Real Estate Geared To Mitigate Second Wave Crisis

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Dr. Niranjan Hiranandani, President, NAREDCO What has been the impact of Covid second wave on real estate? Just in time when Indian economy was witnessing a V shape recovery, the second wave of covid resurgence hits the economic cogwheels and livelihoods again. Some states have imposed partial lockdowns and some on the cusp of a complete lockdown. The challenge for the real estate and construction industries is how to deal with such grim situation again in terms of migrant labour and business continuity. How is the realty sector gearing to counter the effects of lockdowns? Under the given circumstances, developers have largely managed to push the production of homes with labourers on site and foresees no delays in deliverables. The supply chain is not as disrupted as the matter of last year, which keeps the raw materials supply unhindered. While juggling with the lockdown crisis many developers have also step forward to support medical infrastructure set up in cognizance with the local authorities to aid and combat the second wave of covid pandemic crisis that saves livelihoods. How are developers maintaining construction workforce? Developers have stepped forward to look after the in-situ migrant workers by ensuring supply of food, shelter and also wages to protect their needs. This step in a right direction will go long way in keeping the reverse migration at bay. Constant health monitoring of labourers with frequent covid tests and expedited vaccination drive now below 45 years will help to mitigate the crisis this time. This arrangement ensures no job or economic loss and further warrants that companies are geared to deal with crisis management. Real estate contribution to pandemic relief efforts Comprehending the gravity of situation, developers have offered additional real estate space to augment medical infrastructure in order to contribute to the governments cause and measures to fight the pandemic unitedly. Government can also consider extended help offered by the private sector instead of completely relying on government organisations. Additionally, corporates should be permitted to utilize their CSR budget towards this cause and further facilitate vaccination of all its employees. What are the business transformation the sector is witnessing? Real estate has adapted to the ‘new normal’ and shifted gears by incorporating digital platforms and technological solutions within the business continuity plans. Under the present set of travel restrictions, it has enabled customers utilizing innovative digital tools to showcase, communicate and book a property flawlessly. Digital payment gateways are also available on such digital platforms where homebuyers across geographies can book the dream home online and close transactions seamlessly. The sales velocity may slow down due to travel restrictions at site but such e-payment modes will certainly make a big difference. Discerning home buyers should grab the right opportunity to buy their dream homes under the favourable market conditions with low interest rates, choice inventory, flexi payment schemes and deal sweetener by developers. Customer centricity is the epicentre for the Industry to enjoy success. To stay committed to the customers by timely delivery is one of the prime objectives of the industry. Industry and authorities should work in sync to assure unhindered delivery of homes to meet the target of housing for all. Photo Credit: Pixabay.com