Stalwart Projects, a real estate developer with over 13 years of experience in Bhubaneswar, has been at the forefront of redefining real estate, crafting exquisite residential and commercial spaces that epitomise sophistication and functionality. In a bid to do something for the society, Sharat Kumar Sahu, Founder, Chairman & Managing Director of Stalwart Projects Private Ltd (SPPL), left his job in a public sector bank and started this journey with the vision to provide employment to youths. Hailing from a small town in Sundargarh district, Sahu has taken SPPL to new heights today. In a conversation with Orissa POST, Sahu shares his entrepreneurial experience.
How is the demand for housing projects in Odisha?
There is a huge demand for various categories of housing projects in the Odisha market. Especially the demand for special housing (duplex) and luxury (multi-facility) apartments is higher than other projects.
How important are RERA regulations for home builders?
At present, the buyer can assert his right to the home developers because for RERA regulations, government policies and laws. Earlier, because there was no vigilance from RERA or the government, builders used to work arbitrarily. As a result, buyers were facing various problems. Now that everything is being done as per government and RERA regulations, there is transparency in the industry and buyers’ trust has significantly uplifted.
Which category of customers prefers to buy a house?
People of all walks need a house to live in society, while having a house in the city is a dream of affluent customers. If possible, the customer buys a house according to his convenience and needs. Basically, doctors, lawyers, CAs, teachers, IT professionals and engineers are primary buyers. Along with them government job holders and businessmen emphasise on luxury as per their capital and demands.
Amid taxation and registration hassles, how do you plan and manage a project?
At present one has to do a project and keep track of all the necessary accounting documents till the end of the project like government expenditure etc. While looking at the needs and demands of customers on the one hand, government and regulatory policies and taxes also have to be taken into account.
How do you view the new registration rules of the state government?
For the past few years, there have been some government restrictions and regulations that have been a barrier to both buyers and sellers. However, at present, after extensive discussion on the proposals of all stakeholders the government has taken a welcome step. As long as all parties are happy with the result, there will be no issues in terms of transaction and ownership.
How is inflation affecting the business?
Currently inflation and market pricing are big problems for housing projects. Cost of raw materials and human resources required for housing projects along with government taxes have increased by 5 per cent over the past few years. The land required for the project also has to be purchased at a higher rate from the freehold owners.
What would be your message to aspiring entrepreneurs?
Housing construction is a major sector in the domestic market. Enthusiastic and aspiring youths need patience, faith, hope and hard work to directly and indirectly see their contribution in this sector.
Are there any new projects on anvil?
New projects are required for business growth. The company is going to launch several housing projects in the coming days. A special housing project for senior citizens at Gangapada in Bhubaneswar will come up in near future.
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