Mr. Parthh K Mehta, CMD, Paradigm Realty
If Mumbai's real estate industry were a constellation, Paradigm Realty would be its shooting star, leaving a trail of stardust in its wake and illuminating a path where few dare to wander. From an ambitious startup in the ecosystem, the developer has charted their success story through a series of impressive projects, impeccable customer service and, above all, a vision that surpasses the tried-and-tested narrative to explore ever-expanding horizons. In fact, if one could map the rise of luxury realty and its various avatars in the city, an easy measure would be Paradigm Realty's projects - each bigger, grander, more innovative and, perhaps, even more revolutionary than the last.
We speak with Parthh K Mehta, CMD of Paradigm Realty, about his outlook on how the industry has progressed over the last ten years and to learn more about what lies ahead.
1. How would you describe Paradigm Realty's evolution over the past decade? What is the one turning point in this decade that completely changed the trajectory of Paradigm Realty?
Paradigm Reality's journey over the past decade has been nothing but extraordinary. The fact that we have completed 13 projects and delivered 13 projects with OC in a decade is testimony to what the group's potential is. The major turning point for the group has been the acquisition of extremely large, challenging parcels such as the 10-acre plot at Jogeshwari or the five-acre plot at Chembur & Mahavir Nagar, convincing so many stakeholders and tenants, planning and sensitively organising the evacuation, giving them alternative housing and delivering masterpieces on such large scales make these projects especially significant for us.
2. How has customer demand in Mumbai's luxury housing segment changed since you started? You've built homes for over 3,300 families. Is there a story from a customer that still stays with you?
Mumbai always has seen robust demand over the years, which shows no signs of slowing down. We are blessed with an aspirational population that wants to acquire or upgrade their existing homes. Real estate purchases are more than just practical decisions rooted in financial give-and-take. The Indian buyer, especially, places a lot of emotional significance on buying real estate. Everyone wants to secure their home first, and for many, it is still a major milestone and one of their top priorities.
Over the years, we've seen the demand for luxury housing grow and become stronger. A few decades ago, people were still looking to buy their first house. Today, they have matured as buyers, are well travelled, have a lot of exposure and want to upgrade their lifestyle to an international level. This, I believe, is the biggest evolution in the market - most buyers are looking for an upgrade, and their purchases are aspirational in nature.
3. The Marquis Collection is a big leap into ultra-luxury. What was the thought process behind launching the collection? In what ways do Marquis projects go beyond conventional definitions of ultra luxury?
The Marquis Collection was born of our desire to create a truly global standard of luxury living in Mumbai. We noticed that while there were luxury projects in the city, few delivered on all three pillars - design sophistication, exclusivity and service experience. With Marquis, we go beyond just larger homes. We offer curated experiences that amalgamate international design collaborations, bespoke interiors, premium concierge services and wellness-focused infrastructure. The idea is to provide not just a residence, but a lifestyle statement that rivals the world's best developments.
4. Ultra-luxury buyers are seasoned and well-travelled. How do you surprise someone who has seen it all?
For someone who has experienced the best luxury hotels and resorts across the world, coming back home shouldn't feel like a step down from that experience. Our goal is to make sure that coming home from a luxury vacation isn't synonymous with returning to the mundane and the ordinary. We want to offer our buyers a worthy alternative - homes that matches, or even surpass, that standard. We aspire to do this by creating spaces that thoughtfully amalgamate globally curated design and finishes, wellness-inspired amenities, discreet and efficient concierge services, and lush community spaces. In doing so, we aim to bring the best the world has to offer to the homes we build in Mumbai.
5. What opportunities do you see in plotted developments and horizontal formats? What is your vision for this space?
We are witnessing a huge demand for weekend getaways that are located within driving distance of Mumbai: spaces where people can truly unwind and recharge from the city's hectic pace. Concurrently, land as an asset class has become an essential part of every diversified investment portfolio, a trend that has further fuelled interest in plotted developments.
Buyers are attracted to the sense of space and privacy that plotted developments offer, as also the freedom to customise their homes in keeping with their unique tastes and interests. Our vision is to create curated plotted developments that combine premium infrastructure, modern amenities and natural surroundings to serve as both a valuable investment and a lifestyle upgrade.
6. What are the next big milestones you are aiming for in the coming years? Ten years from now, what do you want people to say when they hear 'Paradigm Realty'?
In the coming years, Paradigm Realty will continue to build developments that become landmarks, setting new benchmarks for design, quality and customer experience. Ten years from now, we want our brand to be synonymous with trust, timely delivery and world-class living. At the same time, we want to be known as a great place to work, where talent is nurtured and innovation leads the way.
