According to Lodha Properties, one of the major real estate developers in India, they have sold more than 300 apartments ever since the lockdown was enforced. Most real estate companies have been badly affected by the lockdown, with property sales dwindling as homebuyers cannot always visit the sites during this situation. However, Lodha Group already used to provide services online earlier and now they adapted easily to the lockdown, providing virtual tours of project sites. Akshay Tritiya on 26th April was also a major boost. About 80 homes were sold out on this day.
According to the builder, most of the 318 sales were from their Flats in Thane and Mumbai. They have quite an impressive portfolio in these two regions, with several projects that are attracting investors in spite of the current situation. The company also stated that observing the sales, it can be said that ready to move homes are high in demand. Most of the properties that were sold out fall into this category, which shows that the pandemic is urging more people to own their own homes. It can also be concluded that more and more people are now inclining towards community living in well-managed housing complexes.
The Lodha Group has earned a good reputation over the years, with a large portfolio of properties. In 2013, they entered the real estate market in London too, by starting to develop projects there. During the lockdown period, they have managed to sell properties worth over $150 crore. The builder has revealed that they received a large number of inquiries from investors during the lockdown. Most of these were from buyers seeking a property in Thane West, particularly across 3 residential projects. Other than residential projects, Lodha Group is also known for building commercial and industrial projects.
The outbreak of COVID-19, more commonly known as coronavirus has caused huge losses to almost every sector. The fatal pandemic forced nations to go into lockdown, thus making them cease business and industrial activities to a great extent. Naturally, the real estate industry has been hit too. While constructions are going to get delayed, sales have fallen in general too. Many don’t want to take the risk of investing in property now. However, with the interest rates on home loans low, the buyers can get the homes by spending lesser and this is attracting some of them. Lodha Group’s sales during this period have been quite impressive and it is expected that the company would continue to hold a leading spot in the market.