Pune, June 23, 2020: Pune-based Gera Developments – a real estate developer of premium residential and commercial projects is providing an interactive platform for the real state fraternity. The company has launched a virtual interactive session #AskRohitGera aimed to address and solve the queries regarding real estate investments. The first session was conducted on Saturday, June 20 2020, where Mr Gera was in conversation with real estate expert Ms E Jayashree Kurup. During the session, Mr Gera instructed the viewers through Gera Development’s official Instagram handle.
In the live session, the realtor spoke about whether or not the home buyers should invest considering the current market scenario, factors to be considered before the investment, the buyer should or shouldn’t postpone the purchase, how the pandemic will impact current prices as well as its appreciation. This session directed towards giving proper advice and ending the dilemma among the real estate investment.
“The launch of #AskRohitGera allows home buyers the opportunity to tap into our pool of experience and expertise by directing their queries and apprehensions in a live session,” said Mr Rohit Gera, Managing Director, Gera Developments. He further added, “The uncertainty around COVID-19 is limiting the hopes and dreams of several people vis-a-vis their home buying aspirations, and this is what stemmed the concept of our series of unique virtual interactive sessions. We are certain that our initiative will help build confidence and stir interest in home buyers who were otherwise apprehensive and hesitant on making an investment, given the scenario influenced by the pandemic.”
Some of the highlight’s of the session:
1) How has home buyer’s behaviour changed post Covid-19?
Rohit Gera: The thing that changed is everybody would come back to the home right. The home is a shelter whether it belonged to you or not. I think the people’s outlook toward what the value that the home provides to them has gone up a lot. Whether you have an open terrace or balcony for example, whether your home has enough ventilation or not, how well naturally lit your home is. These are the things that the people have started realizing when they have started being stuck at home for these longer durations. We have also seen tenants feel so insecure that their societies may throw them out. That’s what made them realize the need for their own home. People with smaller homes or with multiple people living there have realized the need for more elbow room, more space, the way we interact with our homes has gone through a sea change, in terms of the feedback we have got from people.
2) Is the perspective of the people different in their 20’s, 30’s, and 40’s towards buying a home?
Rohit Gera: Of course, when you look at people who have homes, who are currently living in a joint family format, then the perspective is completely different from a young individual who is single very different from two people who have got married looking for a home together. And again this changes a lot when you have got kids. I mean we did a couple of events for our childcentric® home customers and the feedback that we got, the need to keep the kids engaged and occupied is completely different for that audience, and therefore we feel that things like childcentric® homes when you are in lockdown doesn’t matter really as you are locked in your four walls but once you can start going down in your community, into your housing society and then the similarity amongst your neighbours – those with kids, those with elderly people staying together, then that starts to get much more accentuated.
3) What is your advice to the first-time buyers that are contemplating this right now? Is it a good time because interest rates are low or will the housing markets crash meaning the buyers would keep waiting?
Rohit Gera: So, one of the reasons why the developers haven’t come forward for this kind of interaction is because as a developer we have a vested interest right? So I am going to start by putting this forward for full disclosure. I think if you have funds available to buy, I think interest rates are virtually on an all-time low, if you didn’t buy till 2005-2006 when the interest rates are 7%, it’s been 15 years we are now again leaning in on the seven and a half interest rate regime, so it’s a great time from an affordability point of view in that sense. If you look at the last four-five years. The rates were really high and moved up and developers’ costs have pushed up substantially, including this GST for example, we were forced by the government saying you must pass on the GST input credit and we did and then the government went on and changed the rule. Hey! Guess what? Now no more input credit setoff, you have to bear this burden yourself and developers haven’t been able to pass this cost on to the customer. So I think it’s a matter of time before you see prices rise, and if you need to buy a home, please buy, the other option is you are going to pay rent, rent does not get invested into your ownership, it goes away whereas if you are buying a home and you are paying your mortgage you are slowly building towards your equity and the ownership of the home. The last thing is, Will the prices crash? My view is; I don’t believe prices will crash but look even if they do, 5, 7, and 8% if at all. This is a time to walk to a developer and negotiate and try and get yourself a good deal. Be convinced that he is giving you a good deal and know that you are not getting squeezed in some other people paying less. As long as you are getting a fair price that is being offered to everybody. I think that’s fair. Then go ahead and buy. I do believe that it is indeed a good time to buy a home and whether you are a first-time buyer or whether you are an upgrade buyer whatever it be, I certainly think it’s the right time to buy.
4) Will the pandemic impact RERA possession deeds, if yes. How significant will the delay be?
Rohit Gera: I think it will and the government and authorities have also recognized that if there’s no work on the site for three months, right. One cannot complete the project if there’s nothing happening in terms of progress. Now, the pandemic has added another layer of the, of the, of the migrant workforce all heading back home. Right. So that the labour does come back and we’ve seen, you know, ranging between 80% disruption to 50% disruption of the workforce. The problem, even if you’ve got only 20% of workforce disruption on my project to suppose, and that 20% is the carpenters, then none of the people can do any work unless the carpenters are present. It is a disruption. I believe that it will be anywhere between, I think three months is the minimum because every project has been stuck for three months. Therefore, that leap will spill over in four months and it’ll probably do, it’ll probably go to six months or so.
Corporate Comm India (CCI Newswire)
