Moguls of Real Estate

$35
Item Code: IDL216
Author: Manoj Namburu
Publisher: Lotus Collection Roli Books
Edition: 2007
ISBN: 9788174365866
Pages: 290 (38 B/W Illustrations)
Cover: Hardcover
a54_books
Other Details 8.8" X 5.8"
Fully insured
Fully insured
Shipped to 153 countries
Shipped to 153 countries
More than 1M+ customers worldwide
More than 1M+ customers worldwide
100% Made in India
100% Made in India
23 years in business
23 years in business
Book Description
From the Jacket

Vivid and detailed, Moguls of Real Estate aims to preserve for posterity the business-biographies of five of the most successful leaders of the real estate industry in India – KP Singh of DLF, Niranjan Hiranandani of Hiranandani Constructions, Sushil Ansal of AnsalAPI, Shapoor Pallonji Mistry of Shapoorji Pallonji & Co Ltd and Irfan Razack of Prestige Group. The book examines their lives closely and reveals how they overcame obstacles, forged their own management philosophies and revolutionized the business world. It celebrates their larger than life ambition, inspired leadership and hard work.

The book traces the growth-including the highs and lows – of the Indian real estate market and is as much for general readers as for those particularly interested in the Indian real estate industry.

MANOJ NAMBURU is the Chairman and Managing Director of Alliance Group, developers of residential and commercial properties, malls, hotels and multiplexes. He is also the CMD of Real Estate Television, India’s first 24x7 television channel focused completely on real estate and infrastructure.

Prior to founding Alliance, Manoj was the Founder and CEO of Magma Consulting Inc., California, USA, where he spent a significant amount of time helping clients improve their bottom lines by helping them adapt to emerging technologies.

Foreword

The real Estate Industry is at the core of India’s Growth story. The sector is booming with huge unmet demands, accelerating prices and increasing foreign investments. Growth, expansion, buy-outs and deals are its buzzwords. Favourable demographics and rapid economic development are driving the growth of the sector, making the country an attractive destination for property investors. Realizing its potential, the Indian government has proactively introduced reforms, thereby boosting the sector and drawing tremendous interest from global developers and investors.

In India, the real estate sector still remains largely fragmented with a huge number of regional players operating across the country. However, the realty business today lacks discipline, policies, control, governing bodies and processes. It needs a more strategic approach with greater focus on security, environmental issues, quality ratings and greater accountability from developers. Over time, only developers who value quality in their projects will thrive while others will be weeded out of the system, making the realty market a more organized segment. Hopefully, the influx of funds will result in bringing in professional management teams into the system and help developers in India devise improved processes, systems and standard operating procedures.

Some other factors driving the real estate boom are soft interest rates on home loans, tax incentive on home loans and the uptrend in the Indian economy. With the metros reaching a saturation point, developers are now shifting their focus to the tier-two and tier-three cities. Here the population translates into different employee segments with different kinds of workplace and housing needs. As a result, the desire of middle-class Indians to own their own homes is no longer a distant dream.

A group of entrepreneurs have made a remarkable fortune in the subcontinent, and in the process have built the country’s strongest real estate brands. Their vision has put the Indian real estate market on the world map as a popular destination for global companies. It is only appropriate that we applaud and acknowledge the contributions of the sculptors of India’s real estate landscape.

It is my privilege to be able to contribute to a valuable work which is an extremely well-balanced synthesis of the lives of India’s real estate barons – KP Singh (DLF), Niranjan Hiranandani (Hiranandani Constructions), Sushil Ansal (AnsalAPI), Shapoor Pallonji Mistry (Shapoorji Pallonji & Co Ltd) and Irfan Razack (Prestige Group). The vision and experiences of these living legends are a true representation of India’s real estate story.

The book takes a comprehensive look at current issues and strategies prevailing in the real estate sector. Manoj Namburu lays out for us, in this book, a journey embarked upon by India’s real estate Moguls. It’s interesting to analyse these manifestations and reflect upon whether there is mind and message behind their lives. Struggle and efforts. I am confident this book will serve as a useful reference for real estate developers, offering them general information and practical strategies for addressing various issues and problems.

