Noida, Uttar Pradesh, India: The fountainhead of the success story of the Bhutani Group is a young and vibrant business leader, Ashish Bhutani. He brings a global perspective to the growth of commercial real estate in India after completing his MBA from the University of Cardiff, UK, and his graduation from the University of Sheffield, UK.
He assumes that the commercial sector has been and will continue to be in need of growth in the future. “In terms of economic development, the role of commercial infrastructure, including malls, offices, etc, cannot be overlooked. This sector was badly hit during the lockdown, since there was no economic activity taking place. Nevertheless, this market, including retail, is recovering more rapidly than expected. Currently, the commercial segment is also focused on the NRIs’ increased investment in the current situation resulting from COVID-19. Because of the depreciation of the rupee, the investment possibilities for the NRIs are now even more profitable,” he says.
Always in sync with the market demands and delivering accordingly, Bhutani came up with a jewelry market for the residents of Noida, Johari Bazaar at its coveted 26.8 acre mixed-used Cyberthum Project in Sector 140A Noida. “The residents of Noida, Greater Noida, and Ghaziabad currently have to turn to Delhi to buy jewelry. People’s first choice for jewelry shopping is crowded areas like Karol Bagh or Sadar Bazaar, and there is no guarantee of getting jewelry of your choice. Our jewelry market will not disappoint customers. The goal is to bring popular experience to the doorstep of everyone. We would love to have an assortment of jewelers here. After extensive research on the disposable incomes of the residents here and of adjacent sectors, we conceptualised the bazaar,” says Bhutani. The commercial project provides Business space (MyPod), food courts (FoodZania), retail shops and futuristic gaming zone (Bolt). Some of the highlights of the project include North India’s tallest commercial tower, 50 level iconic towers, one of North India’s largest musical fountain, Leed platinum certified building, and the office towers designed as a vertical campus.
With its groundbreaking flagship project, Alphathum, which sold more than 90 percent in a short period of two years, the company has achieved tremendous success under his leadership, making it the fastest-selling commercial real estate project in India. In Sector 90 Noida, the project is in full swing and has received an enthusiastic response. As a young business leader, he claims that the workplace should be built to help increase the efficiency of an employee, the locus of life for the working community where people spend more time than they do in their homes. Thus, with this customer solution-oriented attitude, he ensures that all projects from the Bhutani Group can grow. He finds it his job to ensure world-class experiences for all his clients as a global realty maven. “The impact on this segment will only take place if people stop working or doing business. As this segment offers good returns, the highest foreign investment was in commercial last year. According to the current standards that are likely to take precedence in the post-COVID period, there will be architectural improvements in the future,” he adds.
Commercial real estate, unlike other markets, is booming and supporting the country’s economic development. In its contribution to this segment, which attracts funding through REITs, the Bhutani Group is involved and will further improve the economic situation and business sentiment. It is this segment that is convincing investors in the top cities to chase investment-ready properties. Bhutani is prepared to build international standard projects that promise to leave an indelible mark on the real estate horizon, in line with this searing demand.
In the next two years, Indian real estate (most of it in commercial office spaces) will hit $10 billion, up from about $5 billion in 2018. And by taking the right steps to be a big stakeholder in the market, Bhutani is sure to continue the current trend of having a huge chunk of the segment’s action. From the moment that Bhutani hopped on the bandwagon of the commercial segment, he knew that demand was good because it was directly linked to the economy.
Bhutani Infra plans to invest Rs. 5,000 crore over the next three years in the development of its ongoing and future projects in Noida and Greater Noida. The company plans to deliver nearly 16 million sq. ft. area over the next couple of years. Elaborating on the company plans, Mr. Bhutani, says, “The COVID-19 pandemic has affected every industry including the real estate sector. However, in Noida and Greater Noida, there has been no effect on the Grade A office market. In fact, the demand has increased in these two cities because of cost advantage compared to Gurugram market. Being a leading commercial real estate developer in these two markets, we are well-positioned to cater to this rising demand. We are also looking to expand our presence and aim to diversify into both the high-end residential and luxury retail markets.”
He also knows the need to give back to society and help the country build a better future. With this idea in mind, he began ‘Vidya Treatment‘ under the Bhutani Care CSR arm of the company. Via Vidya Treatment, through awareness camps in slum areas and by joining hands with government schools to provide schools in such areas with man-hours, the organization focuses on primary education initiatives for underprivileged children. He has traveled widely around the world and in his ventures he applies all of his global know-how to best practices.