Marvel’s Vishwajeet Jhavar talks about his come back, purpose and the design driven approach, that drive his luxury real estate business

1. Pune has witnessed the meteoric rise of Marvel Realtors and its downfall. How are you planning to make a comeback?

Our first project of 18,000 sq. ft. came into being in 2001 and 2 decades since then we have delivered approx 27 million sq.ft.! While we encountered a few challenges in the past couple of years, including the global pandemic, we are thankful for the support and faith our customers and stakeholders have shown in us that helped us bounce back. Our efforts remained relentless and we successfully delivered over 1600 residences (villas and apartments) across 10 projects in the last 3 years. We aim to focus on our core competencies of design and workmanship while shortening the delivery time. We have restructured our processes to market the projects when they are either ready or up to 6 months away from possession.

We plan to develop landmark projects on our landbanks across premium locations like Koregaon Park, Boat Club Road, Kharadi, Hadapsar, Viman Nagar, and Bavdhan. We will continue disrupting the real estate segment with innovation, a service-oriented approach and breath-taking designs that again establishes us as market leaders in luxury residences!

2. How do you plan to compete with your competitors as a lot has changed in the last few years?

Since its inception, Marvel has been a game-changer in the luxury real estate segment. We have been instrumental in introducing several industry firsts. The pandemic has been tough on several industries, especially real estate, which suffered from a lack of manpower and access to equipment and raw materials due to long lockdown periods. Through the turbulent times in the past few years, we focused on reinventing ourselves to stay aligned with the market conditions and exceed our customer expectations. Out of the 5000+ units delivered by Marvel since its inception 22 years ago, 1600+ units were delivered in the past 3 years, during our most challenging time.

On one hand, the pandemic brought on several challenges for businesses, but it also transformed the consumer mindset regarding living spaces. The lockdown made people re-evaluate their idea of home, seeking spacious residences. Marvel apartments are up to 30 to 40% larger as compared to market offerings.  They also seek easy access to 360-degree luxury lifestyle amenities such as options for work from home, pool, clubhouse and others.

Marvel projects are known to offer all these and more. For example, our river-facing project, Marvel Aquanas, Kharadi, is one such property that stands a class apart from our competitors in the same locality. It consists of 2 towers of 22 storeys each with a limited-edition 82 sprawling residences compared to 100s by our competitors. The average size of the apartment ranges from 3,500 to 7,000 sq. ft. and offers uninterrupted panoramic views of the river in a living & dining area of 22 feet. It has a clubhouse on the 18^th floor with an infinity pool. All this while being in the centre of one of Pune’s bustling commercial hubs.

Our other project, Marvel Piazza, is designed as a charming European town with central squares for community living and is located in the quaint yet well-connected parts of Viman Nagar, adjacent to the airport. With average apartment sizes ranging from 1,400 to 6,500 sq. ft., the project offers a plethora of amenities like dedicated work-from-home spaces in addition to various indoor and outdoor community hangout spots, barbeque decks, game rooms, sports, an Olympic-sized pool, and lounges, gym, and party lawns making it a complete lifestyle.

Our commitment to design, quality and focus on completing the ongoing projects instead of launching new ones has also been rewarded, as Marvel properties have registered up to 100% capital appreciation since their launch.

Now, as we step into the new normal, Marvel is charting an effective and well-strategised growth plan, with a strong focus on design, complete lifestyle and customer experience at its core. As a brand that has been a pioneer in luxury living experiences, we will continue to create the best for our customers and work hard to realise our larger vision of transforming real estate into a service industry.

3. What are the focus areas where Marvel plans to bring in a differentiator in the segment?

Our projects are characterised by a unique inside-out design approach, resulting in incredibly luxurious, comfortable, efficient and spacious interiors. Marvel Realtors has been the first real estate company to introduce private swimming pools in every apartment, landscaped terraces and home automation systems in Pune. The brand’s objective is to provide a 360-degree luxury lifestyle to its customers with a host of amenities, including professional standard sporting facilities, work-from-home desks, indoor and outdoor leisure activities and green spaces.

Apart from design, the other differentiator for Marvel has been the size and space offered in each of our apartments, which is up to 30-40% larger while being very efficient compared to apartments by competitors. Our apartments boast of exceptional space, with Marvel Sangria, NIBM Road offering up to 7,000 sq. ft., Marvel Aquanas, Kharadi ranges from 3,200 to 7,000 sq. ft., Marvel Selva Ridge Estate, Bavdhan offering 3,250 to 14,000 sq. ft., Marvel Piazza, Viman Nagar ranges from 1,400 to 6,500 sq. ft. and Marvel Aurum offering up to 5,200 sq. ft. apartment space. It is not a surprise that many existing Marvel customers have invested in as many as 3 to 5 Marvel properties!

