Vishwajeet Jhavar Founder CEO Marvel Realtors
- How has Pune’s Luxury Real Estate Sector evolved in the last 20 years?
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The luxury real estate sector in Pune is witnessing a rapid growth due to the various advantages the city offers. Luxury apartment sales worth INR 5 CR and above have been the highest in 2021 within a span of four years and are predicted to set even a higher growth record in 2022. In the past, luxury homes in Pune comprised 2-3 % of total residential real estate demand and now, it amounts to nearly 7-8% of total residential spaces. Additionally, homeowners and investors are looking at spacious residences with easy access to a bouquet of luxurious amenities. As a result, the average size of a luxury residence has dramatically increased, from around 2,800 sq. ft in the early 2000s to an average of 10,000 sq. ft. of a luxury residential unit in the 2020s. I believe, that during the lockdown, the HNIs and the ultra HNIs had the opportunity to analyze and strengthen their real-estate portfolio. The growth of the luxury housing sector in Pune is driven by several factors, the prominent ones being:
- It is the second-largest IT hub in the country
- Has a robust manufacturing base for the engineering and automobile sector
- It ranks in the top 5 FDI destinations
- It boasts of employee revolution
The city today is an ideal future-ready neighbourhood of sustainability & liveability matching global standards, especially in prime locations like Baner, Aundh, Bavdhan, Koregaon Park, Kharadi, Viman Nagar, Hinjewadi, etc. There is a rising demand for a superior lifestyle and good living by the discerning consumer and there is pressure on the developer community to rise above the traditional standards and offer far more novel standards.
- How has Marvel impacted the Pune Luxury Real Estate Sector?
Since its inception, Marvel has been a game-changer in the Pune luxury real estate market! While Pune was getting the first whiff of luxury living, we had already set the ball rolling to offer novel innovations to our customers. Be it in the size of apartments which we always gave a notch above the market standards or ushering in the concept of smart living, Marvel has been instrumental in introducing several industry firsts in the Pune market, way before they become the current luxury trends. With over 27 million sq. ft of luxury real estate developed since the brand's inception in 2001, Marvel is the first real estate brand to introduce private swimming pools in every apartment, landscaped terraces, and home automation systems in Pune's real estate market. Marvel’s futuristic approach has not been limited only to its iconic designs or innovative experiences but goes beyond it. Marvel has been recognized as India's greenest developer as per Indian Green Building Council (IGBC) in 2014 and today, as many as 13 of Marvel's projects are already Platinum pre-certified.
- How has Marvel dealt with the COVID pandemic? How was the business impacted?
The two years of the pandemic were very difficult for us and our workforce. However, most of our workers have been with us for a long time and decided not to leave the construction sites for their hometowns. As a result, when the lockdown and other restrictions were lifted, we were able to commence the construction with immediate effect. It is this loyalty of our people, coupled with the support of our partners and stakeholders that made it possible for us to tide over the pandemic. As a result, in the last 3 years, Marvel has successfully delivered over 1600 luxury residences (apartments and villas) across Pune, despite an extremely challenging scenario.
- Throw some light on the key projects that Marvel is currently working on?
Marvel is developing several luxury projects in Pune. Some of the key projects which are near completion and where we have launched our sales are:
- Marvel Piazza, Viman Nagar - A charming European town
Inspired by the open plazas of charming European towns, Marvel Piazza has picturesque courtyards connecting the different wings. You can walk along the elegant sidewalks lined with trees or stop by glittering pools and verdant decks. Barred from traffic, these green zones present a haven for children and families, alike. Throughout the project, care has been taken to provide natural lighting and ventilation. Extra care has also been taken to create a space for office work. Now you can work from home while having the solace, privacy, and the feel of comfortable working space with all relevant amenities.
- Marvel Selva Ridge Estate Villas, Bavdhan – uninterrupted private view of the 10-acre forest reserve
Marvel Selva Ridge project offers a unique mix of villas and mid-rise apartments wrapped in greenery. Utmost care has been taken to preserve and nurture every existing tree on the property while building beautiful homes around them. In a way, this project will give our customers the feel of actually co-existing with nature. The homes are designed in such a way that no two villas or apartments would face each other so that the residents can soak in the unparalleled beauty of a flourishing forest reserve right in the middle of modern infrastructure
- Marvel Sangria, NIBM Road - private havens bringing together landscaped and recreational spaces
Marvel Sangria, an exotic 13-building, is truly worlds within worlds designed around the concept of courtyards. The project is spread across 13.5 acres comprising private havens equipped with modern technology yet unrelenting in style and design. A host of amenities empowers the residents to enjoy quiet time alone as well as quality time together
- Marvel Aurum, Koregaon park - an urban palace with the most enviable address
This project represents the highest embodiment of opulent living residential properties in Pune.
