Real estate experts expect that the repo rate hike may have a short term impact on the real estate demand.

Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory
“The RBI’s decision to hike the repo rate was aimed at re-anchoring inflation expectation and will eventually result in the strengthening of the economy. An unstable economy is not conducive to the overall health of the real estate industry and therefore, the RBI’s approach towards reviving the economy so far has enabled a robust recovery in the real estate sector. The all-time low home loan interest regime boosted the housing demand and helped the economy to get back to the pre-COVID levels. The rise in property prices due to the increased interest rates, metro cess and higher stamp duty has not affected the sales in the past couple of months which proves that there is a genuine demand. The move to hike the repo rate might temporarily limit the growth momentum of the sector but the demand will continue to sustain.”

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“After two years of unchanged repo rate, RBI ‘s decision to hike the interest rates to tackle the inflation was a no-brainer. The sharp acceleration of rates consecutively for the second time in a short period will have a short-term effect on the sentiment of homebuyers. The interest rates have been the biggest factor in the resurgence for real estate demand in the last two years. We hope that the State Government will step to lighten the homebuyer load by reducing stamp duty and premiums.”

Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL)
“The prices of construction materials are already high and the decision of increasing the repo rate will somewhat dent the current demand momentum and add to the woes of developers. However, keeping the current market conditions and inflation in mind, the move by RBI was expected to keep the economy on the track in the current highly volatile scenario. For first-time buyers, acquiring a home is considered as the biggest asset and these short-term decisions are unlikely to have a major impact on a buyer’s decision.”

Jitrendra Shah, CEO, Rockford Group
“RBI’s decision to hike the repo rate was anticipated to keep the inflationary expectations under check. From the real estate perspective, this move will impact the overall growth of the industry by dampening sales momentum while property prices are already on rise. However, we believe that this may also encourage the fence-sitters to make the most of the current schemes offered by developers in the market and take the plunge.”

Shraddha Kedia-Agarwal, Director, Transcon Developers
“The recent announcement by the Reserve Bank of India on increasing the repo rate by 50 bps, bringing them to 4.90%, will affect the real estate sector to an extent. Banks will soon likely to increase the home loans that will directly impact the consumer’s buying behaviour. The real estate industry was expecting this move owing to tackle the tight inflation of the country. However, we believe that preference for owning a home by homebuyers and strong wage growth will continue to support the housing market.’’

Dr. Sachin Chopda, Managing Director, Pushpam Group
“RBI’s decision to hike the policy repo rate by 50 basis points was anticipated, factoring the rise in inflation. The rate hike is likely to shrink liquidity in the economy overall, especially impacting the investor’s sentiments. There will be a short-term pause on the minds of the investors while assessing the volatility of the current market dynamics. However, they are bound to return soon in the market once the normalcy is bounced back.”

Bhushan Nemlekar, Director, Sumit Woods Limited
“Due to geopolitical conflict, the input costs were already high and now with this rate hike, it will only dampen the spirit of the entire real estate value chain. Cost of borrowing for both developers and buyers will be impacted and this will result in undesired rate hikes across the spectrum. However, we did not see much impact on the buying spree in the last couple of months since there are genuine buyers in the market to keep the momentum going.”

Jitesh Lalwani – President, HomeSync Real Estate Advisory
“RBI’s decision to hike in policy rates will lead to increase in housing loan interest rates impacting on the EMIs but we are still bullish about the real estate sector. Homebuyers are more concerned over skyrocketing property prices rather than rising interest rates. We are still optimistic about the current growth run for housing demand since we believe that this move may push homebuyers who are still deliberating to seal the deal. However, we urge the Government to take some necessary measures to control the rise in property prices.”

Also Read: 406 Realty Projects in 2021 were stopped from selling flats

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By Varun Singh

The second wave of the COVID-19 pandemic has been more ‘devastating’ on the real estate sector than the first one, as new launches and sales have fallen drastically since April this year.