Thank you, Manoj, for this valuable compendium on the real estate sector, which in many ways has served as a catalyst in fast-tracking the Indian growth saga.

Indian Real Estate – Can One Really Say Enough About It? The sector is vibrant with ceaseless transformation, innovation and activity. It is also a hard, demanding taskmaster. Many venture into it with stars in their eyes, but very few make any significant mark. Success smiles only on those with above-average insight and acumen…on people with progressive vision, uncommon courage and zeal.

The annals of the Indian real estate market do have their heroes. These men and women beheld the larger picture, then proceeded to add their own indelible brushstrokes. What differentiates them from their obscure contemporaries is a deep understanding of what makes this sector tick. They accepted the overall scenario with all its flaws, loopholes and inconsistencies, harnessed their resources and bravely put them on the line.

And this, finally, is the foundation of every success story. While many recognize the amazing potential of Indian real estate, few are willing to go all the way in helping shape its forward direction and thereby its future. To carve a niche in this highly unorganized business arena is comparable to building on shifting desert sands. Impossible for most – yet those who succeed leave monumental pyramids in their wake.

In penning this treatise on the stalwarts of Indian real estate, Manoj Mamburu has rendered a valuable service to Indian real estate corporate history. The living legends of this dynamic sector come to life within its pages, and I commend him on this exemplary biographic anthology. In am confident that Moguls of Real Estate will set a unique new benchmark, and I look forward to more such offerings from Mr. Namburu’s fertile pen.

Indian Real Estate Industry Has Outer Formed Most other sectors while registering a stupendous growth and maturity in recent years. How has all this come about? How is it linked to the much talked about economic reforms and liberalization unleashed in the early 1990s? How have some of the pioneers and bellwethers of the industry blazed new trails for others to follow and are ‘corporatizing’ this sector?

As a serious student of this industry, I was happy to get some answers to these and other related questions in Moguls of Real Estate. The business-biographies of KP Singh, Niranjan Hiranandani, Sushil Ansal, Shapoor Pallonji Mistry and Irfan Razack indeed provide the readers with an insightful perspective on the story of the Indian real estate sector.

It is a commendable effort by Manoj Namburu, the promoter of one of India’s fastest growing real estate development companies, the Alliance Group, to record for posterity the challenges faced and overcome by the ‘Moguls’ over the years. Here’s wishing more power to is pen!

Introduction

The Yen to do Something ‘Better’, ‘Bigger’ And ‘Different’: that’s the most singular trait I discerned among five of India’s most successful real estate developers – KP Singh of DLF, Niranjan Hiranandani of Hiranandani Constructions, Sushil Ansal of AnsalAPI, Shapoor Pallonji of SPCL Group, Irfan Razack of Prestige Group. While recording eh business biographies of these bellwethers of the industry for posterity, I was also able to get a fascinatingly close look at the explosive growth dynamics of India’s real estate.

From all accounts, organized real estate development in India is a relatively recent phenomenon and this sector has, therefore, had to fight hard to be recognized as an industry. With the real estate industry continuously recording the highest growth rates in the post-reforms era, it has finally been able to secure for itself the recognition it deserves.

The growth of the industry in the early years of the country’s independence was rather haphazard and often driven largely by those who came to be known as ‘fly-by-night operator’s (FBNO). To make matters worse, many of them were mixed up with unsavoury characters like smugglers and gangsters. The very term ‘builder’ came to represent something sinister. So much so that many self-respecting developers avoided using it to describe themselves.

The government of the day did not obviously help matters by trying to take matters in its own hand and banning all private property development, particularly in the residential sector in various cities across the country. While this initially helped in providing affordable housing to the middle and lower middle classes, the rampant corruption in most housing boards soon adversely impacted the quality of their construction and rendered them eneffective and unviable. Not only that, they were completely unequal to the task of coping with the burgeoning demand for housing.

