The way of business solutions www.insightssuccess.in December 2016
THE
10 Most Valuable
REAL ESTATE Solutions Provider Companies
Mr. Irfan Razack Chairman, & MD
Prestige Group: Building trust over space To be on Real Home Journey, Invest in Real Estate Mr. Manish Kumar Shoundik Finstem Group
Mobile Apps to play a signiďŹ cant role in building IoT-enabled Smart Cities Shahid Mansuri Peerbits
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Editorial
I
ntroduction of some new laws last year, RERA (Real Estate Regulation and Development Act 2016) and the Benami Transactions Act and now the demonetization of money has made the real estate sector of India experience drastic changes in its functioning. All these happenings have its direct effects on the real estate sector of India making the sector more transparent, forgetting its historical type of working. The demonetization effect on India has become the hottest topic of conversation everywhere. Let it be a big city or small, corporate office or factory site, rich or poor, we can hear all talking about the effects of demonetization on the industry they are working, on their work and eventually, on their life.
Demonetization Adding up Transparency to the Real Estate Sector
Demonetization has shaken up the entire business world. And the real estate sector also will get hampered by this sudden announcement of demonetization by the government. It has been expected that the resell property segment will get a boost, on the ground of the current situation, but a short time loss will be there. This demonetization will give a transparency to the real estate sector, which has been longed for years. The luxury and residential part of real estate sector will also get influenced by the demonetization, as much of the cash transactions happen in this sector. It has been forecasted by the experts that the prices of luxury and residential real estate will plunge down as it will experience the direct effect of demonetization. Only the ones who are having integrity towards work will keep on going into the race. On the other hand, this condition will be really beneficial for the customers who will be totally well-aware of their rights and no more they have to struggle to surmount with the continual growing prices. Costomers now on will have the availability to choose their favorite property at the best affordable prices. But instead of the sudden shake up condition occurred by demonetization, real estate sector will keep growing strongly, and come out of the current situation victoriously with many additions and refinement into it. For the investors and developers who have done all their transactions transparently, fulfilling all the legal procedures, days are and will be same.
Editor-in-Chief Pooja M. Bansal Managing Editor Archana Ghule Co-Editors Ariana Lawrence Sagar Bhattacharjee Abhijeet Parade Pooja Jain Art & Design Director Amol Kamble Co-designer Shaila Buchade Picture Editor Alex Noel Art Editor Shweta Shinde Visualiser Ankit Raju Business Development Manager Manisha Priya Marketing Manager Karishma Joshi Business Development Executive Savitri, Pooja, Ketan, Gopi, Akansha, Ankush Research Analyst David Circulation Manager Swapnil Database Management Sharad Technology Consultant Vishal More sales@insightssuccess.com
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C O N T E N T
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The 10 Most Valuable
REAL ESTATE Solutions Provider Companies
Internet Technology Recasting the Real Estate Sector
T
he growth story of Real Estate Sector has been constant in spite of many hurdles. Government plans for ‘Smart Cities’ and the ‘Urban development Programs’ have become an add on into the future growth of this sector. But, the second largest employment generator in India just after Agriculture, Real Estate is largely traditional and quite
archaic.
When it comes to sell, buy or even rent a property, traditionally agents or brokers are the people to be relied on. The real obstacle is the limited scope provided by these people, let it be an agent or a broker, they are confined to their geographical area. There is an utmost need of using the Internet Technology to communicate with the customers today. We have shortlisted such 10 Real Estate Solutions Provider Companies, who are instrumenting the best Internet Technology to reach the customers and to be ahead in the competition, in this issue of “The 10 Most Valuable Real Estate Solutions Provider Companies”. On our list we have, Agarwal Estate, who are redefining the Trust in the real estate service market. Samraat Group, a leading builder committed to ideate, create, and deliver exceptional lifestyle concepts in Nashik and Northern Maharashtra and add to the quality of life of its distinguished customers. SNN Builders, an impeccable amalgamation of some of India's brightest minds with expertise ranging from operations in civil engineering to real estate development, from infrastructure to agriculture and as is evidenced by the massive development projects that have heralded this new millennia of Information Technology. Also, we have Nyati Group, who has diversified into businesses like Hospitality and IT-ITES and carved a niche in respective sectors. House of Hiranandani (HOH), a leading business conglomerate, developing iconic destination projects in India. Knight Frank, who builds long-term relationships, which allows us to provide personalized, clear and considered advice on all areas of property in all key markets. Saarrthi Group, who is a dynamic real estate development company with a keen focus on quality and vision. Goyal Properties, which is one of the leading real estate companies of Pune (Maharashtra). And last but not the least, HDFC Realty, which is an end-to-end Real Estate advisory company with a pan-India presence across 23 key cities and a 300+ team of experienced professionals. Don’t forget to flip through the pages of our cover story, which is India’s second largest developers, The Prestige Group. As on date, the company has completed more than 195 projects covering over 67 million square feet of space. The company has 65 ongoing projects generating 70 million square feet and 36 upcoming projects aggregating 48 million square feet of world-class real estate across asset classes. As much as Bengaluru bets on Prestige, Prestige, too, bets on Bengaluru with 85% of its portfolio standing on home turf. The company has over 160 properties in Bengaluru alone. More recently, it has expanded its footprint to Chennai, Goa, Hyderabad, Kochi, Mangaluru and Mysore. Enjoy the interesting stories of these real estate companies in this issue of The 10 Most Valuable Real Estate Solutions Provider Companies.
