The story of real estate mogul Niranjan Hiranandani, 71, is the story of Mumbai. A little bit of the maximum city’s chequered history, its evolution, and its challenges, can be pieced together in the choices that Niranjan, the son of Mumbai’s well-known ENT surgeon Dr Lakhumal Hiranand Hiranandani, made.

In a free-wheeling chat with AKADialog, Dr Niranjan, ranked by Forbes among the 100 richest Indians, shares his entrepreneurial journey, his leadership mantra, and his love for the city of Mumbai.

How has Covid changed business?

Covid-19 has changed the paradigm. Not just of business, but of the way we live. The biggest impact has been on buyer sentiment. This, in turn, has reflected on slower GDP growth.
Migrant labour trends have changed; it is a bigger challenge to get labour especially in Metro Cities. So, automation is on the rise; adoption of new technologies has been accelerated. Marketing activities have gone digital; the process of home buyers selecting a home is powered by artificial intelligence driven 3D walk-throughs and digital platforms.
A lockdown no longer means sales and marketing activities coming a standstill. The vaccination – although it is not happening at the speed one would want – is another positive. GDP growth is expected to be in the uptick in the near future.
Regulatory agencies have been helpful, granting extensions of time-bound deadlines in situations where the pandemic has resulted in work grinding to a halt. The crunch issues remain access to low cost funds, availability of credit and last mile funding.
For real estate, it has meant changed definitions of the ‘ideal home’. Sustainable and eco-friendly are being implemented. The ‘traditional renters’ are now first home buyers; existing home owners have shifted to bigger homes.
In the commercial space, data centres and logistics have been the surprise growth segments. Office spaces are at ‘status quo’ with the new ‘hybrid’ system of working still making its impact felt; while ‘work from near home’ has created demand for shared workspaces near residential hubs.
Things are improving; hopefully India will speed up the process of recovery from the negative impact of the pandemic.