Dr. Hiranandani - The KING Of Real Estate Business Worth 12000 Crores | FO 116 - Raj Shamani

Summary

In this insightful interview, a real estate billionaire shares his journey from scratch to success in the Indian property market. He emphasizes the importance of quality in construction, the significance of owning a home for security, and the potential for growth in the real estate sector despite market fluctuations. The billionaire also discusses the impact of technology on his business, the importance of adapting to change, and his vision for future development projects, including the ambitious goal of eliminating slums in Mumbai within five years.

Takeaways

• 🏡 The speaker strongly recommends buying a house over renting, emphasizing the importance of capital creation and the enduring need for housing, which will never become obsolete.
• 💼 The speaker's journey into real estate began with a background in commerce and a desire to avoid the hard work he saw in his family's medical profession, leading him to entrepreneurship in the real estate industry.
• 🌐 The speaker highlights the importance of quality in construction, stating that bad quality buildings should not be tolerated and that quality is essential for long-term sustainability.
• 💡 The speaker discusses the evolution of his aspirations, moving from a focus on growth and becoming bigger to a focus on becoming better and improving his products and relationships with customers.
• 💼 The speaker believes in aligning business opportunities with national interests and leveraging government policies to grow, but also emphasizes the enduring demand for housing regardless of policy changes.
• 💰 The speaker invests the majority of his wealth back into his business, seeing this as a key to growth and success, rather than diversifying into other investment areas like stocks.
• 🌟 The speaker admires the infrastructure and development in countries like Singapore and China, and draws inspiration from their approaches to township development and infrastructure creation.
• 🏙️ The speaker envisions a future where slums in Mumbai can be eliminated within five years through a focused and passionate approach, similar to the rapid development seen in other countries.
• 🚀 The speaker is inspired by new concepts and ideas in real estate development, such as the vertical city project in Saudi Arabia, and believes in the importance of innovation in the industry.
• 💬 The speaker values the importance of learning from mentors and experts in the field, but emphasizes the need to adapt and modify their ideas to suit one's own context and character.

Q & A

What is the primary recommendation for individuals considering buying or renting a house?

The primary recommendation is that every person should try to buy a house within their capacity, even if it is small. This is because owning a home provides a sense of security and capital creation that cannot be achieved in any other business.

Why did the real estate billionaire initially choose to enter the real estate business?

The billionaire entered the real estate business after facing difficulties in his textile factory business. He was inspired by his father's patients, who were successful businessmen, and wanted to emulate their success. After failing in both the textile and real estate businesses initially, he decided to fully commit to real estate.

What was the turning point that led the billionaire to fully commit to real estate?

The turning point was when he received a notice from the union of his textile factory workers demanding a 100% increase in wages. This prompted him to sell his real estate property to cover the increased labor costs, and he subsequently decided to focus fully on real estate.

How does the billionaire view the importance of quality in construction?

The billionaire strongly believes in the importance of quality in construction. He states that anyone who makes a bad quality building should be held accountable, emphasizing that quality is not expensive but rather a basic necessity that should never be compromised.

What is the billionaire's perspective on the future of the real estate industry in India?

The billionaire is optimistic about the future of the real estate industry in India. He believes that the need for homes will never diminish and that the industry will continue to thrive. He also mentions that the industry will adapt and improve over time.

What advice does the billionaire give to those who are considering entering the real estate business?

The billionaire advises that one should always be learning and improving. He emphasizes the importance of interacting with people who have more knowledge and experience, and constantly striving to better oneself and one's products.

How does the billionaire approach the concept of success and growth in his business?

The billionaire's approach to success and growth is focused on continuous improvement and learning. He is not driven by the desire to become bigger, but rather to become better. He emphasizes the importance of adapting to change and not relying on past success.

What is the billionaire's view on the role of technology in business?

The billionaire acknowledges the significant impact of technology on his business. He mentions that in the last three to four years, technology has completely changed the way he runs his company, emphasizing the need to adapt to technological advancements.

What is the billionaire's opinion on the importance of aligning business with national interest?

The billionaire believes that aligning business with national interest is crucial for growth. He suggests that businesses should focus on areas where the government is investing, such as infrastructure, to benefit from the opportunities that arise from these investments.

How does the billionaire perceive the role of money in business success?

The billionaire does not consider money to be the primary factor in business success. He believes that expertise, enterprise, and the ability to handle all aspects of a business are more important. He suggests that having the right people and processes in place is more crucial than merely having access to capital.

What is the billionaire's stance on the redevelopment of slums in Mumbai?

The billionaire is in favor of redeveloping slums in Mumbai and believes it can be done within five years. He suggests that the government should take the lead in this effort and that it is possible to rehabilitate the residents while also making a profit.