Mumbai, 27th
February 2025 : Niranjan Hiranandani School of Management & Real Estate (NHSMRE) under the aegis of HSNC University,
Mumbai, organised the second edition of its flagship annual Real Estate Conclave, titled ‘Real
Estate in a VUCAFU World’. The Conclave brought together leading industry experts, policymakers, academia
and students to discuss
the evolving dynamics of the real estate sector amidst the challenges presented
by the VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity
and Fear of the Unknown)
framework.
The Conclave was graced by dignitaries such as Mr. Bhushan Gagrani,
Brihanmumbai Municipal Corporation (BMC) Commissioner; Mr. Niranjan
Hiranandani, Provost, HSNC University; Col. Dr. Hemlata K. Bagla, Vice
Chancellor, HSNC University, Director, NHSMRE &
Chairperson for the Conclave; Mr. Shobhit Agarwal, MD & CEO, Anarock Capital Advisors; Dr.
Charla Griffy-Brown, Director General, Thunderbird School of Global Management;
Mr. Pankaj Kapoor, MD, Liases Foras; Dr. Ajay Desai, CMD, Spark Group and Mr. Gautam Chatterjee, Former
Chairman, MahaRERA.
The Conclave explored the challenges
and opportunities that the real estate industry faces in an increasingly
unpredictable world. Discussions revolved around the significant impact of
volatility, shifting demand-supply dynamics and the increasing demand for urban
redevelopment projects. Experts highlighted the need for the sector to quickly
adapt to changes, encouraging resilience and innovation amidst volatility
and uncertainty.
In her Opening
Remarks, Dr. Hemlata
K. Bagla, a noted
authority on Nuclear
Radiochemistry,
drew an insightful parallel between Heisenberg's uncertainty principle in quantum
physics and the real estate market in a VUCAFU world. She explained how,
similar to the uncertainty principle, focusing too much on one aspect of real
estate—such as price or location—could limit a comprehensive understanding
ofother important factors like market demand and fluctuating interest rates.
Dr. Niranjan Hiranandani shared insights from his experience in
developing a 16-storey commercial building at GIFT City, a project that
would typically take 2.5 years to complete in Mumbai. However, Prime Minister Narendra
Modi told him to
complete it within 12
months and inaugurate it in the 13th month. Dr. Hiranandani revealed that not only did they successfully meet
this ambitious timeline, but the same accelerated process was also applied to
projects in Mumbai, ensuring construction quality while streamlining and speeding
up their work.
Reflecting on his early challenges
with Mumbai’s infrastructure, Dr. Hiranandani spoke about how these obstacles led
him to develop Hiranandani Gardens in Powai, where he transformed barren
quarry land into a self-sufficient township, equipped with well-constructed
roads, efficient drainage systems and abundant greenery.
The Conclave also featured an interactive
Q&A session where Dr. Hiranandani responded to
questions on a wide range of topics such as real estate investment, work-life balance,
IPO plans and future real
estate trends. He shared
valuable insights from his personal experiences and offered practical advice on
managing both professional and personal responsibilities.
Dr. Hiranandani emphasised that purchasing a home is not just
an investment but also a means of securing one's future, regardless of
location. He advised potential buyers to assess affordability, arrange for a
down payment and commit to a manageable EMI plan. He shared a common guideline where the value of
the house should ideally be equivalent to five years of annual income, with the
loan repaid over 20 years. For instance, if a house costs Rs 1 crore, the
buyer's annual income should be around Rs 20 lakh, offering a realistic
benchmark for financial planning and affordability.
Mr. Bhushan Gagrani, Chief Guest
for the Inaugural Session, focused on Mumbai’s infrastructure
development and its potential for real estate growth. He discussed several
upcoming key projects
such as sewage treatment plants, concretisation of 800 km of
roads, Gargai Dam,
desalination plant, coastal road and the metro rail project that will
elevate the city's infrastructure. He concluded his speech with a thought-provoking
reference to Donald Rumsfeld’s famous quote on “unknown unknowns,” highlighting
the unpredictability of urban planning and the need to be
flexible and prepared.
Mr. Shobhit Agarwal, MD & CEO of
Anarock Capital Advisors, touched on the Blue Ocean Strategy in real
estate industry,
encouraging developers to explore emerging markets with unique value
propositions, unearthing new opportunities. He noted that VUCAFU presents
challenges for developers, as real estate is highly localised, requiring adaptability to meet
shifting needs across various cities.
The post-lunch
session explored critical
topics such as shifting customer expectations, regulatory changes
and technological
advancements. Industry leaders discussed the importance of innovation, customer-centric
approaches and technological solutions to navigate the complexity and uncertainty of
the market.
Mr. Pankaj Kapoor, MD of Liases Foras,
addressed the role
of migration in urban growth, affordable housing and the challenges of infrastructure development. He advocated for decentralisation and policies that create
sustainable and affordable urban living.
Mr. Ajay Desai, CMD of Spark Group, discussed the transformative
impact of Cluster Redevelopment and the introduction of DCPR 2034 in Mumbai.
He highlighted the role of enhanced FSI and TDR in efficient land use, which
could reshape Mumbai’s skyline and foster a more sustainable, resilient city.
The event concluded with a session by Mr.
Gautam Chatterjee, Former Chairman of MahaRERA, who hailed the implementation of RERA
(Real Estate Regulation & Development Act) as a landmark legislation that addressed key issues within the unregulated
real estate sector. He emphasised that RERA aims to tackle information asymmetry, delays
in project completion and the trust deficit between homebuyers and developers.
Dr. Rajesh Mankani, HOD of NHSMRE
and Convenor for the Conclave delivered the vote of thanks, recognising the Conclave as an important
platform for students and professionals to engage with the changing dynamics of
the real estate sector.
The Real Estate Conclave also featured a fun-filled
real estate quiz round hosted by Mr. Hoshaang Gotla, where winners received exciting spot
prizes.
This annual Conclave, conceptualised by NHSMRE, continues to harness the
power of the younger generation, offering fresh perspectives on the challenges
and future of the real estate industry.
For more
information, visit www.hsncu.edu.in or www.nhsmre.edu.in
For media inquiries, please contact:
Press Relations- Ms. Maya M
PR Head, HSNC University, Mumbai
Email: maya.m@hsncu.edu.in
Phone: +91- 8655962503/ 04