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lmost 30 years ago, two brothers - Irfan and Rezwan Razack dared to moved away from the family's well established retail business to create their own space. Today, what then might have been frowned upon as a break from tradition, is a company worth a couple of billion dollars. That, in short, is the story of the Prestige Group, India's second largest developer, which is credited with redefining Bengaluru's skyline. The company ended fiscal 2016 with a turnover of Rs 4700 crores. As you drive through the streets of Bengaluru - the city where Prestige was born in 1986, witnessed an unprecedented growth and is today headquartered; you will find the Falcon dotting the landscape. The mighty Falcon, which is the icon of the Prestige Group, has now come to be associated with world class infrastructure, trust and quality. In fact, the story of the emergence of Bengaluru as the Silicon Valley of India would remain incomplete without a mention of the role of the Prestige Group in creating the enabling infrastructure. Today the group has a presence across all real estate asset classes, from homes to offices to retail, hospitality, leisure business and IT Parks and SEZs. Millions of square feet and still growing As on date, the company has completed more than 195 projects covering over 67 million square feet of space. The company has 65 ongoing projects generating 70 million square feet and 36 upcoming projects aggregating 48 million square feet of world-class real estate across asset classes. As much as Bengaluru bets on Prestige, Prestige, too, bets on Bengaluru with 85% of its portfolio standing on home turf. The company has over 160 properties in Bengaluru
Mr. Irfan Razack Chairman, & MD
alone. More recently, it has expanded its footprint to Chennai, Goa, Hyderabad, Kochi, Mangaluru and Mysore. Prestige Acropolis is one of Bengaluru’s first luxury residential developments. Forum Mall is Bengaluru’s first and most successful retail mall. Prestige Shantiniketan is the city’s first wholly integrated township project. The Collection, UB City, built in partnership with the UB Group, is South India’s first luxury mall. Prestige Bluechip Tech Park in Koramangala was among the first of its kind and was built in the early 2000s. Today the Prestige Tech Park, with an offering of six million square feet is among the largest in the city. The group also has huge spaces occupied by a single tenant, like the Cessna Business Park where Cisco occupies 3.5 million square feet. The company also has tie-ups with world-class hospitality brands like the Hilton-Conrad, Sheraton, Marriott. And the list goes on… Although the group has a strong product portfolio across asset classes, the residential segment continues to be the primary driver of business within the Prestige Group. Even when the markets were fluctuating, the residential offerings from the group did well. There is now a focus on middleincome housing, where the demand is substantial. The commercial segment is not too far behind with high volumes of leasing taking place throughout last financial year and rentals of malls and office spaces making handsome gains. Awards galore Small wonder then that the Prestige Group is the only developer from Bengaluru to receive the reputed FIABCI award for their Software and Residential Facilities. Among other laurels, the company’s Investor Relationship (IR) Programme, has been ranked the Second Best in Asia and the Best in India by the Institutional Investor (II) magazine’s 2014 All-Asia Executive Team Rankings. Prestige is the only CRISIL DA1 rated developer in India and has also been awarded the financial rating of A- by ICRA. They are the only developers from India to win the celebrated FIABCI World Prix d’Excellence Award 2016 for their landmark luxury residential development, Prestige Silver Oak. Banking on trust But more than all the space that it has created, the group’s most significant achievement, perhaps, has been to convert the real estate industry from one that was treated with suspicion to one that commands trust. As Irfan Razack, the group’s Chairman and Managing Director, himself says: “In the past, real estate was treated with a considerable amount of suspicion and apprehension by the wider public due to the lack of regulatory oversight and a large number of unscrupulous developers who often took buyers’ money and either delivered poor quality final products or, in many unfortunate circumstances, failed to deliver at all. The industry was crying out for ethical, dependable and transparent developers and I am proud to say that Prestige was at the forefront of that revolution and set many benchmarks.” This ability to build a trust-based relationship with all stakeholders - be they, buyers, architects, suppliers or employees - has enabled the group to become an industry leader. Trust, combined with ethics and high-quality infrastructure at affordable prices has become the hallmark of business at Prestige. The group’s core value is based on the 7 Cs concept Comprehensive, Capable, Competent, Consistent, Credible, Cost Effective and Confidence. Today, more than the land bank in its possession, the group’s highest performing asset is the customer’s faith in its ability to deliver what is promised. Strong after-sales and communications Moreover, a sound after-sales strategy has further strengthened Prestige’s leadership position in the market. At Prestige, all client queries, past or present, are dealt with a similar sense of urgency and commitment. Past clients are not forgotten. Thus, the relationship with them doesn’t end with a sale. It is in line with this philosophy that the Prestige Property Management and Services (PPMS) was set up in 1996 to provide high quality maintenance and post construction care for all Prestige developments. The Prestige Group can be credited to be the first builder in India to come up with a dedicated company for post-construction care. The 950-member team consists of highly skilled workers who are specially trained to maintain the impeccable standards that are the hallmark of all Prestige developments.
P
WE GIVE OUR
OYAL ATRONS ONLY THE BEST FROM
“
“
WE ENSURE THAT
RESTIGE - Irfan Razack
In order to keep every customer, both in the country and overseas abreast of all developments, the group has created ‘Falcon News’, which is not just an award-winning magazine, but is one of the group’s strongest communication tools. It has grown to be recognized as a magazine in its own right with a circulation of over 27,000, targeting customers and all other stakeholders. The company also publishes a luxury magazine called ‘The Luxury Collection’ which highlights the latest trends in fashion, luxury and lifestyle, with special focus on international and national luxury brands within The Collection, UB City - South India’s only luxury mall and a joint venture between the Prestige Group and the UB Group. Additionally, Prestige puts a lot of thought, creativity, innovation and planning into each and every marketing and advertising campaign for its various offerings. The communication practices are based on the principle that a client must feel the property that is being launched. They are designed as works of art, taking them way beyond a plain vanilla marketing pitch. Testimony to this is the fact that the company has received several awards for its innovative approach. The company has a strong online presence and all details and developments related to the company can be found on its website. Moreover, the Prestige Group provides an application where homebuyers can track the progress of the projects that they have invested in. This creates transparency while making the company more accountable to its clients. Billboards across the city also give information on Prestige's latest offerings, further creating top-ofmind recall for the brand. Clearly, a brand is not built over a day. Yet, age alone cannot build a brand. The Prestige Group appears to have got the formula right. Mr. Irfan Razack, ‘Falconer’ of the Prestige Group A man of many facets, Mr. Irfan Razack, the Chairman and Managing Director of the Prestige Group, has been the chief architect of the company’s growth. His leadership skills were on display right from his days as a student leader at St. Joseph’s College, Bengaluru. In recognition of his achievements of those days, the St. Joseph’s Old Boys Association has honoured him with the Lifetime Achievement Award. Those who know him well will tell you that Irfan can spot opportunities where none apparently exist. He has the courage to take the untrodden path and the determination to see his vision through. In his march forward, Irfan has been ably assisted by his brothers Rezwan Razack and Noaman Razack. His leadership acumen received national recognition when he was declared ‘Professional of the Year’ at the Real Estate Excellence Awards 2008. He has been Honorary Secretary of the
“
“
At Prestige, we have always attempted to understand the void in the market and ll that gap
Al Ameen Educational Society for 21 years, the President of Bangalore Commercial Association (BCA), and the Chairman of the Real Estate Committee of CREDAI, Karnataka for 4 years. In the past, he has served as Vice-President of CREDAI National and is currently serving as Chairman of the same. Irfan has been a special invitee to the southern regional council of Confederation of Indian Industries (CII). His views on the real estate business is much sought after across various forums. While Irfan propels the Falcon to newer heights, he keeps himself rooted to the ground. A concerned citizen and a caring individual, Irfan spends both time and resources on philanthropic and social causes. His dream of contributing more towards the education segment led to the ‘Educate India Foundation’, another Prestige initiative through which he co-founded the Inventure Academy (estb. 2005), a leading K-12 International School in Bangalore.
