“More people are investing in real estate now than they were before the pandemic after realising the importance of owning a home,” said M. Revanth, Head- Marketing, Adroit Urban Developers Pvt. Ltd.
In an exclusive interview with Sudha Parimala Pradeep of RoofandFloor, he spoke about how the company is realigning their business strategies to sustain in the coming times, Chennai’s ongoing infrastructure projects, and much more.
Here are the excerpts.
How has the pandemic changed the way real estate operates in Chennai?
The Indian real estate industry is witnessing a technology-led home buying in India. The pandemic has created an environment where real estate developers are taking the digital route and creating digitally enabled services for home seekers.
Now, as a developer, we no longer wait for home seekers to physically visit the project. We have streamlined our processes for homebuyers and made our projects available on virtual platforms so that buyers can view and assess a property from the comfort of their homes.
What are some ongoing infrastructure projects that are likely to impact residential real estate in the city?
The development of new infrastructure projects such as the Chennai Metro Rail adds value to the real estate sector in the city. Despite living in the peripheral areas, the residents feel connected to the city centre, thanks to numerous highways, metro rail, etc.
Additionally, the expansion of the Chennai Metropolitan Area (CMA) is also helping home seekers. With inclusion in the city limits, localities in the peripheries get access to water and sewage facilities. Not to mention that prospective buyers can also find comparatively affordable homes on the outskirts.
Do you see any changes in homebuyers’ preferences post-Covid?
Yes. Firstly, people have realised that owning a home is one of the necessities that brings a sense of security and comfort.
The pandemic has changed the buying patterns. Buyers are now looking for extra space in their homes to adapt to the new normal. In line with the demand, real estate developers are also recalibrating home designs. For instance, in one of our projects, we have a dedicated workspace in a 2-bedroom apartment.
What is your market differentiator?
“Ahead thinking” is the philosophy that drives our pioneering spirit. All our projects are space-efficient with a larger carpet area and no dead spaces. As mentioned earlier, to adapt to the new normal, we also have a dedicated workspace in each apartment in our upcoming project. Additionally, we are looking at co-working spaces in the clubhouse, which will help people work efficiently.
Tell us about your upcoming projects.
Currently, in Chennai, we have two ongoing projects:
- Adroit Fortune in Sholinganallur, which offers 2 and 3BHK apartments.
- Adroit Prosper in Thalambur, which offers 2-bedroom apartments in varied sizes.
Do you think this is the right time for homebuyers to take the plunge?
When it comes to home buying in India, the question is not if to buy a house, but when. Currently, home loan interest rates are at a 15-year low. Coupled with the bottomed-out property prices and additional discounts and offers rolled out by developers, this is the perfect time for home seekers to take the plunge.
Also, keeping the current scenario in mind, the prices are not likely to decrease. In fact, prices will eventually increase due to the rising cost of raw materials.
Your advice to our readers.
First and foremost, don’t believe everything that you read about the real estate sector on various mediums. Over the last few years, real estate, as an industry, has become highly organised with stringent regulatory bodies. Thus, try to validate the information with reliable sources like the RERA website or an industry body like CREDAI.
Additionally, as the underlying desire to own a home remains strong, the second half of 2021 is expected to be a year of reckoning for the sector.