There has been a fear amongst realtors of project delays due to the local lockdowns across different States of the country. The real estate industry dealt with few key challenges during this period such as labour shortage, financial constraints, approval delays, hike in the raw material prices, and the weakening customer demand due to the uncertainty in the market.

As the industry gears up for the third wave of the pandemic, the first and foremost thing in their back of mind is to vaccinate their workforce as early as possible. Industry bodies like NAREDCO and CREDAI too have written to the Government to allow vaccination of the labourers at the construction sites.

Commenting about the vaccination of the labourers Ashok Mohanani, President, NAREDCO Maharashtra, said, “The country is expected to be affected by a third wave of the pandemic around July-August. Hence, we are working closely with the Government to procure the vaccination slots for the industry-wage workers. Further to this, we have also written to the Government to allow the vaccination of laborers at the construction sites. A well-paced vaccination drive can help reduce the impact of the third wave.”

Reiterating the same Pritam Chivukula,  Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI-MCHI, said, “We look forward to getting the labourers vaccinated at the earliest who are the real nation builders. Their vaccination will streamline the construction activities and help build the dream homes of the people of India.”

Taking the cue from the second wave, realtors too have been cautious and are working towards vaccinating their workforce at the earliest possible.

The Wadhwa Group, is vaccinating its employees in a phased manner. In the first phase, the developer has almost vaccinated two-third of their workforce across the city with at least one dose and is soon planning to vaccinate the remaining workforce in the second phase. The developer mentioned that its foremost priority is to get all the associates, their families, and the entire ecosystem vaccinated at the earliest.

Another realtor from Mumbai, Group Satellite had rolled out a week-long on-premises vaccination drive at their commercial center Solitaire Corporate Park at Andheri in Mumbai. The Group had partnered with Apollo Clinic to facilitate the vaccination drive. Over 50+ offices with over 4500 employees along with their family members took the benefit of this vaccination drive.

Abhishek Jain, Chief Operating Officer, Satellite Developers Pvt. Ltd. said, “Group Satellite is committed to the health and well-being of its employees and in line with this ethos it had conducted this vaccination drive in strict accordance with all Government-approved protocols. The company is extending all possible efforts to get its employees, as well as the members in their corporate premises, vaccinated.”

JP Infra Mumbai Private Limited too had arranged a vaccination drive in two different phases at their head office in Andheri, Mumbai. During this drive, the company managed to vaccinate over 1500 individuals comprising their employees, customers, and channel partners along with their respective family members. The company had collaborated with Surana Group of Hospitals to facilitate the vaccination drive.

Nahar Group, at Chandivali, Andheri a few days ago conducted a vaccination drive for all its construction site workers along with its employees. With this vaccination drive, the company vaccinated more than 200 site workers and all Nahar group employees.

Many realtors are focusing on vaccinating their employees, largely through partnerships with private health care providers and, in some cases, government vaccination centers. While in March, everyone took a backseat owing to the second wave of Covid, and workers were forced to stop work in Mumbai city due to the lockdown restrictions, the industry seems prepared and ready to take on the virus attack with timely vaccination.

Also Read: Housing Sales Dip 58% Q-o-Q Amid 2nd Wave

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By Varun Singh

The government last year gave the real estate industry one of its best gifts. It was the stamp duty cut.

Between September 2020 till December 31, 2020 it was a 3% stamp duty cut, and then till March 31, it was 2%.

In two days the stamp duty cut shall come to an end and now realtors have put forth a demand to extend it.

CREDAI MCHI one of the apex realtors body in Mumbai and MMR even personally wrote a letter to Revenue minister Balasaheb Thorat to extend the benefits for 12 months.

Deepak Goradia, President, CREDAI MCHI said, “We have requested the Maharashtra Government, to grant and extension of the stamp duty rebate for another 12 months to sustain the momentum whilst continuing the positive cucle of investment.”

Realtors from other bodies have also shared the same feeling. For example, NAREDCO Maharashtra, another apex realtors body in the state wants the stamp duty cut to be extended for next two quarters.