Nestled in the quiet by-lanes of Koregaon Park, it is one of the most prestigious creations from Marvel Realtors. Each of these sprawling apartments (one per floor only) offers our customers rich luxury, top-of-the-line specifications, and inimitable amenities.
- Marvel Aquanas (Kharadi) - Riverside private residences with a wonderful view
Built on the banks of the Mula-Mutha river, Marvel Aquanas offers an incredibly rewarding lifestyle with its premium 3.5 BHK and 4.5 Flats in Pune. Nestled in verdant environs while having proximity to city hubs and IT parks, this particular property enjoys practical luxury. The 22-floor project consists of two high-rise residential property towers with spacious apartments having double-height ceilings leading directly into outdoor decks overlooking the river. At Marvel Aquanas sheer luxury joins hands with state-of-the-art amenities like an infinity pool at the sky lounge on the 18th floor. It is an amazing project very close to destination hubs like Koregaon Park and Kalyani Nagar.
Later this year, we shall also launch 6 more projects across Pune, namely Marvel Ribera, Marvel Basilo, Marvel Fria (phase 2), Marvel Plots in Magarpatta, Marvel Isola (phase 2), and Marvel Bounty (phase 2).
- Marvel has brought a lot of pioneering aspects to their construction, how has the sector adapted to these innovations?
Marvel projects have been offering its customers future-ready homes with holistic lifestyles, and in the process, has been setting industry benchmarks. We introduced completely automated homes in the Pune real estate sector as early as 2004, followed by private swimming pools in every apartment, with landscaped terraces, and VRV air conditioning. Characterized by a unique inside-out design approach, Marvel residences give incredibly luxurious, comfortable, and efficient design, with a host of amenities, including professional standard sporting facilities, work-from-home desks, indoor and outdoor leisure activities, and green spaces (tree plantations all over and well-terraced landscape designing). As part of its focus on delivering a 360-degree luxury lifestyle to its customers, Marvel has a network of trusted design partners from all over the globe for the facade, landscape, lighting, and other designs such as HB design, EcoPlan Asia, was among the first real estate developers to share AutoCAD drawings of flats with its client.
- How has your journey been as a first-generation entrepreneur who got into the real estate business?
To me, it has been a journey full of myriad experiences. In 2001, what started as a passion project to develop my first piece of land and sell 12 apartments, today stands at 55 projects, 400+ buildings, and 6000+ apartments which amount to 27 million sq. ft. of development delivered. For the brand Marvel, it has been a journey where it has constantly challenged itself to set higher benchmarks of quality product offering, disrupting the market and constantly evolving. Having said that, we have earned the trust and the faith of our customers and stakeholders, which allowed us to overcome the toughest times in our journey and yet delivered over 1600 luxury residences, in the past 3 years! At Marvel, we lay a lot of emphasis on quality and design. Since its inception, we have aspired to provide a holistic life for our residents residing in each of our projects. We are driven by our philosophy that profit is a by-product of great design and we will continue to deliver the best quality of living experiences to our customers despite any kind of challenges that come our way.
- How do you plan to lead Marvel from here on, given the challenges and the setbacks faced by your company and the sector at large, in the past few years?
Going forward, learning from our past challenges, we have decided to alter our business strategy and focus only on our core competencies, which are design and workmanship, and out-source the rest. We are also committed to delivering customer delight hence, we are re-structuring our sales timelines. We will start selling only when our projects are 6 months away from completion. This will help us to not only effectively plan our inventory and drive focused sales campaigns but also stay focused on delivering the ultimate luxury experience, effectively and on time.
We aim to focus on launching sales 6 months before completion and doing a maximum of 6 to 8 projects at a time. Additionally, in the long term, we aim to develop our land banks across premium locations like Koregaon Park, Boat Club Road, Kharadi, Hadapsar, Vimaannagar, and Bavdhan, and continue developing projects, for the next 10-15 years, disrupting the segment with innovation, service-oriented approach and breath-taking designs! With a line-up of such state-of-the-art projects, Marvel is looking forward to once again establishing its credible leadership in the luxury real estate sector in Pune.
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