A past President of Rotary Midtown, Bengaluru, he is still actively involved in the club’s activities, and is also a Paul Harris Fellow. Among his many initiatives is the Rotary Midtown Prestige Citizen Extra ordinaire Award to honour citizens of Bengaluru who have contributed to society in a significant way. In 2015, he was also inducted as a member of the esteemed Arch C Klumph Society - a special fellowship offered to only a privileged few from the Rotary Foundation. Irfan has received recognition from the United Nations University International’s Leadership Academy (UNU/ILA) in Jordan. He was also voted as one of the Best CEOs in Asia (Best In India) in the reputed Institutional Investor (II) magazine’s 2014 All-Asia Executive Team Rankings. Considered among the most respected businessmen in India today, Irfan was conferred the Bharat Ratna Sir M. Visvesvaraya Memorial Award 2015 by the Federation of Karnataka Chambers of Commerce and Industry. In Irfan’s words At Prestige, growth and expansion is constant, as change is constant. So, we have to think creatively all the time to see how new initiatives can be taken up. Last year, we actively got into the warehousing market and have been pursuing this asset class more aggressively this year. We are also focusing on several new launches in different parts of Bengaluru as well as in Chennai and Mangaluru. We are launching 2 to 3 large-scale IT developments in Bengaluru. Simultaneously, we are also in the process of finalizing a piece of land in Pune for an IT Park. New investments are a continuous trend but the current assets in the retail, hospitality and
IT Parks segments need to get completed. While we are always on the lookout for fresh opportunities that may come along, we would also like to consolidate our position and complete what is on hand. His advice to fellow builders Ensure that your property is in the right location with the right pricing. That is the main criteria. Apart from that, your reputation, track-record, relevant government clearances and clean documentation will go a long way in gaining the trust of the customer. Also, in a bid to make more sales, do not price your product too low. In a market where there is sufficient supply and every developer is working with thin margins, if you end up offering prices below the average market price, at the end of the day, you will run out of cash and, in spite of well-meaning intentions, be unable to deliver the goods. Finally, it has taken the real estate industry many years to gain respectability. Over the years, we have managed to grow into a booming industry and this has happened because of several big players - ethical, dependable and transparent developers, who have managed to change the face of the industry. Today, the real estate industry is one of
the strongest drivers of employment in the country. My request to young, upcoming developers would be to be honest to their work and deliver on their commitments to their customers, so that they can bring respect to our industry as a whole. The strategy over the next few years for developers should be to marry their project specifications with the actual demand to create sustainable businesses. Upcoming projects There are several projects lined up, like Kingfisher Towers - an uber luxury residential project next to UB City and one of the most anticipated developments from the company. Also, there is Prestige Lakeside Habitat located in Varthur, Whitefield, and spread over 102 acres. It features 3428 apartments and 271 villas. The family-friendly development offers one of the best environments for community living. The highlight of the property is a Disney-themed landscape that creates an ethereal, fairy tale-like aura for all residing
there. Disney-inspired rooms consist of Disney-branded furnishing, home décor products, colour palettes and more, bringing alive the complete Disney experience for families. Prestige Lakeside Habitat is a huge milestone for the Prestige Group as it is the largest residential development by the company till date, in terms of acreage and the total number of residences, apart from being the biggest upcoming residential township development in the country today.
India’s first golf villa development, including the worldclass 5-star, luury resort hotel, The JW Marriot, set against the pictresque Nandi Hills. Spread across 275 acres, the property comes complete with ultra-luxurious mansions, a Clubhouse (Falcon Greens), a luxury spa (Quan), a private lake and an 18-hole, championship sized golf course. • Prestige Shantiniketan: South India's first wholly integrated township development including residential, office, retail and hospitality.
Some landmark properties • Prestige Ozone: One of the first gated villa communities in Bengaluru • Forum Neighbourhood Mall: South India’s first real outlet mall featuring international and national brands • The Collection, UB City: South India’s first luxury mall (In partnership with the UB Group) • Prestige Golfshire: South
On the hospitality front, the Prestige Group has been credited with introducing some of the most reputed international brands in the world to South India, such as the Hilton Group and Marriott International in hotels; the Banyan Tree in resorts; and Oakwood for service apartments. In association with Starwood Hotels & Resorts Worldwide, the company launched its hotel, ‘The Aloft’, in Cessna Business Park in 2014 and will be launching the Sheraton Hotel in Prestige Shantiniketan, in the near future. The company’s world-class projects have also attracted renowned clients such as Intel, Microsoft, Hewlett Packard, Oracle, IBM and Cisco to name a few.
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Corporate Office Insights Success Media and Technology Pvt. Ltd. Office No. 513, 5th Floor, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: 020-69400110 | USA: 302-319-9947 Email: info@insightssuccess.com
The 10 Most Valuable
REAL ESTATE Solutions Provider Companies Management
Brief
Agarwal Estates agarwalestates.com
Manoj Agarwal Founder
Agarwal Estates, a one-stop, all solutions – real estate service provider, has expertise in varied aspects of real estate business such as, real estate investments, buying, selling, renting property, property and tenant management, home loans, home decors and interiors and more.
Goyal Properties goyalproperties.in
Rajendra Goyal Chairman & MD
Goyal Properties is one of the leading real estate companies of Pune (Maharashtra).
HDFC Realty hdfcrealty.com
Sunil Shaligram Chairman
HDFC Realty is an end-to-end Real Estate advisory company with a pan-India presence across 23 key cities and a 300+ team of experienced professionals.
House of Hiranandani houseofhiranandani.com
Surendra Hiranandani Founder & MD
House of Hiranandani (HOH) is a leading business conglomerate, developing iconic destination projects in India.
Knight Frank knightfrank.co.in
Nellie Samuel COO (Joint)
Knight Frank builds long-term relationships, which allow us to provide personalised, clear and considered advice on all areas of property in all key markets.
