Our vision is to be a leading force in sustainable, innovative, and community-centric real estate development. We aspire to create iconic landmarks that stand the test of time, leaving a positive legacy for generations to come. By embracing technological advancements, sustainable practices, and a people-first approach, we aim to shape the future of commercial real estate in a way that benefits society, the environment, and all those who interact with our developments, says Sudhanshu Rai, Director of Ashrai Group.

In an exclusive interview with Sanjeev Sinha, Mr Rai talks about the nation’s commercial realty space, including his upcoming mixed-use project Golden-I in Greater Noida West, and shares his business outlook. Excerpts:

Can you give us an overview of your background and experience in commercial real estate development? What drew you to this field?

Anand Ji (Anand Shukla, MD of Ashrai Group) has an experience of over 25 years in real estate as a developer, an investor, as an advisor and as a keen observer of real estate and I have a professional experience of over 18 years across various industries both in Indian corporates and international organizations as a corporate legal advisor and director on the board of a few international companies. For a long time we clearly understood a dire need of a developer in Noida/Greater Noida with certain degree of credibility who can keep the commitments and can be trusted. That’s the start of Golden-I where we wanted to not only make a world-class IT/ITES mixed use infrastructure but do it with credibility where we can keep the commitments made to the customers and our investors of Timely and Quality delivery and ensure Capital Appreciation of the customer’s investment as promised to them.

The constant evolution of the real estate market drew us to this field. GOLDEN-I is our first project in Greater Noida West, spread across more than 25 acres. The project is known for outsmarting, outworking, and outselling the competition in real estate, by taking a methodical approach to uncovering and comprehending commercial real estate requirements. Honesty, Trust, and Integrity are our core tenets and we seek to build long-term relationships in the real estate arena.

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Tell us more about your mixed-use project. By when the project will be delivered and what will be the key attraction point of this project?

Our mixed-use project, Golden-I, caters to the diverse needs of society. The project’s location and the growing demand in the market have caused our business and residential spaces to fill up quickly. Golden-I offers a variety of strategically- located commercial and residential spaces, including retail, IT, ITES, office spaces, studio apartments and 3 BHK residential units. The project covers 25 acres and is situated just 1 km away from Gaur Chowk, near the Delhi-Meerut Expressway and the proposed Metro Station. The project’s design includes sustainable green building practices, double-height ceilings, 5 acres of open green space, high-speed internet, and a clubhouse within the business park. Golden-I is fully fenced and surrounded by a catchment area of over 10,00,000 residents. The project also boasts high-end voice & data communication, and WTP and STP and is on track to be delivered by December 2024.

The concept behind mixed-use projects is to create a more sustainable and dynamic urban environment that encourages a healthy work-life balance and reduces urban sprawl. By incorporating various activities within walking distance, residents can lead more convenient and interconnected lives.

What considerations do you take into account when selecting the location for a mixed-use development? How important is accessibility and proximity to public amenities?

When selecting a location for a mixed-use development, several important considerations come into play. These factors can significantly influence the success and viability of the project. Among them, accessibility and proximity to public amenities are crucial as they directly impact the convenience and desirability of the development for potential residents, tenants, and customers. Understanding the demographics and the needs of the target market is essential. Different locations attract different types of residents and businesses. G. Noida West is a proposed Data Centre in the coming years and its connectivity is unmatchable, with easy access to major roads and highways such as NH 24, which is just 7km away and the DND, which lies at a half-hour distance. Further, the existing infrastructure around the location, such as nearby schools, hospitals, parks, and recreational facilities, have the potential to enhance the overall desirability of the area.

With various property types involved, how do you manage the design and planning aspects to create a cohesive and appealing environment?

It is a complex task due to the involvement of various property types, especially when it comes to Golden-I, which has a variety of strategically located commercial and residential spaces. We assembled an integrated design team that includes architects, urban planners, landscape architects, and interior designers and considered a phased development approach, where each phase complements the previous one and contributes to the overall cohesive environment. Collaboration between different professionals ensures that the various aspects of the project align with the overall vision and establish a design that set the aesthetic, functional, and sustainable parameters for each property type.

We ensured easy pedestrian access and interconnectivity between the different property types and created shared public spaces like parks, plazas, and gathering areas that serve as focal points for the community. These spaces promote interaction between residents, employees, and visitors from different parts of the development. By taking a holistic and integrated approach to design and planning, mixed-use developments can create vibrant, appealing, and successful environments that cater to the diverse needs of residents, tenants, and visitors.

