Our mission is to make world-class homes at affordable prices: Finaz Naha, BuildNext

In an exclusive interview with Sanjeev Sinha, Mr Naha talks about the growth prospects of the home construction industry and shares his business outlook. Excerpts:

India is poised to become the 3rd largest construction market in the world in the next 2-3 years, according to a recent statement by Union Commerce and Industry Minister Piyush Goel. What is going to be the contribution of the home construction sector in this growth story?

As per a recent market study report published by Mordor Intelligence, the Indian construction market size in 2023 was estimated at USD 639 billion USD and is further anticipated to register a growth of 6% over the period 2023-2028. Moreover, the contribution of the real estate sector to India’s GDP has been estimated to be about 13% by 2025. As per the current trend observed in India, infrastructure projects have reserved the lion’s share in the industry followed by energy/utilities/industrial construction and residential construction. However, the home construction sector has emerged as one of the fastest-growing segments within the industry in recent years. The government’s prime concern towards catering to the increasing demand of quality affordable real estate projects accompanied by favourable policies & influx of FDI has been the main reason for this growth.

In light of the above developments, it can be conclusively inferred that the home construction sector will likely see an exponential growth in the years to come and be a significant contributor to the already growing construction sector.

Also Read: Planning to invest in company fixed deposits? Know these key things first

By the year 2030, 40 percent of the Indian population is expected to live in Urban India (33% now). This will give rise to an estimated 25 mn additional mid-level and affordable housing units. How does BuildNext plan to increase its share in this huge pie?

BuildNext was founded with the vision to be the foremost and trusted brand for personalized homes in India, revolutionizing the entire home construction process to be as seamless as purchasing a car. BuildNext has over the years strengthened its foothold to emerge as the leader in this growing tech-enabled construction industry. This remarkable growth can be primarily credited to its distinctive strategy, centered on delivering comprehensive customization options for building homes. With over 100 functional and aesthetic features, every BuildNext home is tailored to meet both present and future requirements of the customer. BuildNext achieves product personalization through its patented and distinctive visualization tool, enabling users to navigate and engage with a virtual reality representation of their project.

This technology empowers customers to customize materials and products directly within the project during the blueprinting stage. Other unique features like detailed functionality checklists, Building Performance Indices, etc., ensure that end-to-end personalization is achieved without compromising on any aspect. BuildNext harnesses the latest cutting-edge technology to deliver complete transparency and unmatched quality in terms of the build with features like App-based Project tracking, Feedback Mechanism, 1000+ quality checks, Detailed Standard Operating Procedures, etc.

Furthermore, BuildNext has been focused on increasing its reach and touching the lives of as many customers via a three-pronged approach. This approach entails expanding to different geographies which have huge demand, launching innovative marketing campaigns targeted towards maximum penetration, and also through introduction of new product lines. Market expansion plans have been broken down into Short Term and Long-Term plans. With respect to the Long Term expansion strategy, ongoing studies to analyze the TAM (Target Addressable Market) & Feasibility across the major Tier 1, Tier 2 cities are already in place. Further, Dedicated Product Team is conducting research to test out new products/services which can be added in the portfolio keeping in mind the current demands of the industry.

How is the tech-enabled construction industry improving the construction process, efficiency and customer satisfaction?

The tech-enabled construction industry is improving the construction process, efficiency, and customer satisfaction in several ways:

1. Improved Communication: Technology has enabled better communication between the various stakeholders involved in the construction process. This includes architects, contractors, subcontractors, and clients. With the use of digital tools like Building Information Modelling (BIM), project management software, and collaboration platforms, everyone involved in the project can access real-time information and updates.

2. Increased Efficiency: Technology has made it possible to automate several tasks that were previously done manually. This includes tasks like scheduling labour on site, tracking material shipments, and managing finances. Automation has made it possible to complete projects faster and with fewer errors.

3. Better Quality Control: With the use of technology, it is easier to monitor the quality of work being done on a construction site. IoT & AI can help in tracking the progress at sites and help in taking proactive measures so as to ensure the timeline is adhered.

4. Enhanced Customer Satisfaction: With the use of technology, it is easier to keep clients informed about the progress of their project. Clients can access real-time updates on their project’s status, which helps to build trust and confidence. Additionally, technology can be used to create virtual models of a project, allowing clients to visualize the final product before construction begins.

What is BuildNext’s approach to home building? What is the USP it is offering to home buyers?

At the core of BuildNext’s approach to home building lies the commitment to provide extensive customization choices for creating unique residences, thereby helping customers realize their vision of a home that transcends being a simple structure and becomes a true embodiment of their unique personality. With over 100 functional and aesthetic features, every BuildNext home is customized to meet both present and future requirements of the customer.

BuildNext is building India’s number 1 brand for custom homes. Our mission is to make world-class homes at affordable prices, and to make the homebuilding process simple and pleasurable for the customer. We craft our homes with love and data – making our homes truly beautiful, truly functional, and truly customised. Every BuildNext home is a perfect blend of aesthetics and functionality, designed to provide both beauty and comfort. They are completely customized to suit the unique needs and preferences of each individual, ensuring that every home is truly yours. BuildNext overcomes the inherent inefficiencies currently plaguing the construction industry by utilizing its custom technology platform to increase information transparency, eliminate cost and time overshoots without compromising on quality.

Some of the salient features offered by BuildNext are:

1. Access to BuildNext Web & Mobile Application which enables tracking every step in the project. The application is equipped with Project Timelines, Site Progress, Site Pictures/Live tracking, Document centre (for BoQ, Agreements, Drawings, Receipts, etc.), Tracking payments, raising queries, etc.

2. Visualisation of the project at various stages through Virtual Reality tours, 360 views.

3. Standardized product quality delivered across geographies which is ensured with the help of functionality checklists, periodic quality measures and also through tracking of key metrics like Utility Factor, Opening Area Ratio, Wall Area Ratio, Daylight Factor, Ventilation Factor, etc.

4. Adherence to Timeline & Budget across the duration of the project.

5. Reduced wastage & rework through active tracking and implementing course correction measures.

6. Conducting customer engagements and satisfaction surveys so as to capture feedback.

Delivering 10,000 custom-made homes annually for the next 7-8 years seems to be a very ambitious target. Can you elaborate on the plan BuildNext has for reaching this target? Please explain the ‘Hub and Spoke Model’ which BuildNext is banking on to achieve its target.

As discussed earlier, our market expansion strategy has been crafted based on research/studies to expand the reach of BuildNext products to various other geographies and fortify its presence as a market leader. In the first stage, BuildNext aims to set up Experience Centres in all major Tier 1 and Tier 2 cities across the southern states. These experience centres are established with the dual purpose of acting as a hub of all lead generation and outreach activities (with focus on increasing brand awareness) to be carried out across the surrounding regions (acting as spokes) and also enabling the customers to experience & gauge the services offered by BuildNext (VR tours, Access Material Catalogues, share requirements/feedbacks, etc.).

Moreover, BuildNext aims to increase its penetration within the regions where it is currently operating through improved marketing strategies and introduction of new product/ service lines while continuously harnessing the new cutting-edge technology suites. These measures would surely help BuildNext align towards the goal of delivering 10,000 custom made homes annually over the next 7-8 years.