The prices are stabilising and the real estate market is consolidating – an interview with Tejinder Pal Setia, Chairman, Mona Townships Private Limited

Bengaluru, May 15, 2016

1. Tell us something about your brand. How long have you been in the industry?

Mona Townships Private Ltd (MTPL) stands for construction quality defined by state-of-the-art engineering techniques. We are known for our holistic real estate solutions and for maintaining the highest standards of professionalism, ethics, quality and customer service. Our brand has become synonymous with trust because we deliver what we promise. Our thrust is on cost-effective housing, and we are also held in high esteem for giving timely possession of all our projects. I am a first-generation entrepreneur who was into the construction business for 30 years before foraying into real estate in 2004. In a short span of 12 years, Mona Townships has emerged as one of India’s finest real estate developers with many projects under its belt across Delhi, NCR and Punjab, which are spread over an area of 2.5 million sq ft. Excelling in creating world-class residential, commercial and recreational spaces, we have 15 more projects in the pipeline across North India. The most prestigious among them is our flagship J90 project, a mixed-use 14-acre township in the heart of Mohali. It will have an office complex suited for IT-enabled services called Jade Business Park, which promises to breathe new life into businesses with state-of-the-art engineering techniques that improve productivity and lush-green open spaces that help office goers maintain an ideal work-life balance.

2. Is there a shift in expectations of people from city/urban residential or commercial developers?

With increased exposure to the metropolitan culture of big cities and the international market, the consumer is now more aware of the latest trends in design, modern amenities and the attractive facilities being offered by developers. The demand for affordable luxury housing is also picking up, and the trend will only rise in times to come. People have become more quality-conscious and expect value out of every paisa they spend.

3. What exactly are the expectations of people from developers like you?

People have high expectations from builders of both commercial and residential projects. They look for well-ventilated and well-lit structures with great safety features, surrounded by green and open spaces. They also expect the latest modern amenities at affordable rates. Good construction quality, timely delivery and world-class features are the major expectations that people have from developers. We can proudly claim that Mona Townships Pvt Ltd has done exceedingly well on all these parameters, surpassing people’s expectations.

4. How important is ‘Green Building’ to your brand? Are your projects in line with these requisites?

We, at Mona Townships, have always tried to make all our projects as eco-friendly as can be, whether it is the flats at Mona Greens and Mona Aeroviews or the apartments in Mona Paradise. All our buildings are designed to be energy-efficient. Our structures are well-ventilated and located and designed in such a way that they trap maximum natural light and use minimum electricity. Jade Business Park, an integral component of our flagship J90 project, is a demonstration of a refreshing green business concept destined to set new trends. The project has lush-green, open surroundings to breathe life into your business. Replete with all modern facilities, the workspaces will have large window openings for natural lighting and cross-ventilation, well-lit and ventilated corridors, power back-up, three-tier security, recreational green parks and cafeterias on terraces. Our state-of-the-art engineering techniques are intended to improve productivity.

5. What’s the real state of the ‘Realty Market’ in Punjab? What’s your opinion on the market outlook for the next two years?

The prices are stabilising and the real estate market is consolidating. Real estate activity is particularly picking up pace in Mohali district with the coming up of the international airport. With the market reaching a saturation point in Chandigarh, the attention has shifted to Mohali and its satellite towns of Zirakpur, Kharar and Landran. A typical example of planned development under the stewardship of the Greater Mohali Area Development Authority (GMADA), Mohali has emerged as an attractive hotspot for real estate growth in both residential and commercial categories, aided by factors like world-class educational institutions in the form of the ISB, IISER and NIPER, quality infrastructure, as reflected in excellent connectivity, extensive freeways, state-of-the-art healthcare facilities, round-the-clock water and power supply, and emerging retail and office complexes. Investors are cautious but optimistic, and the response from end users is also encouraging. With the market recovering so well, we expect the demand to shoot up in due course of time. In the next two years, we foresee a shake-up in the market, from which serious players in the industry will emerge stronger. Stability in prices will stimulate demand.

Mona Townships Pvt Ltd (MTPL) While MTPL has three successful projects under its belt in Zirakpur and Mohali-Mona Greens, VIP Road, Zirakpur; Mona Aeroviews, Swastik Vihar, Zirakpur, and Mona Paradise Apartments, Sector 127, Mohali- Construction has already started of 3BHK flats at Mona City in Sector 115 and at Jade Business Park in Sector 90 along with more than many projects in the pipeline across North India. Another prestigious MTPL housing project on offer is Mona Greens-2 on Gazipur road, Zirakpur, which sets MTPL apart from its competitors in terms of landscaping and thoughtful layout of buildings in spacious environs.

In the last one year, Mona Townships Pvt Ltd has received over three real estate’s awards and recognitions, including the Young Achievers Award at CMO Asia 2015, Residential Property of the Year at DNA Real Estate and Infrastructure Award 2015 and in Emerging Developer of the Year at ABP News Real Estate Awards 2016.

The company, which has a turnover of Rs 125 crore, has already sold 1,500 flats amounting to 2.5 million sq ft spread across Delhi, NCR and Punjab since it entered the real estate business in 2004. Most of its projects are being funded from internal accruals.

An ISO-certified member of the Confederation of Real Estate Developers’ Associations of India (CREDAI), MTPL was founded by Mr Tejinder Pal Setia and Mr Warangan Kumar Ralhan with a vision of providing superior luxury-class housing and commercial facilities that exceed customer expectations. MTPL aspires to become a name to reckon with in the real estate sector by using state-of-the-art engineering techniques that allow more sunlight and ventilation, protect high-rise structures against earthquakes and reduce maintenance charges. MTPL has offered a wide range of residential facilities with a variety of lifestyle choices. These include villas, duplexes, low-rise and mid-rise apartments as well as plots of different sizes. All MTPL projects have certain features in common, like vast open spaces, three-tier security, power back-up and organised parking, thus creating an international living experience.

Mr Tejinder Pal Setia, Chairman, Mona Townships Private Limited a man of exemplary vision and enterprise, Mona Townships Pvt Ltd chairman Tejinder Pal Setia is a first-generation entrepreneur who was into the construction business for 30 years before he forayed into real estate in 2004. In a short span of 12 years, Mona Townships has emerged as one of India’s finest real estate developers under Setia’s stewardship with five projects under its belt across Delhi, NCR and Punjab spread over an area of 2.5 million sq ft.

Excelling in creating world-class residential, commercial and recreational spaces, the company which he built brick by brick now has 15 more projects in the pipeline across North India.

Known for his commitment to excellence, Setia has now set his eyes on his flagship J90 project, a mixed-use 14-acre township in the heart of Mohali. He has taken it upon himself to turn Mohali into an IT hub by dedicating extensive office space in this township for IT and IT-enabled services. Christened as Jade Business Park, the office complex promises to breathe new life into businesses with state-of-the-art engineering techniques improving productivity and lush-green open spaces helping office goers maintain an ideal work-life balance.

Corporate Comm India (CCI Newswire)