Eleganz has always aimed to drive solution-oriented offerings

Sammeer Pakvasa, MD, Eleganz in conversation with Leandra Monteiro shares the journey of his company and what he looks at achieving in 2020. The journey of Eleganz? After collaborating with renowned architects and interior designers from countries including the U.S, U.K, Middle East, Australia, and Europe, Mr. Akshay Pakvasa, our visionary Managing Director, returned to India and established Eleganz Interiors, in the year 1988. Initially, the focus was to serve the financial sector, excel in it and gradually move on to other corporate sectors, and his broad aim was to provide smart and effective spaces to a range of clients. Taking the legacy of quality workmanship and leadership ahead, Mr. Sammeer Pakvasa, with a fresh approach has spearheaded Eleganz Interiors and taken it to new altitudes. He has always believed in creating smart spaces, and transforming existing properties into marvels, which has eventually become the driving point for our future goals.   What is the profile of Eleganz? What are the types of projects they undertake? Eleganz Interiors has been a pioneer in the interior fit-out space in India, and is a market leader in this turnkey industry, standing tall on its 30+ years of experience. The fundamental aspect of our thought process is to give the best possible form to the required function to the workspace, coupled with latest technology, the best suited products and right aesthetics to clients. Eleganz has always been a customer centric company that drives solution-oriented offerings to address specific customer needs. Our process-driven approach ensures building a cohesive synergy within all stakeholders to ensure quality, cost effectiveness, and timely delivery of the project. Eleganz invests in learning programs for the team and market research on upcoming trends to ideate and enhance customer experiences. We have delivered over 10 million-sq.ft by executing more than 500 projects across 35 cities in India. Headquartered in Mumbai, our company has presence across Bengaluru, Pune and Hyderabad. We are one of the few and leading interior solution firms focused on corporate projects, and takes up fit-out, GC and Design & Build Projects. Our company comprises an expert team of experienced project managers and MEP engineers, along with a state-of-the-art furniture manufacturing facility in Mumbai and Bengaluru. The key to Eleganz’s success has been in constant association with renowned and reputed clients including Microsoft, Accenture, HDFC, Siemens, Lowes, PWC, IBM, Hexaware, Wework, Intuit, KPMG, and Amazon among others.   How have you overcome the challenges faced in interior fit-out industry in the past few years? Following are some of the major challenges faced by this sector, and our outlook on the same:

• Sustainability - The boom of commercial fit-outs shows a growing preference for renovating an existing space rather than constructing new buildings. This in itself signals an inclination towards sustainability, which can be considered a good thing, given the importance of environmental preservation and current trends. However, moving towards sustainability poses a challenge, which might require an overhaul, not only in the aesthetic design, but also the system built into the structures.
• Managing demands and budgets - The push towards commercial developments require more space, and it is reasonable to anticipate a surge in demand for office and rental spaces. While getting the manpower and finding a reliable service provider may not be an issue, finishing the project in time might be. More than meeting demands, it is important to consider budget constraints. It is important to bear in mind that fit-outs require halting the operations of the establishment being refurbished. While it can lead to faster project completion, as opposed to doing it section by section, it also causes minimal or the complete ceasing of income.
• Staying up-to-date - Lastly, the industry is constantly striving to keep up with the ever-changing trends. Traditional designs have a tried-and-tested appeal when it comes to luxury. However, trends keep changing along with times. Fit-out companies are challenged to adopt more modern techniques and styles to accommodate potential contemporary needs of future clients.

Having said that, the future of fit-out market looks bright. This coupled with the apparent challenges faced by the industry will help cement the continued growth not only of the sector, but the country at large.   What is your outlook for real estate in 2020 and impact on fit-out? It is encapsulated in the following:

1. The country’s commercial fit-out market is expected to touch $2.6 billion (over Rs. 17,240 crore) by 2020 on the back of rising Foreign Direct Investment inflows. The market also depends on the supply and absorption of commercial real estate, and vacancy levels of existing spaces. Regionally, the South is estimated to account for the largest share of 40%, primarily due to high office land absorption rate in Bengaluru and Chennai.
2. In the current market, commercial real estate is definitely the best-performing asset class. With incumbent government’s proactive initiatives like ‘Make in India,’ and the thriving start-up culture in the country, demand and absorption for well-located office properties has been exceptionally high, in the recent past. From a policy perspective, the government may have shown a clear intent to remove bottlenecks, with a clutch of reforms such as GST and IBC (Insolvency and Bankruptcy Code). RERA (Real Estate Regulation Authority) is also a case in point, but its implementation leaves a lot to be desired.
3. With the commercial sector diversifying and putting heightened emphasis on workspaces, the primary purpose of the interior fit-out sector is to keep up with the latest trends, and to maintain general wear-and-tear works caused by facilities’ usage. Supply chain, contractual terms, and skilled manpower also continue to be topics of concern for most design and fit-out firms in the country.
4. Technological advancements in the sector are set to play a huge role in the future of interior design and fit-outs. These include smart offices/homes, 3D printing, virtual reality, sustainable design and others that are growing at a rapid rate.

  Future Goals? The interior fit-out sector has to adapt to changing tastes coupled with rising consumer demands that match the latest trends. This sector is now invaded by a younger and savvier generation, which heavily relies on technology to relate to the ‘millennial’ customer segment that is more demanding in terms of trends, colours, styles and so on. In line with the same, following are our future goals:

1. Sustainability and innovation - Our sector is currently witnessing a fusion of sustainability, innovation and technology, and that is trending within new business strategies. It has become increasingly important for construction and design professionals to cope with evolving sustainability trends and extend themselves to increase energy efficiency, reduce carbon footprint, as well as go beyond the traditional ‘green buildings’ to incorporate these emerging wellness design standards. Innovation and technology will always lead the way as the current generation of home and business owners want the facility of accessing more at their fingertips than ever before.
2. Biophilic designs - A space with a good visual connection to nature can be calming for occupants, and improve their well-being and productivity. Biophilic design challenges thinking and stimulates design exploration and is definitely the next big thing in this space.