In a sector often accused of being transactional, MADAN JAIN the Founder & Chairman of Bhairaav Group, is a rare voice of purpose, balance, and insight. As Bhairaav Group enters its 53rd year, Jain’s role is no longer just that of a successful developer — but that of a seasoned statesman in the Indian real estate ecosystem.
With more than two decades in the business of real estate and over five in entrepreneurship, his is a voice shaped by experience, resilience, and long-term thinking. In this exclusive conversation with Meenakshi Singh, he reflects not just on his own journey — but on the direction in which Indian real estate is heading, what must change, and what must be preserved.
Bhairaav Group is entering its 53rd year. As someone who entered real estate in 1998, how do you define legacy in today’s market?
Legacy is not about age. It is about intention. Too often, the word is romanticised. For me, legacy is not about being around for decades; it’s about whether your work has outlived the cycles of sentiment, speculation, and short-term gain. In Indian real estate, we’ve seen phases of boom and bust, but only those who have stayed consistent with values have stood the test of time.
I believe legacy today must also be dynamic. It should evolve with the customer, with technology, with urban realities. Our customers are no longer looking just for square footage. They are looking for purpose-driven homes. They want clarity, transparency, a humanised process. If you aren’t growing your legacy with these expectations, you’re simply riding on nostalgia.
What projects or innovations do you believe represent the next leap for urban living?
The next big shift is not in architecture; it is in philosophy. We have focused too long on what we can sell. It’s time to focus on what we should build. The real estate sector is sitting on an inflection point where the idea of ‘home’ is being redefined. People want space, but also community. They want amenities, but also simplicity.
Cities like Navi Mumbai, Thane, Parvel, and Kalyan are emerging not because of land costs, but because they offer psychological space – the idea that your life is not reduced to square feet. Our industry must stop thinking like vendors and start thinking like urban curators. Infrastructure is coming, but we must create ecosystems that work in tandem with it. Don’t just build towers. Build trust.
Post-COVID, how has buyer behaviour shifted, and is the industry truly adapting?
The pandemic changed everything. Before COVID, real estate was a product. Post-COVID, it became a decision of identity. People are more intentional now. They aren’t just buying homes for appreciation. They’re buying for peace of mind, health, lifestyle flexibility. This means our product design, our communication, even our pricing logic must change.
Unfortunately, much of the industry is still trying to market old wine in new bottles. Offering discounts isn’t innovation. Real innovation is in understanding that a homebuyer today wants time saved, stress reduced, community nurtured. It’s about trust-building, not urgency-selling. Developers must learn to listen.
Q What is your take on the structural reforms like RERA and GST? Have they helped or hindered the sector?
Reforms like RERA were necessary, and I support them wholeheartedly. Transparency, accountability, and financial discipline were long overdue. But like any system, it must evolve. RERA penalises delays without always recognising systemic delays in approvals, NOCs, or force majeure situations. Until the ecosystem is reformed in totality, putting the burden solely on developers is unfair.
Similarly, GST was intended to simplify, but it ended up complicating cash flows. The unavailability of input tax credit on key cost components, ambiguity in valuation of land, and the double taxation effect make the business heavier than it should be. The intent is good, the execution needs recalibration. Developers aren’t against compliance. We just want fairness.
Q One of the biggest debates is about premiums and approval costs in Mumbai. What’s your view?
Today, more than 50% of a home’s cost in MMR is taxes, levies, and premiums. This isn’t sustainable. We cannot be talking about affordable housing when half the cost is policy-driven. If the government truly wants affordability, it must lead by example.
We need a rationalised premium structure, single-window clearance systems, and more public-private dialogue. Developers are ready to build more, better, and faster – but the system must trust us as partners, not treat us as suspects.
What is the real opportunity in Navi Mumbai and the extended MMR?
The opportunity is not just in land. It’s in narrative. Navi Mumbai has the chance to become the blueprint of how new-age Indian cities should be built. It’s well-planned, infra-ready, and balanced in density. The upcoming airport, the metro, and the coastal connectivity are not just infrastructure projects – they’re opportunity generators.
But to make this real, we need to build with foresight. Don’t repeat the mistakes of overbuilt micro-markets. Create walkable neighbourhoods, digitally integrated living spaces, and social infrastructure from day one. Let’s not just chase approvals – let’s chase excellence.
Where do you see the MMR market heading by 2030?
By 2030, MMR will be unrecognisable in its current form. With projects like the Coastal Road, Mumbai Trans Harbour Link, and underground metros, our access map will change dramatically. This means a decentralised city, more liveable sub-centres, and newer investment corridors.
The challenge is: will our policies evolve fast enough to match this infrastructural momentum? The private sector is ready to build. The customer is ready to buy. We now need the system to operate with speed, clarity, and conviction.
Q Final thoughts for young developers and industry aspirants?
Focus less on selling and more on serving. If your intention is to make quick money, this industry will give you a quick exit. But if your goal is to create lasting impact, there is no better place.
Understand urban trends. Invest in customer relationships. Know your numbers, but never forget your values. Real estate is not just about buildings. It’s about belief.