Nyati Group nyatigroup.com
Nitin Nyati Chairman & MD
Nyati Group has diversified into businesses like Hospitality and IT-ITES and carved a niche in respective sectors.
Prestige Estates Projects prestigeconstructions.com
Mr. Irfan Razack Chairman, & MD
Prestige Group has firmly established itself as one of the leading and most successful developers of real estate in India.
Saarrthi Group saarrthigroup.com
Swapnil Shende MD
Saarrthi Group is a dynamic real estate development company with a keen focus on quality and vision.
Samraat Group www.samraatgroup.com
Sujoy Gupta Chairman
Samraat Group is a leading builder committed to ideate, create, and deliver exceptional lifestyle concepts in Nashik and Northern Maharashtra and add to the quality of life of its distinguished customers.
SNN Builders www.snnbuilders.com
Ramesh Agarwal & Shah Sanjay MD
SNN Builders is a real estate development company with a presence in the Bangalore real estate market.
Company Name
AGARWAL ESTATES: Redefining Luxury
L
uxury is not about the expensive material, but priceless creations. An ornate mirror reflects luxury as everything posh, everything impressive, and everything expensive. After all, it is all about comfort, liberty, a freedom of convenience and contentment. Headquartered in Bangalore, and having branches in the US and Guwahati, Agarwal Estates is Redefining the Trust in the real estate service market. CRISIL verified, Agarwal Estates makes sure every detail of what they build is not only of the highest quality but also serves every meticulous purpose. An Agile Entrepreneur Manoj Agarwal, Founder of Agarwal Estates, has varied experiences in IT and Telecom industry and has worked in the top-notch companies like Cisco, HP and TCS. He has worked across different geographies and in the US for a large part of his career. Apart from his domain expertise, he has been always focused on process and compliance, and inculcated values like transparency and honesty which helped in his professional as well as personal life. In 2013, Manoj founded Agarwal Estates with the primary objective to bring about a paradigm shift in the industry, and build a transparent platform for the property buyers and sellers to do business, and provide one-stop solutions for the customers. Tackling the Challenges The Real Estate industry is looked at with much distrust by the consumers and is also not seen as a good career choice. 18 | December 2016 |
Manoj too had the firsthand experience of shoddy services and over promises; more than often, you don’t get what was promised to you. One thing was pretty apparent from the beginning that people do not trust the real estate’s service industry and view it as untrustworthy. Agarwal Estates was formed to change the perception of the real estate’s service industry, and to provide world class services to the customers just like the major organizations do. They have introduced world-class documentation practices, standardization, checklist and processes which are unheard in the industry; and of course, Manoj's knowledge and experience in PMP, ITIL and Six Sigma have helped tremendously. Initially, it was difficult for Agarwal Estates and puzzling to the customers too; because they were giving them the right information to make the right choice, instead of making their choice or forcing them to choose. Hence, acquisition of clients was a hard task for them but fortunately, they started out well and focused on building out their client base gradually through recommendations and referrals. Unique Strategy Agarwal Estates’ secret ingredient is “Transparency”, and it attracted customers and became their USP too. While others continued with quoting astronomical figures, making impossible to keep promises and not delivering what is promised, Agarwal Estates ran customer empowerment and awareness programs besides providing all sorts of information required to their clients that enabled them to make decisions with much ease and belief. | December 2016 | 19
20 | December 2016 |
The 10 Most Valuable
REAL ESTATE Solutions Provider Companies
Our aim is to revolutionize the experience of the real estate service market in India and it has already begun; we have a track record of delivering high-quality services transparently and on time
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In addition, the enterprise offers allied services such as property tax, khata, electric meter transfer, painting, carpentry to name a few. They aspire to empower customers with the right knowledge to enable them to make the right decisions at the right time. While Agarwal Estates’ competitors tend to focus and spend lots of money on marketing and advertisements, they invest in delivery and customer satisfaction. So, the strategy was quite successful as their customers have become their marketing person and refer them to prospective buyers and sellers. Identifying a Potential Market Based on extensive research, Agarwal Estates decided to focus on Bangalore. It is the IT city of India with world class amenities and better infrastructure as compared to many other Indian cities and weather much unlike any other city. Bangalore’s real estate market continued to grow even when there was a lull in the Indian real estate market. And they strongly
”
believe that the real estate market will be bullish in Bangalore for years to come. In addition, Agarwal Estates has a strong relationship with the builders and construction firms and are well aware of the market conditions as well as the areas which have the potential to grow.
Manoj Agarwal Founder
Going ahead Towards the Future Due to the innovative and customized solutions, Agarwal Estates have become a major player within a short span of time. They do not advertise, but their reputation grew by the word of mouth. One happy customer led to a new prospective customer, and it continued. Their Facebook review rating, provided by more than 100 customers, has been a constant 4.8+ which is unheard in the industry, in addition to that they have got 63 recommendations in Linkedin. Being a transparent organization, Agarwal Estates empower their customers through their Customer Awareness Program. They have been constantly getting acknowledged by their existing customers about the knowledge they share with them. The future definitely looks brighter and it excites them too. Still, Agarwal Estates aims for only one thing, in their words, “All we need is your autograph.”
Need of the Hour As consultancies keep registering high profits, buyers, on the other hand, were dismayed with doubt and confusion where cost and documentation were involved in the transactions. And this is the main reason for them to not trust organizations and people involved in the real estate services. This can lead to disastrous consequences for the industry. Hence, the need of the hour is to win back the trust of the customers and to be transparent. Agarwal Estates believes in empowering customers to make informed decisions and desire to bring transparency in the real estate market by injecting trust, clarity and world-class processes in their services. www.agarwalestates.com
| December 2016 | 21
In The Spotlight
READY TO POP THE
REAL ESTATE
Bubble! I
t was in 2008, the last time when the real estate bubble burst. And by that experience you would probably be hesitating to put your step into the real estate market again. So what is Real Estate Bubble? A real estate bubble is an increase in housing prices fueled by demand, speculation and exuberance. It usually starts with an increase in demand, in the face of limited supply which takes a relatively long period of time to restore and increase. Speculators enter the market, further driving demand. At some point, demand comes down or stagnates and at the same time supply increases, resulting in a sharp drop in prices, and the bubble bursts.
lending is not a healthy practice. As the subprime lending focuses on providing loans to that population who otherwise don’t have access to the credit market. As these loans are characterized by higher interest rates and are less favorable in terms to compensate the higher credit risk. On the other side it has been observed in the past that packaging subprime lending with mortgagebacked-securities (MBS) has contributed to global financial crisis.
