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The real estate industry in India is changing as it continues to evolve from standalone developments into a unified ecosystem consisting of residential buildings and commercial buildings, retail spaces, lifestyle facilities, etc., that are interconnected. This change has been driven primarily by the founders (of these real estate businesses) who not only built their own development projects but also developed entire cities, created and defined the business districts within those cities, and transformed the way we live and work in India. Below is a sample of five key leaders in India’s development who will continue to lead and shape our (Indian) real estate industry and economy.
1. Kushal Pal Singh, Founder of DLF
Kushal Pal Singh is associated with bringing Gurugram to the forefront on the corporate landscape of India. He developed DLF into one of India’s most recognized real estate brands by developing large residential communities, premium office buildings and global retail centres. DLF has developed many types of developments that have greatly impacted the landscape of how urban communities live today.
Today, DLF’s commercial property contains many of the major global corporations, and their luxury residences will continue to be an example of aspirational living. In addition, DLF’s ability to successfully maintain long-term land holdings and develop mega projects has enabled them to stay well ahead of other companies in their industry.
2. Mangal Prabhat Lodha, Founder of Lodha Group
Lodha Group, founded by Mangal Prabhat Lodha, has created a reputation for excellence through its luxury brands and construction projects around the world. The Lodha Group has developed several iconic high-rise residential towers and townships in Mumbai and other cities throughout India. Their ambitious philosophy allows them to establish a presence in major international markets, including their recent foray into the UK housing market, where they are looking to win some of the world’s elite buyers.
With its focus on premium buildings, the Lodha Group is well-positioned for success in India’s growing demand for high-end luxury and aspirational residential products. Their development strategies rely heavily on an international partnership with designers and manufacturers of high-end building materials to achieve their goals and retain a strong competitive advantage.
3. Rohan Sheth, Founder of Volney
Volney is a real estate investment advisory firm led by founder Rohan Sheth, who has a specific focus on large commercial property transactions occurring throughout central Mumbai. He provides strategic guidance and the most current market information about how to complete long term office leases and purchases for multi-national corporations and/or high net worth individuals in the central Mumbai area.
Key accomplishments during his tenure have included working on major office leases (e.g., Logitech Electronics India at Trade Centre-BKC) and also working with clients on major commercial real estate acquisitions. He combines his knowledge of developing investment strategies and providing clients with up-to-date information regarding the Mumbai real estate market to provide the type of relationship-oriented solutions required by clients when purchasing commercial (or investment) real estate in the extremely competitive central Mumbai market.
4. Chandru Raheja, Chairman of K Raheja Crop
K Raheja Corp is one of India’s leading commercial real estate developers, and Chandru Raheja, a member of the corporation’s leadership team, has been instrumental in developing the modern office landscape in India with multiple large-scale IT park and commercial district developments across some of India’s primary metropolitan areas.
K Raheja Corp is also heavily involved in many other sectors such as corporate retail developments, hotels, and some residential development segments, making this company one of the best-known developers of institutional-quality real estate assets and long-term urban planning strategies. The commercial sector of K Raheja Corp, including the development of business parks, continues to meet the needs of the rapidly expanding corporate and technology environment in India.
5. Niranjan Hiranandani, Co-founder of Hiranandani Group
Niranjan Hiranandani transformed the approach to urban planning by designing large scale, integrated Townships that incorporated residential, commercial, educational, medical and shopping facilities in built-in communities. The models he created during the development of Powai and Thane set the standard for an organised manner of developing urban areas in India. The Hiranandani model relied upon infrastructure, aesthetics, and long-term planning- moving towards a cohesive way of living within an integrated township versus simply expanding cities in a disconnected manner.
The Bigger Picture
The evolution of real estate in India has gone beyond just measuring the square footage of a building; it now includes establishing an overall experience, building for sustainability, flexibility and creating long-term value. Legacy Developers who established the skyline of India and modern-day, innovative leaders who are redefining how commercial leasing works have all played a major role in shaping the land use policies within India today. The leaders represent different generations of developers, but they share one thing in common — a vision.
As India continues to urbanise, grow its infrastructure and attract new investment into real estate, these visionary leaders will have an ongoing impact on how we build the next generation of iconic projects within India.
