Q: How wilt Emaar MGF create different iation to stand out in this crowded and highly competitive real estate market?
Thirdly, we are making efforts to see that contractors are remunerated in a way that incentivises them to deliver good quality construction on time and within prescribed budget.
Q: One major reason for property buyers’ growing disenchantment is that developers are not offering value to their customers. What’s Emaar MGF doing in this regard? A: Property buyers’ growing disenchantment is due to the fact that they are not able to ‘reap’ the benefits of ‘better construction’ from builders, which is largely missing in the recent times. According to us, there are five key drivers which need to be put in place for ‘better construction’. These include committed leaders hip, focus on the customer, integration of process and team around the project, quality driven agenda and commitment to the people.
Emaar MGF is targeting to meet the expectations of ‘end-users’ / ‘property buyers’ by reducing capital costs by 10 per cent, construction time by 10 per cent, reducing defects, and accidents by 20 per cent, besides increasing predictability of project costs and time estimates by 10 per cent and finally, increasing productivity by 10 per cent.
Q: Lack of transparency and growing fraudulent transactions especially in the absence of a real estate regulator, seriously calls for restoring the confidence of customers/investors. What’s your comp any doing in this regard?
84 REALTY PLUS 9th ANNIVERSARY ISSUE
www.realtyplusmag.com
A: First of all, we welcome ‘Real Estate (Regulation & Development) Bill’. 2011 and the provisions contained in that. The Real Estate Bill as approved by the Union Cabinet is a pioneering initiative aimed at delivering a uniform regulatory environment to protect the consumer by way of quick resolution of disputes and by ensuring systematic growth of the sector.We are going to ensure that all p reconstruction approvals are in place before we even go for soft —launch. We are actively working towards improving ‘cons traction performance’ by putting emphasis on quality while at the same time aiming to reduce costs.
We are promoting ‘good business practices’ and initiatives have been taken in this regard. Not only that, we are putting in place reliable systems for monitoring and measurements of these benefits esp specially in terms of ‘cost-savings’. We are on the mission to train more staff to be effective construction client.
Q: What’s the ‘Vision 2020’ of Emaar MGF and going forward, what are your business growth plans? A: Our vision is to become the most admired real estate company in India. We want to focus on creating market driven products with well trained and highly motivated real estate professionals, who continually work on providing top quality service for our clients and customers. We would like to earn the loyalty of our customers and maximize the real estate asset value, thus achieving greatest ope rating efficiencies and realizing highest profit—performance.
Emaar MGF’s mission in India includes creating value added, master-planned communities that meet the full sect rum of lifestyle needs as contained in the vision of Emaar-Dubai. This we hope to achieve with the finest real estate services in the region, based on highest standard of ethics, value, professionalism and client care, while at the same time respecting and complying with safety, environmental and legal requirements. We thus hope to earn the loyalty and trust of our buyers and enlarge the ‘market-leadership’ with diverse products and by serving our customers’ unique needs.
Our ultimate objective is to run a profits be business through goal-setting, planning and superior service to our clients through honest pricing and marketability of our property.
Q: What do you think are the inherent strengths of Emaar MGF which you would like to Leverage to achieve the company’s goals? AWe are associated with Emaar, an coni c brand delivering world class products and world class customer service, while MGF is a formidable, established and reputed name in the Indian market. We have some of the best professionals on board, with international and national expertise, working for us in the senior management, under the leadership of our Executive Vice Chairman and Managing Director, Shravan Gupta. With tremendous individual expertise and a legacy to carry forward, we would like Emaar MGF to set benchmarks for quality and delive ry, for its customers.
Q: How do you Look at the current real estate scenario of slow sates, high unsold inventory and Low sentiment of property buyers and investors. Do you attribute it entirety to the global economic downturn or believe that real estate companies them Selves are largely to blame for this? A: The answer is a combination of both:
Builders have not done adequate assessment of market dynamics and expectant ions, nor have they done proper assessment of project risks. The critical concerns include inability of the builders to synchronize project plan and execution. Also, project management in India is not implemented in letter and spirit by all the stake holders- be it the employer, contractor or the Project Manager. That is why delays, litigation and cost over-runs etc occur.
Q: What policy prescriptions you think are needed to put the real estate sector on the path of sustained growth?
A: I think the need of the hour is that the client should be at the core of the cons traction process.Besides, we as builders need to understand the inefficiencies o traditional methods of procuring and managing Maj or projects - in particular the fallacy of awarding contracts solely on the basis of the lowest price bid only.
We need to communicate better with contractors to reduce conflict and disputes. We also need to establish a single contact point for the construction industry to resolve problems common to a number of stake holders. We need to give more attention to the training of the staff from the view point of procurement and risk management.
More attention to design and early involvement of the whole construction team could also improve the operational efficiency of completed buildings resulting in greater savings over the whole life span of the building. And last but not the least, we will be disseminating good practice more widely.
A: We are getting into three major areas to make a big difference. Firstly, we are putting in place Reliable Project Mana gement, which entails a comprehens ive understanding of the stages in cons truction, a detailed knowledge of risk management, regular monitoring of key milestones and effective coordination of all those involved in the construction supply chain.
