Covid crisis a ladder for real estate: Realty Gen Next

Collections from buyers is a severe pain now, Yash Miglani, CMD, Migsun. Speaking at the fourth Webinar of Realty Webseries, a Realty & More and ICCPL initiative, Miglani said currently his team of 6 people is focussing on crisis of collections only. “Cash flow is a big pain, sales is not for us now’, said Miglani.

On the current situation, Ashish Bhutani, Director, Bhutani Group said he doesn’t see any crisis whatsoever. He said, every time there is a chaos there is a ladder. “I think real estate will benefit the most out of this”, said Bhutani.

Expressing a contrarian view, Bani G Anand, Director, ATS said it would be greatly presumptuous to say that the present situation is going to be fantastic or even disastrous, because it is still not known how long it will be required to sit at home. “We don’t know how long will it take for the vaccination to come up”, said Bani.

Admitting while rents are not coming now, Nimish Arora, Director, Aarone Group & Select CityWalk informed that he is not even demanding rents from the tenants now. This, he said, is his support to the tenants who are not having any sales now. At the same time Arora also added, “But we already have a back-up list of 20-30 tenants who are ready to go and take up a store and sign up today”.

Another panellist at the event, Director of Gulshan Yukti Nagpal said aggressive marketing brings quick results, temporary results and definitely translates into sales for the time being. “But to create brand value you have to take a slow route keep being at the right touch points and keep connected to the kind of audience you are catering to and that is what builds brand value”, said Nagpal.

Agreeing to Nagpal, Nayan Raheja, Director, Raheja Group further added, “Ultimately what you build over time with your construction, customer relation, reputation, with your good word of mouth can never be replaced by any kind of marketing or any kind of gimmicks”.

Mohit Arora, Director, Supertech said the only vaccine for Covid 19 is having own house and people have realised the importance of having own housing. “We have also seen spike in residential sales during this lockdown’, said Arora.