Nation’s real estate giant, Dr. Niranjan Hiranandani
King Johnson Koyyada : Indian billionaire businessman, co-founder, and managing director of Hiranandani Group, construction giant Dr. Niranjan Hiranandani, heaped praise on the way Telangana state is being developed in the country. The businessman, who was in the city to take part in the Naredco Silver Jubilee celebrations, spoke to Real Estate Guru in a special interview. He returned to Hyderabad after a few years, and he was surprised at the way the city was being built. He has many more interesting things to say about the city.
Excerpts from the interview:
“I told the Governor of the Reserve Bank of India that increasing the interest rates on home loans has significantly reduced the percentage of affordable housing buyers. Due to the increase in interest rates on home loans by the RBI, the percentage of people buying affordable houses has decreased. Demand for middle- and affluent-income households has grown strongly, with a growth rate of at least seventy percent. So, I am optimistic that interest rates on home loans will come down in the next year as well. Many are discussing the unsold stock in real estate. But I believe that each and every sector has unsold stock. Take, for instance, the automobile sector: Will you believe me if I tell you there is unsold stock in automobiles too? The special attraction of the construction sector in our country is that there is not much bad debt in home loans. It should be remembered that these are large but not more than two percent.”
1.25 crore affordable houses are required..
“We have achieved a surplus in terms of food to eat and clothes to wear. But we still have a lot to do on the housing front. At least 1.25 crore affordable houses should be constructed in the next five years. Only then will the common and middle-class people’s dream of owning their house become a reality. Not only this, but rental houses should be built widely. Rental houses are gaining unprecedented popularity in developed countries. Those who migrate from one area to another cannot buy their own houses when they arrive. Therefore, rental houses should be constructed for the benefit of all such people. If you notice, in some cities, banks in the public and private sectors are building quarters for their employees. In this way, the government should formulate a separate policy for building rental houses in every city. Separate incentives should be announced for those who come forward to build them. For example, if a five-year tax concession is offered, many people will come forward to build rental houses.”
Lack of skilled labour..
The construction sector is growing significantly in our country. Constructions like IT buildings, commercial buildings, multi-storied buildings, skyscrapers, national highways, and bridges have gained momentum. It will continue to increase in the coming days. Hence, the shortage of skilled workers is the most urgent need in our country. If 37 lakh workers are required, only 37 thousand people are available. There is a huge need to spend some money to increase this number.
About Hiranandani Group..
“We are already in the real estate sector. We are achieving 10 to 12 percent growth every year. Recently, we have entered other fields. We have entered the data canters section, started a joint venture with Black Stone. Furthermore, we also expanded in the sectors of gap pipe lines, schools, and colleges, among others. We are also trying to eradicate diabetes. Furthermore, my son built an 88-storey apartment called 23 Marina in Dubai. It is regarded as the sixth-tallest residential building in the world. My daughter Priya lives in London.”
If a good opportunity comes..
The Real Estate Guru wanted to know if he was ready to enter the Telangana market, and he answered, “Looking at the way Telangana is progressing, we will set our footprint in the market if we come across a good opportunity.”
