Krish Raveshia, CEO, Azlo Realty spoke to Estrade Business about the challenging 2020 and winning the 2020 Singapore Estrade Real Estate Awards in the Commerical Property of the Year(West) category.
List a few things that stood out for you during 2020? Business, Personal, or life-changing?
The year 2020 was a challenging year for most businesses, as demand took a hit with the government’s lockdown, which in turn brought commerce to a grinding halt. We at Azlo Realty have in our DNA to see an opportunity in adversity, and that is when we decided to do something which very few businesses do. We went ahead and launched a commercial project in the heart of Mumbai city, Ghatkopar.
A commercial project with retail and office space dedicated for professionals like Doctors, CA’s, lawyers, SMEs and start-ups looking to find a space for their business at the right price. It is more about addressing the demand of the end-users than focusing on the macro picture. The idea paid off; we have a launch with almost 35% sold. We are looking to achieve 100% booking in the next 1-2 quarters as sentiments are improving and business is picking up.
Few words on winning the 2020 Estrade Real Estate Awards – Digital Edition-Commercial Property of the Year(West)?
The award means a lot to us; we thank the team behind this Singapore Estrade Real Estate Awards 2020 for highlighting the fine work done by Azlo Realty and the real estate industry at large. Digital is the way to go; in the future, more and more businesses will go online to reach their target audience and other stakeholders. Digital will get more mainstream with the advent of the latest technology, and the Indian’s government thrust under their flagship scheme ‘Digital India’
Your views on Market Outlook in 2021?
The New Year 2021 will see the emergence of many prominent commercial micro-markets, satellite offices as the existing CBDs get overcrowded and costly. The focus will be to deliver an exponential experience to tenants with wellness at the forefront. We expect prices to firm up in the next few quarters and a rise in rental yield. The year 2021 will be about growth as most adverse development is behind us, with the government making a robust plan for nation-wide vaccination.
Any expert advice on economic revival?
We started the year 2021 on a good note; the Indian government approved not one but two vaccines, the vaccination drive is underway, and the government is confident of providing it free of cost to the frontline workers, most needy, aged, and vulnerable segment by the year. This in itself is a stimulus. If the situation on the ground, demand, and high-frequency economic indicators are to be believed, we are on the cusp of recovery with positive economic growth as early as the next financial year.
The longer you stay on the wicket, the more runs you score. Any words of wisdom for budding entrepreneurs and job-seekers in 2021?
India has become a Launchpad for start-ups, with foreign capital, VCs, Angel, and seed investors showing confidence in Indian start-ups. My advice to these budding entrepreneurs, start-up founders, would be to focus more on original ideas, solving issues, delivering on the needs of the end-users, and not chase any valuation game.
2020 has hit the job market adversely, with companies re-drawing their strategies. Job-seekers should focus on adding to their skill sets every year. Learning is a continuous process, and the stage is for quick learners and for candidates who are successful in implementing the learnings in day-to-day work for enhanced output.
One thing you are looking forward to in 2021?
I am excited about 2021 to work on new projects and expand our portfolio from a business point of view. On the personal front, I am looking for complete normalization to go out for a vacation.
This story authored by Nusrat Bakshi, for Estrade Media, Mumbai, India. If you have stories to share kindly email: [email protected]