Interview Times 
AcreRise stands tall as a formidable brand that has dedicated over a decade to achieving excellence in the dynamic realm of Real Estate. Rooted in optimism, forward-thinking vision, and unwavering dependability, the brand has etched itself as a reputable force in the market. In the heart of Bhubaneswar, AcreRise is orchestrating bold moves to redefine the city’s real estate landscape. With a burgeoning influence and a commitment to innovation and quality of life, AcreRise is swiftly gaining recognition as a transformative player in the industry.
Enterprising and full of vitality, Mr. Sashikant Barik and Mr. Sheikh Mairajul Haque embarked on their entrepreneurial journey in 2009, fresh out of engineering college. Their brainchild, Myspace Realty Pvt. Ltd., emerged as a prominent consultancy firm in Odisha’s competitive real estate sector. Driven by a vision to create, they transitioned into real estate development, birthing the brand AcreRise and leveraging their acquired expertise. Fearlessly expanding into the vibrant markets of Bengaluru, Kolkata, and Hyderabad, their passionate goal is to become Odisha’s most renowned and trusted real estate developer. AcreRise is currently making waves with awe-inspiring residential projects, solidifying its status as a rising star in the industry. Interview Times had an insightful interview with Mr. Sashikant Barik, Co-founder of AcreRise. It provides a detailed look into AcreRise journey and Odisha’s real estate industry. Here’s is the interview:
History about AcreRise?
Mr. SB: After graduating from KIIT in mechanical engineering, my business partner Mr. Sheikh Mairajul Haque and I entered the real estate scene in 2011 with Myspace Realty. It gained recognition as a leading real estate consultancy with branches in Kolkata, Hyderabad, and Bangalore. However, our dream was real estate development . In 2014, we acquired a land parcel in Nayapalli and launched our independent venture, AcreRise. Our inaugural project, AcreRise Aurelia took off in 2015, and from there, we continue to expand with projects like AcreRise Amantran and AcreRise Aura. Currently, with three ongoing projects and significant upcoming ones, we are poised to be among the top real estate developers in Bhubaneswar within the next two to three years.
What fuelled your entrepreneurial journey in the real estate sector?
Mr. SB: Mairaj and I are both first-generation entrepreneurs with no family history in business. We decided early on, to venture into the business world . Despite having placement opportunities, we never took up employment as we were focused on entrepreneurship. Being first-generation entrepreneurs, we made up for lack of mentorship with passion and drive and recognized the untapped potential in Bhubaneswar’s real estate. Our aim was to bring structure and professionalism to the industry, and successfully, we did just that.
What were the initial challenges faced when entering the real estate industry?
Mr. SB: In the initial stages, we grappled with a lack of funds, no office space, and a dearth of guidance. As newcomers to the field, we were navigating uncharted waters, compounded by the fact that the real estate business in Bhubaneswar was still in its nascent stage. Terms like consultant and broker were unfamiliar, requiring us to overcome these challenges as we forged our path.
Did you secure any funding to kickstart AcreRise?
Mr. SB: No, we initiated AcreRise using our own resources. The setup was entirely self-funded.
AcreRise’s most significant achievement?
Mr. SB: While we successfully collaborated with prominent companies like DLF in Bhubaneswar, a substantial portion of buildings being sold or leased through us, our most noteworthy achievement goes beyond mere statistics. We take pride in instilling professionalism in the Bhubaneswar real estate scene. Introducing SMS marketing and being the first to engage with online property brokers set us apart as pioneers in the industry.
Any notable lows or challenges encountered in your business journey?
Mr. SB: Fortunately, we haven’t experienced significant lows in our business thus far. However, during the initial stages, we faced challenges related to funding and legal clearances. Overcoming these hurdles required seeking initial funds of Rs 50 lakhs from investors and banks, a process that demanded time and adherence to proper legal procedures.
In the digital age, how has AcreRise adapted to technological trends in the real estate sector?
Mr. SB: AcreRise has been a trailblazer in the digital realm, having launched our website at its inception. Beyond following trends, we set them, introducing WhatsApp, email, and SMS marketing. Our growth narrative heavily involves a proactive approach to digital mediums, bringing technologies like AR, VR, and the metaverse to Bhubaneswar before others, showcasing our adaptability to change.
Changes observed in Odisha’s real estate sector over the last decade?
Mr. SB: Bhubaneswar stands as the hub of Odisha’s real estate, driven by substantial employment opportunities and a stable government under Honl CM Sh. Naveen Patnaik. Over the past decade, we’ve witnessed a shift in dynamics. Previously, real estate purchases were common in the 50-55 age range, but today, people under 30 aspire to own property. The implementation of the RERA has fostered trust in the industry, and tier 2 cities like Bhubaneswar, Jaipur, Raipur, Guwahati, and Vizag are predicted to experience significant real estate growth in the coming decades.
What is the future of real estate in Odisha over the next decade?
Mr. SB: While Bhubaneswar will progress at its own pace, cities like Rourkela, Angul, Jharsuguda, and Paradip are gradually catching up in real estate development. The essence lies in urbanization, with people from villages moving to cities and further to better-developed cities or metros. The coming years will witness substantial growth in these emerging cities across Odisha.
Any advice for aspiring young entrepreneurs?
Mr. SB: Patience is key; good things take time. Stay honest, be knowledgeable, and wait for the results.
Is the real estate sector heading towards saturation?
Mr. SB: Real estate in India is far from saturation in the next few decades. The ongoing migration trends indicate continuous growth in the sector. It’s a story of expansion for the next 20-30 years.
Could you elaborate on the core values upheld at AcreRise?
Mr. SB: At AcreRise, our foundation rests on the bedrock of integrity. Pioneering innovation in real estate development, we have seamlessly integrated professionalism into our work ethos. This commitment extends to our clients, ensuring they receive candid and comprehensive feedback to guide them in securing the ideal property tailored to their needs. Internally, our dedicated workforce experiences a culture characterized by honesty and transparency, fostering an environment akin to a second home. Our employees find solace in a workplace that prioritizes their well-being, creating a secure and nurturing professional haven.