Ashok Mohanani, President – NAREDCO Maharashtra, said, “On behalf of the real estate fraternity, we at NAREDCO urge the State Government to extend the reduced 3% stamp duty charges for another two quarters so that home buyers continue to be encouraged and invest in their dream homes.”

The last few days saw a hike in sales, as homebuyers could avail the stamp duty benefit coupled with the reduction in home loan interest rates.

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI MCHI, said, “We can witness a considerable rise in property registrations this month as the buyers are swooping in on good deals on the back of rock-bottom interest rates on home loans, stamp duty relaxation, offers and the availability of choices from good developers. We expect the trend to continue if the Government decides to extend the stamp duty benefit for some time.”

Along with realtors experts also expressed the fear that sales may go down if the stamp duty cut isn’t extended.

“We believe in the first quarter of FY22, the market will enter a phase where it will witness reduced volumes until and unless the 3% stamp duty charges are extended further, in order to ensure that the momentum continues,” said Jayesh Rathod, Executive Director, The Guardians Real Estate Advisory.

Also Read: Stamp Duty Concession What Real Estate Industry Wants?

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By Yashika Rohiira

Yashika Rohiira, is The Owner at “Karma Realtors”, Mumbai, Based in Santacruz West, operates in Mumbai City and the Bandra-Khar belt since 2013.

The Transition to having a Masters in Science in Molecular Biology to selling Real Estate to include flats, offices and transacting on projects for redevelopment.

Below she has mentioned her story and steps that have helped her reach the place where she is today.

1. The Lesson – Everyday is a new day to learn

When I stepped into the real estate industry as a consultant, my perception was it’s an on-call job and an easy one, I can do that. Two days into it and it was a frenzy. From streamlining inventories to closing transactions, it was a whole new world.

Initially, it was difficult to be taken seriously, and was perceived as someone not knowing the intricacies of the trade. It appeared that I was pursuing this as a hobby.

My first transaction was a residential apartment on lease, showing around homes and helping finalize them required me working more over weekends than weekdays, which was one of the many more challenges I faced.

2. The Mindset

One by one I overcame these hurdles with working on my shortcomings and learning from the criticism positively and persevering. My approach was more need driven and I analyzed the clients ‘need’ more than their ‘want’. I gained more references and recognition once I established my approach was result oriented and not vague.

It is no doubt that home management requires a great amount of multitasking skills, and so does finding one. I have experienced that women homebuyers or execs prefer to have woman realtors on board, as it gives them the comfort of explaining their practical requirements, not forgetting the long hours spent property hunting together.

3. The Scope

However, along with such skill set, knowing the technical and financial aspect to the same is essential. In this digital age, not only does the client needs to be well informed about the intended purchase or lease, but also requires to be informed to address the misinformation, specifically of the difference between facts and projections in a project.

Property-buying/leasing in the Dream City Mumbai is an emotional cum financial experience, be it a home or an office, there’s always a story behind it. These emotions of buyers need to be respected.

4. Why must it go on

There is a new surge in the purchase of property buyers, and there is great demand from individuals and corporates who respect a transparent representation of details. There are ups and downs, but the need for a home will not go, especially in a “Work-from-home” and “Stay-at-Home” Covid-19 Era.

5. The Message

To all the aspiring women, a realtor’s job is a very responsible one, it does not just involve listings and inspections, it involves a lot of background and having ears on the ground. I Still exchange Eid and Diwali greetings with my First Client, and most of them by till date. Be transparent with your clients.

Initially I noticed that the Industry was largely male dominated, but not anymore. Today there are more women realtors, and even clients have learnt that women are to be taken seriously and here to stay. From Developer’s offices, Sales agencies, etc. The Importance of women in the field is observed, acknowledged and respected.

The Journey has not been flowery always and we do meet difficult people at times, but perseverance is the key.

Also Read: Yes, ‘She’ is a Proud Real Estate Broker.

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By Varun Singh

To know the truth how home sales will behave post the lockdown era, there can be no better source than realtors.

