Interview with Mr. Mohit Jajoo, CEO of Shubhashish Home

Allow me to introduce Mr. Mohit Jajoo, the Executive Director and CEO of Shubhashish Homes, a real estate development company that has been making waves since its establishment in 2020. Under Mr. Jajoo’s visionary leadership, the company has become synonymous with excellence in construction, sales, and maintenance, with a particular focus on mid-range, environmentally friendly housing.

At the core of Shubhashish Homes lies a set of fundamental principles that shape its mission: promoting joy, prioritizing ethics, fostering innovation, and embracing eco-friendliness. These principles permeate every aspect of the company’s operations, from the meticulous planning and construction of its homes to the range of amenities and services offered to its residents.

Setting itself apart from other real estate development firms in North India, Shubhashish Homes not only places a strong emphasis on sustainability but also boasts an array of cutting-edge features and amenities.

These include the highest per acre water harvesting pits, an impressive 75% open space, over 21,000 trees and plants, electric car charging stations for every parking space, pre-paid smart water meters, utilization of STP-treated water for flushing and plantation, as well as the innovative use of AC wastewater for plantation.

One of the company’s standout achievements is the highly successful residential development known as Shubhashish Geeta, situated in Jaipur. This project exemplifies Shubhashish Homes’ commitment to thought leadership and its unwavering dedication to providing luxurious, eco-friendly homes that align with its core values of spaciousness, affordability, and exceptional design.

The company is redefining the industry by offering eco-friendly homes and amenities, placing ethics and happiness at the forefront of its operations, and consistently delivering outstanding results.

To know more about the company and its Goals, we recently had an interaction with Mr. Mohit Jajoo, and here are some bits of that. 

1. Can you tell us more about the rebranding process of your realtor services and the inspiration behind starting Shubhashish Homes?

I don’t think there is any rebranding, it’s just that, we have highlighted the stuff we are good at and what Shubhashish Homes as a brand stands for i.e. customer delight.

Inspiration would not be the best term, but I would call it purpose. Our purpose aligns with our chairman Mr. JK Jajoo’s purpose of contributing to the education of the underprivileged. I was an architect by education, and hence I always had a liking for real estate.

After demonetization and the coming of RERA, when the industry started to be more regulated and investor friendly, we decided to enter real estate. I entered the business initially as the Executive Assistant to my father Mr. JK Jajoo. I learned a lot from him and then in 2020, I established my real estate startup, Shubhashish Homes, and launched my first big project, Shubhashish Geeta.

For me, launching my real estate development startup is not just a way to make my mark in the industry but to also leave a positive impact on the world.

I am a firm believer that the future of India lies in uplifting the education sector and providing employment. Real estate is a business that generates abundant employment. Another reason why I launched this start-up was to introduce environment-friendly mid-segment housing for people.

2. As a third-generation businessman in the real estate industry, what unique perspective and experience do you bring to Shubhashish Homes?

First of all, I would like to clarify that I am a second-generation businessman. My father Mr. JK Jajoo started the business way back in 1983 and right now I am working with him in taking the business forward.

I have absolute clarity of what the brand stands for, what we want to become in the coming years & how we will reach that place. I feel that clarity is rare and I am glad I could get that clarity with the help of research and advisors before the start of operations.

3. How does Shubhashish Homes differentiate itself from other real estate developers in terms of the services provided to clients?

We differentiate ourselves from our competitors by our core values – spreading happiness, being positive, putting ethics first, promoting innovation, and being nature friendly. To give you an example of putting ethics first, we never do any cash transactions.

All our customers need to pay us digitally or via bank instruments. We always try to delight customers and spread happiness in their lives. We are here to be the number 1 brand in this industry in the country for “Customer Delight”.

Our innovation and nature friendliness is evident in our projects which have electric car charging point, smart water meter, high per-acre water harvesting pits, etc. These core values are what I feel is a big missing factor in the industry and we feel this is where our strength lies.

4. Could you explain the process of exploring potential development sites and how the regulations are all met for construction?

Whenever we plan to start operations in a city, we do a lot of research. The process of exploring potential development sites starts with understanding the geography of the city. We typically divide the city into 3 concentric circles or rings – the inner one being the central part of the city which is usually the oldest part of the city, the middle one which has developed in recent years, and the outer circle where a lot of development is about to happen.

We research what needs the residents of each circle or ring will be having, what all facilities are available in that particular area, what kind of product will sell there, and at what rate.

Based on all these factors we come up with a strategy as to what to expect from that area and come out with a land evaluation checklist.

Then we evaluate each of the potential sites and whichever site gets a tick on all the criteria of the checklist, we go on for development on that particular site.

We are a core value-driven company and hence we ensure that we meet all the compliances even before we begin construction.

5. In what ways does Shubhashish Homes prioritize client needs and preferences when dealing with properties? How do you ensure a personalized and tailored experience?

