The Indian real estate industry will see short-term disruption in sales as well as construction activity amid the COVID-19 pandemic, feels Godrej Properties, India’s second-biggest real estate developer by market value. The realty major’s MD &CEO, Mohit Malhotra, said to an online portal that in the medium to long term, players like Godrej Properties will emerge even stronger and the industry will go through more consolidation. “There will be a strong revival of consumer demand once the Covid issue is resolved,” he said. He added that people, over the last two - three months, have realised the importance of homes and going forward the demand will shift from rental housing to owning a house.
Godrej Propeties launched 17 new projects in the financial year ended March 2020 and in the January-March quarter of 2020, it sold over 3000 apartments.
Godrej Properties, said Malhotra, has started construction at most of its sites. While the construction activity in places like Bengaluru and Gurugram are in better stages, in Mumbai the activity has started in some projects. The company, he said, is focusing on the existing projects and sites - Mumbai Metropolitan Region, National Capital Region, Bengaluru and Pune.
The developer is well placed to weather the disruptions caused by COVID-19 and is in-fact waiting for the right opportunity to invest. The developer has put in place an online sales platform to cater to customer demand in the new era.