‘RERA has brought much-needed transparency to real estate, but there’s still room for improvement’

Sree Balaji is currently making headlines as a leading realty developer in West Bengal, curving out a niche for itself, mostly in areas of second home, resort home, studio apartment, independent bungalows. The Sree Balaji story starts right from acquisition of land, appointment of architects to actual construction and on-time project delivery. Speaking to Bizz Buzz, Manab Paul, Founder-Managing Director, Sree Balaji Group, touches on several critical issues like the concept of ‘second home’, its growth story, impacts of RERA, technology adoption by the sector and that needs to be done for meeting sustainability goals

When you came up with your maiden project at Bolpur in Birbhum district, that was like at the nascent of the concept of 'second home'. How has the concept of 'second home' picked up and evolved in the country over the years?

You know, when the project- Panthaniwas, Shantiniketan, was conceived, that time the concept of second home was not so familiar with the common people. But as time progressed, especially after Covid, we found the concept of keeping a second home, became very popular and acceptable. Many people actually came to us to understand what was the actual need of having a second home. Second Home became a must need product for a section of the society of, especially people in the city.

Because, post-Covid, we realised how important and crucial it is to overcome or do away with stress, how important it is to do away with the monotonies of the life, how important it is to have some space with family and friends- away from the maddening crowd’s ignoble strife and away from pollution… maybe a little space when one feels secured, not just a typical hotel or resort. I found that people really came to understand the actual need of the second home and it eventually picked up and went on to become a trending product.

You keep positioning your projects as 'resort homes' more than 'second home'. How do you differentiate the two categories?

Our projects are second homes and yet not just second homes, much more than then. There are resort like ambience and yet they are much more than resorts. That’s why we call it ‘resort homes’. Let me explain this. See, resort is something that it will only give you a feeling of renting homes for some time. You know, the architectural design of a resort is something that you won't feel like being at home and the way we make our properties, they are completely different. At our properties, you will get pantries and/or kitchens of different sizes.

You may think these are small things, but these are not. You won't find this in a resort. This small little thing actually gives you a homely feeling. This gives you the opportunity and allows you to make your own breakfast, lunch and dinner and by way of that, you get a feeling that you are at your home.

In our case, landscaping is very important, which gives you the opportunity to interact with your neighbours and that, in turn, develops a ‘para culture’, a culture of community living and fellow feelings. We also give large balconies with the independent houses, which you often miss in a hotel and resort room. People really love to talk and have a friendly chat with one’s neighbour, standing on the balcony.

All modern facilities and amenities of a star category resorts are there in our properties, but over and above these amenities and facilities, we also give house owners a home-like feeling. That’s the difference.

How has been your experience of building second home properties? And how many such units have you built so far?

Sree Balaji’ Panthaniwas in the form of Studio Apartments & luxury flats with ultra-modern facilities in holiday destinations is already proving to be a remarkable success in Shantiniketan and Dooars. Digha, Puri and Raichak are places waiting to follow suit. Further, a Micro City at Sonarpur with 6,000 units for the masses on the outskirts of Kolkata is on the pipeline as well.

Generally, how did residential real estate sector perform in 2024?

Residential real estate performance in 2024, honestly speaking, was not so impressive because 2024 was a very eventful year. There was a number of state elections, then there was the national. Globally also, things were very difficult in most part of the year. In many of the parts of the world there were some war and war like situations and the US market was also not so supporting. We have to consider all these factors.

Do you think proper ad effective implementation of RERA and other new norms and compliances would make things easier and transparent for developers and home buyers?

RERA indeed is a very significant Act, very important Act for making the whole real estate fraternity organized. So, RERA has actually helped the industry to become much more organized, become an organized industry. The real estate was always very unorganized. But the implementation of RERA, has made it very transparent, it is very good for the buyers also.

It is definitely made for the buyers only. And I myself, if you ask me, I would say this is a very significant step and this is a phenomenal step taken by the government. This makes the entire end operations of the real estate very neat and clean, crystal clear. Buyers are also very secured now.

Having said these, I must add that there are still some loopholes as well. I do hope that in the coming days, the RERA authorities will continue to do what they are doing now and they will also some major changes, which are required, in the process. And as the day progresses, many other changes which are not there, maybe we are not considering them right now, will also come, for sure.

But as of today, it is very good for the industry, good for the buyer and its proper implementation but end of day, it is very good for the industry, good for the buyer and the proper implementation of RERA will certainly boost the industry and in coming days also, this will continue to boost the sector.

How are Indian realty players/developers readying themselves for sustainable goals?

In line with the global focus on ESG (Environmental, Social, and Governance) criteria, the introduction of subsidies or incentives for green building certifications and renewable energy integration in residential and commercial projects is need of the day. The government should promote green and sustainable real estate practices through tax rebates and incentives for developers adopting eco-friendly building technologies and materials. This aligns with India’s commitment to achieving carbon neutrality.

How is the scenario changing in the sector in the wake of the increasing adoption of technology, particularly AI?

AI is transforming the workplace like never before. While a majority of the professionals in India are feeling the impact of rapid change, it’s encouraging to see more companies committed to navigating this shift. As we as Sree Balaji Grpup look to 2025, businesses are increasingly prioritising AI adoption, alongside meaningful investments in upskilling and reskilling their people. Embracing AI is not just about keeping pace; it’s about empowering teams, fostering innovation, and creating resilient workforces ready to thrive.