Making a mark
Construction Week organised its first of a series of webinars on April 22. The accolades are still flowing in
The team at Construction Week is training and gearing itself up for new challenges. The lockdown is compelling not only us but people around the world to seek out new ways to communicate.
Webinars are immensely popular.
The first series was organised on April 22 at 4 pm. Hosted by Indrajeet Saoji, director, ITP Media Group (India) and Jayashree Mendes, the panellists comprised:
*Rakesh Reddy, Director, Aparna Constructions & Estates;
*Rohit Poddar, MD, Poddar Housing and Development & Joint Secretary, NAREDCO Maharashtra;
*Haroon Siddiqui, Vice President, Corporate Head MEP, Rustomjee Group; and
*Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group.
Overall, the low market sentiments and morale has not affected the real estate community. Haroon Siddiqui believes that it's only a matter of time before the market bounces back. "Projects will have to be completed on time and developers need to find innovative ways of doing so. We are also looking at news ways of procurement and have to time to mull over brands vs quality," he adds.
While different markets have different temperaments, the Hyderabad market has continued to surprise. Research reports show that this market has not lost its keel for some time now even when other faltered. Rakesh Reddy says, "We have been blessed. One supposes that it's because prices in these markets are more attractive to buyers than what they could purchase for the same price in a metro. Investors are not keen to look at projects in certain cities now as they are not sure of the returns. But for the moment, that is no worrying."
Developers are also not looking only at residential. They keep a sharp eye out for commercial and retail too. But this is not in their favour now. The pandemic has worsened the scenario for commercial properties and those banking on them for rent purposes are going to find themselves at a loose end. Rohit Poddar says, "Residential properties will pick up. We saw good sales till February this year. However, there is also glib talk that prices will fall. I don't think anyone should expect that or think on those lines. Affordable properties will definitely not see any fall. It's bad enough that we operate on thin margins."
Speaking about a state that sees immense attraction, Lincoln Rodrigues, who hails from Goa, said, "Custom made properties and luxury developments are seeing demand. We don't expect a slowing demand for some time to come."
Overall, the lively discussion saw participation from an equally lively audience who threw questions to developers demanding to know certain answers.