Suraj Morajkar has worked with almost all celebrities who have homes in Goa. He has also worked on key projects in Goa like The Hilton Goa Resort. His journey in real estate has been a spectacular one which leaves many people inspired to create more while giving back to society.
How did your journey in real estate start? Tell us more about your experience in this field till now.
As a young boy from Goa I was always surrounded by beautiful architecture. That image has stayed with me all along. I have always wanted to create homes that would retain its posterity and the inspiration from Goan architecture which is a blend of Europe and it took us in that direction.
Tell us more about the role that international collaborations play in the real estate industry?
Our company was born with acumen for International standards. At first, we worked with local and national architects gradually moving to associate and engage with international architects who brought a different understanding and view for what we desired to create and build. We found tremendous change between what was getting acquired and the development done by the rest of the developers. Right from the beginning, since our brand took progressive involvements and engagements we were aligned towards international standards of design which aesthetically suit the local atmosphere. Also, such projects attract the right audience, enabling us to convert them to great addresses in Goa. We have collaborated with some very talented architects national and international. David Ruff of Nava Companies from New York. Blink Design group from Singapore, Robert Patzschke of Germany, Burega Farnell of Singapore, Lars Thomsen of Denmark, Edgar Demello of EDA Bangalore, Arvind D’Souza of ADA Goa.
Having built both commercial and residential real estate in Goa, which one do you like building more and why?
Both have their own charm. The commercial real estate we build is in conservative zone where there is a challenge in building commercial premises based on the old charm, which excites us more. We like the challenge of it and it gives us a lot of intellectual recognition. Residential housing gives us a chance to bring in a new flavour and add beauty to the local landscape.
What are some laws which help the real estate industry in India?
I could say that what helped us in my state of Goa is where the laws are local friendly to keep the village atmosphere whilst building something modern yet maintaining the locality of the place. The laws here are not of a city mentality.
Are there any specific policies in India which aid the real estate sector and contribute to its growth?
Policies like RERA aid in easing down the funding for the real estate sector through NBFC (Non Banking Financial Companies). RERA has helped to retain buyer’s confidence and also helped progress motion and drive in the real estate sector.
What do you wish was different about the real estate market in India?
I’m a local of Goa. My market is very different as compared to the other since the Indian real estate market is specific to the regions you belong to.
For instance, we in Goa are not city specific per se. However, a metro city always has an expansion because of the population and desire of a middle class family to move to a larger home apartment or villa. Also, with the pandemic happening, people want to move to open spaces.
I think there should be the ease of funding and India should bring in foreign investment for the real estate sector which is their own banking institution and we should have access to the capital. Real estate should also have its own cooperative.
Since foreign investment is important, the government should have a policy that foreign investors can directly give money to builders as it is cheaper due to interest rates.
Out of other destinations in India, why did you choose Goa as the location for your real estate?
Goa is home. It is obvious I chose Goa to create beautiful homes.
What is different about the real estate market in Goa compared to other places in India?
Goa is a place where everyone comes to unwind; for peace of mind, for holiday homes, for tranquility and for some a wish to retire. Goa is an International tourist destination which gives you a blend of greenery of village life and beach getaway. This is the big difference and makes Goa global in terms of living standards.
Where do you see real estate in Goa going in the next 10 years? What policies do you think will be different about real estate in the country?
I think since there is a great connectivity to Goa, it will be another Mecca of holiday homes, retirement options and settling down in India. The culture of Goa is here to stay as the people of Goa really care about their local aesthetics and environment.