If someone is buying during a bubble, overpaying for the property, then either they may be forced to sell the property for much less than the property is worth of, or to stay longer until enough equity is built up to sell the property. So, if someone is planning to buy a property then they should understand the signs that point towards a real estate bubble.
Financial Leverage When someone takes out a mortgage, the money is leveraged out. As the leverage and down payment for a particular asset are inversely proportional to each other, less is the down payment more is the leverage because here lender’s money is used to make the purchase. Leveraging affects the financial stability as the gains or losses get multiplied with increased leverage. Loses creep into the scenario if the financing costs exceed the income from the asset due to the dip in its prices.
Unstable Loans Prior to recession it has been observed that subprime
Rise in Interest Rates If people are to make a decision about buying a property
22 | December 2016 |
In The Spotlight
based on the fact that the interest rates are really very low, they might actually end up buying the property. But as soon as the interest rates rise, demand for the properties fall. Even if the interest rates increase by 1%, all the properties suddenly become unaffordable and the property market sinks very low. Hence, people should be very mindful about this while deciding to go ahead with a property purchase. Illusion of signs Many of us get confused if the real estate market is in a bubble or not leading to a wrong decision as many a times the perception about the bubbles is wrong. Bubbles just don’t refer to the rapid price appreciation, rather they refer to the “unsustainable” rapid price appreciation. Buyers should not just buy a house that is suitable for their family at present, and assume they can afford it over a long haul. Instead they need to make a decision of buying a property that benefits them even if the real estate prices drop significantly.
Rise in Property Prices vs Salaries When the property prices are rising at a high rate but the salary isn’t, then the person is left with two options: continue to rent, or buy a property he can barely afford. So, here arises a dilemma of whether he should continue renting and wait for some time to buy a house, or just go ahead calculating the least amount of loan & EMIs that he can afford. Local real estate markets are exceeding the capacities to absorb prices and this could be the sign of froth in the market. Rapid property price shoot up that don’t match the wage growth is the prime matter of concern. But as long as the credit conditions from the lenders are tight there won’t be any run away price inflation. Rate of Foreign Demand In an International city when the foreign national buyer demand slows- markets suffer, foreign investment plays an important role in deciding the real estate market, because sometimes issues linked to a
nation such as an epidemic or natural disaster warning affects the foreign investment. At the national level it may seem to be quiet small but globally it may prove to be “The straw that broke the camel’s back”. Financial Crisis Due to Real Estate Bubble Real estate bubbles and the speculations associated with them tend to cause financial crisis, which may lead to lower growth, higher unemployment and higher government debt. In reality, only the banks and those with a number of properties benefit from high property rates. High property rate means people will have to take mortgages for a longer period of time, which means more money for the banks in the form of interest. Now it depends on the masses as well as financial critics to decide whether “The Real Estate Bubble” is just an illusion or reality!
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WEB AND MOBILE EXPERTS
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CXO Standpoint
Mobile Apps to play a significant role in building IoT-enabled Smart Cities
I
n simple words, Internet of Things (IoT) is the transcendence of the Internet into everyday objects, connecting them via a network and allowing them to receive and send data. Once these objects are brought online, so to speak, they can be easily controlled and monitored via mobile apps, giving users an unprecedented amount of freedom and ease over them. Rapid Pace of Smart Device Adoption in the Home is Accelerating the IoT Revolution The recent “State of the Smart Home” report by iControl.com shows that at least 54% of the American population intents to buy at least one smart home product in the next year. In Canada, this number is slightly lower at 50%. While Gartner estimates by 2022, a typical family home could contain up to 500 smart devices. However, a completely interconnected smart home, where every appliance in your home - from your toilet to your coffee pot - can be accessed via a 26 | December 2016 |
central unit, like say a cleverly developed app on your smart phone, is still a ways away from being affordable to the masses. Which is why creating IoT enabled cities - smart cities - is being seen as a much more attainable, efficient and realistic application of the technology. Mobile Applications play an Integral Role in the adoption of IoT at an Urban Level The adoption of IoT at the urban level can only be achieved when national and state governments implement ICT solutions to manage its public affairs like waste management, transportation, energy management, surveillance and policing etc. - thus building a truly Smart City. Central to realizing this ambitious vision is a technology. Not just the tech that governs the infrastructure, i.e. state of the art sensors and broadband connectivity embedded into the devices, but the tech that controls these devices.
This is where mobile apps come into play. A single well developed mobile app has the ability to interact with several smart devices and collecting pertinent data to provide the users a unique and utilitarian experience. A cleverly developed mobile app interacts with a broad spectrum of sensors, thus enabling a user to monitor, control and access several smart devices with a single mobile application. Experienced mobile developers can configure different parameters when working with various communication protocols into a single mobile app, making the management of a plethora of smart devices easier. Cleverly designed and developed IoT mobile applications that seamlessly leverage big data and analytics are key to promoting Smart City initiatives globally.
CXO Standpoint These mobile applications can transmit accurate user insights and actionable information collected from the real-time data streams to the governments. Equipped with this information, governments can take the necessary decisions and efficiently make adjustments to any municipal system according to the needs of the citizens. The Escher Group in their Smart City Planning report name developing comprehensive mobile and web applications and e-services as one of the essentials needed to build a sustainable and scalable smart city. The backbone of any successful smart city is the proprietary IoT software or platform that acts as the foundation that would enable real time interaction of every smart device in the city. A comprehensive mobile application would act as the front-end of this software; helping the users and the governments make sense of the terabytes of data that would be available at their fingertips.
