Introduction

With a portfolio that boasts of having sold  over 900 plus units that includes agricultural/NA plots, individual villas and apartments, it wouldn’t be wrong to state that realtor Sagar Chheda has gained a certain expertise in the real estate market arena. With a pulse on the buyers needs and innovative marketing strategies, the second homes market has captured the buyers attention.

In the realm of real estate, his journey was not a deliberate path. Starting young, Sagar Chedda had his heart trapped in the vibrant world of travel and tourism, particularly in the enchanting sphere of hotel and private holiday home bookings. He says, “With my sales and marketing prowess, I forged connections with several second home developers, embracing sales assignments to bolster their endeavours. Gradually, as I unveiled a tapestry of success with impressive numbers that delighted the developers, I felt the call to weave my own magic. Thus, I resolved to embark on the creation of one or two second home sites as a developer.”

Since embarking on this journey in the enchanting realm of holiday home real estate in 2021, today he boasts of having sold over 900+ units alongside his dedicated team, encompassing Agricultural/NA plots, individual villas, and apartments. The secret elixir for success was his  innovative marketing approach, a dynamic sales strategy, and personalized customer engagement. And as he stepped into the realm of developing his own projects, there was no turning back. What began as a single development venture on a sprawling 32-acre estate featuring 160 exquisite villas blossomed into four additional holiday home projects around the vibrant city of Mumbai. They are now poised to target an impressive inventory sale exceeding 900 crore within the next 36 months.

According to him, the real estate sector serves as a vital pillar of a nation`s economy, intricately linked to both economic growth and social cohesion. It generates a wealth of employment opportunities across a spectrum of skilled and unskilled labour, engaging professionals such as construction workers, architects, engineers, and property managers. He says, “In the broader context of India`s Gross Domestic Product (GDP), real estate is a significant contributor, profoundly impacting the economic landscape. This sector not only shapes the financial futures of individuals and businesses but also constitutes a substantial portion of their overall wealth. When real estate values rise, economic prosperity follows, encouraging both individuals and enterprises to engage in borrowing and increased spending. An examination of economic cycles over the past century reveals real estate as a consistent force, crucial to the fluctuations of prosperity and recession.”

Continuing further he says, “Its pervasive influence is evident: real estate represents a considerable share of household wealth, is often the most valued asset for farmers, drives the retail and construction sectors, and extends its impact across various other industries. The real estate industry encounters several significant challenges, including affordability, market volatility, unrealistic seller expectations, and rising lead costs.”

Speaking about the challenges of a realtor, he pinpoints, “Rising construction costs, escalating land prices, and increasing property taxes create hurdles for homebuyers trying to access housing. The real estate market operates in cycles and is susceptible to economic changes. Economic downturns can result in decreased demand and lower property values. Additionally, sellers often have unrealistic expectations regarding the price or timeline for selling their homes. The expense of acquiring leads can also be substantial, particularly when purchasing leads through paid campaigns. All these challenges have caused the banking sector and financial institutions to view the industry as high-risk, which in turn presents significant obstacles for real estate entrepreneurs seeking funding, loans, and investments for their projects.”

He considers the Real Estate Regulation and Development Act (RERA) of 2016 as a game-changer which introduced greater transparency and accountability within the industry. Developing a digitalization roadmap that includes both short-term and long-term milestones can facilitate a successful digital transformation.  RERA enforces strict regulations that builders are required to adhere to. He says, “One significant requirement is the mandatory registration of all real estate projects with RERA. Additionally, RERA aims to prevent builders from altering building plans after receiving the booking amount from buyers, stipulating that any changes must have the buyer`s consent. The Act has also curtailed the practice of imposing extra costs and hidden charges. Historically, a gap has existed between developers and buyers, often leading to distrust during recessions in the real estate sector. Buyers frequently worry that developers will fail to deliver possession on time, provide the necessary s, or meet promised property quality standards.
RERA is recognized as the Court of Original Jurisdiction for all matters related to the Act. It is designed to act as a monitoring body, ensuring that projects are completed on schedule. RERA maintains detailed records for each project throughout its lifecycle, from conception to completion. A significant change introduced by RERA is the imposition of financial penalties on builders for project delays. Furthermore, the Act has clearly defined "carpet area" to eliminate confusion regarding the area that builders can represent and charge for.”
Throwing light on the USP of the services offered by his company, he says, “A cornerstone of our success has been our customized design solutions for each villa, carefully crafted to align with the desires of our buyers. While this bespoke approach poses significant challenges in obtaining construction approvals and permits from regulatory authorities, many developers tend to limit their offerings to a narrow selection of villa elevations and designs to simplify the approval process. However, through the unwavering dedication, innovative strategies, and steadfast commitment of our team, we have turned what once seemed impossible into a tangible reality, transforming our buyers’ dreams of enchanting holiday homes into actual living spaces. Our strategic vision includes creating a robust roadmap that ensures these investment properties generate substantial rental income for our buyers while simultaneously providing them with access to their ideal retreat for quality time with family and friends.”

Indeed, the realm of real estate has undergone a magnificent transformation, adorned with a tapestry of innovations, including: AI-infused applications that elevate property searches, predict rent oscillations, and foster seamless interactions through chatbots. Virtual tours grant eager buyers and tenants the ability to traverse properties from afar, conserving time and resources for all involved. Citing examples of its uses, he says, “Smart Home Automation (IoT) emerges as a dazzling trend within the realm of real estate technology. Big data and analytics weave their magic, playing a pivotal role in sculpting the landscape of the real estate sector. Blockchain technology stands as a cornerstone for the evolution of the real estate market. Mobile apps serve as vital instruments, propelling growth within this dynamic industry. Drones gracefully soar, becoming an increasingly essential technology in the realm of real estate. CRM software acts as a powerful engine, driving the progress of the real estate sector forward. Email automation casts its influential spell, significantly shaping the real estate landscape. Besides these, the enchanting voyage of digitization, crafting a smart and user-friendly interface for both potential buyers and cherished customers, has been a joyous adventure. This magical endeavour has significantly guided us on our path toward achieving our goals and vision.”

Future aspirations include the aspiration of becoming one of the foremost developers of holiday homes in Maharashtra and remarkably carve a niche as leading developers within the Mumbai market. “Gradually, we are extending our reach beyond Mumbai, all the while committed to maintaining our focus on crafting an exceptionally satisfying experience for our cherished buyers. While we can proudly proclaim the attainment of our short-term goals and the establishment of new milestones to conquer, we find ourselves aligned on the expressway of our mission. With eager anticipation, we prepare to propel ourselves forward with full throttle, striving to reach our mission in the near future. Untapped strategies and innovative approaches in sales and marketing remain to be discovered by developers, sellers, and both structured and unstructured brokers. These elements have emerged as our most crucial keys to success.”