CREDAI-MCHI report finds 60 % developers see business getting back to normal 9-12 months post lockdown
Report also finds 83 % developers will continue same business despite several setbacks in last 3 years
27 May 20, Mumbai: In a research report taken among 500 members and published by CREDAI-MCHI it was found that 60 % developers saw their real estate business getting back to normal in about 9-12 months after lockdown while only 30 % saw it becoming normal in 6 months. CREDAI-MCHI had engaged with research among its members and found that almost 83% wished to continue in the same business despite the various setbacks their business suffered due to demonetisation, RERA, GST and now corona virus.
Nayan Shah, President CREDAI-MCHI stated “This is a significant research taken at a time when the Real Estate Industry is struggling just like many other industries in India. An overwhelming 83% developers who have completed the research survey have optimistically preferred to stay in and continue in the business exhibiting resilience and confidence in our industry even in such trying times. Given the right price, almost 50% developers are even willing to acquire new property and start projects as early as in 2021 in residential sector. While design changes considering WFH is bound to take place in future projects, some developers are also keen to try it out in undergoing projects”
Focus of most developers is to try and complete projects despite severe labour and skilled worker’s shortage at sites. An interesting finding is that about 95% developers also are looking at expanding their business in Essential commodities sector or in other sectors like entertainment etc. As a strategy developers are trying to consolidate and partner with each other for projects and also looking for suppliers and vendors who can enter into barter agreements with them. Many financial, government related , labour related, project completion and customer related strategies have been thrown up in this research report.