What are the key continuing challenges which you foresee impacting the economy as a whole, and the Real Estate Sector post easing out of lockdown in stages?
While the pandemic has slowed the pace of the economy, it has also shaped the future of real estate in India in few ways. With the lockdown having been lifted, we notice a slow and gradual revival of the economy. Over the last quarter, there has been an increase in the demand due to reduced home loan rates and attractive offers made by various developers. Today, the living spaces are re-designed to make work-from-home more relevant and useful. The futuristic designs are more flexible, structured, and adaptable to cater to the rising requirements. Digital intervention in marketing and sales processes have been increasing keeping pandemic protocols in mind. This has helped assure the buyers.
The real estate sector is highly taxed with an uneven percentage rate of GST and stamp duties. To augment growth in the real estate sector, the government should introduce a fixed tax rate on construction supplies which will benefit the developers as well as the homebuyers. The government’s support towards enabling funds for developers below 10% interest rate will help keep the overall cost at a minimum. If the government continues to support the real estate industry and take positive steps, it will go a long way towards strengthening the economy as well.
Post pandemic era how do you envision the transformation of design / construction processes, marketing and supply chain management, especially with the advent of disruptive technologies?
The advancements in technology have eased the process of selecting a home. Now people can easily check the features, dimension, and have an almost real time site visit experience of the project from any corner of the world. Most developers including SOBHA have already shifted the focus to online sales, however, the site visits are slowly coming back on track. In terms of the property, changes are being brought about in the floor plan, designs are getting tweaked to provide for a study/office space with good lighting and Wi-Fi conditions. Creating provision for co-working spaces and amenities in the complex, automated doors and lights along with greener spaces is SOBHA’s priority.
