The Finale with Boman Irani

[00:00:00] Hello and welcome back to the CREDAI MCHI Grand Property Expo Podcast.

[00:00:12] I'm Rhea and in this conversation, I have the privilege to speak with the president of

[00:00:16] CREDAI MCHI, Mr. Bamanirani.

[00:00:19] In this episode, he shares a parting note as we wrap up the 4-day celebration that has

[00:00:23] been the Grand Property Expo.

[00:00:25] So welcome to the podcast.

[00:00:26] Well, first of all, thank you for calling it a celebration because that's exactly what

[00:00:30] life should be treated as and especially when you're buying a home.

[00:00:34] You have to look at or be in that positive frame of mind.

[00:00:38] What I liked most about the 4 days was that the enthusiasm or the eagerness that I saw

[00:00:44] on the faces of my consumers or customers that walked in.

[00:00:47] There was a true sense that they'd missed the show and one of the things that I don't

[00:00:52] mind sharing with you now is that this is probably the highest walk-ins we've had in

[00:00:57] an exhibition after 2014, which means that the two-year gap when we're not here has kind

[00:01:04] of piled up a demand.

[00:01:07] Customers scratching their way through history have realized that this is probably the best

[00:01:11] way to get information in one particular location.

[00:01:15] I was at the SBI counter this morning and they were very happy with the kind of business

[00:01:19] they've done.

[00:01:20] They said, Nexus of 300 plus crores.

[00:01:22] All this leads to the fact that everyone who walked in out here was a genuine buyer.

[00:01:29] Someone who had braved the rain gods blessings over us for the first two days and we were

[00:01:34] a little concerned but people kept pouring in.

[00:01:37] That speaks of the resilient demand that is there in Mumbai and MMR region that speaks

[00:01:43] to the faith people have in the Kradayam CHI brand that speaks of the desire for people

[00:01:51] to look at or have the convenience of looking at and being able to establish a home loan

[00:01:57] for themselves at the same point of time, maybe even go and make a spot booking.

[00:02:01] I was speaking to some of the journalists that walked in and they were extremely happy with

[00:02:06] what they called the type of footfalls I guess they must have sat down at various stalls

[00:02:11] and kind of taken data from the buyers themselves but one of them said he was extremely happy

[00:02:18] to see the enthusiasm in spite of the rising prices of real estate home loans.

[00:02:23] I think the fact that our Honorable Chief Minister, Honorable Deputy Chief Minister, Honorable

[00:02:30] Governor all three grace the occasion along with a lot of officers from the Indian Administrative

[00:02:36] Services shows that there is a keenness in the government as well and they realize the

[00:02:43] value add that real estate brings to the state, the city.

[00:02:47] The Honorable Chief Minister was very clear that he wanted Mumbai to have iconic buildings

[00:02:52] like we've had in the past and towards that we will have follow on meetings with him when

[00:02:57] we informed him about which of course he would know but the growing inflation which is making

[00:03:02] it a little less attractive for people to buy or at least making a little difficult for

[00:03:07] people to buy their homes he asked us as to what really could be done and when we said something

[00:03:12] as simple as a stamp duty reduction would spur the buyer to make the choice because if you

[00:03:18] understand the home loan interest rates are going to go up and down as the years go by so

[00:03:22] they generally average out at about 7.5 percent which is acceptable to most buyers but they

[00:03:28] don't jump in when it's 8.5 percent for instance but if this 8.5 percent was then set off by having

[00:03:34] a stamp duty reduction of 3 percent then I think it would be a clear cut victory for my home

[00:03:40] purchasers and at the insistence or at the behest of some of my fellow developers we even told

[00:03:46] the Chief Minister that should these stamp duty be reduced by the government of Maharashtra to

[00:03:53] 3 percent we as developers would even be happy to absorb that in our prices which would make the

[00:04:01] home free of stamp duty for our consumers so overall a great four days very hectic we had all kinds

[00:04:10] of situations we had the rain gods shawar down upon us and I still saw people coming in we were

[00:04:17] good enough or smart enough or fortunate enough to have planned rickshaws from bandra east to the

[00:04:23] site which helped a lot of people not only get here but even get back and I must say there's

[00:04:28] something about the spirit of the community of this city that just keeps it going and going and

[00:04:33] going night before when the rains were just you know the clouds had almost burst and the rains were

[00:04:38] coming down I was here it was about 8 in the evening and there was this old couple that had made a

[00:04:44] long trek and they said they were very happy with what they saw out here and they wish they had come

[00:04:50] in a little earlier but they got delayed due to the rains and they said they'd come back yesterday

[00:04:56] which was Saturday so I can tell you in terms of progression day one we had the smallest number

[00:05:02] of people because it was more inauguration etc but we have the largest number of channel partners

[00:05:06] that we brought in and these channel partners are the ones that drove business on day two day three

[00:05:12] and day four that is yesterday and today Saturday and Sunday were actually bumper crowds I know

[00:05:18] stalls where people have not even taken a food break and actually had someone bring across the sandwich

[00:05:24] and just eaten it over there so they could attend to that one more or two more customers great

[00:05:29] conscientious behavior by the sales staff great behavior by our developer fraternity in terms

[00:05:36] of providing the best deals possible great response from the audience itself I would say Qdos to our

