Quality is The Key Differentiator

QUALITY IS THE KEY DIFFERENTIATOR

The real estate industry provides immense employment opportunities, as it is labour intensive. The growth of the industry is reflected on the development and overall growth across sectors in the country.
But, this does not mean everything is hunky dory for the industry. The sector is at a crossroads today: On the one hand is the upside — the high growth factor and the need to provide infrastructure in keeping with the overall growth in the country.
On the other hand — the down side as it were — the issues are numerous: Ranging from the unscrupulous few giving the real estate sector a bad name, to the debt trap that the industry finds itself, to projects becoming delayed or stuck despite the best intentions, community issues, red-tapism in
the sector, etc. The negatives have the possibility of toppling the balance against the industry.
A combination of macroeconomic factors, high inflation and very high interest rates almost put a spanner in the growth of the real estate sector last year. The issues related to land acquisition, especially in the NCR, also added their bit in stymying the sector.
But, now, the tide seems to be turning and the macroeconomic winds have changed direction. There is bound to be more clarity on land acquisition, with a bill being tabled in the Parliament, though most of the clauses appear to be populist.
The industry is due for a massive shakeout and the developers who will survive and consolidate their position are the ones who have been able to get their basics right. And the basics here mean: Stop taking short-cuts and look at the bigger picture and how this industry figures in the bigger picture.
Amit Gupta, the managing director of Orris Infrastructure Private Limited, says: “Quality will always win. We, at Orris, firmly believe that the way forward is to focus on quality and that will be the key differentiator. But what is quality and what does it mean? Is it perfection that we are talking about or matching of the expectations that people may have of our sector? Our brand ‘Orris’ explicitly promises the best, our slogan being ‘Expect the best’. We believe that it is meeting and bettering
customer expectations that are the hallmark of quality. I foresee a time when the customer dictates his expectations and the realtors run to fulfil his requirements rather than the customer choosing what is most suited to him from what is available.”
Management consultant, Peter Drucker, says: “Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for. A product is not quality because it is hard to make and costs a lot of money, as manufacturers typically believe. This is incompetence. Customers pay only for what is of use to them and gives them value. Nothing else constitutes quality.”
Mahatma Gandhi said: “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so.”
“Quality comes from being unafraid to take drastic decisions, by not compromising on pre-decided standards and ensuring that the foundations that we have set up are solid. One of my favourite innovators, and a person who kept re-inventing himself, was Steve Jobs. He once said: ‘Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.’ I believe that the real order in the real estate industry will come when there is the creation of such an ecosystem and there is collective growth,” Amit Gupta says.
One of the biggest issues plaguing the real estate sector today is the high debt costs and the huge cost of land acquisition. “We, at Orris, have formulated a zero-debt philosophy and all our projects are on our own land banks. The issues of a project getting delayed due to high-debt costs and issues related to land acquisition, therefore, do not arise in our projects. I firmly believe in the saying: ‘Quality is never an accident. Instead, it is the result of high intention, sincere effort, intelligent direction and skillful execution’.
Source- TOI

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