Deep Vadodaria, currently serving as the CEO of Nila Spaces, is a distinguished and visionary leader in the real estate and urban development industry. His leadership qualities have set him apart in the field. One of Mr. Vadodaria's most remarkable achievements is his leadership in Project VIDA, an initiative under development in GIFT City aimed at reimagining urban living spaces. Recognizing the growing issue of urban loneliness, particularly during the pandemic, he has designed VIDA to create more community spaces, fostering deeper connections among residents. His ultimate goal is to enhance the quality of life for urban dwellers by offering the best in urban spaces and services. VIDA's commitment to harmonizing urban living with nature, as reflected in its meticulously designed landscapes and eco-friendly building facades, demonstrates his dedication to sustainable and holistic urban living. In recognition of his contributions, Mr. Vadodaria received four prestigious awards at the 15th Realty+ Conclave & Excellence Awards 2023. His dedication to innovation, sustainability, and urban living enhancement has solidified his reputation as a leader shaping the future of real estate and urban development at Nila Spaces.

In an exclusive interview with Nitish Raj; Editor-in-Chief, Today Magazine the dynamic entrepreneur talks about the Real Estate industry along with the innovation and sustainable living startegies in Real Estate industry and his latest projects.

 

Q.1: What is the key to success in the real estate and urban development industry according to you?

DV: The key to success lies in understanding the evolving needs of urban consumers and adapting designs accordingly. The COVID-19 pandemic brought significant lifestyle changes, particularly in urban areas, and has influenced current consumer expectations. For instance, developers now prioritise offering free spaces like balconies, as people felt claustrophobic during lockdowns. Community interactions have also regained importance post-COVID, emphasising the need for more communal spaces.

Design is at the core of this success. Developers must continuously evolve their design mechanisms to meet personal and practical needs, rather than simply copying existing trends. This is especially crucial as we navigate rapid increases in real estate prices, such as in areas like GIFT City, where affordability challenges necessitate more efficient and compact designs.

I believe many developers still fail to focus on the real needs of consumers. While larger developers in metropolitan areas invest more in planning and understanding market demands, tier-two cities often rely on channel partners who suggest what will sell based on current trends, rather than engaging directly with the end-users. The key to future success will be for developers to establish a direct connection with consumers before planning projects, ensuring that developments truly meet user needs.

Q.2: What has been the learning curve in your journey?

DV: Throughout my 18-year career experience, I have experienced significant learning curves driven by market evolution and changing consumer expectations. One of the most impactful experiences has been with Nila Spaces, a relatively new company that emerged from a demerger. Competing in a national market with established players was a daunting task, especially when high-quality products were the norm.

One of the key lessons was the importance of focusing on innovative design and sustainability. Despite being a fresh entrant, we successfully designed a project in GIFT City that stood out for its design efficiency and sustainability. Competing with renowned developers like Sobha, we not only matched but often exceeded their quality and sales experience. This accomplishment underscored the value of prioritising consumer needs and delivering superior products.

Our journey has shown that understanding and adapting to the real needs of consumers is crucial. The Indian real estate market has evolved significantly, particularly after the implementation of RERA, which has empowered consumers to demand more. This shift has required developers to enhance their product quality and customer experience.

The success of our project demonstrated that with a strong focus on design and consumer satisfaction, even a new company can compete effectively with industry giants. The lesson here is clear: delivering high-quality, thoughtfully designed products that meet consumer needs is the key to success, regardless of a company's age or market presence.

In essence, my journey has taught me that the real estate industry is no longer just about longevity or brand recognition. It is about understanding and delivering what consumers truly want, continuously innovating, and maintaining high standards of quality and service. This approach has allowed us to build a strong market presence and compete successfully, proving that dedication to excellence can overcome even the toughest competition.

Q.3: How do you create a brighter outlook to ensure the future growth of NILA?

DV: Our focus at NILA is on what sets us apart: innovative and future-oriented urban living solutions. We are committed to continuing this approach, as demonstrated in our recent projects, which embody the future of urban living.

Post-COVID, the urban landscape in India has undergone significant changes, and new design theories and choices have emerged to address these evolving needs. Urban India is now facing issues that other global cities have previously encountered, and our design philosophy reflects this reality. We emphasise creating more community spaces, providing extensive amenities, and offering diverse lifestyle choices to enhance residents' living experiences.

For example, with our Quintessentially project, we have redefined luxury by making it accessible to a broader audience. Traditionally, services like the British Concierge Service were exclusive to luxury projects valued at over five or seven crore rupees. We challenged this norm by incorporating these services into our studios, ensuring all our members receive Quintessential memberships and on-site concierge services. This initiative democratises luxury, making high-end services available to a wider population.

Two core principles guide us as we move forward: sustainability and accessibility. Sustainability is not a luxury; it is a necessity. We believe sustainable practices should be integrated into all projects, not just high-end ones, because sustainability should be accessible to everyone. Similarly, lifestyle amenities should not be restricted to high-value properties but should be available to all urban residents.

