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For the 82-year-old patriarch of the KTVR family, who has now completed 50 years in construction industry and is set to celebrate the silver jubilee in flat promotion, it has not exactly been a rosy path to sell a new concept even in an industrialised city like Coimbatore. He is the founder chairman of the Builders Association of India, Coimbatore chapter.

An entrepreneur, who made his mark in the construction arena immediately after Independence, he was involved in constructing Government buildings including the Dharmapuri District Collectorate, irrigation works and drinking water schemes and also roads. A registered PWD contractor as early as 1948, he was involved in the Mettur Tunnel Scheme. Apart from the industrial estates in Salem and Pollachi, he was involved in the construction of the Industrial Training Institute, Salem, Agricultural University Buildings in Coimbatore and also modification and extension of the terminal buildings of the Coimbatore aerodrome. He was the one who constructed the Income Tax and Central Excise Quarters and even the overhead tank at the VOC Park here.

Now his younger son V. Loganathan, a civil engineer, and granddaughter, L. Prathipa, an architect, and L. Srinivas, grandson, also a civil engineer, are here to assist him.

Mr. Reddy migrated from Kolathur to Coimbatore only in the late 1970s and thought of introducing the concept of flats. He purchased a site costing Rs. 9,500 per cent on the Thadagam Road in RS Puram, constructed 16 two-bed room flats (Vijay and Prathipa Apartments) under the name Vijay Deepa Constructions in 1980 and quoted about Rs 1.75 lakhs (Rs 175 per sqft).It was meant for middle class.

“But there were no takers. We even invited North Indians for a meeting and tried to impress them. We had to struggle for almost two years to sell them despite being in such a prime locality", laments Mr. Loganathan.

Undaunted Mr. Reddy promoted the Srinivas Apartments in Vincent Colony, also in RS Puram in1982-83. It was a single block of 16 flats- eight two bed rooms and eight single bed rooms. "Though we quoted Rs 200 per sqft, the booking was fast and all were sold out within a year". "When we commenced our third project of Mahalakshmi Apartments in (1983-85) on the Venkatakrishna Road, once again in RS Puram, awareness regarding flats has improved. By that time, three more promoters have also come up. Then the land cost us Rs 25,000 per cent and we could sell the flats at Rs 250 per sqft though there were 32 flats in two blocks". This was followed by projects in Tatabad and RS Puram. For Seetharam Apartments with 81 flats that came up in Town Hall area in 1987-90, there was hardly any delay in booking.

Then Coimbatore also started witnessing an economic boom which had a cascading effect on land prices. The projects in 1991-92 at Gopalapuram and Venkatapuram cost Rs 475 per sqft. One more project in Venkatapuram in 1992-94 was the first to see covered-parking facility, which was quoted around Rs 500 sqft.

"From mere utility buildings we also started constructing deluxe type of apartments in a costly area like Gray Town where the land cost us Rs 2.75 lakhs per cent. We started basement parking and quoted Rs 1,400 per sqft for the six two-bedroom apartments."

He promoted four more projects upto 1996-97. "But the serial blasts in February 1998 severely dented our bottom-line in the Lakshman Landmark project with 14 flats in New Siddhapudur in 1997-99 .We planned for Rs 1,500 per sqft as the land cost was Rs three lakhs per cent; but ultimately could sell for only Rs 1,150 per sqft".

Similarly, the KTVR Towers with 33 flats (1997-2000) near Government College of Technology was originally planned for Rs 1,450 per sqft.

"After the bomb blasts, we could sell them for only Rs 1,100 per sqft. It took almost one and half years for the sale of the entire lot after completion of the construction". The KTVR Enclave of 64 flats in two blocks with two and three bedrooms at Velandipalayam (2000-2) was the first to get cellar parking and also landscaping. Situation had by then improved that the prices were quoted in the range of Rs 1100-1250 per sqft. While the KTVR Sai Shelter, also at Velandipalayam, fetched Rs 1,250 –1500 sqft, the KTVR Lakhman Legend at GKD Nagar with some modern facilities fetched Rs 1,700 sqft.

"Our 20th project –KTVR Residency at Bharathi Colony- is quoted at Rs 1,950 sqft. because the entire ground floor is for car parking, and we have provided a gym, club house, swimming pool, etc. These facilities are because of the enquiries from the software engineers and we hope to complete the project by March next".

The next on the drawing board would be on the Ambedkar Road .It would be a 24-apartment project, all three bed roomed, and would be for the upper middle class.

Mr. Reddy is happy to point out he could complete 20 apartment projects in the past 25 years. Except one project, he has done all others within the corporation limits as he found it easier to get the entire required infrastructure in the corporation area.

"My policy is to accept the bookings only after completion of the construction which spares me the ordeal of making various changes sought by the customers. This helps us finish the project on schedule and hand over the apartments immediately to the buyers."

From the days in 1980 when housing loans were scarce, when most of the enquiries would be from the bank employees and then private employees and when the HDFC officials used to visit Coimbatore only once a month, he recounts the sea change in the entire scenario.

Now housing loans are aplenty and the enquiries come not only personally but also even through e-mail.

"People who e-mail want all common modern amenities, definitely want nothing below three bed-roomed apartments and not daunted by the price range of Rs 25 lakhs to Rs 35 lakhs. Even for a two –bedroom flat, they expect a plinth area of 1,200 sqft and the rooms should be a minimum of 16’X12’ ". Similarly, in 1980s there were hardly any specific rules for construction of apartments. "Now we are governed by several rules". Above all, the phenomenal spiral in the prices of inputs.

Cement was then selling at Rs 25 per bag, sand hardly one rupee per cft, steel Rs 1,200 per tonne and brick hardly 40 paise per piece. "Cement is now ruling around Rs 140 per bag (it touched even Rs 190 at one stage), sand almost Rs 16 per cft and steel Rs 30,000 –32,000 per tonne. Even conventional bricks cost many times more .Teak wood, which was Rs 150 cft, is now around Rs 2,000.

Labour charges have also shot up several fold and land prices have skyrocketed.

The father and son are apprehensive that situation might come to such a pass that sand may not be available at all "and we might have to go in for artificial sand". Providentially, there is no water shortage in Coimbatore and bore well water is aplenty for construction activities. Mr. Loganathan is happy to point out that the situation in the construction industry has returned to the pre-bomb blast level in the city, which is a very good augury.