There are speculations that sale of homes may reduce, but realtors who are alway on field and in touch with both builders and home buyers claim sales will grow.

Realtors are the actual field warriors of real estate industry, they are the one who drive the actual sale in most of the cases.

Builders call them channel partners, because they are the channel via which, the builder receives his home buyer.

Post the lockdown is lifted, the role of these channel partners will increase, they will be the one on whom the builders will entrust the work to get home buyers.

Realtors believe that the residential market will see a growth, because people have realized the worth of a good home.

Yashika Rohira of Karma Realtors, who deals into properties in western suburbs from Bandra, Andheri and other areas, says, “There’s no doubt that one would see a growth in the forthcoming times for making purchases, however the economical situation and steadiness of income of the people would matter.”

According to her the role of the broker would rather increase in real estate transactions post the lockdown is lifted. “Brochures and websites can render images, but not provide a feel and an unbiased perspective. Real estate is still very personal to the buyers, specially residential,” she said.

The realtors even have an advise for builders, “It appears that this market would see transaction and cash flow, but no price growth, I believe it is a good time for securing cash flow and reducing debt for builders and investors, and not chase notional returns.”

Rajiv N Jain of Ruchika Shelters who deals in properties in South Mumbai says, “The Residential sector should do well now, due to lockdown maximum people have realized the need for a bigger house and upgradation.”

With the pandemic not showing signs to leave any time soon, brokers will also have to change their ways. Digital is the way ahead.

Jain says, “Every realtor needs to reform in a way one operates his business. One needs to go more digital and understand the consumer behavior and psychology post COVID-19. Realtors need to exhibit maximum transparency and share transaction data with his client as part of his effective presentation to give him a maximum worth of his hard earned money.

Rahul Phondge, CBO – Residential Services, ANAROCK Property Consultants, says, “Real estate is fundamentally a people business based on relationship-building – but as the proliferation of social media channels proves, there is more than one way for interactions to take place.”

Phondge adds, “Even as lockdowns are gradually being lifted to aid economic recovery, both property sellers and buyers will remain wary of doing things the old way. Real estate broking firms across the globe now rely heavily on technology to continue doing business to the backdrop of a major pandemic with no clear end in sight.”

Meanwhile, realtors are confident that their importance will grow along with growth in home sales.

Rohira said, “The Industry has trusted brokers since decades as they have always proved their worth every time a challenge has been faced by the industry. I believe a brokers importance would grow in such times. I don’t see anyones brokerage being put to question.”

Safety Measures (source Anarock)

The rulebook of post-coronavirus real estate brokerage is still being written. However, it is certain that concerns about safety will continue even after lockdowns, and site visits can obviously not be dispensed with altogether. Some of the emerging new post-lockdown best practices for mutual safety of buyers and sellers include:

• Site visits must involve adequate social distancing, use of protective gear and a strictly limited number of attendees
• Transportation to and from sites must involve separate vehicles for agents and buyers, with the latter preferably using their own vehicles
• Every aspect of the business not requiring in-person attendance must be digitized
• All brokerage staffers as well as developer’s sales team members to be screened regularly
• All office spaces and vehicles to be sanitized regularly

Also Read: Migrant workers to get affordable rental housing

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By Varun Singh

The moment we hear the word real estate agent, we think of a man, obviously because for years we have seen a man doing this business. However, women have made a foray in this male dominated profession and have also made a name for themselves.

Square Feat India caught up with such three women realtors who find the profession of selling homes a way to live their dreams. While some happen to come in this profession by chance, for some this was a conscious decision.

Here are the three women realtors who have made stood tall in an industry filled with difficult terrain.

Faced Difficulties But Picked Up Myself Everyday

Nisha Dusija, Co – Founder of RR Real Estate has spent more than nine years in the real estate profession.

For Nisha, her whole and sole reason and in her words her true inspiration of getting into this profession is her younger brother Rishi Dusija (Founder of RR Real Estate). “Honestly it started of at a point where I was at a phase where I was lost in my life and confused what to do, and my younger brother encouraged me to start helping him initially and stood by me during the whole journey,” she says.

