Sobha Is The Most Professionally Managed Real Estate Company In India.
May 8, 2017
Unlike most other industries, there was until recently no management degree in real estate. Laws and regulations too were lax and loosely applied until RERA came up, the result being, that one of the largest sectors of the economy worked essentially on principles that were not very professional.
However, in the face of increasing globalization and the government allowing FDI into the sector, the industry has had to pull up its socks and start looking at overhauling its age-old practices of working and adopting global best practices systems. Aligning with this new motivation and to provide a thrust to sustaining this practice, Track2Realty released the first-ever best practices report in the Indian real estate.
Evaluated on the parameters of fiscal management, execution, market depth, consumer connect, transparent deals, functional professionalism, care, best employer and communication & desirable practices, and evaluated by investors, HNIs, NRIs and other influential stakeholders, the study included the 100 top real estate companies of the country.
Graded rather stringently, only 10 developers across the Indian markets achieved an A+ (Outlook Positive) rating. Many of the ‘big’ and recognized developers, surprisingly, earned a B+ (Outlook Stable), while some of the large developers by market size scraped by with a B Rating (Negative to Stable) or worse, even a C (Outlook Negative). Sobha Limited stood at the top of the table, way ahead of other Indian developers in adopting best practices, with a robust 6 out of the 10 well-defined metrics. The fact that Sobha stood strong among a 20-city public perception survey, makes it a worthy case study in the Indian real estate industry.
For Sobha, professionalism is an integral part of its company philosophy – a 20-year sustained endeavor in practicing quality, customer centric approach, robust engineering, in-house research, uncompromising business ethics, timeless values and transparency in all spheres of business conduct. It is one of among the few companies globally to practice ‘backward integration’ – having its own factories to manufacture components that go into its construction, to ensure quality.
This recognition of being the most professionally managed company by industry experts has been further validated by Sobha winning the ‘Best Professionally Managed Company’ (turnover > INR 1000 crores), conferred at the 9th CIDC Viswakarma Awards 2017.