Builder, real estate, property developer? terms like these are still looked at in askance by many Indians even today, and arguably for good reasons. Much of the business remains unorganised, hence opaque and subject to a lot of black money-based dealings. Though no business can claim full marks on the ethical score, the real estate business finds itself lower on the scale. One must also admit that this portrayal in some measure is due to depictions in Indian popular cinema.
Against this background, Manoj Namburu?s Moguls of Real Estate is an interesting read, profiling some of the biggest successes in this business: KP Singh of DLF, Niranjan Hiranandani of Hiranandani Constructions, Sushil Ansal of AnsalAPI, Shapoor Pallonji Mistry of Shapoorji Pallonji & Co Ltd and Irfan Razack of the Prestige Group.
The book claims that it ?examines their lives closely and reveals how they overcame obstacles, forged their own management philosophies and revolutionised the business world. It celebrates their larger than life ambition, inspired leadership and hard work. It traces the growth ? including the highs and lows ? of the Indian real estate market and is as much for general readers as for those particularly interested in the Indian real estate industry.?
Sushil Ansal?s is a case in point. His story almost parallels the growth of Delhi, right from the time the company started work in 1962 on the city?s first high-rise building, the 12-storeyed Akash Deep on Barakhamba Road, at a time when no one had heard of, or was willing to deal in the concept of multiple ownership in a single building. ?At the time, the rate was just Rs 90 per square feet, and cost Rs 36,000-45,000, which in 2006 was valued between Rs 80 lakh and one crore… Initially buyers were unsure of the practicality of this type of multi-ownership.?
And then there are the anecdotes and factoids which people do not know and would find more than interesting. Consider this. DLF?s (originally Delhi Leasing and Finance) KP Singh was an ex-army officer who inherited his father-in-law?s business. Or that Sushil Ansal?s wife Kusum is a PhD in psychology while Ansal is just a graduate. She has authored 28 books, scripted two TV serials ? Titliyan and Isi Bahane. Her novel Panchvati was made into a movie by the celebrated Basu Bhattacharya, starring Deepti Naval and Suresh Oberoi. But too little is known about it. Or, that Niranjan Hiranandani was the son of the famous ENT specialist Dr LH Hiranandani.
While most of the people featured are first-generation builders ? if not businessmen ? Shapoorji Pallonji hails from the 142-year-old firm. While the author diligently covered many aspects ? professional, personal and their inspiration and motivations ? much of the book is a tad eulogistic. One cannot but remember Kundan Shah?s 1983 satire Jaane Bhi Do Yaaron, which reflects the role of ?builders?, their sinister nexus with corrupt bureaucrats and politicians.
One does miss many other successful real estate players and would have liked to read about them ? notably Unitech ? and a little more pan-Indian portrayal of the business would have enhanced the value of the book.