Let’s talk about commercial real estate. What are the key trends you see emerging in the commercial real estate market, and how do you adapt your strategies to stay ahead?

The COVID-19 pandemic has accelerated the adoption of remote work and flexible office arrangements. Companies are reevaluating their office space needs, which could lead to a rise in demand for co-working spaces and shorter-term leases. In the emerging commercial real estate market, we could witness the adoption of sustainable, smart and green buildings with advanced automation, IoT devices, data analytics, improved ventilation systems, touchless technology, and sanitation measures. These are likely to become important selling points for office buildings, retail spaces, and other commercial properties. The rise of e-commerce and shifting consumer preferences has led to the need for innovative retail concepts.

To stay ahead of the curve, we are adapting technologies which would enhance the efficiency and desirability of our projects. We have been flexible in terms of introduction to workspace solutions to cater to the changing needs of businesses. We are consulting with industry experts and conducting thorough market research to access valuable insights imperative for optimal decision-making.

Sustainability and environmental concerns are increasingly important in real estate. How do you incorporate eco-friendly practices into your developments?

We recognize the growing importance of sustainability and environmental concerns in the modern world and are committed to incorporating eco-friendly practices into our projects. Our goal is to create innovative, environmentally conscious developments that not only enhance the lives of our residents but also contribute positively to the planet. Golden-I is positioned in Greater Noida because the area has minimal environmental impact, in addition to offering proximity to public transportation, existing infrastructure, and avoidance of sensitive ecosystems or habitats. We are also considering renewable energy sources like solar panels or wind turbines to generate clean energy on-site, water-saving measures such as low-flow fixtures, rainwater harvesting systems, and drought-resistant landscaping to reduce water consumption, in addition to ensuring good indoor air quality by using materials and ventilation systems. By incorporating these eco-friendly practices into real estate developments, developers can contribute positively to the environment, attract environmentally conscious tenants, and potentially achieve cost savings over the long term through reduced energy consumption and increased property value.

In your experience, what are the most critical factors for ensuring a successful commercial real estate development?

Ensuring a successful commercial real estate development involves a combination of careful planning, market understanding, and effective execution. A critical factor that contributes to the success of a commercial real estate development is thorough research of the local market to understand demand, competition, and potential risks. We had a very well-defined vision and clear objectives for the project. We knew the target audience and the purpose of the development, including the budgeting for acquisition, construction, permits, and other associated costs. Another imperative revolves around identifying and assessing potential risks related to the project, such as market fluctuations, construction delays, or environmental issues and implementing risk management strategies to mitigate these risks. Emphasizing quality control throughout the construction process to ensure that the finished product meets the highest standards and expectations is also a major focal factor. These critical factors can increase the likelihood of a successful commercial real estate development, leading to better returns on investment and positive outcomes for all stakeholders involved.

Looking into the future, what excites you most about the commercial real estate industry, and what are your long-term goals as a developer?

As a developer in the commercial real estate industry, the future holds immense potential and exciting opportunities. The integration of advanced technologies, such as artificial intelligence, Internet of Things (IoT), and data analytics, is revolutionizing the commercial real estate sector. These innovations offer more efficient building management, personalized tenant experiences, and improved sustainability practices. The concept of smart buildings is gaining momentum, and it’s thrilling to envision how our developments will incorporate intelligent systems to optimize energy usage, enhance security, and provide a seamless user experience. As a developer, we are excited about creating dynamic environments that cater to the changing needs of businesses and professionals. We are eager to continue implementing eco-friendly practices, renewable energy solutions, and green building designs to contribute to a more sustainable future. With an increased emphasis on customer experience, we aim to create spaces that go beyond basic functionality. We are eager to leverage technology and innovative design to deliver exceptional experiences for our tenants, enhancing their overall satisfaction and productivity.

As a long-term goal, our vision is to be a leading force in sustainable, innovative, and community-centric real estate development. We aspire to create iconic landmarks that stand the test of time, leaving a positive legacy for generations to come. Emphasizing responsible practices, we aim to be recognized not only for the quality of our developments but also for our commitment to social and environmental responsibility. We are also striving to foster strong partnerships with local communities and businesses, ensuring that our projects align with the unique needs and aspirations of the regions we serve. By embracing technological advancements, sustainable practices, and a people-first approach, we aim to shape the future of commercial real estate in a way that benefits society, the environment, and all those who interact with our developments.