Santosh Kenkre highlights the journey of Kamat Constructions and their pioneering strides in the real estate space
Engineer Uday Kamat is the one who, I believe, revolutionised the real estate development sector in Goa. He is B.E. Civil by qualification and is based in Panaji.
Uday started this business with his brothers Ramesh and Dattaprasad as early as 1969 and has thus completed 53 years in the sector. The Kamat brothers were and continue to be main pillars of the business.
In 1969, real estate in Goa was not so highly priced (remunerative) nor much sought after. Cash flows were moderate and uncertain. Risks were high, yet the Kamats’ survived and later thrived. Later they also ventured into the manufacture of tiles. They made a big splash in the hospitality sector with Hotel Nova Goa and Hotel Golden Goa. Much later, they entered the big leagues by collaborating with the highly respected TAJ group of hotels by launching Taj Vivanta at St. Inez and another one at Caranzalem. Matching the standards of Taj group was extremely demanding and required a lot of long term funds. The Kamats with their iron will and adventurous attitude in business accomplished the task spectacularly.
But, to me, their real story is the story of housing which they constructed for Goan families. In the 1970s, Goans were on the lookout for high quality homes at a reasonable price and from a reliable builder who would not take them for a ride. The Kamats were true to their word and delivered on quality, price, and reliability. I know scores of people who signed the flat ownership documents with their eyes almost shut. Such is the credibility and reputation of the family. A genuine concern for people who purchase flats is the timely delivery of their apartments. Kamats have ensured that the buyer gets delivery of the flat in time. This in turn enhances their sterling reputation. Over the last 50 years that I know them, not a single person has told me that they were at the losing end in their transactions with the Kamats. Be it quality, apartment specifications, commercial matters, legal title, etc, Kamats never cut corners and always ensured sufficient parking, ample garden/play area, so that living in Kamat’s apartment complexes has become a pleasure for many. I stay in one of their colonies where we have a garden and play area as big as a football ground, and I do not mean to exaggerate!
In the real estate development business, I have seen many builders getting wiped out due to inherent vagaries/pitfalls. However, the Kamats have stood like a rock for 53 years and counting. In this business holding power (liquidity) matters a lot. The Kamats’ know precisely which premises (flat etc.) to hold and which to sell, thanks to their experience and business acumen.
Incidentally, my office is also in one of Kamat’s commercial buildings. Kamats have constructed shops and offices for numerous Goan professionals and businessmen thus lending a helping hand to Goa’s economic development.
Talking in terms of figures, Kamats have constructed over 55 complexes/colonies which encompass around 1,250 flats. Thus they have given homes to 1,250 families in Goa. The quality of construction being high, the resale value of a Kamat apartment is also high, which enables the seller to buy a bigger apartment by using (partly) the sale proceeds. Another factor for their success is the after sale services and quick society formation which keeps all their clients satisfied, and in turn makes for the best advertisement for the Kamats.
In my considered opinion, among Goan builders, as far as risk taking (both in real estate and hospitality) is concerned, the Kamats are second to none. Add to that, blessings of 1,250 families for whom Kamats have constructed a home! One can conclude that Kamats have left an indelible imprint on the business segment of our Goa.
The columnist is a senior chartered accountant. He is Chairman of Indo-American Chamber of Commerce, Goa; and Director of EDC, Goa. Email: srkgoa@gmail.com