Secondly, we are developing a system by which construction projects will get measured to assess whether costs, time and quality requirements are being met. This will also aid learning to disseminate lessons for future.
Secondly, we are developing a system by which construction projects will get measured to assess whether costs, time and quality requirements are being met. This will also aid learning to disseminate lessons for future.
Thirdly, we are making efforts to see that contractors are remunerated in a way that incentivises them to deliver good quality construction on time and within prescribed budget.
Q: One major reason for property buyers’ growing disenchantment is that developers are not offering value to their customers. What’s Emaar MGF doing in this regard? A: Property buyers’ growing disenchantment is due to the fact that they are not able to ‘reap’ the benefits of ‘better construction’ from builders, which is largely missing in the recent times. According to us, there are five key drivers which need to be put in place for ‘better construction’. These include committed leaders hip, focus on the customer, integration of process and team around the project, quality driven agenda and commitment to the people.
Emaar MGF is targeting to meet the expectations of ‘end-users’ / ‘property buyers’ by reducing capital costs by 10 per cent, construction time by 10 per cent, reducing defects, and accidents by 20 per cent, besides increasing predictability of project costs and time estimates by 10 per cent and finally, increasing productivity by 10 per cent.
Q: Lack of transparency and growing fraudulent transactions especially in the absence of a real estate regulator, seriously calls for restoring the confidence of customers/investors. What’s your comp any doing in this regard?
84 REALTY PLUS 9th ANNIVERSARY ISSUE
www.realtyplusmag.com
A: First of all, we welcome ‘Real Estate (Regulation & Development) Bill’. 2011 and the provisions contained in that. The Real Estate Bill as approved by the Union Cabinet is a pioneering initiative aimed at delivering a uniform regulatory environment to protect the consumer by way of quick resolution of disputes and by ensuring systematic growth of the sector.We are going to ensure that all p reconstruction approvals are in place before we even go for soft —launch. We are actively working towards improving ‘cons traction performance’ by putting emphasis on quality while at the same time aiming to reduce costs.
We are promoting ‘good business practices’ and initiatives have been taken in this regard. Not only that, we are putting in place reliable systems for monitoring and measurements of these benefits esp specially in terms of ‘cost-savings’. We are on the mission to train more staff to be effective construction client.
Q: What’s the ‘Vision 2020’ of Emaar MGF and going forward, what are your business growth plans? A: Our vision is to become the most admired real estate company in India. We want to focus on creating market driven products with well trained and highly motivated real estate professionals, who continually work on providing top quality service for our clients and customers. We would like to earn the loyalty of our customers and maximize the real estate asset value, thus achieving greatest ope rating efficiencies and realizing highest profit—performance.
Emaar MGF’s mission in India includes creating value added, master-planned communities that meet the full sect rum of lifestyle needs as contained in the vision of Emaar-Dubai. This we hope to achieve with the finest real estate services in the region, based on highest standard of ethics, value, professionalism and client care, while at the same time respecting and complying with safety, environmental and legal requirements. We thus hope to earn the loyalty and trust of our buyers and enlarge the ‘market-leadership’ with diverse products and by serving our customers’ unique needs.
Our ultimate objective is to run a profits be business through goal-setting, planning and superior service to our clients through honest pricing and marketability of our property.
Q: What do you think are the inherent strengths of Emaar MGF which you would like to Leverage to achieve the company’s goals? AWe are associated with Emaar, an coni c brand delivering world class products and world class customer service, while MGF is a formidable, established and reputed name in the Indian market. We have some of the best professionals on board, with international and national expertise, working for us in the senior management, under the leadership of our Executive Vice Chairman and Managing Director, Shravan Gupta. With tremendous individual expertise and a legacy to carry forward, we would like Emaar MGF to set benchmarks for quality and delive ry, for its customers.
Q: How do you Look at the current real estate scenario of slow sates, high unsold inventory and Low sentiment of property buyers and investors. Do you attribute it entirety to the global economic downturn or believe that real estate companies them Selves are largely to blame for this? A: The answer is a combination of both:
Builders have not done adequate assessment of market dynamics and expectant ions, nor have they done proper assessment of project risks. The critical concerns include inability of the builders to synchronize project plan and execution. Also, project management in India is not implemented in letter and spirit by all the stake holders- be it the employer, contractor or the Project Manager. That is why delays, litigation and cost over-runs etc occur.
Q: What policy prescriptions you think are needed to put the real estate sector on the path of sustained growth?
A: I think the need of the hour is that the client should be at the core of the cons traction process.Besides, we as builders need to understand the inefficiencies o traditional methods of procuring and managing Maj or projects - in particular the fallacy of awarding contracts solely on the basis of the lowest price bid only.
We need to communicate better with contractors to reduce conflict and disputes. We also need to establish a single contact point for the construction industry to resolve problems common to a number of stake holders. We need to give more attention to the training of the staff from the view point of procurement and risk management.
More attention to design and early involvement of the whole construction team could also improve the operational efficiency of completed buildings resulting in greater savings over the whole life span of the building. And last but not the least, we will be disseminating good practice more widely.
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