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“Our facility management business has had a particularly robust year”: SILA’s Sahil Vora
Mumbai: 2023 has been a strong year for us across our businesses. We’ve experienced tailwinds across most parts of the real estate sector, especially benefiting our facility management business. As evident from the stock market, economic GDP numbers, and overall activity—and be it in manufacturing businesses, real estate development, or any built environments—there’s been significant momentum and capital expenditure (CaPEx) across the country. This trend has given us a larger opportunity to maintain these spaces. Our facility management business has had a particularly robust year. The acquisition of Forbes in 2022 has also been integrated well into the overall group, and we anticipate this momentum continuing into 2024.
Regarding real estate development business: the residential sector, in general, has seen substantial growth in 2023. SILA, focused solely on residential development, has benefited from this growth. However, the commercial sector within real estate has faced more challenges compared to the residential sector. Specifically, in the micro markets where SILA operates, such as Mumbai and the MMR region, sales have remained strong mainly due to pent-up demand over the last few years, leading to strong sales across our projects at various price points. We anticipate this trend continuing into 2024 as well.
Another trend we’ve been observing and believe will continue into 2024 is the return of many individuals who were hesitant to invest in real estate at different price points are re-entering the market. The demand for residential properties remains robust, driven by millennials starting families or individuals seeking independent housing due to changes in family dynamics. The trend of people wanting their own homes, a momentum that gained during the COVID pandemic, continues to strengthen, and we see it going into 2024 also.
In our advisory business, where we provide asset management support services to prominent capital providers across the country, we’ve witnessed increased activity, particularly in institutional capital within real estate and more specifically towards the residential sector. Our Real Estate Advisory division has experienced prosperity this year. We believe that our ability to establish relationships within the real estate ecosystem across our services, including development and advisory business, has provided us with deep sectoral insights and valuable asymmetric information from all micro-markets. Leveraging this knowledge, we aim to further expand our growth as we move into 2024.
We maintained our focus on our ongoing initiatives from previous years. The acquisition of Forbes and its subsequent integration into our operations in 2023 was a significant area of emphasis for our Co-Founder, Rushabh Vora, and the team, consuming a substantial amount of our time and effort. On the development front, we successfully launched our project in Malabar Hill and the delivery of our Inner Circle project in Alibaug, along with achieving the first-phase delivery milestone for our Shubham project in South Mumbai. Looking ahead, we foresee a continuation of our efforts in 2024, potentially launching one or two more projects in the MMR region. Moreover, we remain committed to expanding our facilities and advisory businesses.
I believe that for SILA, 2024 will be a year of consolidation. Over the past three to four years, we’ve experienced robust growth across our businesses. However, in order to sustain a business over a few decades, it’s crucial to occasionally take a step back, assess and build on what’s working and what’s not. It’s a time to reflect, enhance efficiency, and refine our systems and processes. While I’m confident in our continued growth in 2024, discussions within our team and the board have emphasized the importance of utilizing this year to consolidate our positions and ensure we are building SILA sustainably for the coming decades, rather than solely focusing on aggressive year-on-year expansion.
I anticipate both industries to demonstrate strength in the upcoming year. The overall economy is expected to perform well. Despite the influence of the election year, there’s a prevailing belief in the stability of the government, significantly bolstering the macroeconomic sentiment. Real estate constitutes a substantial portion of the GDP and holds significant importance for consumers, businesses, government, and policymakers as a pivotal asset class crucial for the sustainable growth of the country. I foresee a robust year ahead. The prevailing confidence among various stakeholders—be it in services, development, or asset management within the real estate sector—suggests that these positive trends will persist in 2024 and beyond.
The author of this article is SILA founder Sahil Vora.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
