Amidst the ongoing pandemic outbreak and its effect on the economy, the Indian real estate market has been suffering greatly. Both the commercial and residential sectors are likely to suffer in terms of sales, prices, and launches.
During this tough time, Vikas Oberoi, chairman and managing director of Oberoi Realty, has answered many important questions related to the current and future condition of the Indian real estate.
Highlighting the role of the realty in the current situation, Oberoi stated, “It’s a known fact that investing in real estate has a multiplier impact. Once you spend on land, it goes to steel, cement, contractor, and labour. Through direct and indirect taxes, the government already earns over 28-30% of our generated revenue.” On being asked whether the sector is in need of a relief package, he pointed out that it’s the demand that is to be created while further adding that the real estate market could use this as an opportunity to let people have money in their hands so they can buy houses. He also mentioned that there are over a thousand ready residential apartments and flats for sale in Mumbai.
Oberoi also shows concern about the sector to witness a supply constraint with the labour going away to their homes. He also believes that the utilization of huge inventories to bring down prices is a myth.
About Oberoi Realty
Oberoi Realty Limited is among the leading real estate development companies in India. Incorporated in 1998, the business is family owned and was earlier known to be as ‘Oberoi Constructions Ltd.’ Headquartered in Mumbai, the company was established by Ranvir Oberoi. Presently, the company is headed by Mr. Vikas Oberoi. The renowned realty firm is also listed on the Bombay Stock Exchange and National Stock Exchange.