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On a ‘glittering’ course
Bright Future: Managing Director of Golden Gate Properties, K. Pratap.
After making its presence felt in Bangalore, Golden Gate Properties has just completed a project at Madhapur and is in the process of initiating two more in the city. The company received a shot in the arm recently with a Deutsche Bank wing making its first real estate investment in the country with it.
“We are focusing on township projects that will come with all necessary amenities and ensure that a resident has to go out only for his job,” says K. Pratap, Golden Gate Managing Director in a chat with
T.Lalith Singh.
On Golden Gate Properties projects
Having started in 1997 in Bangalore, we have completed 10 projects and currently another 10 projects are going on there. Each year, we add three to four projects to our credit and are starting a villa project in Mysore. We are also looking at Chennai and Pune for projects.
On projects in the city
We have just completed Golden Habitat at Madhapur which is an apartment block of 60. We are planning 2,000 apartment venture at Tellapur on 40 acre land which will commence in six months time. At Shameerpet, we are going to have one project on 20 acre site and we are also exploring Shamshabad too. Our development comes with all amenities to ensure hassle-free living. Except for job, one need not go out of the campus. Adequate sports facilities are added and they are more practical in nature than just equipping with some fancy stuff.
On Deutsche Bank joining hands
The real-estate arm of the bank is partnering and initially around Rs.275 crore is being put in. This is the first time in the country that they are partnering. Depending on future projects, the association might go up.
On real estate boom in city and its sustainability
The boom picked up here in 2003, some eight years after Bangalore. The prices have become very speculative and customer affordability is not being paid the attention it deserves to be. The industry should understand the paying capacity of customer and then build accordingly. Too many fancy notions on part of developers will not work. One high priced project might sell but its success cannot be replicated too much also. There can be one Benz but against it, 10,000 Marutis are sold. This mismatch between customer need and what is being offered should be addressed.
On real estate market slowing down
The market will evolve and people are learning it the hard way. It’s a learning curve for developers also. The boom happened for the first time and threw up lot of uncertainty. Now, the market is realigning and I hope it will stabilise in next 12 to 18 months time.
On influence of Telangana issue on real estate
Investors and speculators will be affected and they might move out. It is good since the process will free the land that is being held back. Land is raw material for a developer and it becomes available in the process. Land at many places such as Tellapur has been heavily blocked and in a way, it is blocking the city’s development.
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