Brand Stories/ HT Brand Studio A home is much more than just a place where you live. It is akin to a sanctuary that offers a retreat from the hustle-bustle of the outside world. Your neighbourhood or surroundings also foster a strong sense of belonging – you meet like-minded people and build lifelong relationships.
So, while traditional investments offer ‘good’ financial returns and promise to multiply your money, your home, especially one in the luxury segment, can offer an additional value – a Return on Experience (ROX). In a special series, called Life’s True Value, Neil Parag Parikh, Chairman and Chief Executive Officer, PPFAS Mutual Fund, spoke about how ROX has become a critical consideration for top executives like him, even when it comes to the homes that they live in. Parikh brings over a decade of experience in capital markets, spanning wealth management, research, institutional desk, marketing, operations, broking and key client management.
Talking about why seasoned professionals like him buy luxury homes, he said: “For me, Return on Experience is contentment and happiness. Any experience that can make you happier or more content with your life or make you slightly better than what you were before is a great experience. That’s exactly how I would define an experience.
When it comes to luxury living space, there’s a very big experiential value to it. Today, everything has become experiential. People want experiential travel.
They want to jump out of a plane. And it is the same with luxury homes.” Parikh feels that there has been a marked change in the way people think about the home since the pandemic.
During the pandemic, families with children who didn’t live in large community spaces felt their children were devoid of company and had no activities. On the other hand, those living in luxury buildings could offer their children a lot of opportunities to socialise and be around other children to play with and learn from. “These kids did not forget how to socialise.
Also, the fact that they had so many classes for the children, and they were never getting bored, and the parents had enough time to concentrate on work. You can stay together in a community of like-minded people and experience luxury and also network with people. Amenities obviously matter, and how those amenities are would be important too,” he further said.
One such space is 25 South, which offers a luxury living experience in the heart of Mumbai. Every home must offer space for peace and relaxation, especially for top leaders like Parikh who handle numerous stressful situations at work. Talking about his abode, he said: “It is beautiful here.
We live in Mumbai where living spaces are not that big. I have got two young daughters, so what I want is a lot of empty space in my living room. We have done away with a lot of furniture, and just have empty space so we can run around and just have fun there.
” Parikh also spoke about his work and feels lucky to be among the few top execs who are not stressed out. He strongly believes that every organisation must have clarity around what their goals and primary areas of focus are. “If your core team also has the same shared values and the same fundamentals as you, and a long term approach to things, then collaboration becomes fun.
Luckily, we have built that and this makes us work very nicely together. And, again, one thing we say is that you need to spend as much time at home with your family, have hobbies, and do things that you enjoy. It is something we encourage, and I do that myself,” he further said.
When he is not working, or spending time with his daughters, Parikh will be seen playing a sport or watching one. In his free time, he plays golf, and tennis and works out 2-3 days each week. And, he tries to keep his weekends free from work.
When asked if he thinks there is any correlation between work productivity and your living space, he said: “I think there is a big correlation. A lot has changed during Covid when your living space also became your workspace and we have realised that we don't need to come to the office every day for work to be done. Covid taught us that.
Today, your residence has to have some space which is earmarked for your work.” To live a serene life as described by Parikh, developers like 25 South are pitching in and offering true return on experience. A lot of people have expanded their homes over the last few years – either by moving into a bigger home or adding an additional bedroom.
“The other aspect that is important to me is to cut the commute time between residence and work. So what I am trying to build is a culture where the offices that we have are close to the clusters where our people stay. So when they come to the office, I don't want them to spend so much time on the road.
I think that will improve productivity and experience of the employee,” he said. Parikh feels that if your living space is good, your work productivity amplifies because you have had a great time at home. Spending time with your family and doing things that you enjoy actually make you come with a smile on your face the next day to work.
“In fact, we are encouraging that everyone should take some time out to spend time with their family, do what they like doing, and come back happy to work. And even at work, we have a very open culture, where everyone can approach me if they want. There is no hierarchical system to get in touch with the seniors.
So it's a very open culture. We foster a lot of conversation, collaboration within the team, within different teams, and that actually increases productivity. We try to do a lot of stuff outside the office too: cricket tournaments, retreats, where bonding outside of work becomes stronger within the work.
” Just as he seeks ROX in his real estate investment, Parikh feels that the same is also true to the sector that he works in – Banking and Financial Services. Today’s client is not just looking for what returns you can make for them and the product offerings that you bring to the table. They are seeking an overall experience which goes on to build trust.
“In the BFSI sector, or even in asset management, we are dealing with people’s money and it is all about trust. You are the trustee of their money. So two things happen – one is the need for clear and transparent communication so that there is no reason left for doubt.
Also, when you are buying a financial product, it is not like buying clothes or shoes or something where you pay money and get something tangible in return. There could be times when you give your money or just invest it into something like the units of the mutual fund, but there is a delay in the transaction due to some market intermediaries in the middle like stock exchanges, payment gateways, the registrar. Customer service becomes even more important in such cases.
It is a big, big focus area going forward,” he explained. Another very important aspect of doing business is online presence. “Today, when everything can be bought online, the online experience also needs to be good in the form of a good app, a system that won’t break down.
You have to have a large army of customer service people who are on the money all the time to make sure that the experience doesn’t drop. If the experience drops, the trust goes, and once the trust goes, they will probably not be investing with you any longer. So these are very important things to keep in mind, other than the investment experience,” he concluded.
Disclaimer: This article has been produced on behalf of the brand by HT Brand Studio..