The location of Marvel properties is another differentiator. Each Marvel property is developed in prime and upcoming areas with higher appreciation potential while also adding to the luxury living experience of its residents.

4. Which are the key projects within Pune for the brand and where are they located?

We are developing several luxury projects in Pune. Some of the key projects which are near completion and where we have launched our sales are:

• Marvel Piazza, Viman Nagar – A charming European town

Inspired by the open plazas of charming European towns, Marvel Piazza has picturesque courtyards connecting the different wings. You can walk along the elegant sidewalks lined with trees or stop by glittering pools and verdant decks. Barred from traffic, these green zones present a haven for children and families. Throughout the project, care has been taken to provide natural lighting and ventilation. Extra care has also been taken to create a space for office work. Now you can work from home while having the solace, privacy, and the feel of a comfortable working space with all relevant amenities.

• Marvel Selva Ridge Estate Villas, Bavdhan – uninterrupted private view of the 10-acre forest reserve

Marvel Selva Ridge project offers a unique mix of villas and mid-rise apartments wrapped in greenery. Utmost care has been taken to preserve and nurture every existing tree on the property while building beautiful homes around them. In a way, this project will give our customers the feel of actually co-existing with nature. The homes are designed in such a way that no two villas or apartments would face each other so that the residents can soak in the unparalleled beauty of a flourishing forest reserve right in the middle of modern infrastructure.

• Marvel Sangria, NIBM Road – private havens bringing together landscaped and recreational spaces

Marvel Sangria, an exotic 13-building, is truly worlds within worlds designed around the concept of courtyards. The project is spread across 13.5 acres comprising private havens equipped with modern technology yet unrelenting in style and design. A host of amenities empowers the residents to enjoy quiet time alone as well as quality time together.

• Marvel Aurum, Koregaon park – an urban palace with the most enviable address

This project represents the highest embodiment of opulent living residential properties in Pune. Nestled in the happening by-lanes of Koregaon Park, it is one of the most prestigious creations from Marvel Realtors. Each of these sprawling apartments (one per floor only) offers our customers rich luxury, top-of-the-line specifications, and inimitable amenities.

• Marvel Aquanas (Kharadi) – Riverside private residences with a beautiful view

Marvel Aquanas offers an enriching lifestyle with its premium 3.5 BHK and 4.5 BHK Flats in Pune, built on the banks of a river. Nestled in verdant environs while having proximity to city hubs and IT parks, this property enjoys practical luxury. The 22-floor project consists of two high-rise residential property towers with spacious apartments having double-height ceilings leading directly into outdoor decks overlooking the river. At Marvel Aquanas, sheer luxury joins hands with state-of-the-art amenities like an infinity pool at the sky lounge on the 18th floor. It is a fantastic project close to destination hubs like Koregaon Park and Kalyani Nagar.

Later this year, we shall also launch 6 more projects across Pune, namely Marvel Ribera, Marvel Basilo, Marvel Fria (phase 2), Marvel Ultima Plots in Magarpatta, Marvel Isola (phase 2), and Marvel Bounty (phase 2).

4. Are there any expansion plans outside of Pune? If yes, which are the markets?

We are focused on building our landbank in Pune and its upcoming suburbs, which are promising and show good potential for appreciation. We aim to reshape and transform the Pune luxury real estate market with our range of design-focused, exclusive, and limited-edition residences in Pune.

5. Have the previous cases against Marvel been resolved? Can you throw some light on what went wrong?

Owing to the unfavourable market situations brought on by various internal and external factors (including banking issues with NBFCs and COVID), legal cases have increased across the board in the real estate industry. Most of the litigations were related to delayed possessions. We at Marvel delivered over 1600 residences (villas & apartments) in the last 3 years and eventually, most of our cases got resolved/ dropped by the high court or are in the process of getting settled or dropped in the next few months.

As a company with solid values and a sense of commitment, we only focused on completing and delivering our existing projects against legal issues. This year we will continue to follow the same approach to mitigate our legal matters. We have not launched any new projects in the last 3 years and plan to launch them only next year, once our existing projects are completed. We are working hard towards resolving legal cases and improving the customer experience through efficient, timely and smooth processes and product offerings. Our ultimate goal is to provide our customers with an unparalleled experience across their journey with us.

6. Do you have any plans in the near future to hand the company bastion to your successor?

As a first-generation entrepreneur and having gone through numerous challenges, I owe it to my customers and stakeholders to bring the company back on its growth path and to the pinnacle of success. And to do that, the company requires stable leadership. I am also proud of my team both across the organisation including the core team, several of them have been with us for over a decade. Marvel shall be a democratic and merit-based structure of organisation and leadership that involves a group of well-qualified and professional experts that can carry forward the work we have begun, in a systematic, transparent and efficient manner to deliver greater returns and value to our stakeholders and customers.