This Next-Gen Real Estate Developer Is Building City-Centric Assets
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Blenders Pride Reserve Collection presented Entrepreneur India’s 35Under35 2020 list which included some leading names from the field of entrepreneurship and Raghuveer Veeramachaneni made it to the coveted list.
In his experiences of working as an investment banker with PwC and then in Real Estate Private Equity, Raghuveer realized that the largest investment made by an Indian household was towards buying a home and most households felt very insecure with their developer selection. With an MBA from Indian School of Business, Hyderabad, Raghuveer along with Praveen Kumar, saw an opportunity to build a blue chip real estate development company focused on transparency, professionalism and reliability.
Vista Spaces has a comprehensive ecosystem of execution partners (contractor, PMC, architect) that ensures its buildings are completed on time, without any cost over-runs and are of excellent quality. The company has delivered 26 projects so far. “We’ve sold apartments worth over Rs 500 crore and our commercial portfolio is over 2 million sq. ft,” he shares.
2019 was a tough year for the industry but a breakthrough year for Vista Spaces. The NBFC crisis and the subsequent contraction of credit available to developers led to severe stress in the industry. “Since we have a great track record with our investors, we were able to take advantage of the market environment to find acquisition opportunities at the right value,” Raghuveer shares.
The company has committed capital of over Rs 700 crore at the project level. He says, “Given that real estate is a capital intensive industry, we will continually raise money and create value for our investors. We view the current economic environment and in specific this current real estate macroeconomic environment as the trigger to our next phase of growth.”
(This article was first published in the February 2020 issue of Entrepreneur Magazine. To subscribe, click here)