This week on Real Estate Journeys, we go inside one of the most complex challenges in Indian business — taking a family business forward without losing what made it successful in the first place.

We’re joined by Dhaval Ajmera, Director at Ajmera Realty & Infra India Ltd., for a candid conversation about next-generation leadership, family business, decision-making and the pressure that comes with carrying forward an established legacy.

With a legacy spanning more than five decades, Ajmera Realty has developed 100+ projects, has a presence across multiple cities and international markets, and has served more than 46,000 families.

But this conversation isn't just about the Ajmera legacy.

It's about the pressure, expectations and decisions that come with inheriting one.

Dhaval opens up about joining the family business, what the previous generation knows better, earning credibility, disagreements between generations, and the uncomfortable conversations that next-generation entrepreneurs often have to navigate.

We also explore a question every family business eventually faces:

When should the next generation stop learning from the previous generation — and start making decisions of their own?

From working outside the family business and building the right skills to handling uncertainty, becoming a director, dealing with pressure and getting out of your father's shadow, this episode explores the transition from "the next generation" to "the person responsible for the next chapter."

🎯 WHAT YOU'LL LEARN

✅ The real pressure of joining a family business
✅ What the previous generation knows better
✅ Should the next generation work outside first?
✅ The top skills to build before joining the family business
✅ How to handle uncomfortable family conversations
✅ Veto power vs equal voting in a family business
✅ How next-generation leaders earn credibility
✅ How to get out of your father's shadow
✅ How much exposure you need before becoming a director
✅ Handling disagreements between generations
✅ Traits every next-generation entrepreneur needs
✅ How to handle pressure and constant firefighting
✅ The decision-making behind Ajmera's Wadala journey
✅ How to identify the "next Wadala"
✅ Making decisions despite uncertainty
✅ Habits young entrepreneurs should build early
✅ How systems can help manage uncertainty
✅ How to know when you're ready to run the show
✅ What it really means to evolve as a leader
✅ Advice for first-generation entrepreneurs

👤 CONNECT WITH DHAVAL AJMERA

LinkedIn: /dhaval-ajmera

🏢 CONNECT WITH AJMERA REALTY

Website: https://ajmera.com/
Instagram: /ajmera.realty/
LinkedIn: /ajmera-realty-&-infra-ltd
Facebook: /AjmeraRealty/
YouTube: /user/AjmeraRealty
Twitter/X: /ajmerarealty

🎙️ FOLLOW REAL ESTATE JOURNEYS

Instagram: @realestatejourneys
LinkedIn: /ashwinmaheshrathi

#RealEstateJourneys #DhavalAjmera #AjmeraRealty #FamilyBusiness #RealEstateIndia #NextGenEntrepreneur #RealEstatePodcast #RealEstateDevelopers #Entrepreneurship

