given a negative rapport to the sector," he states. There are a plethora of challenges in real estate too. Litigation problems, legal issues and complicated revenue act in Karnataka come tagged along with realty business. Unlike in other states, here a builder cannot buy agricultural land directly from the farmer. Instead, transactions happen through middle men or land accumulators and the challenge intensifies with the delay in plan sanctioning. In such scenarios, builders are washed out with no profits, he informs.

Even though the real estate sector is contributing about 80 percent to the GDP, the due importance is not been given to this arena. To make this more lucrative sector, the government has to encourage housing sector, liberalize the policies and their legal procedures. There is a need of fast track courts to understand the genuine concern of the claims without any ambiguity.

CREDAI as a platform to make reforms

Being the president of CREDAI, Mr. Nagaraj aims to address the obstacles in the way of realty growth. In CREDAI, about 200 people have enrolled as members and they are well assured of their investments and we are insisting all the members to take up this project to deliver on time and also to safe guard their investment done by the public.  He boasts the way CREDAI approaches in handling each and every operation without any black money and all the transactions done through 100 percent transparency. With such approach, CREDAI is well recognized across the country and it has instilled a lot of confidence. "Now it's our responsibility to safeguard this confidence without disappointing the stakeholders. We will closely monitor the growth and future of the real estate industry through this association," he adds. Since the association is coming up with massive housing projects, it has been conducting lot of surveys and researches for a better future projects. CREDAI has identified that the immediate future real estate market lies in the range between Rs. 30 lakh to Rs. 50 lakh.

To de-congest and make housing easier, Bangalore Development Authority should focus on infrastructure development. Instead of developing layouts, the government should concentrate on building up townships. For instance, Kengeri, Yelahanka, Doddaballapur, Bidadi and Anekal are best known townships in and around Bangalore.

Labour problem is rampant in construction technology and Mr. Nagaraj suggests bringing in new technology like free cost construction technology would help in completing the projects faster. On CREDAI's suggestion, the state government has started a labour skill development training institute near Bangalore. Currently about 200 people are given professional training, who will be absorbed in the construction industry. Giving recognition to construction labourers as skilled labourers can boost their morale. "We have to give them industrial status by providing those uniforms, shelter and education to their children can encourage people to take up construction jobs," he says. In fact, CREDAI has adopted few schools in rural areas to offer skill development for children and youth.

Invest in housing over gold

When asked his message to those who wants to venture into realty sector, Mr. Nagaraj is very gung-ho about the opportunities this segment offers. In India, industries catering to food, cloth and shelter are going only to flourish. Especially, the shelter segment, which is housing will not only fulfills the aspirations of a buyer instead it will help future generations too. "No doubt, investing in gold and silver would appreciate in future but you have to safe guard your investments where as if you invest in housing it will not only safe guard you but your next generations too. In addition, the value appreciates too," concludes Mr. Nagaraj.

EOM

Quotes for photographs

1. "Today we are contributing 30 percent of the IT spaces in the country is in Bangalore. Secondly, climate, innovation and architecture wise, the city outclassed the rest of the places. Since then, there was no looking back for the growth of the real estate in Bangalore."
2. "It's a recognized but more of an unorganized sector. In addition, lot of black transactions and third force involvement has given a negative rapport to the sector,"
3. "Now it's our responsibility to safeguard this confidence without disappointing the stakeholders. We will closely monitor the growth and future of the real estate industry through this association,"