There is a lot of competition that Nisha faced by colleagues in the same industry. “A lot of times you face both emotional and mental stress as there is no work for a few months, there are difficult clients to deal with rightly etc,” she says. But apart from all this she use to pick herself up daily and work hard. She acknowledges that struggles are part and parcel of every journey and cannot keep her spirits down. “I’m thankful that amidst all this it’s still been a very healthy journey.” says Nisha.

In her initial days, there was not one day that Nisha didn’t feel like she wanted to quit. Standing for long hours, going around showing houses, keeping the patience going on with the difficult clients, working hard and still no deals getting closed had become a part of her life. All of this would definitely give Nisha crazy emotional breakdowns, but she didn’t give up. “Over the time what I have learnt is that every person has their set of challenges they face, but even with that the beauty of meeting the right owners/clients, having them support me and also believing in my work has kept my spirits going,” she says.

For all the ladies out there, Nisha says that real estate is a beautiful work place to be in if you enjoy your work of giving the right homes and spaces to work to people . “If you believe and you know you can deliver positive spaces and the right ones suited to each requirements, this is the right place for you . The competition is really high, due to which a lot of times we see a very dull period which goes longer than expected , we face a lot of mood swings not only from clients but at times with colleagues and our personal stuff too, but coming back to the saying “the right energy sells a house” I make sure I understand my client, know the right availability and deliver it rightly to each client. To the new beginners specially women, know that we are all blessed with making home a more beautiful place, and what more can be of giving the joy of providing a right one for others,” ends Nisha.

Real Estate Teaches You To Leave Your Ego Behind.

Sunita Advani of Advani Realtors has spent more than 16-years in the real estate profession.

Her reason for getting into this profession is family business, but she started property brokerage on her own. She has a law background and helped family members with their Real estate issues including buying properties, this is what created her interest in the field. From here she has been actively working in the real estate profession and there has been no looking back.

According to Sunita she didn’t face much of a struggle to break this male dominated profession. She claims that the markets were positive and hence she had a smooth entry. She did face issues with closure but then that almost all in the real estate brokerage industry does face, immaterial of their gender.

While she didn’t face much of a struggle, and never felt like quitting the profession so far, but there have been challenges of their own. For example she talks about the current challenge seeing the market conditions from a sales perspective, to overcome this, she feels there’s a need of change in strategy of how homes were being sold earlier.

Her message is for everyone in the industry, she says that her message holds good irrespective of the sex of the person. “Real estate consultancy is a business which teaches you to leave your ego behind as you deal with your customer. Women have skills like compassion and competitiveness which are advantageous in handling issues connected with home buying and leasing ensuring deal closure,” she says.

According to Sunita, the profession also teaches you to work to satisfy the client’s real estate requirement and then expect the results of that exercise as the last step. “In that sense it’s very different from many other professions. One also has to treat other fellow brokers as partners in the business due to the networking nature of the business despite the competitive element of the business,” she ends.

They Think, They Can Take A Woman For A Ride

Yashika Rohiira, of Karma Realtors, has spent six-years in the real estate profession.

Yashika’s reason for getting into this profession of helping people find their dream home is different. She can’t recollect he day, when it went from assisting her husband in his business to handling it all by herself. Her husband moved out of real estate brokerage and now Yashika handles the business on her own.

The biggest struggle that Yashika faces is that there is most brokers work in an undisciplined manner and many also suffer from the propensity to think that they can take a woman broker for a ride. Being a woman broker isn’t that of an easy task, explains Yashika.

Yashika says that this profession requires a lot of patience she narrates, “We were working on a premium sale for a more than a year, where twice in that period the deal was about to fall apart, but, with constant effort and perseverance we came out successful and that was a turning point for me to never look back.”

Her message for other women who wish to get into businesses that’s male dominated, “The deal is not closed, till the brokerage is not received in full.”

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