We Focus On Delivering Great Value To The End Customer: Ashish Bhutani

Real estate has seen a challenging phase over the past two years, what has been the story at Bhutani Group?

Very honestly, at that time, it was all about consolidation. We remained focused on the areas that we were strong in; saw where our weakness was and corrected them. This helped us deal with the situation.

As I said, it was not the time to expand, it was a time to consolidate and we were able to tide over this phase.

While there were a lot of layoffs across industries, for us it was a different story. We have almost doubled our force during that period. In fact, we never had unnecessary people in the organisation, we only had the most essential people. I believe that if your organisation's policies are correct, they will go on adding to your success.

Despite the slump we have seen some innovative offerings from you like the world’s largest infinity pool at Alphathum and the largest musical fountain, how do you foresee the demand in a market that is playing on the backfoot?

Whenever I plan a project, I do not like matchbox buildings at all. I always try to make a project that will go on for generations. 

I have always used the example of The Empire State Building in New York. Once you make a landmark, no one is bothered to know what the building next is called. And the price difference is substantial between that building and the building next door.

Once you build a landmark and the innovation that goes into it as we have done at Cyberthum and Alphathum, that attracts people.

What would you call the differentiating features of Bhutani's offerings?

First of all, we don't compare ourselves with any other developer, with due respect to all developers. I'm not saying somebody is superior or inferior, it's absolutely their choice. What we focus on is how to deliver value.

Rather than focusing on 100 projects, we focus on just a few projects. We always try to think of innovative ideas and make efforts to ensure that we deliver great value to the end customer.

Rather than quickly churning out ideas, we try to brainstorm on one particular thing and try to make it large and make it beautiful.

As far as deliveries of projects are concerned has covid posed any challenges on that front?

By God’s grace, we have completed all our projects on time. Alphathum now stands delivered and all our other projects are delivered on or before time.

What are the big trends shaping the commercial real estate demand?

It's about coworking. The future is predominantly about start-ups. I was reading a recent survey that said that globally one out of five employees, has not come to work saying that they want to do something on their own.

A lot of Indians want to do the same thing. They want to start their own ventures. And they do not want to invest in their office spaces, they want to invest in their work. This is the solution that co-working spaces are providing.

Co-working places want businesses to focus on their core, rather than spend time and energy on issues like air conditioning, electricity etc. That is something which makes co-working spaces very attractive offerings.

Also, there will be a lot of focus on sustainability, pollution control, EV-friendly spaces etc. In a nutshell, it's all about giving world-class facilities at the right price, and that is going to be the next big trend that will drive growth in the commercial real estate sector.

Even big corporations are moving from traditional offices to coworking spaces. As I said, it's all about focusing on the core that coworking spaces allow.

Many experts believe that the real estate market is getting consolidated and the share of bigger developers will keep increasing, your views?

Absolutely right, because the small developers are facing a little bit of hiccups since the trust deficit is there.

Yes, the good projects do come to the bigger developers, I will not debate that.

What will unleash the next phase of growth for the commercial real estate sector?

With manufacturing shifting to India, MNCs are focusing big on the Indian market. The IT strength that India has is making it an attractive hub and it will keep on increasing. 

What is your vision for the group over the next 5 years? Are you looking at markets beyond metros?

Right now, we don't have any pains to move to other cities. We are very content with the places we are in.

As far as expansion plans go, something big is on the cards. We are also foraying into the luxury lifestyle business. We are trying to alleviate the idea of a residential lifestyle in India.

So, the next five-year focus is to enter the luxury residential market and keep creating beautiful commercial hubs.