Shrenik Siroya, CEO and Founder of Legend Siroya Realtors

Interview with Shrenik Siroya, CEO and Founder of Legend Siroya Realtors

Shrenik Siroya started his legacy of Legend Siroya at a young age of 25 years with his first redevelopment project in Goregaon.

Since then, it has been a roller – coaster of a ride from having completed small redevelopment projects to high end commercial buildings to multi-storied township projects.

Having done his BE(Bachelors in Engineering) from Kings University, London, construction comes naturally to him.

Moreover, his unconventional way of doing things, permeates the very work ethic of the company. He founded the working philosophy of Legend Siroya: “You build connections, and build
your reputation” and it is a philosophy he and his team follow to this day.

Using it to attract like-minded individuals who are each striving in their own way to do what he does best – build.

Build a legacy, build something new, build a business each stakeholder can call their own. Shrenik Siroya believes it doesn’t matter what business you’re in and what you know about it, so long as you know the people for whom you are running the usiness. His way of thinking has made Legend Siroya what it is today.

Can you tell us about your background and what led you to launch Legend Siroya Realtors?

Shrenik Siroya: Legend Siroya’s journey began in the 1960s, when we started as Class A contractors in the Gulf, working on a wide range of projects including roads, bridges, commercial offices, and residential apartments.

However, it wasn’t until 1988 that I decided to foray into the real estate development industry by becoming the developer of a standalone building in Goregaon, Mumbai.

Using our extensive experience in contracting, Legend Siroya was able to establish a trusted base of investors who have supported us throughout our entrepreneurial journey.

One of Legend Siroya’s notable achievements has been its efforts to redevelop slums and buildings in the bustling city of Mumbai, contributing to the city’s overall development and improving the quality of life for its residents.

Over the years, Legend Siroya has continued to grow and evolve, taking on various real estate development projects across Mumbai

Please tell us a little about your entrepreneurial journey?

Shrenik Siroya: My entrepreneurial career in the real estate field has been characterized by a range of ups and downs, providing us with a wealth of knowledge and experience in the industry.

I began my journey by delving into the redevelopment of standalone buildings, starting with Panchsheel Enclave, Hulas Basti, and Shubh Kamna in the western suburbs of Mumbai.

After tasting success in those ventures, we ventured deeper into the industry by completing a township project named Navrenagar in Ambernath.

From there I took on a number of redevelopment and SRA projects, successfully completing and delivering over 25 projects and 30 lakh sq. ft. of space.

To further improve the quality and affordability of his projects, we backward integrated into contracting, allowing the group to have better control over construction quality and costs.

This strategy has resulted in more affordable homes for buyers and a strong track record of successful real estate development projects.

With our vast experience and knowledge in the industry, I and my team at Legend Siroya are well-equipped to continue making significant contributions to the real estate development landscape in Mumbai and beyond.

Kindly brief us about Legend Siroya Realtors, its specialization, and the services that it offers.

Shrenik Siroya: Legend Siroya Realtors is a leading real estate development company based in Mumbai, India. We specialize in luxury residential projects, commercial office spaces, and retail spaces.

We have earned a reputation for our commitment to quality, innovation, and customer satisfaction. The Legend Siroya group is committed to constructing affordable houses within the city limits of Mumbai.

To achieve this goal, the company follows an asset-light model by keeping debt low and focusing on redevelopment projects where the capital investment is not too heavy.

The group also keeps marketing costs low and follows an investor-based model to provide the initial capital needed to fund new projects.

Taking our commitment to affordability one step further, the group has decided to do self-contracting for its projects.

This helps bring down the cost of construction, enabling the group to achieve a healthy bottom-line while keeping sale prices low.

The group places great importance on construction quality and timely possession, recognizing that these factors are critical to customer satisfaction and repeat business.

Legend Siroya group is dedicated to providing quality, affordable housing solutions to the people of Mumbai.

Through our innovative approach to real estate development, the Legend Siroya is making a significant impact on the industry and contributing to the growth and development of the city.

Can you describe your brand’s design philosophy and approach to working with clients?