About the Author:
Shahid Mansuri Co-founded Peerbits, one of the leading mobile app development companies, in 2011. His visionary leadership and flamboyant management style has yield fruitful results for the Developing Secure Mobile company. He believes in sharing his Applications is a key to the Growth strong knowledge base with a lean of Smart Cities However, a mobile application will concentration on entrepreneurship and only be useful to an IoT enabled smart business. Being an avid nature city if it ensures complete security of the humongous amount of data being sent back lover, he likes to flaunt his and forth between the devices. pajamas on the beach during A poorly developed mobile app that does not pay the vacations. critical attention to cyber security will enable cyber criminals to manipulate and hack any smart device that the mobile application interacts with. An unsecure mobile application has the potential to put the entire infrastructure of the smart city at risk. This is why partnering with the right mobile application developers, who have the experience and technological expertise to develop wholesome mobile applications is of the utmost importance. | December 2016 | 27
SAMRAAT GROUP: Experience the Power of Imagination
R
ooted in the solid foundations of trust....Shaped by the power of imagination.... Built by the belief in innovation & quality.... And cemented by the love & patronage of over 2000 patrons, Samraat Group owes its rapid rise to a single-minded resolve of creating pioneering lifestyle concepts that have not only defined the skylines of Nashik city but also redefined the lives of Nashikites. Founded in the year 1988, the Group till date has delivered 35+ landmark projects in the city of Nashik which also includes very premium and exclusive projects like SIGNATURE. Most of these projects have been recipient of many awards in various categories. Each one of them is a testimony to the highest standards in construction quality, choice of the best brands available in the world, usage of new-age technology and the expertise of the best professionals to realize flawless execution. 28 | December 2016 |
The 10 Most Valuable
REAL ESTATE Solutions Provider Companies
‘With the power of Imagination, one can create wonders’, since inception, this philosophy has been at the core of Samraat Group and had been espoused into everything they carve. Be it homes, offices or leisure spaces. In their marvelous journey of creating life like spaces that exceed your dreams, they have transformed from a company to an entity.
village near Nashik. As fate would have it, Sujoy lost all his savings in this venture and went back to a job again, but this time with a realtor. And finally, it was on 15th August 1998, Sujoy launched his first solo project called ‘Dream Complex’ in Nashik, and started Samraat Group as a proprietorship firm, which has eventually grown into a mammoth company.
A True ‘Son of the Soil’ A wise man had once said that, “Limitations exist only in the mind, limitlessness lives in imagination”. It is this profound thought that has inspired Sujoy Gupta, Chairman of Samraat Group throughout his life and become the basis of founding Samraat Group- a company that believes in the power of imagination. Leading Samraat Group from the front, Sujoy personally committed to deliver the best-in- class living experiences created through the best utilization of human mind and technological prowess achieved and delivered through partnerships with the best of the brands from around the world.
The Landmark Project After starting his business in 1998, it was in 2006 that the fate of Samraat Group changed and they went into the big league with the launch of ‘Dream Citi’ and this project was awarded ‘Best Building of the Year’. It was this project and award that got Samraat Group the much-awaited exposure, thus acting as a turning point for the company.
Paving the Way for Real Estate Entrepreneurship Sujoy’s story is none less than one bearing resemblance to a Bollywood flick. Born in a middle class family, this real estate tycoon from Nashik has made it from rags to riches in true sense. Although, Sujoy lost his father at the age of twelve, he tried his hand at petty jobs from working as waiter in hotels to cleaner on trucks to earn a living, but the dreams in his mind to make it big were always awake. It was in 1994 that Sujoy started as a minority partner and launched his first project named Siddhanth Gardens at Palse
”
”
Our vision is to attain the
status of a professional and
socially responsible corporate
organisation that endeavors to uplift and positively transform
Sujoy Gupta
the quality of life
Chairman
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The 10 Most Valuable
REAL ESTATE Solutions Provider Companies
The Samraat Brand Ethos A Samraat Group creation is an epitome of quality and they will leave no stone unturned to deliver the same. Be it construction, technology, choice of materials or service, you will always experience the ‘Samraat Difference’ in everything, every time. A home is more than a dream for everyone and Samraat Group is committed to timely delivery of their projects and wherever possible strives to deliver before the committed time. As much as they build structures, they also build trust and relationships. With transparent business ethics and delightful customer service, they are driven to keep their promises and fulfill expectations. Leadership is all about being in action, and in collective empowerment. Every member of Samraat team is a leader in their own right and passionate about leading from the front. Samraat Group is passionate about giving their customers more than what they can dream about. Hence, every initiative they take revolves around adding value to their dreams and desires. Samraat Group envisions to be a pioneer in their field, committed to constantly bringing new things that will redefine their industry and the lives of their patrons.
Recently honored as the ‘Indian Power Brand at Las Vegas’, USA and chosen as one amongst ‘The 100 fastest growing brands in India’, the Samraat Group over the years has also been awarded with several National & International recognitions. The group’s two pioneering projects Samraat Tropicano and Samraat Nucleus are amongst the first to be rated 6-Star and 5-Star respectively by CRISIL validating its will and attitude towards a high level of transparency and commitment to quality. Roadmap to Future Real estate sector has been changing its faces, and the newer trends that would determine the future is building signifying lifestyle itself. After vertical expansion in Nashik city, Samraat Group looks forward to expand horizontally across multiple states and cities, as well. Immediate on cards in the near future is launching a public issue of the company. Samraat Group has also entered the hospitality industry with a 5 Star Hotel - Marriott Courtyard, a 118 rooms hotel which will soon be opened for public at Mumbai Naka, Nashik.
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#Hashtags PICKING UP THE RIGHT FACTORS TO
INCREASE REAL ESTATE
BUSINESS?
T
he sun shining over the horizon, a river flowing by quietly, clouds dotted with birds and a pretty garden in front of a small house. This is how most of imagined our dream house when we were children and still most of the kids do. However, in the real world, a house we live in is not what we dreamed of, it might be better or worse depending on the way we look at. But it's undeniable that the Indian Real Estate Market has changed our lives. Though the real estate market has been sluggish for two years, but the Real Estate Regulatory Bill in 2015 and the relaxation of the FDI laws has given a new way to grow the real estate market in India. Though there are some factors that may affect the Indian real estate positively.
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Interest Rates The interest rates were cut by Reserve Bank of India by 50 basis points, in 2015. Also, many banks are cutting off the interest rates on the home loans, giving customers much ease to invest in the real estate market. The sales of properties will get affected because of these deductions when buyers will happily be sealing the deals. Payment Plans The potential customers are being attracted by developers for years by providing easy payment plans for buying homes. They are doing this to provide benefits to the customers as well as themselves and also, to ease their large debts and piling inventories. These easy payment plans will drive buyers to invest in properties next year. Real Estate Regulatory Bill Whenever a new law or bill is enforced, real estate developers attempt to complete their existing
projects instead of jumping on to newer ones because they always want to know how things change with the new bill or law. Thus, the developers will be focusing on finishing their existing projects for some more time with the Real Estate Regulatory Bill that has come up last year. Affordable properties The property prices will not be coming down any further since it has already down by 15% in 2015. So, developers are drawing their attention to converting 2BHK into 1BHK with simpler amenities. If small apartments with required amenities will be available at an affordable price, then consumers and developers both will be happy. With all these factors combined, if implemented correctly, then the real estate market will not have many numbers of unsold properties in India.
