CEO Insights Magazine

As one of the world's fastest expanding economies, India's real estate sector has been a major factor in the country's rise to prominence during the last 75 years of independence. The federal and state governments are adopting various measures to adapt to the housing market's shifting dynamics in response to the rising demand for dwellings. The fast expansion of the IT industry has fostered the development of new urban centres in several major cities, including Bengaluru, Chennai, Hyderabad, Kolkata, the Mumbai - NCR, and Pune.

In this evolving real estate sector of India, one company that has been a pioneer in the industry since the 1980s is Alcove Realty. Since its inception, Alcove Realty's core values have emphasized treating clients like gods and pushing technological boundaries. Hence, the company has completed several ground-breaking initiatives in this region. Alcove Realty also pioneered the use of 'Mock- Up' apartments in the metropolis. Many early 21st-century developments, like Diamond City West, Diamond City South, and so forth, left an indelible impression in the society. Below is an excerpt of Executive Director, Yashaswi Shroff's exclusive interaction with CEO Insights ASIA magazine.

What inspired you to pursue a career in the Real estate Industry?

In 2015, after my articleship with Ernst & Young, I joined my family's firm as a third-generation entrepreneur under the mentorship and supervision of my grandfather and father. THE 42, highest occupied residential skyscraper in India, was my debut project. Being affiliated with a major project like THE 42 helped me discover the trade secrets and tips & tricks of the real estate market. I understand the different intricacies necessary to create a high-rise building. It helped me comprehend the ultra-luxury market.I got to contact consumers personally and understand their needs. After THE 42, I have also been associated in creation of New Kolkata, one of the biggest affordable housing township projects in eastern India. Since childhood, I've witnessed my family as leaders in the real estate market in the eastern region, and it provides me a great chance to help in growing India and meeting the most critical demand of our people, shelter.

What was the driving force behind the establishment of Alcove Realty? Also, what key principles does the organization adhere to be competitive?

With over four decades under its belt, Alcove Realty has built over 10 million square feet of commercial and residential property throughout the city. My grandfather, Amar Nath Shroff, established Alcove Realty back in the 1980s. He launched Alcove Realty because he foresaw the company's potential for rapid expansion and meaningful community impact.

Quality delivery to our clients by committing and over delivering are two of the guiding principles that have allowed our company to remain competitive for so long. As a company, we have a history of working hard to deliver projects to clients within the timeframes we promise. Most notably, we overcame several obstacles and setbacks created by the covid pandemic during two years to complete the construction of Alcove New Kolkata - Prayag in a record-breaking three and a half years, with six G+28 buildings and about 1,300 apartments.

What are the most interesting real estate projects that Alcove Realty has executed so far? Elaborate on any of the current initiatives that the company is working on.

Alcove Realty also completed the pioneering condominium development of Brindavan gardens in the early 1990s. The Siddhartha Building on Vardaman road was the first of its type to provide amenities including a swimming pool and a fitness club when it was constructed in the early 1990s. We're also responsible for the delivery of The 42, the nation's most recognizable skyscraper and the highest inhabited structure in India. Our commitment to sustainability is strengthened by the fact that Alcove New Kolkata is the first affordable housing development in eastern India to get a platinum rating from the Green Building Project rankings. This is the first project in eastern India with its private ghat, jetty, and ferry services, and it also happens to be the highest residential tower on the banks of the river Ganga.

What cutting-edge tools or technology does Alcove Realty employ to get successful outcomes?

Alcove Realty is committed to using the latest innovations in construction technology to expedite projects, maintain complete oversight of all data, and ensure the highest possible quality standards are achieved. ERP systems, help us closely integrate all business functions within our Company, such as procurement, engineering, accounts & finance, drawing management, material management, sales & marketing. We have also introduced Customer Portal & Vendor Portal to maintain transparency and efficiency. Additionally, we made an effort to design specific software for tight integration with our external consultants and internal team members, so that we could be confident that every aspect of the day-to-day coordination and follow-up was being recorded.With the help of our in-house manufacturing capabilities for things like curb stone, manhole covers, aluminum windows, and balcony jaalis, among others, we have become more self-sufficient and less reliant on outside sources, realizing the goal of our Hon'ble PM of India.

Yashaswi Shroff, Executive Director, Alcove Realty

Yashaswi graduated from St. Xavier's College with a Bachelor of Commerce (Honours). In addition to his studies at the university, he took up CA, and as part of the CA program, he completed an articleship at Ernst & Young in Kolkata's Risk Advisory Services, where his duties included leading internal audit engagements and developing standard operating procedures for businesses of all kinds. In 2015, after his articleship with Ernst & Young, Yashaswi joined the family company as the third generation of entrepreneurs in his family.