Tamil Nadu

Things look rosy for real estate sector, say experts

Around 84% of the people who booked houses before the pandemic have stayed put and did not go for cancellations, irrespective of job loss or salary cuts, Sanjay Chugh, city head and senior vice-president (residential) of Anarock Property Consultants, said.

Not just that, the option to work from home (WFH) had pushed people to think of buying larger homes and having their own space, he added, while addressing the fourth episode of “Conversations” on the topic “Has real estate entered the recovery phase?”

“Conversations”, being organised as part of The Hindu Group’s ongoing campaign, “Tamil Nadu Smiling”, aims to bring together the people of Tamil Nadu — its traders, retail organisations and government authorities, among others, to find ways to emerge from the effects of COVID-19.

Mr. Chugh pointed out that Chennai saw a surge in the demand for plotted developments during the pandemic. “Some 900 developed plots were launched in the city over last 4-5 months,” he said.

Padam Dugar, president of CREDAI, Chennai, and managing director of Dugar Housing, said developers were working to ensure that projects are delivered on time to consumers who have made bookings prior to COVID-19.

He highlighted how builders brought back their workers through flights and special buses. Mr. Dugar said that CREDAI would soon be coming out with a friendly portal for buyers.

Navin Ranka, director of SPR Constructions, said that after COVID-19, the average decision-making time for buying properties had dropped. Pointing out that this time data was specific to his company, he said, “The decision-making cycle for buying homes has come down to 15 days [average] from 30-45, earlier. Conversion rates have also gone up to 12%-14%, from 7% earlier.” Mr. Ranka said that on the commercial side, there was a huge demand, especially for the wholesale market that the group was constructing in Perambur.

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Printable version | Jan 26, 2021 5:51:02 AM | https://www.thehindu.com/news/national/tamil-nadu/things-look-rosy-for-real-estate-sector-say-experts/article33197171.ece

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