FACE TO FACE WITH PRAVEEN JAIN (CMD, TULIP INFRATECH PVT. LTD.)

As Real Estate sector is seemingly emerging from the morass pushed into it by the economic meltdown triggered by the collapse of US banking system during 2008, now the Dubai debacle and sovereign debt being faced by some countries of Europe. Actually, the Indian Realty has passed through many highs and lows in its long journey, now seen steadily pacing on a recovering edge. As the economic fundamentals including those guiding and controlling the banking system remain sound and strong, the Indian economy remained, to a greater extent, immune from the fall-out of the global economic crisis.

Praveen Jain, empowered with about two decades experience of vocation in Real Estate, has spoken to Haryana Recorder on a multi-faceted features of the Realty.

Q. Do you think that Realty Sector has recovered from the tough phase it was pushed into by the global economic slow-down?

A. With the global economic recession coming out from the present difficult phase, the realty sector in India has realized much of the lost ground. Although it remains to see the full boom-like situation which prevailed from 2005 to 2008, yet visible signs emanating from the market indicate that demands of houses, flats & Commercial space are on the recovery path.

Q. What issues you consider most relevant in pushing the Realty sector to the path of recovery.

A. Brow-beating the recessionary effects of Realty Sector in India, some indexes displaying that manufacturing sector thriving on escalating the demand side promising better days ahead. Many factoring sector has realized a 20 month high of 58.5 in Feb., 2010 which was 57.7 in January last. Second, the commercial properties are displaying a huge spiral in demands. As the fundamentals of Indian economy remain in sound and strong position, opening new vistas in consumer market is expanding and a lot of foreign investors are once again coming to India and particularly attracting towards Realty Sector.

Q. You have recently launched two new housing projects in Gurgaon’s Sector-69 & 70 sectors, how much you are getting response?

A. Apprehending the Realty Sector moving upward, the Tulip Infratech has come out with two more construction projects of habitation in Gurgaon. The first project
“Tulip White” in Sector-69 and the second, “Tulip Ivory” in Sector-70 explains our dedication to provide houses/flats on affordable prices meant for middle class people. The second project with 4/5 Bedrooms charted for upper middle classes. It may be said that, we are receiving tremendous responses and about 60 percent of our proposed apartments, villas, etc. have already been booked.

Q. How much demands for dwelling places and commercial space you are projecting in the coming period?

A. The survey report issued by Cushman & Walk-field predicted that residential demand in India is expected to the tune of 8 million units by the year 2013 and commercial space is estimated to 196 million sq. ft. by 2013.

Actually, the stimulus package injected in India to the tune of about Rs. 4 lacs along with Rs. 60,000 crore being offered to the employees as per the 6th pay commission recommendations. AS there is no paucity of funds with the banks and financial institutions in India, the easy bank-loan facility being offered to the prospective house buyers, is facilitating the surge of demands in Realty Sector, the builders, developers and Realtors can realize their build-up projects exchanging hands to the potential occupants.

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