As urban migration continues and consumer demands evolve, new product segments and projects will emerge to address the challenges faced by urban dwellers in India. Our future growth strategy at NILA focuses on these emerging needs, ensuring that we deliver innovative, sustainable, and accessible solutions that enhance the quality of urban living. By staying attuned to these changes and continuously innovating, we are confident in our ability to create a brighter future for NILA and our residents.

Q.4: What was the vision behind your remarkable Vida project, and how far have you been able to achieve that?

DV: The vision behind the Vida project was driven by the desire to do something distinct and address real-world problems in urban areas. Vida was one of the first significant projects for Nila Spaces, which had previously only undertaken a small affordable housing project. Our core objective was to push the boundaries of design to address the evolving needs of urban living, especially post-COVID.

GIFT City provided the ideal demographic and setting for us to experiment with these innovative design theories. Our primary aim was to democratise space and foster community engagement. Over the past two decades, urban development has increasingly focused on maximising private space within homes at the expense of communal areas. We wanted to reverse this trend by creating high percentages of community spaces that encourage interaction and engagement among residents.

The unique profile of GIFT City, with its significant expatriate population and diverse communities, allowed us to implement these ideas effectively. We designed Vida to facilitate community bonding and interaction, which became even more relevant as human behaviour shifted during and after the COVID-19 pandemic. People now seek more communal interaction, having experienced the isolation of lockdowns.

Additionally, we introduced innovative financial engineering to make luxury accessible to a broader audience. Traditionally, luxury services like the British Concierge Service were limited to high-value properties. At Vida, we included these services for all residents, significantly lowering the entry price point. This approach ensured that luxury and high-quality living are not restricted to the wealthy but accessible to many.

Our financial models have also evolved to make homeownership more attainable. Initially, buyers paid 20% upfront, with the rest financed through bank loans. As property prices rose, we adjusted this to a 10% upfront payment and eventually to just 1% where we are giving our buyers additional time to pay the 9% in order to make it more flexible to pay the downpayment, with the remaining 90% financed through monthly installments.

In summary, the Vida project has successfully achieved its vision by focusing on community, innovative design, and accessible luxury. By addressing the changing needs of urban residents and providing flexible financial options, we have created a model that sets a new standard for urban living. This project exemplifies our commitment to enhancing the quality of life for all residents and ensuring sustainable growth for Nila Spaces.

Q.5: How do you identify a promising opportunity for a new initiative?

DV: Firstly, we look for ideas that offer an economic advantage, enabling us to sell a product at a premium. These initiatives often involve tangible improvements, such as advanced technology or enhanced community spaces, where we can clearly demonstrate value to our customers and justify a higher price point.

Secondly, we pursue initiatives that align with our vision, even if they do not have immediate financial benefits. For instance, our commitment to carbon neutrality is a long-term goal. While we may not yet charge a premium for being a carbon-neutral project, we believe it is essential for the future and worth investing in.

When evaluating new opportunities, we ask whether they align with our vision for the future of urban living and our goal of creating an environmentally conscious company. This perspective allows us to prioritise initiatives that may not have immediate financial returns but are critical for the long-term sustainability and innovation of our projects.

For example, we have taken several steps to reduce our environmental impact, such as eliminating printed brochures in favour of digital ones, using electronic vehicles at our project sites, and minimising paper use in our operations. These efforts reflect our broader commitment to sustainability, demonstrating that our initiatives are not just project-specific but part of a larger, ongoing movement towards responsible development.

In essence, we identify promising opportunities by assessing their alignment with our long-term vision and their potential to enhance both the consumer experience and environmental sustainability. This dual focus ensures that we continue to innovate while remaining true to our core values.

Q.6: With the spearheading changes in the real estate market, how do you keep up with innovation and progression?

In our journey through the real estate market, we are always on the lookout for ways to stay ahead. We have found that embracing technology and innovation is key. By using tools like VR tours, we help buyers visualise their future homes better, making the process smoother and more engaging. We also focus on creating spaces that bring people together, like our Sky-park, where everyone, regardless of where they live, can enjoy premium amenities and foster community bonds. Efficiency is crucial too. We leverage cutting-edge construction tech to speed up project delivery without compromising quality. Investing in startups that are reshaping the industry ensures we are not just keeping up but leading the way in innovation. Staying connected with emerging trends and constantly adapting allows us to maintain our edge in a rapidly changing market. Ultimately, it is about delivering the best possible experience for our customers, both in the homes we build and the journey we take them on.

Q.7: How do you inculcate sustainable living and environmental-friendly strategies in your projects?

DV: Incorporating sustainable living and environmentally friendly strategies in our projects starts with a deep-seated belief in the importance of sustainability. It is not just a buzzword for us but a core value that guides our approach to development.

Addressing carbon emissions during construction is paramount. Construction activities are responsible for a significant portion of global emissions. To tackle this, we collaborated with Deloitte to develop a comprehensive carbon neutrality report for our Project Vida. This report includes a rigorous audit of our construction processes, materials, and practices, calculating the total emissions generated. We then devised a roadmap to neutralise these emissions, ensuring that our project remains carbon neutral throughout its lifecycle.

Incorporating sustainable living and environmental-friendly strategies in our projects is foundational to our ethos, not merely a trend. Our approach is multi-faceted, integrating various strategies: