Wednesday 1 April 2020

Mr. Ashok Mohanani, Chairman EKTA World and Vice President NAREDCO Maharashtra expectations from FY 20 -21 for the Real estate sector.

“Indian real estate has faced ups and downs over the past few decades. The financial year 2019-20 was a combination of hits and misses with Housing for All, Interest rate cuts by Monetary Policy Committee for overall sectors and the industrialists. High amount of purchases because of festive seasons like Gudi Padwa went through a dull situation which turned to hit hard and impacted the demand drastically. However, shelter is the crucial and one of the primary needs of a man whether it is rented or owned. Therefore, the financial year 2020 – 21 is expected to see a rise in the demand for homes. Whereas, the end of the financial year where everyone works additionally to meet year end targets has been hit hard and has come to a halt due to the pandemic situation. The effects of the pandemic in the long run will be immense on the country’s economy. As far as the recovery of the sector is concerned, it will completely depend on how we tackle pandemic situation after the lockdown phase. It will take some time for the sectors to revive from the situation, and w will bounce back, Initially the focus of citizens will be more towards family and personal health along with food as they are the basic necessities, but with these home purchases too will see a gradual pick-up. However, the financial year 2020-21, will continue to focus on “Housing For All by 2022” driven by shortages in the targets. On the other hand, we have switched to online and digital platform to overcome the problems which the situation brings in. Virtual Reality and other digital mediums are being used by developers to connect with the audience for sharing the current activities. This is expected to further drive innovative technologies to be brought in for accelerating implementation in real estate.”

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