Before starting strategic planning on any project, we reach out to hundreds of potential customers of our target group in the area and ask them to fill out their preference forms for real estate projects in the area. This includes knowing the demands of the customers that are planning to buy a home in that area.

The questions vary in terms of the product they want (villas or plots or apartments), the size of the units (say 2BHK or 3BHK or 4BHK), the dimensions of the units (if they want bigger rooms or bigger balconies), and many other details of the product.

Though we can’t cater to each customer, we try to come up with products that suit the requirements of approximately 80% customers of in the area. We have hired various research agencies who help us in all such research activities and guide us in choosing the best product.

After we have finalized the product, it becomes difficult for us to personalize and customize the product for each of the clients. However, we are still able to provide a personalized and tailored experience through our customer delight offerings.

We provide a personalized and tailored experience to each of our customers in the events we organize, whether it is the allotment event, handover event, or any other event. We are proud to say that our customer delight practices ensure the delight of the customer at each stage of the customer journey, and the experience they get is unmatched and unparalleled.

6. Can you elaborate on the real estate services offered by Shubhashish Homes? How do you customize solutions to enhance asset performance and meet client objectives?

To begin with, we operate in the real estate sector by focusing only on the residential segment (we are not focusing on commercial and industrial as of now). Our target segment is the salaried middle-class person earning a decent income of at-least ₹50000.

Hence our products also lie in the mid-income segment – from ₹50 Lakhs to ₹1.75 Crores. As of now, we don’t intend to target Tier 1 cities and are focusing on Tier 2 cities, Tier 3 cities, and other small cities where we have a good bunch of people in our target segment.

We are currently providing both villas and apartments in the residential sector and by the end of the year, we plan to enter the plotting projects also. A key specialty of Shubhashish Homes is that we have an in-house maintenance agency that ensures that our products have the best quality maintenance even decades after they are developed.

After we have finalized the product, it becomes difficult for us to personalize and customize solutions to enhance asset performance and meet client objectives.

7. How has the post-pandemic landscape affected the real estate industry, and how has Shubhashish Homes adapted to the changing market conditions?

The real estate industry took a different course altogether since 2016-17 when demonetization and the coming up of RERA changed the way businessmen in this country operated.

The unfinished projects started becoming history, the expansion of business in various corners of India simplified and the industry moved from being builder centric to customer-focused. The trend was boosted in the post-pandemic era, and the industry heavily consolidated. The industry has become more regulated, more compliance-driven, and has mostly been dominated by organized players in the post-pandemic era.

Shubhashish Homes was launched in 2020, and have been a beneficiary of this changing market condition. We were able to enjoy an industry that provided a much better ground to compete and much better players to work with as compared to a few years ago.

8. What strategies does Shubhashish Homes employ to stay updated with the latest trends and developments in the real estate market? How do you ensure your clients benefit from this knowledge?

I regularly follow the key people and agencies related to real estate on social media. I regularly read newspapers and other sources of news, especially those related to the real estate sector. I and my team daily visit the RERA portal to get updates on the latest and upcoming projects of various real estate companies.

I frequently do competitor analysis as well outside India frequently. We have also onboarded various consultants and advisors who keep on updating us about industry trends and advancements. We have weekly meetings in which we discuss how we can apply these trends to our business.

We ensure that the products we offer to our customers are based on the findings and developments we get from these trends. So our clients always get the product which is in demand, which is as per their requirement and takes care of their present as well as future needs.

9. Can you share some success stories or notable achievements of Shubhashish Homes in terms of providing clients with their dream homes?

Some of the notable achievements of Shubhashish Homes include:

– We delivered phase 1 of the project 10 months before the deadline, even though the development was impacted by Covid

– We delivered phase 2 of the project 6 months before the deadline

– Our project Shubhashish Geeta is India’s first project with a Prepaid smart water meter

– Our project Shubhashish Geeta is India’s first project with an EV charging point in each unit

– We have ensured each of the customers feels delighted in each phase of the journey – from a visit to booking to the allotment to handover and to stay in the project.

– We have been setting trends in the development of amenities and facilities before launch.

10. Looking ahead, what are the future plans and vision for Shubhashish Homes? How do you plan to further expand and evolve your services in the coming years?

“Shubhashish Homes” has a bright future as it plans to:

– be Great Places to Work for employees certified by the end of the financial year 2025-26 (have hired experts to achieve the same)

– no. 1 brand in customer delight by the end of the financial year 2025-26 (have improved processes and hired staff to achieve the same)

– first 100% tech-enabled real estate brand by the end of the financial year 2025-26 (have implemented ZOHO in most of the departments to achieve the same)

– be a multi-project company by the end of the financial year 2023-24 (have planned multiple land acquisitions to achieve the same)

In our 5-year growth plan, we have envisioned that we will expand beyond Jaipur, preferably in the next 2 years. From building villas and apartments, we are now ready to set foot in plotting vertical also.