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If there is any sector in India that is recognised internationally, it is real estate. Just like in markets elsewhere, the industry here too endured a slowdown during the Covid-ravaged years. But leading the revival out of the pandemic is DN Homes, an Odisha-based real-estate group that embraces global standards to provide cutting-edge solutions to consumers. DN Homes—which services customers in real estate, retail, entertainment, education, hospitality and infrastructure—has grown to become one of the state’s top developers, and also among its most respected, focused as it is on upgrading technical expertise and recruiting only the best professionals in their field.
The Week speaks to Jagadish Prasad Naik, Chairman, DN Group, on his vision to bring the finest talent—from across the country as well as from around the world—in his endeavour to make Odisha a name to reckon with in the real-estate space.
How has Covid impacted the real estate industry and what has its impact been on your business and Odisha at large?
With the onset of Covid, there was a slowdown in all sectors. Investment, Expansion, as well as Growth, were severely impacted all across the world.
Real Estate is one of the largest employers across various facets, ancillary industries associated with it directly or indirectly. This being an industry which requires more outflow for initiation while the inflows tend to even out the cash flow towards the latter half and therefore requires the developer to have a firm intent to account for crest and turfs due to the very nature of the asset.
I had decided that my Group will face the challenge posed by the lockdown with precautions, to give hope and strength to my people. My first priority was to make sure that all assistance is provided to the workers housed in our projects. Daily ration run was organized at all sites. As a DN Group principal, I had instructed for the release of staff salaries on time and also our accounts department was told to do direct transfers into employee accounts, thus saving them trips to the bank for the deposit of physical cheques. We dug our heels deep and prioritized worker and employee welfare.
Our Sales Team also developed a VSV program i.e., Virtual Site Visits. Here we could reach a client across states as well as anywhere in the world virtually, and make a presentation to entire families. The response to own your own home as a result of the pandemic was manifold. We could clock in steady sales month on month and monies transferred Bank to Bank.
Our group also decided to start a D N Care program by writing/emailing our existing buyers and new prospects, for checking about their health and the health of their families. The genuine empathy was reciprocated by our client through social media as well as positive word of mouth and references were shared.
Our sales team also shared the live videos from our site to show the progress with our clients.
We feel more than business this was a time to support each other including employees, contractors, workers, and various stakeholders. I firmly believe that creating the right causes manifests in positive effects.
I feel in these trying times we have been able to stand like a Pillar and the construction pace and sales concluded have given us a great boost.
Share your thoughts on the market analysis for 2022 and in your opinion what the industry looks like in the future.
I feel that a customer-centric focus and legacy developers would continue to do well. Product, location, payment plan, thoughtful design, innovation, amenities, and facilities will gain precedence over the pricing. The client would like the safety and security of his monies, assurance of quality, and timely delivery of his home.
Even if it is affordable housing – the prospect would like to make sure that the product would be delivered in time.
Brands are rethinking their products in response to customers’ shifting needs, especially after the onset of Covid 19; Share your thoughts on the operations of DN Homes
This is very true as we have seen a surge for quality homes – which are both a source of income as well as for end users.
We have in fact launched a project for mid-segment – where we have designed homes with a 2+1 option. This modular home gives flexibility for owners to stay and rent in various formats. This is a very new product not seen in these parts, so it will be a game changer for the working professional/ investor/ senior citizens or end users.
We are still innovating and adapting to be future-ready to bring to our client’s many world-class projects.
New age amenities as well as age-specific amenities are being planned as we are making homes for global citizens. We have tapped new markets and established connects US, Europe, the Middle East, and South East Asia.
How have the most recent government policy initiatives benefited the real estate market in Odisha?
We have a huge influx of industrial houses who are setting up, expanding, and exploring the vast potential of the state. With stability and forward-looking policies, the government is supporting the social infrastructure drive. To conserve the green cover and open areas, the government has given the real estate industry one of the highest Floor Area Ratio (FAR) in the country. This has helped to conserve the open land and give a new skyline to the city.
How DN Group is propelling and contributing toward Odisha’s growth story in the infrastructure and real estate sector?
I am very passionate about my state. My vision has been to bring in the best, from across the country, as well as from around the world. I want my state to be seen as an epitome of growth and synergy. We brought in the Taj Group to the state capital and we are very much in line to bring in more hospitality brands to the state. We are bringing our various consultants, architect, and designers from around the world to develop the best theme-based projects for our clients. Social Infrastructure, Education, Hospitality, Entrainment, Food Hub.
You recently suggested the government should give industry status to the Real Estate sector as more than 250 other industries are dependent on the sector – Could you elaborate on your thoughts?
This is a longstanding demand from the developers’ fraternity, 236 ancillary industries are dependent on the Real Estate sector and it also generates huge employment as well as contributes a substantial percentage of GST/Taxes/Cess to the Government. It is also a sector which brings substantial Foreign Exchange into India, be it clients, FI’s, or even REITS.
Once this Sector gets the recognition of Industry status it will be regulated and organized, small fly-by-night operators will get eliminated while serious players will remain.
Where ever real estate develops the region benefits. Therefore, our suggestion to grant the real estate sector an Industry status.
What are your growth plans? Kindly brief on the financial, expansion, and operational growth.
The DN Group is poised for growth. Apart from Real Estate, we have sector verticals in Infrastructure, Education, Retail, Hospitality, and now Export of Seafood. We are also planning to venture in the healthcare sector. We are committed to the overall growth of the social infrastructure of the state.
In terms of Hospitality, we are developing Luxury hotels and Business Hotels in Gopalpur & Chilika
Recently we have signed MOU with Govt during the Make in Odisha Conclave- to bring investments to the tune of Rs 11,000Cr in the housing & hospitality sector. This will generate around 30,000 direct & indirect employment opportunities in the state.
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