[00:05:44] IGR and his team where you know online registrations were taking place and I can tell you

[00:05:50] the happiness I saw on the face of the customer who got their index two at the hands of the

[00:05:55] honorable chief minister I mean what a pleasure first of all you have the convenience of you know

[00:06:00] getting it right there and then being given it like a certificate at the hands of the highest

[00:06:05] office in the state which give them I think a memory to cherish and you know talk to their little

[00:06:12] child when he grows up and the child was also here is all of six to seven years old and it'll be

[00:06:17] something that you know they'll talk about for years to come I think all these things make an

[00:06:21] exhibition really special and the grand property expo this year has surpassed my expectations

[00:06:28] I'm sure if you speak to any of our consumers it's surpassed their expectations

[00:06:33] they have seen every kind of property that they would look at some even from outside of Mumbai

[00:06:38] some even in Surat Pune plotted developments financial schemes and you know the one fact was

[00:06:45] that we continually built transparency in our communication which kind of made it extremely

[00:06:50] interesting for most of my consumers hey I say overall grand success with the grand property

[00:06:56] expert absolutely I don't think anyone can deny that and like you spoke it's been robust right

[00:07:01] and it's been a very all-rounded experience where all the stakeholders involved have had something

[00:07:06] you know positive to take away for it and for the buyers I think that's an ease of convenience

[00:07:11] that has been brought into the CSX phone I'm looking forward at the state government pitching in

[00:07:15] and if they do announce the standard reduction which we appeal to Chief Minister deputy Chief

[00:07:22] Minister and even to the governor today I could not control myself and I even told him because he

[00:07:26] mentioned that we should fulfill the Prime Minister's vision of homes for all I said yes for that

[00:07:31] the state has got to reduce its desire to make 6% on the stamp duty and he was I mean so positive

[00:07:39] he said of course you have to be there and that further enthused me so let's put it this way when

[00:07:45] I sleep tonight I'll tell the fairies in my head or the gods above that for my consumers for

[00:07:51] the city of Mumbai and the MMR region I would pray for the governor marashtra to take the

[00:07:58] stellar stand it did in the past and be the leader in announcing a 3% stamp duty perpetually which

[00:08:04] will drive business which will drive 250 other businesses create jobs which is what I again

[00:08:10] mentioned when the honorable governor was here that we drive jobs we drive consumption we drive

[00:08:18] income for the BMC because every time a building gets occupied there are property taxes that get paid

[00:08:23] there is you know consumption taking place local Kirana stores the offices around schools

[00:08:29] the restaurants all are being driven by the business that is created small jobs like housekeepers

[00:08:35] drivers you know just people who come and take care of your cooking you know because given

[00:08:39] the families are double income families and there's someone who comes in in the day like I

[00:08:44] mentioned the spirit of Mumbai is so brilliant it can just keep on creating multitudes of income

[00:08:50] for the state and the city and I pray that 150 year tradition which is probably at its perfect

[00:08:58] youth if you ask me right now this city is you know urging to grow and with the kind of infrastructure

[00:09:03] that we are seeing I would say the next two or three years and I look at young people like you I say

[00:09:08] hey lucky you you will have a much better city than we lived in but hey remember we had a part to play

[00:09:13] in it and hopefully you will remember us in time to come and I pray that the city become a better

[00:09:18] place for my children to grow up in a safer happier and charged with this community which I tell you

[00:09:25] is just nowhere else in this country Mumbai spirit rocks absolutely absolutely thank you so much

[00:09:32] as a pleasure speaking with you and you know it's I think made all of us feel positive about our

[00:09:38] contribution to the expert I must say but you know there's a saying in Gujarati Boleh in our

[00:09:42] Borue Chai it's only when you go out there and spread the message right today it's so easy

[00:09:48] something bad happens and all the papers are screaming and shouting in one of the sessions

[00:09:52] the analyst was asked a question yesterday stating that you know why isn't what the developers are

[00:09:56] doing positive being spoken about and I must say why don't sing out here reach out to you you did

[00:10:01] mention that of course we will speak about the positives but the next two or three years

[00:10:07] Varun and Vishal both of you thank you very much you do recognize the spirit that the developers are

[00:10:12] bringing to the development of the city and you have assured us that you will speak both sides

[00:10:17] the good and the bad I see the bad is a drag or a hangover of the history which has come down to us

[00:10:24] we will change it we at Kradayi and CHI pledge to change it we want more business coming in our way

[00:10:30] we want more clean business happening in our industry we believe that Roti Kapra and Makhan

[00:10:36] Roti feeds a man for a person for a day so you're happy for a day Kapra you know new clothes will

[00:10:41] give you happiness for a week maybe a month and it is only the Makhan that gives you generations

[00:10:48] of pride I want to quote Sharad Mittal a big reach out to you you know he mentioned that his grandfather

[00:10:56] had picked up a home and even today the official address on his passport reads of that home so home

[00:11:02] is just not something where you live in but where your memories will continue to be forever hey I

[00:11:08] would say we are in a human service things have not been exactly the best in the past that hangover

[00:11:13] has to go at some point of time and the spirit that we bring to the table the energy that we bring

[00:11:17] the new generation brings there's hope and this hope will lead to a bright tomorrow for everyone

[00:11:23] good luck everybody thank you so much thank you that was great