CXO Standpoint
To be on
Real Home Journey, Invest in Real Estate C
hairman of Finstem group of companies “Mr. Manish Kumar Shoundik” firmly believes in the saying “A goal without a plan is just a wish”. Through different verticals of Finstem Group, the company is striving to provide direction to the dreams of individuals as well as corporate and excels towards providing solutions in the fields of Financial Services, Real Estate, Outsourcing Services and Digital marketing. The infrastructural development boasts of impressive projects like Finstem City-Florizel Villas on Bangalore Mysore highway, Fin Castle Residency in Ludhiana Ferozepur highway and Eastern Homes, Patna. Finstem intends to continue to grow in India & abroad over the next few years so that our foreign and domestic clients can continue to work seamlessly across the globe. With established centers across 8 Indian cities, the company boasts of its presence in Delhi NCR, Ludhiana, Jagraon, Bangalore, Mysore, Patna, Lucknow & Dhanbad. “Real estate has been considered as the most sought of investment as per the Indian investor’s psyche.” Like any other market, Real Estate sector also has its highs and lows. Although investors have minted money during the boom period of 2002-2013, they also have seen the declining phase of the market between 1994-2002 when the properties were sold at half their peak price. Expecting similar returns in nascent markets might be possible, but it won’t be fair to expect the same kind of return in developed markets. Lack of Buyer’s Interest The bear phase of the market has directly touched the sentiments of investors and people are not very keen on buying the property looking at the unclear future picture
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of few of the projects. The sector carries a baggage due to ignorance and opaque regulation which needs to be settled to improve market sentiments. Decline in a number of buyers for residential projects can be witnessed clearly due to the lack of appropriate pricing, which is found as high as compared to the average income of investors and rental aspects of the property. This is one major factor that has impacted the level of demand for end users as well as the investors. Buying Opportunity A boom in the Real Estate market is expected with GDP is moving to 7.5-8% per annum. Moreover, the current government has also tried to bring clarity to both buyer and developer in the form of a real estate regulator bill which makes real estate investment more lucrative and regulated investment option. Due to the correction phase in real estate sector and rupee depreciation, investors can find properties being sold at half the price of their peak value. Although the cost of construction has risen over the past few years and the compliance cost is also expected to go up in view of introduction to Real Estate regulators, buyer’s can still find properties which are sold at a cheaper price due to rupee depreciation and large unsold inventories. The approach in the current market scenario should be to invest under construction residential properties rather than the constructed ones, in view of the discounted price of the former as compared to the latter one. This is the time when investors should search for best possible options in terms of the legality of project, location, pricing and rental/future aspects in order to enjoy the best out of the market.
CXO Standpoint Think Before You Buy Although, we can find properties with a lot of freebees and payment options similar to SIP, we also need to look at the details of the property with respect to location, track record of the developer, papers, and approvals in line with new regulations. A suggestion would be to buy sensibly rather than being lured by the lucrative buying options. After all, it is not only about the packaging but the quality of the
item being bought. Over-leveraging in the current market scenario is a clear no-no, which means people should only invest the money which is surplus and ready for investment rather than being lured by the market. Investors in the past have invested out of the pocket while being caught by lucrative marketing activities and in turn have burnt their hands when it came to paying the cost of the project during the market slowdown. “Investors should take calculative advantage of the current turmoil in the residential market, instead of avoiding it.”
Mr. Manish Kumar Shoundik CEO & Founder
Finstem Group
About Mr. Manish Kumar Shoundik Mr. Manish Kumar Shoundik, CEO & Founder of The Finstem Group of Companies, Hailing from Jharkhand started his career in May 2013. Having a career spanning over 17 years of contribution at several senior positions in the fields of the banking sector, financial management, strategic planning and business leadership, to make him fully equipped with the essence of strategic planning, management skills, understanding and successfully running a startup. His work stint with banks like Standard Chartered, HDFC, ABN AMRO and Deutsche Bank at various leadership roles, contributed in crafting pillars of his dream company Finstem India Pvt. Ltd. He took the challenges of building the nascent retail business with a strong focus on the expansion of distribution and scale at every step of his career.
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Peaks & Valleys
THE
REAL ESTATE MARKET GEARS UP TO LEVERAGE THE
DIGITAL WORLD I
n the digital era, the increasing aspirations of buyers and the expanding world have created a great scope for marketers. Every brand for its customer/consumer base wants to create lasting and unique customer experiences which are now completely absorbed in a world of rich digital experiences. Nowadays, digital medium is emerging as the key marketing medium while traditional offline channels are still struggling to keep pace. Digital medium is raising high for building, retaining & growing customers and increasing topline growth. More avenues for brands have been created by digital in order to engage meaningfully with their consumer. Digital is the best and more ROI centric medium for
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all sectors, brands and categories. Real Estate is no exception as it is fuelled by the increase of internet penetration and portable devices into the Indian heartland. Digital strategy includes a lot of techniques such as Content Automation, Campaign Marketing, Search Engine Optimization, E-mail and SMS Marketing, Search Engine Marketing, E-commerce Marketing, Content Marketing, Influencer Marketing, etc. By 2020, the Indian real estate sector is expected to touch US$ 180 billion. Country’s 5-6% of GDP is alone contributed by the housing sector alone. Recently, many initiatives have been taken by the government that raised hopes for the buyers and developers and has also started translating into improved sentiment, sales as well as growth. In India, real estate companies are trying to incline towards a digital led marketing strategy. These strategies are designed around online generation of leads,
experiences, and bookings. Across the top 50 urban hubs, India consists of approx. 250 million online users, and this makes India’s real estate marketplace more with potential buyers of home. Indian real estate firms are spending around Rs. 2,500 crore per annum on promotional activities and campaigns, out of which over 30% is being spent in digital alone. And in the next few years, industries are estimating this to increase by 50%. As per trends, online search provides ease of analyzing through various options within a few clicks, so
Peaks & Valleys
platforms and campaigns, lead management, Online Reputation Management (ORM) and mobile responsive sites play a major role in driving marketing activities.
