With the real estate sector witnessing increased transactions and positive consumers’ demand after the lockdown, the National Real Estate Development Council (Naredco) on March 1 organised a virtual session, titled ‘Reality of Realty Investments’
According to a press release, industry stalwarts at the session agreed that the sector was coming back on track with financial institutions making long-term funding available to it.
The credit for this success, they said, goes to the entire developer community and all stakeholders who have adopted a responsible approach during the COVID-19 pandemic to make the sector overcome the most difficult time.
Niranjan Hiranandani, National President, Naredco, said, “There is a positive sentiment visible across the economy, and as GDP growth happens through the V-shaped recovery, the aspect of recovery in commercial real estate, especially office spaces, remains a concern in light of ‘work-from-home’ as also ‘work from remote location’”. Similarly, he said, while the SWAMIH Fund has done well, there are many stalled and delayed projects, recovery of which will need ramping up of the quantum of the Fund as also allowing financial institutions to participate in the process.
Speaking at the session, Renu Sud Karnad, Managing Director, HDFC Ltd, said, “There is a huge opportunity we all are sitting at. Interest rates are the lowest and developers have been sensible about the pricing and Government initiatives such as the reduction of stamp duty have played an important role. People are venturing out and buying homes. Developers should continue giving their best to ensure the rates don’t go up. “
Saloni Narayan, Deputy Managing Director, Retail Business, State Bank of India (SBI), said, “The outlook of economy is upbeat, and we are poised to participate in this growth story. We will be happy to join builders, customers and all stakeholders for whatever is required from the bank. Consumer sentiments are improving while there was a slowdown in the discretionary spending, the housing spending did not witness as discretionary spending.”
Rajan Bandelkar, Vice-President (West), Naredco & Chairman, Raunak Group, said, “We have never spent 60 days at home before and people now understand the importance of a home. I would like to compliment developers’ community for reducing the rates. Credit should go to all developers.”