This week on Real Estate Journeys, we dive into one of the most misunderstood yet most critical — aspects of Indian real estate: taxes, audits, and financial structuring.We’re joined by CA Neelesh Khandelwal, Partner at Shah Khandelwal Jain & Associates, a Pune-based Chartered Accountancy firm with a legacy of over 50 years. The firm advises real estate developers, corporates, and high-net-worth individuals across India, with a strong reputation for clean books, compliance-driven growth, and long-term financial discipline.With decades of hands-on experience working closely with developers and homebuyers, Neelesh sir brings rare clarity to complex topics like capital gains, GST, entity structuring, audits, and compliance pitfalls — areas where small mistakes can silently cost crores over time.Beyond numbers, this conversation explores how financial decisions shape the sustainability of real estate businesses, why shortcuts eventually hurt scalability, and what both homebuyers and developers must get right from Day 1.This episode is especially valuable if you are:• Buying a home• Developing real estate• Planning to enter the real estate business• Or want to understand the financial reality behind projects🎯 What You’ll Learn in This Episode✅ Tax benefits and capital gains explained for homebuyers✅ Old vs new tax regime clarity (₹15–16 lakh income scenarios)✅ Why “bank-approved” doesn’t always mean safe✅ How auditors evaluate developers’ books✅ Cash flow vs profit — what actually keeps developers alive✅ GST myths and current project economics✅ Choosing the right entity structure✅ Audit mistakes, black money consequences & long-term risks✅ Financial habits that separate disciplined developers from the rest⏱️ Timestamps(00:00) – Introduction(00:40) – Start of the podcast(01:10) – Early life & upbringing(05:42) – Should children follow the same profession?(07:20) – Major changes in the firm over the years(15:20) – EY acquisition offer(21:58) – Tax benefits for homebuyers(27:08) – Old tax regime vs new tax regime(28:20) – ₹15 lakh income perspective(30:30) – Husband & wife buying a house jointly – benefits(32:30) – ₹16 lakh income: husband–wife scenario(34:03) – Was the new tax regime a good decision?(34:33) – Capital gains explained(39:46) – Indexation for capital gains(43:48) – Capital gains time frame(46:51) – Maximum cap on capital gains(47:26) – Buying property individually vs jointly(48:17) – Most common tax mistakes homebuyers make(52:19) – First things to analyse in a builder’s file(58:00) – Biggest share in a project: the government(01:02:00) – Key financial metrics for a developer(01:07:10) – Profit vs cash flow: what matters more?(01:08:00) – Profitable on paper but actually in loss(01:09:20) – GST input tax credit(01:14:08) – Best entity structure for a developer starting out(01:19:00) – Factors to consider while choosing an entity(01:22:43) – Developers setting up offices overseas(01:28:14) – Common audit mistakes made by developers(01:30:13) – Long-term impact of black money(01:33:59) – Financial advice for young developers(01:35:40) – Habits of financially disciplined developers(01:41:30) – Advice to keep finances in control(01:42:40) – Quick Fun Round👉 Follow Real Estate Journeys for more real-world insightsInstagram: @realestatejourneysLinkedIn: / ashwinmaheshrathi#RealEstateJourneys #NeeleshKhandelwal #RealEstateTaxes #HomebuyersIndia#RealEstateDevelopers #CapitalGains #GSTinRealEstate #AuditAndCompliance#IndianRealEstate #FinancialDiscipline #PropertyBuyingIndia #PodcastEpisode

This week on Real Estate Journeys, we’re joined by a leader who redefines what it means to build with vision, values, and versatility —Mr. Ashish Malpani, Director at the Malpani Group.With a legacy spanning over 60 years, the Malpani Group is one of India’s most diversified and respected business families — making its mark across:🏗️ Real Estate🌿 Renewable Energy🏫 Education🛍️ FMCG🎢 And iconic entertainment ventures like Imagicaa and Wet N JoyBut behind the large-scale operations lies a deeply family-oriented leader — someone who continues to lead with an ever-learning mindset, a commitment to construction quality, and a benchmark-setting approach in commercial real estate.The Malpani family is a model for how generational businesses can thrive in India — with Mr. Ashish Malpani at the heart of its next chapter.This episode is packed with insights on:✅ Leadership with humility✅ Balancing scale with legacy✅ Learning, even after success✅ How to build right — in both structure and cultureTimestamps(00:00) – Trailer and Introduction(03:01) – Story of Malpani Group(08:46) – Diversification into other industries(10:09) – Water park business(14:39) – Takeover of Imagicaa(17:03) – Structuring of the business(19:05) – Family-focused business(20:57) – Criteria for family members to enter the business(28:22) – Discussing business at the dinner table(31:36) – Holding equal share of family members(32:32) – Timeline for idea testing for family members(33:48) – Conflict resolution in family members(36:36) – Financial matrix (IRR, ROI)(42:12) – Design aspects you review as a builder, owner(46:11) – Decision-making process to choose a contractor(50:14) – If you have the best contractor, do you still need to monitor?(54:31) – Finishing at Malpani buildings(58:21) – Finishing on another level(1:01:01) – Quality control and safety team(1:06:59) – Cleanliness at an under-construction site(1:09:46) – BIM technology(1:16:57) – Project names after scientists(1:21:09) – Buying Imagicaa(1:27:38) – Any chance of bringing Disneyland to India(1:28:22) – Upskilling your workforce(1:32:05) – Goal setting of your team / performance management(1:35:29) – Why doesn’t KPI work in real estate(1:38:06) – Community marriage(1:41:43) – Favourite book(1:44:43) – How does a day in your life look like(1:46:25) – Quick 5 (Rapid fire)👉 Follow Malpani Group:Website: https://www.malpaniestates.com/Instagram: https://www.instagram.com/malpaniestates/LinkedIn: https://www.linkedin.com/company/malpani-group-real-estate-div/👉 Follow us on Social Media for Updates!Instagram: / @realestatejourneysFacebook: / yqyrrtd7tdorbdukLinkedIn: / ashwinmaheshrathi#AshishMalpani #MalpaniGroup #RealEstateJourneys #FamilyBusiness #Imagicaa #WetNJoy #CommercialRealEstate #LegacyLeadership #ConstructionQuality #LearningMindset #PodcastGuest #IndianEntrepreneurs

