This interview has been published by Namrata Singh and The SuperLawyer Team
Congratulations on your remarkable 27+ years in the real estate industry! Looking back, your educational journey reflects a focused approach towards real estate from an early age. Can you share what inspired you to choose real estate, and did you always know this was the path you wanted to pursue?
Real estate as an industry has excited me since early childhood. There’s no exaggeration if I say that I decided to become a realtor while I was still studying in school. As I completed my high school education and stepped out to become a realtor, I consumed every little detail about the market (South Delhi) I wanted to specialize in. This happens to be the area I grew up in and to some extent knew inside out. In the days to come, I realized that demand for luxury homes around the area was skyrocketing and there was immense scope to expand my services across different locations so yes the approach was always focussed.
That’s when I decided to partner with locational experts and take my business https://southdelhiprime.com/ to an all-new level. In fact, I’ll say I always enjoyed and still enjoy influencing friends to join real estate
Starting a company is a significant undertaking. What were the most challenging aspects you faced during the startup of South Delhi Prime, and how did you overcome them? Any lessons you learned that you would share with aspiring entrepreneurs, especially from the current generation?
For the 27-odd years that I have been in the shoes of a realtor, not once have I felt intimidated to take the lead. I will credit all the stakeholders who made me feel at ease while crediting myself for putting in the backend work. However, if I have to list one challenge, I’d say it has to do with helping every team member find their purpose while making room for their personal growth and satisfaction.
To achieve this objective, I feel it is necessary to encourage dialogue, mostly 1:1 interactions wherein the leader can understand the teammate’s state of mind and suggest accordingly. Being in the business of selling super luxury homes, managing the art of frustrations and disappointments, having supreme self-belief, and trusting in the process is of paramount importance, thus when every team member is on the same page, I believe can organizations walk collectively in the direction of fastened progress to become a dominant leader in the business. I’d like upcoming startup founders to take note of this.
Given your involvement in luxury real estate, what unique challenges and opportunities do you find in dealing with high-value transactions, and how does your educational foundation in Law aid you in addressing these challenges effectively?
Since we run a 100% referral business there are no major challenges as such because the person approaching us already has the required faith and belief that we’d be able to help them find their dream luxury property. However, there is one realization I have developed in the process, which I believe can act as a great opportunity of success too, which is to be a continuous learner. Also I feel delegation and moving away from micromanagement has helped us in being fully available to our clients – right support at the right time ideology.
In terms of my educational foundation in law, this degree surely complements my role as a realtor by enabling precise contract drafting, ensuring terms are clear and favorable. It aids in compliance with regulations, safeguarding clients from potential pitfalls. Familiarity with property laws and zoning regulations enhances the ability to identify viable investment opportunities and mitigate risks, which can eventually be optimized in the interest of our clients. Furthermore, during deliberations regarding the property’s title chain with either the Seller, the Buyer, or their legal representatives, I am equipped to offer guidance and advice concerning the accuracy of the title, while also facilitating the provision of necessary legal remedies.
You’ve mentioned that South Delhi Prime is the digital arm of ‘SanD Advisory Pvt Ltd.’ How has technology, especially legal tech, played a role in shaping and enhancing your real estate advisory and transaction processes?
I’d like to believe legal tech has revolutionized the real estate landscape by streamlining processes and enhancing efficiency. For instance, automated contract management has helped improve the accuracy and speed of closing transactions and reduced overall administrative burdens. In fact, online platforms always come in handy to provide quick access to property laws, zoning regulations, and market trends, a must-have for realtors and clients alike. Blockchain technology and E-signature tools are other interesting legal tech alternatives, I believe can change the face of the real estate market. I’d conclude by saying that in today’s digital age, what is real estate without legal tech?
As a principal consultant and entrepreneur with a focus on start-ups in the real estate domain, how do you believe your educational background in law has equipped you to make strategic decisions, and what qualities do you consider essential for individuals venturing into entrepreneurship in this industry, especially when navigating the initial legal challenges?
I’d say my educational background in law has helped in shaping my strategic mindset, which I believe is vital for navigating the complex legalities in the real estate landscape. The ability to interpret intricate regulations and negotiate contracts is paramount, something my law background helps me with tremendously. Moving ahead, the essential qualities I believe real estate entrepreneurs need to possess are adaptability to the ever-evolving legal frameworks, a keen analytical eye, and effective communication. Moreover, to be able to navigate initial legal challenges, resilience, proactive compliance measures, and a commitment to ethical practices become mandatory.