Shrenik Siroya: In addition to our focus on affordability, we are committed to understanding our client’s requirements and providing solutions to their problems.

This includes helping clients with payment terms and legal clarifications related to their projects. We prioritize complete transparency in our dealings and maintain a professional approach when it comes to the necessary paperwork for our projects.

We understand that construction quality and timely possession are critical factors for customer satisfaction and repeat business.

Therefore, we take great care to ensure that our projects are of the highest quality and completed within the time frame.

With a focus on customer-centricity and a commitment to professionalism and transparency, the Legend Siroya group has earned the reputation of a trusted and reliable real estate developer in Mumbai.

How do you balance the creative aspects of building with the practical considerations of budget, timelines, and client needs?

Shrenik Siroya: Before the development process begins, we conduct a feasibility study that evaluates the practical aspects of the project, such as market demand, construction costs, and zoning regulations.

This study helps us determine whether the project is financially viable and can be completed within the desired timeline.

We also work closely with architects and designers to balance the creative vision for the project with practical considerations.

For example, architects and designers may suggest cost-effective design elements or materials that will help keep the project within budget.

We use project management techniques to keep the project on track, including establishing timelines, budgets, and critical path analysis.

This helps ensure that the project is completed on time and within budget. We make sure to maintain regular communication with the client throughout the development process to ensure that their needs and expectations are met. 

The idea is to balance the creative vision with practical considerations to create successful and profitable projects that meet the need of the clients and end-users.

What is your process for selecting materials, finishes, and furnishings for a project?

Shrenik Siroya: We have a team of professionals working on a project, including architects, interior designers, construction managers, and marketing experts.

The process of selecting materials, finishes, and furnishings for a real estate development project involves a structured process for selecting materials, finishes and furnishings of our projects.

This involves developing a concept and design plans that meet the project’s objectives, budget, target market and aesthetic style.

Selecting appropriate materials based on factors such as durability, sustainability, and cost, managing the budget through negotiation and adjustment, overseeing the installation of the selected materials, and promoting the project through marketing materials are all a part of the extensive process.

Throughout the process, the developers work closely with the project team to ensure that the selected materials, finishes, and furnishings meet the project’s objectives and appeal to the target market.

Can you describe how your firm integrates sustainability and environmentally-friendly design into its projects?

Shrenik Siroya: We have selected environmentally-friendly materials, such as recycled or locally sourced materials, low-VOC paints and finishes, and materials that have a low carbon footprint.

We have also ensured that the building is designed and constructed to be energy-efficient, and can implement measures such as installing energy-efficient appliances and lighting, using renewable energy sources such as solar or wind power, and implementing energy management systems to reduce energy consumption in the future.

We plan to incorporate waste reduction measures into the building design, such as recycling stations, composting areas, and designing the building for easy disassembly and recycling of waste. 

We also plan to educate tenants and the wider community on sustainable practices and encourage the adoption of sustainable lifestyles.

What was the inspiration behind turning into an entrepreneur?

Shrenik Siroya: My family has been in the real estate business since 25 years. I was organically motivated to follow the family’s vision of creating homes that reflect luxury, comfort and opulence.

We create homes that are an extension of the modern buyer’s personality and believe that spaces create a legacy of memories for the family living in them.

We are one of the leading real estate developers in Mumbai, Pune, Hyderabad and Bengalaru, and my inspiration is to bring discerned value in the real estate business by working towards creating innovative developmental projects that contribute towards homes and neighbourhoods that have a positive impact on the overall development of the community.

What are your success tips for young and aspiring entrepreneurs?

Shrenik Siroya: Starting a business can be a challenging and demanding process, so it’s important to be passionate about what you’re doing. Identify your strengths and interests, and focus on building a business that aligns with your values and vision. 

Entrepreneurship involves taking risks, but it is important to take calculated risks rather than reckless ones.

Do your research, weigh the pros and cons and make informed decisions based on data and careful analysis.

It is also important to be prepared for failure, setbacks and challenges and understand that it is a part of the journey, and use it as an opportunity to learn and grow.

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