Varun Manian, MD, Radiance Realty, has a number of ventures lined up for the long run.
Early this year, you announced plans to scale up operations and diversify into utility-scale renewable energy projects. Could you tell us more details about that?
In the next few months, we are planning to scale up our operations quite rapidly. In fact, we are hoping to launch half a million square feet in Chennai within the next two weeks. Having made a mark in Chennai and Bengaluru, we believe there is quite a bit of scope in other locations as well.
We want to establish ourselves in the other markets such as Mumbai and Coimbatore. We will be putting our approvals for a further two million square feet between Chennai, Mumbai and Coimbatore. We would like to reserve our plans on renewable energy till a later date.
You have a Radiance Facility Force that is into facilities management. Could you tell us how that is managed?
Radiance Facility Force’s services offers expert solutions in managing and maintaining a client’s buildings and workspaces. The service aims to help organisation reduce operational costs, mitigate risks and augment productivity.
Our team is managed by professionals and is headed by a person with over twelve years’ experience in facilities management. Additionally, we also have managers with either hospitality or an engineering background.
What are some of the modern construction practices and innovative technology you have used in your projects?
We are currently focusing on large real estate projects, and at this juncture, we feel that existing proven technology would suffice. However, going forward, we are likely to introduce low-cost housing and we would like to evaluate prefab technology and look at alternative materials as well.
Going green is something we believe in. Keeping this in mind, we are also in talks with a US-based company to explore the possibility of solar roofs. Solar roofs generate clean energy and will look better on houses than our existing roofs. Power generated during the day will be stored at the site and released in the night. The solar roof will also ensure that the residents have an uninterrupted power supply.
Your website speaks of real estate joint ventures. Does this mean your willingness to form partnerships with those who own land that could be lying idle?
Joint ventures and partnerships are something that we are always looking out for. We are open to partnering with anyone who has vacant land as long as it is in the right location and all titles are clear. We also are willing to partner with existing apartments buildings where tenants would like the old building brought down, and a new building put up.
The real estate industry is seeing a slew of reforms. How will this benefit developers and buyers alike?
This year, the real estate sector has seen quite a few active and long-lasting changes. The RERA (Real Estate Regulation and Development Act 2016), the Benami Transactions Act, and the Real Estate and the Regulatory Authority Bill will ensure this transparency across the board.
RERA is one of the biggest game changers for the sector. The Bill makes it mandatory for the developers to give information to consumers about the entire project, which at Radiance, we already follow.
We treat our customers the way the Bill is expecting us to treat them. The organised players, as well as players who focus on quality and execution, will be able to survive and grow. Developers like us are going to benefit since transparency, quality and timely delivery are going to be given utmost importance.
What are the kinds of homes that are extremely sought after in the locations that you have built?
This is a tricky question. It is tough to answer this because the requirements of people are different. Even in one particular location, we have people asking us for varied sizes. In fact, some customers are extremely happy with a compact 2-bedroom home of 600 sq-ft size while others feel that even 5,000 sq-ft is small. The only common denominator is that today people have learnt to appreciate quality.
Going forward, do you intend to launch projects in new cities? How are you preparing yourself?
We have established a strong base in Chennai and Bengaluru now. In the immediate future, we should be working in Mumbai, Coimbatore and Coonoor. We are all set to make a mark in these new locations as well. We have put together a full-fledged and robust quality control team, excellent safety managers and of course, a strong construction team. With all things in order, we are confident of delivering a high-quality product on time and at an affordable price.