primarily 90% of the property searches are done online. On the basis of comparison, growth is observed because it helps in decision making process of the potential customer more aided and easier. Messaging and communication which is being tailored to the behavior of online buyer ensures more clicks as well as better conversions. The key to success of any Real estate marketing campaign is the authentic and quality content in the digital medium. As it makes them in taking actions for registering interest and creates interest in the mind of the potential customer. High quality content contains information that is contributing towards effective discovery of quality content. For example, more pertinent
search result is anticipated by the use of specific keywords. Also, a lot of features that are based on real experiences add great values to the search results of the potential clients. A 360 degree on-line tour of a property is probably going to get rid of any initial misgivings that the client may need regarding the project while giving him a quick product experience. With Facebook tools like canvas ads, 3D videos etc., it’s clear that these social networking sites can be an equally effective tool for real estate marketing. And it has been observed that over 90% of the leading brands of real estate are using social media sites for lead generation, promotion, marketing activity and consumer engagement. Lead generation
For targeting customers, real estate developers are using digital marketing as a very significant technique. Usage of digital marketing is directly proportional to the needs of the developer. For instance, for a project costing between 30-40 lakhs, a small developer spends very less on digital marketing. They target their customers via SMS and database marketing. However, for a big developer the case is different. As their majority of the customers come from the digital savvy class, so they target them via digital medium. As this medium is more effective for them so depending on their target, they post their ads on most visited sites. And this whole process of approach to the customers via digital marketing has become very dynamic these days. Moreover, the new and upcoming buzz in real estate world is Geo-targeting. Real estate companies are trying to target some specific areas for promoting their business in the form of Hyper-local marketing as it is a kind of a micro-market sport and helps them in building local brand recognition and focus on smaller number of prospects as well. Also, in the near future, it will facilitate them to measure their success results and understand the market easily. And they will continue to focus on their strategy, more the confined area is; more easily one can target the strong prospects within that region! | December 2016 | 37
Don't of
hink of
The 10 Most Valuable
REAL ESTATE Solutions Provider Companies
SNN BUILDERS: Fulfilling Your Aspirations
S
NN Builders are an impeccable amalgamation of some of India’s brightest minds with expertise ranging from operations in civil engineering to real estate development, from infrastructure to agriculture and as is evidenced by the massive development projects that have heralded this new millennia of Information Technology. Inception and Growth Story Established in 1994, SNN Builders have completed over 40 projects covering more than 12 million sq ft. SNN Builders property development portfolio is diverse in scope and style, attracting considerable interest from not just end consumers but also from many investors. Since their inception, SNN Builders have made great strides in changing the lifestyle of Bengalureans. Having understood the core philosophy behind comfortable living, they have been constantly innovating to deliver the best of projects to their customers. SNN’s key competitive advantages are its sound financial backing, availability of large resources and high level of management expertise. SNN’s corporate philosophy is to focus on balancing the evolving needs of a modern city while maintaining and conserving the environment. Most of their ongoing & upcoming projects are located in South Bangalore with a range of 1/2/3/4 BHK residential Apartments & Penthouses. The Enablers Under the headship of Ramesh Agarwal & Sanjay Shah, Managing Directors of SNN Builders, the company has been attaining new heights with every project and continues on an upward growth trajectory. These dynamic businessmen have always possessed the courage and the convictions to follow their heart. SNN takes pride in their successful journey that has been a result of their stringent focus on numerous aspects of their business, including qualified employees, quality workmanship and financial management, honesty, good subcontractors, customer communications, reputation, and completing projects on time. At SNN, each project is run with clockwork precision to ensure quality and timely delivery.
“Following Ethics”- The Business Mantra In a highly competitive industry such as construction, ethical business conduct is not only an advantage, but can prove to be greatly differentiating. SNN adheres to maintaining strict ethical business standards in terms of complying with every provision within contracts as well as maintaining accuracy in documentation. By ensuring complete compliance and creating a system of internal controls, the company is able to promptly address any errors or lapses that may occur. Strength SNN’s Engineering Division ensures that every project meets their quality guidelines, from Structural Stability to awarding contracts to their Sub-Contractors, selection of sites, architects, consultants and various vendor partners on the material front. Above everything, SNN ensures that their structural design meets the quality guidelines set forth by the prevailing norms of various Government agencies in Bengaluru. The processes followed by SNN include: • Selection of Site and Soil Investigation • Structural Design and Execution • Quality Assurance and Quality Control • Project Completion Report and Occupancy Certificate | December 2016 | 41
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The 10 Most Valuable
REAL ESTATE Solutions Provider Companies
Shah Sanjay MD
Ramesh Agarwal MD
Nitin Agarwal Director
S.Srinivasan CEO
As builders, it becomes a huge responsibility on our part to ensure that Bengalureans have all the upmarket comforts. In keeping with our corporate philosophy 'Aspirations Fullled', we constantly strive to fulll the aspirations of our customers of owning a dream home
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SNN Engineers- The Critical Thinkers A major advantage with SNN can be attributed to their talented in-house Engineering Team. A team of over 250 well trained and skilled personnel ensure quality control processes are adhered to and home owners are provided with quality dwelling spaces. Having a large in-house team also serves as a distinct advantage as any problems faced by a home owner post-handover of the apartment can also be immediately rectified. At SNN, roles of each team and its members have been clearly prioritized. However, the role the civil engineer plays is most vital role as he is entrusted with the responsibility of leading a team of professionals with diverse skills. The civil engineer’s leadership skills are integral to ensuring a project is delivered on time and within budget. At SNN, it is believed critical thinking is a necessary pre-requisite for the civil engineer as one is often confronted with complex problems. It is essential to identify the most reasonable approach to problems as well as effectively and accurately assess the strengths and weaknesses of possible solutions. Quality Assurance and Quality Control SNN prepares a project specific Quality Control Plan and follows them strictly to ensure that the quality of work executed by the Sub-Contractors are met 100%. The SNN project management team comprising experienced and qualified Engineers undertake the overseeing of the process
”
for Quality Assurance, which includes: • Preparation of Checklist of all activities, duly approved by SNN Quality Control Team. • Material Testing and Procurement Plan • QA / QC observation and surveillance at the site. • Regular monitoring of calibration of testing equipment and validation of contractor’s equipment. • A laboratory test of concrete and other building material to ensure quality. • Periodical internal audits to ensure top notch quality. • Daily visit of Senior Management to ensure overall Quality Adherence. On the Cutting Edge of Building Tech The growth of new technologies in the construction industry is expected to have a significant impact on the way construction is undertaken in the future. With new methodologies, changes may be expected in the composition of the workforce. New construction technologies may require the attainment of new skills or trades with the consequence of establishing new or redesigned training programs. SNN maintains a forecast of these potential impacts as well as updates on new training methodologies and associated up-skilling. As efficiency codes have come into effect in recent years, new construction technologies and methods have also emerged.
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