Rajan Gupta, Vice President (Business Development), Omaxe Ltd.
Real estate industry, typically, features amongst the top five industries severely affected by the consequences of Covid 19 pandemic. Although post the first wave, we did see the increased demand in various real estate asset classes and surge in the demand for the ready-to-move-in residential apartments, the increased demand for the three-bedroom apartments did challenge the prevailing notion of customer preference towards smaller size apartments that many now label as an ongoing disruption in the customer behavior caused by Covid 19.
While the nation is coming out of the second wave of Covid 19, the severity of the impact of lockdown is yet to be quantified. The preliminary outlook of Q1 FY 2021-22 continues to be bleak with business plans struggling to stay afloat with disruptions in construction, sales, cash-flows, and fundraising.
For the next 9 months of FY 2021-22, optimists are hoping for the consumption to bounce back as it did post the first wave of Covid 19, whereas conservatives are advising everyone to prepare for the third wave of Covid 19 that makes this financial year – a year of operational excellence and cost leadership. With so much uncertainty around, leaders will try to manage what they know best, which is to optimize operations and limit inefficiencies.