Auto marketing helped us achieve success in real estate

The basic learning from the fiercely competitive Auto dealership trade made us to keep customers’ interest first and that has helped to achieve reasonable success in the Real Estate business, says Ajit Kumar Chordia, Managing Director of Olympia Group and Khivraj Estates, vice-chairman – Indian Green Building Council (IGBC) – Chennai and vice-president of CREDAI Chennai. Excerpts from an interview with KR Iyer.

Ajit Kumar Chordia

Your journey so far – From automobile business to a highly reputed multiple-business house in Chennai?

Like any other journey, my journey also had ups and downs. A large part of my business career has been spent in automobile business and when came an opportunity to expand I was fortunate to move into property development.  The basic learning from the fiercely competitive auto dealership trade made us to keep customers’ interest first and that has helped to achieve reasonable success in the real estate business.

Even today, we draw inspiration from the Auto marketing and try to use our learning in Real Estate.

How Olympia group came into being and what is the latest from its stable?

We are a family run business with the addition of family members joining the business and on the advice of consultants and professionals on "role clarification and position clarification” and with a view to avoid “all for one and one for all ", diversification was natural. Thus was born OLYMPIA.

"Olympia" has given a landmark development in Chennai starting with world class IT building called "Olympia Technology Park ", thereafter other residential projects. Today, Olympia has spread its wings from Chennai to Kolkata and we are also going to make a mark in Bangalore.

Olympia Technology Park, Chennai

What is your view on the residential and commercial space real estate markets in Chennai?

 The Residential market is fairly stable. However, the commercial space is fraught with grave risk which includes high market cost, low growth of IT when compared to Bangalore and Pune, high land price, low rent, over supply of IT space, etc. Though there is an opportunity in retail space like development of Malls and Multiplex, high cost of land and the absence of civic infrastructure is a major deterrent for retail space development.

What are the green features you advocate for your projects?

We use "Green" principles not only for securing points but where we believe the same will add enduring value to the occupants; accordingly, our main focus will be on the Green features including energy savings and water savings. These two can immediately be quantified for the value which our esteemed occupants would gain perpetually.

 You are also the Vice-Chairman of Indian Green Building Council, Chennai. What are the efforts taken by the IGBC to make the built environment sustainable? What are the shortcomings you face to achieve it?

 The IGBC including its Chennai Chapter is disseminating the knowledge in this field to all the     stakeholders viz. property developers, contractors, consultants, etc. Number of workshops     have been held to sensitise the people and also helped in professionals become "accredited professionals" who would be able to guide the owner-developer to build sustainable and Green Buildings.

 The challenges being faced in this field as a developer are:

 (a) Higher Capital Expenditure

 (b) No guarantee that the technology being implemented would give the desired result, (like waste water recycling, solid waste management (waste wealth) etc.

 These are the challenges in the short term. Unless more developers join this particular  movement, the technology will not develop to give desired results.

About Olympia’s ongoing projects…

We are moving up from Chennai, in our residential development by launching a couple of luxury projects viz. " Sky Villa ", Chennai's first Dupley Apartments in multi-storied building along with plunge pool and independent home elevators for each apartment.

Can you tell us about the commercial and residential projects in pipeline?

"PANACHE," a 22-acre truly gated community with about 125 luxury Villas and the launch of “REFLECTIONS" which will be giving the first super luxury home experience on East Coast Road.  We are also waiting for an opportunity to come with an "Affordable Home" but that may take some more time as our domain knowledge to deliver the affordable homes is limited by our short experience of just four years in the residential home sector.

The brand "Olympia" has also moved to the City of Kolkata where we have four ongoing residential projects and couple of more in the pipe line.

Our latest offered luxury Villa project is coming from the City of Bangalore.

Please tell us about your CSR activities

All these years, our CSR activities were restricted to making contribution to a particular organisation or supporting people with scholarships for education etc. With a view that our CSR initiatives have enduring impact, we are committed with one School in Thiruneermalai (3 kms from Pallavaram).

Our larger gated communities would also be sensitized to the requirement of education and towards this, we have one more School proposed in Navalur.

Both these school projects are "not for profit " and as a part of the CSR initiative.Success of the above two schools would pave road for our charitable trust to move into the field of higher education viz. a professional College.