In the crowded corridors of Panvel real estate, Raajesh Prajapati stands out—not for the size of his projects, but for the sheer number of “firsts” he has clocked over three decades. From building the first tower in Panvel when people were wary of lifts, to introducing ramp parking, 100% parking, and even an infinity pool in Panvel when panvel was just an outskirts, Prajapati Group has quietly built a reputation for innovation and service. But what truly sets this developer apart is his philosophy of giving back—a charitable dental clinic, post-possession services that extend long after the keys are handed over, and a belief that real estate is a service industry, not just a transaction.
In this exclusive edition of Developer Diaries, Raajesh Prajapati sits down with H&B Magazine to talk about his journey from the iron and steel industry to real estate, why continuity of policy is his biggest ask from the government, and how a spiritual master changed his definition of wealth.
Q. Prajapati Group has been a prominent player in Panvel for over three decades. What have been the most significant milestones in your journey, and how have they shaped your vision?
It’s been a fantastic journey. We’ve completed 30-plus projects in 30 years, spanning Panvel and Hyderabad, and delivered 2 million square feet of possession.
When we started in 1995 in New Panvel, people were wary of buildings with lifts. They thought maintenance would be too expensive. At that time, ground-plus-three or ground-plus-four structures were the norm. We were the first to build a tower—ground-plus-seven with a dome, like the Hiranandanis. It was challenging, but people took to it nicely.
Then, around 2002-2003, we realized the need for more parking. We built the first project with ramp parking—podium parking as you call it—in New Panvel. Later, in 2006, we created a project with 100% parking, which became a benchmark.
We’ve always tried to go beyond what we committed. If a better plumbing material came along during the two-year project cycle, we would upgrade and give it to our customers—at no extra cost. That was a first, and it was very well received.
Q. The last 10 years was a roller coaster for the real estate segment especially in terms of compliances. How you mitigated the structural reforms like rera and gst?
When RERA came in 2016-17, most of the rules it introduced were already things we were following—not starting work without a Commencement Certificate, not advertising without valid approvals. So migration was seamless for us.
I’ll give you an example: In Hyderabad, we launched a project but didn’t sell until we got our CC. By the time we got it, the market crashed— the CM expired in a plane crash, the Satyam debacle happened, AndhraTelangana separation was brewing. Demand from IT professionals vanished overnight. Because we hadn’t taken any bookings, we could easily migrate from bigger homes to smaller ones and restart. That discipline saved us.
Q. Prajapati Group is known for value housing with premium amenities. How do you balance affordability with quality?
We do our cost analysis and feasibility reports, but when we sit at the drawing board, we ask ourselves a simple question: If I have an 80-lakh budget for a 2BHK in Panvel, what would I want? What size, what amenities, what completion date?
We think from the customer’s level, not from a high ground. We try to fill that gap, and profit follows automatically.
Believe it or not, we command more price than most projects in the area. More than 30% of our sales come through referrals—customers who couldn’t buy earlier come running back. Once you get 20-30% sold, the rest is just a passage of time.
Q. What unique post-possession services do you offer?
Post-possession is one of the most neglected areas in our industry, but it’s critical.
We take maintenance advances from customers and keep them in a separate account. But we spend from our own pocket for the first couple of months until 8-10 people start living there. Then we form an ad hoc committee of residents, and all payments are made only after they clear the bills. This builds immense trust.
In Hyderabad, after we exited the city, we kept our office open for one year with a couple of people just to take complaints. The company left, but services remained.
We also depute a person on-site with an open register where residents can write complaints. We take quarterly meetings with the ad hoc committee to ensure issues are resolved.
We treat this as a service industry. Even if a customer doesn’t buy another flat for 20 years, they speak to hundreds of people—they become your brand ambassadors. That’s why 30% of our sales are referrals.
Q. How is Prajapati Group integrating sustainable practices?
Sustainability is key, especially for the younger generation. We source materials locally to reduce transportation pollution. We put up STPs for solid waste and use treated water for gardening, cleaning, and flushing. Common areas use solar-powered lights.
In our flats, we ensure cross-ventilation and large windows—80-90% of our flats have ample air and light. In many cases, you don’t even need a fan. Sustainability is designed into our projects from the start.
Q. How do high premiums and approval costs impact the market?
Premiums and approval costs have gone through the roof. They have to be paid upfront, which increases project costs. We try to use base FSI first and buy premium FSI during construction once funds start coming in. But approval costs must be borne upfront—either from our pocket or through high-interest loans.
Q. Where do you see Naina’s real estate in 2030, and how does Prajapati Group plan to evolve?
NAINA is almost three times the size of Mumbai. With the airport, Atal Setu, bullet train, and other infrastructure, Panvel is no longer a destination of compulsion but a destination of choice.
We are here to stay. We’ve finished three decades — I think we’re just starting.
