Nishant Agarwal, Managing Director, Avighna India Ltd
From Nishika terraces spread across 100,000 sq ft to One Avighna Park spanning 4 million sq ft of real estate development, Avighna India has traced an interestingly fastpaced journey. One Avighna Park is a testimony of successful cluster redevelopment where a dilapidated mill with 85 warehouses has been redeveloped into a multi-storey residential project. Moreover, this is the first mega cluster redevelopment project to take off in Maharashtra with a large number of stakeholders. MONISHA RAO caught up with Nishant Agarwal, Managing Director, Avighna India, on the project site of One Avighna Park for a 'guided tour' of the company's meteoric rise and the current market trends. Excerpts of her candid conversation with the young Agarwal...
"While designing One Avighna Park, basic things that are missing in Mumbai such as public amenities and green spaces were identified. Besides, green aspects form an essential part of each home, in line with Avighna India's commitment to develop practical buildings with low operating costs. Maintenance is the biggest apprehension faced when residents move into a new building. The company has addressed this issue head on by tying all long term contracts in advance. A dedicated and focussed two-and-a-half years were allotted to conceptualise the design of the project and ensure that all the practical and sustainable aspects were taken care of.
Going green
The low-emittance glass used in each apartment in One Avighna Park generates a saving of 39 per cent in the running cost of air conditioning - it lets in light but traps the heat outside! With a sewage treatment plant in the premises, water can be easily recycled for flushing purposes. Hence, approximately 40 per cent savings can be incurred by waste water management. In addition, installation of wind turbines in the premises contributes towards lowering the load.
With a payback period of seven years, the return on investment is zero for the developer; however, the residents will certainly reap the benefits for years.
Core strengths
There are three aspects that need to be considered while constructing a building - design, material and execution process. First, international consultants from around the globe (Singapore, London, etc) have been roped in to design the project. Second, good quality material has been sourced from Europe, the US, Singapore, Malaysia and GCC countries. Third, the execution process forms the main aspect. You could own a Rolls Royce but you should also know how to drive it! So, more than 300 labourers have been relocated from the GCC countries to carry out mechanical, electrical and plumbing works. As far as technology is concerned, MIVAN shuttering has been imported from Malaysia due to which there are no beams in our apartments.
Differentiator
As a debt-free company, Avighna stands by the group's commitments. Unfortunately, given the economic scenario, real estate projects in Mumbai often get delayed. For instance, the medium rate of constructing a high rise residential tower globally is 60 m per year, however, in Mumbai it is only 28 m. It is very difficult to deliver a project like One Avighna Park in Mumbai due to inevitable project delays as a result of political and bureaucratic hurdles.
Hence, it is advisable to make commitments accordingly. People need to make more realistic claims. We deliver the best at the right time.
Nishika Terraces is a landmark for the whole of Mumbai. Sutlej Terraces at Walkeshwar, Yashika Apartments in Borivali, etc, are iconic structures as we pay a lot of attention to minute details. For example, no flats have been resold in Nishika Terraces because of its quality of construction and end-users are happy. The factors owing to which buildings become a landmark include quality construction, its sustainable features and more importantly, the end-users. While marketing schemes lure investors, end-users get attracted with practical aspects.
High-living
Luxury should be burden-free and affordable at the same time. It is defined by good quality construction and co-operative neighbours. Today, most buildings face administrative issues and in order to tackle them a corpus fund has been formed, which takes care of maintenance related issues for a period of 10-15 years. Moreover, the luxury segment has enough supply on paper but if you consider the deliveries in the last five years, it narrates a different story. Buyers have understood this scenario and are now buying properties in projects which are close to possession.
Buying trend
Over the years demand for luxury housing has certainly increased with people looking to move out of areas like Walkeshwar, Napean Sea Road, etc, because of small apartments with no amenities. Family sizes have grown and so have infrastructure facilities in the city. These have drastically reduced the travel time. With people willing to move to different areas of the city, demand is certainly on a growth trajectory.
Policy matters
The present government has taken active steps towards cluster redevelopment. Over the years, the Maharashtra Government has realised the criticality of this issue and has addressed it with a revised policy. It is a great time for NRIs to invest in India, however, they are a little skeptical given the unstable political scenario. The real estate sector in India despite being the largest employer, and its huge investments has not been given an industry status. In such circumstances, it gets quite challenging for a developer to work at the policy level.
Wishlist
Single window clearance is a wish that is unlikely to come true in the near future. There are too many agencies that are handling various roles, hence it is difficult to bring all these agencies under one umbrella and move forward."
Avighna India Ltd
Year of Establishment: 1987
Top Management: Kailash K Agarwal, Chairman;
Nishant K Agarwal, Managing Director;
Yashika A Saraogi, Director
No of Employees: 108
Centre of Operations: Mumbai and Dubai
Ongoing projects: One Avighna Park
Completed Projects:
Yashika Residences, Satlaj Terraces, Yashika Apartments, Nishika Terraces, Advent Atria, Advent Plaza
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