This week on Real Estate Journeys, we’re joined by Mr.Anand Singhania , Managing Director of Avinash Group the largest real estate developer in Central India.With over 28+ years of experience, Mr. Anand has led Avinash Group in delivering 59+ landmark residential, commercial, and retail projects, transforming the skyline of cities like Raipur, Bilaspur, and Bhilai.From scaling a local venture into a regional real estate empire, to navigating challenges and building with purpose —Mr. Anand shares it all.Get ready to learn how to start, grow, and scale any business, even without prior experience in the industry. Are you dreaming of starting a business but have no background, knowledge, or connections?This episode shows you how to make it happenWe sat down with Mr. Anand Singhania, MD of Avinash Group to break down every step of the journey:Learn: How to understand a new industry from scratchIdeate: How to find the right business idea for youStart: How to take your first steps even with little money or experienceGrow: How to build a brand people trustScale: How to expand your business beyond just one successIf you're a young student, an aspiring entrepreneur, a real estate professional, or someone who just wants to build something big — this conversation will show you exactly how to make it happen.

Join us for an exciting episode of Real Estate Journeys featuring Siddharth Vasudevan, an industry leader in construction costing, business strategy, and real estate development.In this episode, we dive deep into Siddharth’s journey, from his early education and joining the family business to leading Vascon Engineers Ltd., a listed company with a legacy of landmark projects.Mr Siddharth shares expert insights on construction costing, the biggest cost centers in real estate, and how developers can optimize project budgets while maximizing profits. We also explore topics like government vs private projects, cash flow management, EPC business, and the future of construction technology.With decades of experience, Mr Siddharth provides practical strategies for developers, engineers, and business leaders to scale their businesses and navigate the evolving real estate industry.

oin us for an exciting episode of Real Estate Journeys featuring Dr. Adv. Harshul Savla, a record-holding entrepreneur, author, and thought leader in the real estate industry.

Join us for an insightful episode of Real Estate Journeys featuring Mr. Suhas Jangle, founder of SJ Contracts, a leading name in Pune's construction and contracting industry.

Join us for an insightful episode of Real Estate Journeys featuring Mr. Abhishek Gupta, co-founder of CRE Matrix and a pioneer in real estate data analytics in India. With a background in software engineering and an MBA from the USA, Mr. Gupta brings a unique blend of technology and real estate expertise. In this episode, we delve into his journey from analytics to PropTech, the founding of CRE Matrix, and how data is transforming decision-making in real estate. Real Estate Journeys Episode 6.

Join us for an inspiring episode of Real Estate Journeys with Mr. Shantilal Kataria, Managing Director of Aditya Builders Pune and a prominent leader in the real estate industry with over 45 years of experience. From shaping the industry through his work with CREDAI to representing the fraternity before the Joint Parliamentary Committee on RERA, Mr. Kataria shares invaluable insights into the past, present, and future of real estate in India. Real Estate Journeys Episode 5.

Join us for an enlightening conversation with Adv. Rajiv Patel, a seasoned real estate lawyer and founder of Rajiv Patel and Associates. With extensive expertise in property conveyancing, regulatory compliance, and estate planning, Mr. Patel sheds light on the legal intricacies of real estate in Pune and beyond. From digitization of land records to women’s property rights and estate planning, this episode offers invaluable insights for developers, homebuyers, and legal enthusiasts alike. Real Estate Journeys Episode 4.