The Position Of Real Estate Market At The Time Of Covid19
Conversation With Mr. Harish Shroff On The Position Of Real Estate Market At The Time Of Covid19
The most terrible word of 2020 is covid19. How will the real estate market in this period, what should be done in these conditions and how will the condition of the real estate market after this round, hundreds of such questions will be arising in your mind and for the answers to these questions,
We Will discuss with Mr. Harish Shroff. Let's first know a little about who Mr. Harish Shroff is? The director of the Sales & Marketing Nayati Group of Industries, who has given his 20 years to this industry.
As soon as the name of the Nayati group comes, the image of Mr. Harish Shroff comes out. Let us give you information about discussion with him.
Shishu Singh- Because of this Covid19, what is the condition of the market right now and what will be the condition of the market after this?
Mr. Shatish Shroff: This is the first time this has happened in India because of Covid19, it has not only happened in Pune or Maharashtra or India, it has happened all over the world and the thing that happens globally is that real estate does not stop. So many experts of this industry say that people are spreading rumors in the market that now the real estate market is going to go down to earth. Truth be told, there is nothing like this even today, people of the flat are needing it. Its demand is still there, this demand is a temporary pause. At the time of this Covid19, people have saved their homes.
Shishu Singh: Due to Covid19, the job of the people has gone, many salaries have been stopped, because of which step the builder is going to take which also benefits builders and buyers and also what are the measures taken at builders end?
Mr. Harish Shroff: I will talk about Pune because my business is in areas around Pune & Pune, so when it comes to job loss, there has been no such announcement and that too in a city like Pune where IT companies have stores. And 80% of its employees are working from home, so there is no issue in their efficiency or job security, their jobs are absolutely secure. Talk of other sectors like manufacturing, banking, automobile, finance, doctors, etc, all these people work from home also but how much efficiency is 50% or 60%, this is the matter of time. By the way, I strongly disagree that job losses are going to happen, nothing is going to happen because this thing has happened all over the world, then we cannot say that job losses are going to happen, I think something like this is not even going to happen. And the thing is, it will take two months for the market to become stable, May will take full time, but in June it may also take to become stable. And there is a human tendency that we are very social, we forget the past and move towards the future. The festival season is about to start, from October the market will move towards quite positive. I would expect the real estate industries in Pune to be safe if it has the support of the government, the bank, the authority. And the other thing is if some temporary relief comes from the bank like a home loan for 5 years. Take out an offer at a fix rate of interest 7% or 6.75% which is valid for only 6 months, i am sure many people who want to buy their own dream house can actually get it to immediately
And if the job security position is cleared in 2 or 3 months, then people will be very confident to take a decision. We should not forget that the labor that is outside has been lost, so those who are our in house workers, we have to complete our palace work with them. So the product that is ready for possession or nearing completion will be in very high demand.
Shishu Singh: There are some customers who have been thinking of buying property for a long time or want to buy immediately, what is your advice for them?
What is the effect of covid19 on your upcoming project in 2 to 3 years or on the newly launched project?
Mr.Harish Shroff: Our under construction projects have sold 60 to 70 percent because we had made their launch strategy last year itself. But the builders who want to launch the project should stop at least 3 to 4 months now because until the covid19 problem is completely settled, the job security does not come back to the industries, until the bank settles, we should stop launches.
And I would like to advise the customers that they should study the project right now because buying a house is not one, two days work. Search in the location in which you want to buy a house, which project is the best for you in every way and how the builder is studying the last two years of the project whether it has been delivered in time and then you go Decide where to buy your house. Either read the review of Nayati Group's project through SaudaGhar or get advice from them. SaudaGhar has done a very good study about our project, so I would recommend you to SaudaGhar.
Shishu Singh: HDFC chairman Deepak Parek has said that the customers who have good assets will still buy the unit but in this the builder should revise their rate for time being a rotation and the market does not fall too much down, How much do you agree with this? And what happened in the fall in 2008, will it repeat again in the USA?
Mr.Harish Shroff: Deepak Parek is termed as a godfather in the finance industry so his opinion and reviews matter. But he also clarified that it will not have an impact on the big cities and the big industry, it will have an impact on the micro market, so it will not have any significant impact on the real estate.
Shishu Singh: Are you in talks with the banks on the fixed rate of interests given to the buyer?
Mr.Harish Shroff: The board can take a decision on this subject, but we have directly or indirectly taken a lot of approaches with the bank.
A final message to our viewers from Mr.Harish Shroff
I would just like to say that it is not an end of the road, it is a temporary pause. You should not give up any hope. Everything is perfectly fine, it is just a temporary pause from here life will start again. Just this 2 to 3 months we have to focus on consideration and balance out, after this everything else is good.
So friends, here is some information that you need to know at the time of Covid19.
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