Real estate sector has undergone a massive change ever since the lockdown was imposed like every other industry. From preventive measures adopted at construction sites post-lockdown, the essential nature of technology advancement at sites and sales is a subject with multiple aspects. The government has also came forward with relief measures for sector like never before, one of them being stamp duty reduction.
Vijay Verma, CEO, SunworldGroup talks about the positive impact stamp duty reduction, if announced will have on UP real estate market. The developer also highlighted the change in government’s intent towards making the real estate sector more self-reliant and the novel amenities they plan to introduce in their upcoming projects.
What are some of the rules required to adhere to, now that you have resumed construction?
Our team has taken special care for managing the work at construction sites smoothly. They are following all the guidelines issued by authorities. Apart from COVID, there are also other illnesses which have become prevalent in the NCR region due to poor quality air index. Keeping our workers’ safety in mind, we have a medical professional visiting our site for holding frequent health checkups.
Besides the imposed rules, how are you going the extra mile to safeguard your construction site and people?
The sanctity of keeping our surroundings clean and hygienic cannot just be a practice till the time vaccine is out. We are planning to abide by a few of these guidelines for an extended period for the workers’ safety and good health.
How will you look at adopting more technology at construction sites?
The overall scenario post-lockdown has been optimistic for the industries relying on technology as the Government has started to show increased interest in making the nation self-reliant. Technological support will play a significant role in this; authorities are aware of this fact and are planning their policies accordingly.
Have the ongoing projects been affected in any way considering they were lying untouched for nearly six months
We are glad the authorities announced ‘force majeure’ in real estate, this has helped us maintain our promises to buyers without tainting our image in the market. Projects are in a good state now that work has resumed in full force. We were also glad that our teams working from home left no stone unturned for keeping the interaction with prospective buyers ongoing even during the lockdown.
Now that you have had time to think, how can you bring in novelty in future projects
Our projects are known for community building. We plan to build on it in a manner that these activities are an amalgamation of virtual and offline activities looking at the current times. Also increased green cover in our projects, with trained facility management staff for unprecedented situations like these will become our priority.
The reduction in Stamp Duty may have seen a spike in home buying. What does your intuition tell you of the situation a year down the line?
Reduction of stamp duty has been announced for only a few real estate markets, the most prominent one being MMR. UP RERA has written to authorities for seeking the same relief to their state as well. Noida-Greater Noida has a significant number unsold inventory, and if it is announced here, then the confidence of buyers is bound to get further strengthened towards the sector.