It is against this backdrop that the emergence of these real estate pioneers has to be viewed. Many of them have become legends in their own lifetime by developing and putting up contemporary landmark buildings and sprawling integrated townships. How did they go about their business? What were the challenges they faced and how did they manage to overcome them? Did they have a vision when they started out? What effect has globalization had on their ventures? What, in short, have been the ‘mantras’ of their success?

All the biographies featured in this volume provide fascinating answers to these and other related questions. Coming from totally different backgrounds, each of them has achieved phenomenal success through sheer persistence. It certainly has not been ‘roses all the way’ for them.

Beginning his career as a Cavalry Officer in the India Army and later inheriting his father-in-law’s real estate business, KP Singh of DLF went on to emerge as the country’s largest developer, thanks to a series of ‘turning points’ that included chance meetings with people like Rajiv Gandhi and association with corporate honchos like GE’s Jack Welch and George Hoddy.

Niranjan Hiranandani as a young boy saw and met many rich and famous businessmen, patients of his father, the world renowned ENT specialist DR. LH Hiranandani, which triggered the urge in him to emulate them. His over-riding passion to work on a large canvas saw him creating one of India’s most elegant and prestigious townships called Hiranandani Gardens in Powai, Mumbai.

One can virtually trace the growth of India’s capital and the National ‘Capital Region (NCR) in Sushil Ansal’s biography as his group went about constructing several landmark high-rise buildings in the heart of New Delhi, as also its first mall, ‘Ansal Plaza’, and residential and commercial complexes in Gurgaon and Noida.

The story of Shapoor Pallonji Mistry is quite different as he hails from a reputed 142-year-old family firm – the oldest involved in the construction industry in Mumbai. It was an interesting experience to learn first-hand how Shapoor plans to literally take the company to new heights with India’s tallest residential building – ‘Imperial Towers’ at Tardeo, Mumbai.

Equally fascinating is the story of Bangalore’s suave and savvy real estate Mogul, Irfan Razack, who has given a distinct facelift to this IT-driven city by putting up several beautiful and commercially successful landmarks like ‘UB City’, the Forum, Prestige Acropolis, Meridian, Monte Carlo and Angsana Spa.

All the five ‘Moguls’ are upbeat about the exponential growth of the Indian real estate industry, with increased involvement of the private sector even in infrastructure projects. I am very happy to have been able to pen their biographies. I must thank each one of them for not only spending their valuable time with me but also generously sharing personal and business information and perspectives for this volume.

Finally, I hope readers would find Moguls of Real Estate both informative and enjoyable.

Content

Forewordix
Acknowledgements xiii
Introduction xv
KUSHAL PAL SINGH
Destined for Glory 3
Matrimony through Army Network 9
From Army to Business 14
First Management Lessons 18
Fresh Innings – Real Estate Beckons 23
Land Acquisition Challenges 28
GE – Jack Welch Effect 34
Cancellation of Licence 45
Family Matters 49
Sudden Transition 52
DLF Projects Propel It to No. 1 Spot 60
NIRANJAN HIRANANDANI
‘A Signal from God’ 69
Early Learnings in Life 72
Successful Debut 79
Family Affairs 85
Jewel in the Crown 88
Working Style 95
Contribution to Real Estate and Society 105
Tested Mettle 111
Secret of Brand Success 117
SUSHIL ANSAL
Trekking to Success 127
Family Background 132
Crating Brand Ansal 141
Looking Out Overseas 148
Dealing with Boom and Bust 152
Surviving a Downturn 157
Strategy and Properties 161
Vision of World-class Townships 173
SHAPOOR PALLONJI MISTRY
Chip off the Old Block 179
Building on Sound Foundation 181
Shapoorji Sr’s Vision 184
Boosting Sales 189
Worthy Son and Successor 193
Shapoor Breaks New Ground 198
SPCL’s Dream Projects 201
All-India Presence 206
IRFAN RAZACK
Bangalore’s Leading Mogul 213
Growing-up Years 218
The Magic of Shantiniketan 224
First Steps as a Developer 231
Taking on Challenges 238
Surging Ahead 247
Values and Beliefs 255
‘Set and Go for Your Goals 261
An Ambitious Roadmap 265
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