Meet the man behind Bangalore’s first multiplex: Irfan Razack

26 Jan, 2018, 09:19 AM

Aditya Javedkar and Irfan Razack headed the CREDAI Youth Leadership Program, which provided insight into the real estate industry and growing one’s business in this space. The program was held at The Chancery Pavilion on the 15th of November 2017 and was attended by members of the CREDAI Youth Wing.

Javedkar has 15 years of experience in the industry with over 22 completed projects and 12 ongoing projects under his belt. Managing projects in Pune as the National Convener, he shared three theories that helped him sell over 276 apartments in one day, his highest and lowest sales ranging from 60-80 apartments per day during a 5-hour work shift.

Aditya Javedkar explaining his sales growth

The theories were –

1) Fear of Buying Theory – Fearing non-availability of real estate generates a positive fear that ensures projects get sold out.

2) ITC’s Cigarette Theory – Like cigarettes, some builders don’t make an effort to market their projects. This coupled with the lack of quality brokers to sell the projects hinders the business. He recommends that developers find a way to standardize and equip brokers with required skills to sell the projects.

3) Venturi Effect – In fluid dynamics, an Italian physicist, Giovanni Battista Venturi studied how the reduction in fluid pressure occurs when a fluid flows through a choked section of a pipe, resulting in a rapid increase in flow. He suggests that real estate developers should follow the same principle – when there is good demand, choke out the supply by telling buyers there are no houses available which in turn boosts the demand for the projects.

The members listening attentively

Mr Irfan Razack’s session highlighted the importance of not passing up any opportunities, affordable housing and his tryst with risk-taking. Having built quite a few notable projects like The Forum Mall, Prestige Ozone, UB City, Prestige Golfshire, Forum Value Mall and Prestige Shantiniketan; he is one of the pioneers who brought multiplexes to the country. Taking the risk of building the now iconic PVR multiplex in Bangalore on a higher floor to enhance the user experience, a problem posed itself in the form of the government not allowing auditoriums to be built on a higher floor as there were concerns that the building would not handle the weight of the chairs and the audience, putting people at risk, which he overcame. He built the now-iconic UB City which was inspired by the New York Hotel in Las Vegas.

MrMaaz Dawood putting forth his questions

Razack endorsed the idea of providing standardized amenities along with a reasonable sales figure for affordable housing, pointing out that sincerity, building trust and thinking of businesses as a product is essential.

The audience asked him about his interest in today’s real estate market and how one can deal with debt. Having mostly self-liquidating debt, he said that the decision to turn a private limited company to a listed company can be a very difficult, and that he turned his into a district company; an achievement only his company can claim in the past decade. Answering a question about how he spends his day, Mr Irfan said that he likes to clear his head every morning and create an agenda for the day ahead. He then goes to the office, where he only deals with internal operations during the day, and clients and customers in the evening.

The session drew to a close with an anecdote by Mr Irfan Razack about a group of frogs being challenged to climb a mountain where the winner would be heavily rewarded. While many frogs gave up halfway, claiming it was impossible, one frog made it all the way to the top. As the frog was deaf, it was unaffected by the negativity and criticism around it, and continued to work hard, perseverance and succeed.

The program ended with the crowd dispersing for delectable food and drinks.