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The CEO Magazine
A monthly magazine for business leaders and decision makers

PRITHU HOMES, BUILDING CUSTOMIZED DREAM HOMES WITH TRANSPARENCY, INNOVATION & PROFESSIONALISM

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PRITHU HOMES, BUILDING CUSTOMIZED DREAM HOMES WITH TRANSPARENCY, INNOVATION & PROFESSIONALISM

“Our transparent model of working has helped in a long-lasting relationship with our clients due to our ‘single point contact’ process. The customers can be in any corner of the world, and still get weekly updates. We take care of our clients even after the project is delivered by means of warranties” 

Nitin Bansal.

Under the wise leadership of Nitin Bansal, Managing Director of Prithu Homes, the company functions as a solution to all your home building needs acting as the one-stop solution to everything. They are building world-class customizable homes on residential plots in Delhi NCR for people who seek a dream home with finesse.

They have in-house teams for architectural design, construction, approvals, procurement, etc. qualified from India’s premier institutes with 100+ years of combined experience in the real estate industry.

THE ONE WHO CEMENTED THE VISION

Nitin Bansal (Managing Director) founded Prithu Homes, a residential home developer, in mid-2015 with the backing of PuneetDalmia of the Dalmia Bharat Group with the sole   aim of providing turnkey solution to individual residential plot owners. He has built the company with transparency as its core value. Nitin has a great understanding of the property space as well as business fundamentals, having worked with organizations such as Unitech, Airtel, and, Power Finance Corporation. A Delhi boy, Nitin graduated from the prestigious Shri Ram College of Commerce and went on to do his management degree from IIM Bangalore. Stints at entrepreneurial firms, Class teachers Learning Systems and Achiever’s Academy ignited the spark in Nitin to think off the beaten track and achieve more with less. The result was Prithu Homes. In early 2016, they started work on their first project which quickly cascaded into more projects as the company’s reputation spread.

            Prithu Homes’ nature of work is distinctive from local construction companies in Delhi NCR. They believe in absolute transparency and strictly comply with all legal requirements to keep the owners safe and use only branded and standardized materials for quality control in construction. They put together beautiful homes that are centred on one’s needs and reflect one’s personality. They take pride in escalation free prices and fixed delivery timelines. They provide warranty for the work done which ensures customer’s peace of mind. In an enlightening conversation at length with The CEO Magazine, Nitin talks about the company, the scenario of the market, plans, safety standards, technology and more.

THE PRESENT COMPETITOR DEMOGRAPHICS  

At present, Prithu does not have any direct competitors. The individual residential construction market is not organized and they have seen local contractors, brokers, and architects who have converted to builders. This has led to non-qualified home-grown teams focusing on quantity instead of quality.

            Nitin further adds, “Prithu is trying to fill this gap by providing a professional and transparent solution by making the home building experience a happy and hassle-free for all homeowners.”

            The company’s transparent model of working has helped them in building a long-lasting relationship with the clients. It is hassle-free to work with the team at Prithu because they have a single point of contact in each department. Their customers can be in any corner of the world and still get weekly updates on the construction progress. Their dedicated teams have delivered quality projects within designated timelines and with escalation free costs. The founders of the company are directly involved and are just a phone call away if the need be.

            “If there are problems, we call them out and deal with them transparently instead of brushing things under the carpet. We take care of our clients even after the project is delivered by means of warranties. All these initiatives reflected in the testimonials of our existing clients” asserts Nitin.

NATURE OF SAFETY STANDARDS 

At Prithu, safety standards are of paramount importance, they are fully conscious of the hazards at a construction site and it is their number one priority operationally. They have internal safety guidelines that are followed across all of their projects. These include barricading of any dangerous open areas such as lift well or usage of safety nets and green nets where required.

They channel their focus on having well-lit sites with no heavy work to be performed after hours under normal circumstances. They do not allow any outsiders to visit their project sites without approval and any such visits are adequately supervised by their onsite team.

THE MARKET TRENDS OF THE CONSTRUCTION INDUSTRY 

“The kind of pain the real estate sector has gone through; people now realize the value of working with professionals. There is no better time than this for a professional player to come in the market to structure it” believes Nitin.

            Like any other industry, learning is a continuous process in the construction business as well. The idea is to have a keen, young and progress hungry team in place with a strong and experienced core to support it. The DNA of any successful organization has to be research-oriented and in sync with the continuous adaptation of new technologies. It is significant for qualified teams and professionals from specific disciplines of each department to stay abreast of the latest trends in the industry.

TECHNOLOGY AND RESEARCH 

New technologies have made the world a better place and the construction industry is no different. The use of technologically advanced materials and better concepts like curing compound, drain channels, MLC pipes, crystalline waterproofing compounds, underslung piping, core cutting, ready-mix plaster and else have made the construction process faster, easier and efficient. The professional on-site staff of Prithu has efficiently adapted to these new technologies which in turn has increased the effectiveness.

            The flow of research and development is critical given this market has been unstructured. The professionals need to create the processes from scratch. At Prithu, they have practically developed their internal systems for procurement and quality management. They are highly tech-driven at the back end which has allowed them to scale the business.

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            Nitin emphasizes, “We are experimenting with new construction technologies which can reduce the overall duration of construction and provide better quality to our customers. We are also moving towards factory-made products to reduce dependency on workmanship on site.”  

