Lodha Developers has claimed to crossed sales of 1,000 homes during lockdown in the Mumbai region during the lockdown.
By Varun Singh
Real Estate industry is troubled and there’s no doubt about it. The downturn because of the lockdown due to COVID 19 pandemic has impacted all business.
However, amidst all the bad news and advices from various ministers and industry stalwarts to reduce prices, here’s some good news.
Lodha Developers has announced that it has crossed the sales of 1,000 homes in Mumbai region.
What is important that Lodha crossed this figures during lockdown when everyone is finding it difficult to run business smoothly.
The company claims it witnessed 85% of sales across its ready homes or nearing ready homes, indicating consumer preferences in the current market scenario.
The developer even carried out a research during the lockdown. They found out that the pandemic has significantly increased the desirability of owning a home rather than renting it.
With people starting to spend more time at home and work from home (WFH) becoming more prevalent. Having a good quality home with amenities and infrastructure has become important.
According to the developer, people on rent have also seen a the difference in the attitude of Residents Welfare Associations towards them. And accordingly this has also made them more eager to buy their own home.
What worked for Lodha?
Lodha says they put together ‘Apna Ghar, Apna Desh’ initiative. This offers the option of a very low upfront payment, low interest rates of 5.99% on EMIs, and ready to move in homes where one does not pay rent and pre-EMI at the same time.
Abhishek Lodha, MD & CEO, Lodha Developers said; “The lockdown has re-iterated the importance of owning a high quality home in well-developed and well-maintained buildings.”
Lodha says, he has seen that customers have a clear preference for buying ready homes. And believes the sale of these 1000 homes will create at least 10,000 jobs for a year. And lead to large amounts flowing to the government for nation building.
The developer has contributed Rs 21,000 to the PM CARES fund for every home sold under Apna Ghar, Apna Desh campaign.
Earlier even Godrej Properties had announced that it had sold 500 homes during the second half of March. Godrej had said, this was possible as the company focused on digital sales tools to sustain operations despite the lockdown.
Also Read: Reduce prices to survive or suffer: Goyal to builders