With the rise of legal tech solutions, how do you see technology continuing to influence the legal and real estate sectors? Are there particular innovations that have significantly benefited your practice or streamlined operations?
From what I have noticed the surge in legal tech has helped shape the legal and real estate landscape by ensuring efficiency and precision. Innovations like AI-powered contract analysis fasten transactions, while blockchain ensures secure and transparent property deals. Virtual reality enhances property showcasing from the comfort of our homes. For our business per se, digital platforms for market analysis and e-signature tools have been of significance to streamline our luxury real estate business, saving time and enhancing client experiences, which happens to be the ultimate goal of our business.
Considering your proficiency in law, are there specific legal trends or changes in regulations that you believe will significantly impact the real estate landscape in the near future?
As a luxury realtor, who has been around for almost 3 decades now, having explored the traditional way of working to now getting a taste of the best of the digital world offerings, I anticipate several legal trends taking the real estate space by a storm. I’d like to believe increasing emphasis on sustainable and green practices may end up influencing property development regulations. Similarly, data privacy laws shall become vital in handling client information securely, a non-negotiable in today’s times. Zoning regulations could eventually accommodate flexible workspaces. Additionally, emerging technologies, like blockchain, can revolutionize property transactions. These are just some of the many trends I can immediately think of.
With your extensive background in sales and marketing, how do you ensure that legal considerations are seamlessly integrated into the overall strategy of acquiring and selling real estate assets for your clients?
I would say exercising rigorous due diligence precedes each transaction at South Delhi Prime and now Goa Prime, which helps with mitigating risks and placing client interests on the pedestal. Similarly, practicing transparent communication on legal nuances proves equally integral in client interactions, eventually instilling trust. We also make it a point to tweak our sales and marketing strategies in line with the legal frameworks, thus optimizing property positioning. With this approach, we have been able to maximize asset value, safeguard client interests, and set a standard of excellence in the luxury real estate domain.
What made you choose the South Delhi Market? Do legal dimensions change in real estate based on the region and if yes to what extent?
Like I said earlier, having grown up in South Delhi and having known the region inside out was one of the pivotal reasons behind me fixing my mind on the South Delhi luxury real estate market. South Delhi is home and with South Delhi Prime we wanted to make our clients feel at home.
To answer the second part of the question, yes, legal dimensions in real estate do vary significantly based on regions. In fact local laws dictate property rights, zoning regulations, and transaction procedures. From land use policies to contract requirements, regional nuances play a crucial role, making it crucial for realtors to develop a deeper understanding of specific legal frameworks and eventually navigate related complexities.
Balancing the demands of a thriving real estate business with your personal life can be challenging. Tell us more about what your day looks like.
Work days are extremely busy for me. Being a realtor, most of my business associations ride on relationships. To build these relationships, it is necessary for me to step out in the field, go meet people, pass on information, note down their requirements, and ultimately help them with their dream property. One word to describe my routine is Hustle-Continuous Hustle day in and day out.
On starting my day, I tend to finish any e-meets that may be scheduled. Then I drive either to work or the client’s/prospect’s home/office. Breakfast usually happens between meetings. At work, I get done with all that is a priority before again moving to the field to keep in touch with the happenings. Usually, my days are very busy but I have no complaints.
I always dreamt of becoming a successful realtor and today living my dream is what gives me a different kind of high. All the team members share their schedule for the day and I try to join them wherever I am needed and wherever I can. For more than 27 years I have been following one motto – I have to do the most productive thing possible in any given moment. Had read it somewhere and it has stayed with me since🙂
In your experience, how crucial is legal expertise in the real estate industry, and what advice would you give to aspiring entrepreneurs about navigating legal complexities in this field?
I’ll say legal expertise is paramount in real estate as it heavily influences transactions, contracts, and compliance. For aspiring entrepreneurs, I’d suggest understanding local laws, contracts, and staying abreast with the evolving regulations is crucial. Similarly, whenever possible investing in legal education, consulting with experts, and prioritizing compliance to mitigate risks is equally critical to long-term survival and success. A solid legal foundation ensures ethical practices, builds trust, and is instrumental in establishing a successful and sustainable real estate venture, which is why I’d encourage entrepreneurs to not shy away from acquainting themselves with legal knowledge and avoid fearing related complexities.
Ultimately, when acquiring a real estate asset, you are purchasing not only the physical structure or land but also the associated title papers. The integrity of the title papers is paramount, as the real estate asset represents a legacy asset, necessitating legal precision and correctness at 100% each time and every time.
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