TRANSFORMATION OF THE INDUSTRY 

 Over the years India has gone through a phase of ‘hyper-growth’ in the construction market. The company had a lot of unstructured fly-by-night operators who entered the industry because the sales volumes were massive. In the last 3 years, the dust has settled and all the fly-by-night operators have vanished. People    have learned it the hard way that    there is a lot of pain with the undelivered and mediocre quality delivered projects. Nitin explains ahead from this unstructured hyper-growthphase, the industry has now started moving towards being an ‘end-user’ driven rather than an ‘Investor Driven Market’. Individuals now seek the quality of construction, sacrosanct   and fixed timelines, and a trustworthy corporate, with peace of mind.

“As I have mentioned earlier, the pain that the owners have gone through in the last few years in the sector has caused serious mistrust. The only way forward for the owners is to deal with corporate business houses with a professional way of working, transparent agreements, a track record of on-time delivery, and proof of quality products delivered” adds Nitin.

OUTLOOK ON THE FEDERAL LAWS FOR THE CONSTRUCTION SECTOR 

RERA has just come into the picture and Nitin believes that it is a great move for the industry. Although they don’t fall under RERA, this is seen as more of a positive move by the company. He hopes it will also get implemented for the residential plots. If you draw a look at the developed markets there are standard contracts and regulations which govern the construction market and at Prithu, they expect the same to happen in India.

            They feel that this will help improve the professionalism in the industry. They are looking forward to seeing some more regulations to protect customer’s interest in their segment as well.

RELATIONSHIP WITH THE CLIENTS 

Upon entering the market, the response Prithu Homes received was overwhelming. The gap that they identified and the reason with which they founded the company was fully validated. Today, the customers are valuing a professional way of working and they come with a positive mind   set to deal with things collaboratively.

            Nitin also added, “Our clients have praised us and said that we are better than local builders on almost all fronts. The customer feedback has been excellent. Existing clients are acting as brand evangelists for us, spreading the word of the good work done by us.”

            In the coming few years, the company believes that they would be the most dominant player in Delhi NCR doing 100+ projects every year and at the same time they also would have expanded to other cities in India.

 HICCUPS ON THE WAY 

While they are getting an over whelming response from a selected group of customers, the biggest challenge is that there are no standards by which customers can evaluate different options. It is very difficult for the customers to compare them with other local builders in the market and look into the value proposition. The Prithu team spends substantial time with each potential customer making them aware of the exact building by-laws, best construction practices and loopholes to identify vague specifications and agreements offered by local builders in the market. Prithu Homes works closely with its vendors and subcontractors to train and standardize their processes and workforce.

            “When it comes to challenges within the company, we have identified that the contractors and vendors on-site need to improve their standards, accountability and professionalize their way of working to be able to work with us efficiently. Along with this, we need to train our labour workforce better which is untrained and unorganized” states Nitin. 

THE CORE TEAM AT PRITHU HOMES 

Prithu Homes is an employee driven organization. Being a professionally- managed company they have managed to bring together a team of highly experienced professionals who have pushed the trajectory of the company to a great height and efficiently deal with individual functions in a way that it pushes the tasks towards successful results. Some key officials are;

  • Rajat Sharma – Chief Operating Officer. He is an MBA from IIM Bangalore, an Engineer from DCE with 20+ years of experience in business development, project & service delivery.
  • Abhineet Malhotra – Sales Head. He has more than 13 years of experience in Real Estate in Delhi NCR.
  • Manu Aggarwal – Construction Head. A Civil Engineer, he is an M. Tech with more than two decades of experience in the construction industry. He is spearheading the construction department of the company and has successfully delivered several projects in his tenure.
  • Kanika B. Chaudhary – Product Design Head. She has more than 18 years of experience as an Architect in Delhi NCR. She has undertaken many projects such as Ritz Carlton, Gurgaon, etc.
  • PoorvaKhandelwal – Project Design Head. She has more than 9 years of experience as an Architect in Delhi NCR with expertise in both commercial and residential projects.
  • RohitGorowalia – Operational Affairs Head. He is heading the operations at the company and has more than 15 years of experience across government departments and more.
  • AdishKansal – Procurement Head. He is an MBA & certified procurement professional from ITC Geneva and has more than 14 years of experience. His responsibilities include strategic sourcing & procurement and supply chain management.

 FEATHERS IN THE CAP

Nitin proudly states, “We have become the fastest-growing home builder in the individual plot-driven market. In just 4 years of existence, we are almost touching 50 projects. We have been awarded for being the most innovative residential architecture company in Delhi NCR.”

            Prithu Homes kept its founding stone with merely five people in the company and a vision four years ago. Today, they are close to a family of 100 employees with 50 projects under their belt. Every project they have completed is an achievement and a credit to their team.

            Prithu Homes have been meticulously delivering fully customized houses as of now which is built on   their ‘Home Superior’ product. They also have recently started working on   a new product, which will provide even faster delivery and efficient costing. In the future, Nitin believes that they will scale-up this initiative which would further help the company in delivering beautiful homes to the customers in a fast and an additional cost-effective manner.

CLOSING QUOTE

Prithu is here to transform the individual residential plot development market in India. Home building   is seen as a tiresome and stressful process. We have all heard the horror stories from people about the time   they were building their homes. The company wants to make this journey a happy, hassle-free and memorable experience for all. With Prithu it just won’t be the final product you get, but also the experience.

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