Stamp duty reduction can fill real estate market :Raman Gupta

Real estate sector has undergone a humungous change in terms of operations and sales ever since the lockdown began.While the construction activities were halted for more than 70+ days, developers were busy devising alternative sale strategies and preparing themselves with the tools needed in the new normal. Some of the developers after resuming construction post-lockdown also went extra-mile by providing health-checkups and workshops to their workers.

Raman Gupta, Director, Branding and Construction GBP group talks about the transition from pre-COVID to post-lockdown times at construction sites and in the changing needs of the buyers. Increased inclination towards homes focussing on health and wellness, novelty GBP Group plans to introduce in their projects and expectations from the coming year.

The Global Realty: What are some of the rules required to adhere to, now that you have resumed construction?

Raman: To maintain the pace of construction work without any obstruction, we have tried sternly following distancing guidelines at all our sites. Each worker has been instructed to wear a mask all the time, work at a minimum 6ft distance from others, not allowed to share their eatables, wash hands at repeated intervals and undergo daily temperature check at entry points. We have decided to make it a permanent practice till further announcement comes.

The Global Realty: Besides the imposed rules, how are you going the extra mile to safeguard your construction site and people?

Raman: We are satisfied and glad that our workforce is also cautious enough to abide by the guidelines themselves without constant reminders; this encourages us to go the extra mile for them with health checkups and training workshops.

The Global Realty: Raman: How will you look at adopting more technology at construction sites?

Raman: Our construction sites have always been upgraded to latest and useful construction technologies, and we continue to keep this practice intact for delivering the supreme quality our projects are known for.

The Global Realty: Have the ongoing projects been affected in any way considering they were lying untouched for nearly six months?

Raman: The permissions to resume construction activities under strict guidelines were granted after a period of around 70 days, it took us another 10-15 days to become equipped with all that was needed for our workers’ safety, and ensuring no further delay is caused in the development once the site is open for the laborers.

The Global Realty:Now that you have had time to think, how can you bring in novelty in future projects

Raman: We plan on giving our buyers a holistic and rejuvenating experience in all our projects. Now that people are seeking for functional spaces, and homes that complete them, we would try to incorporate a variety of lifestyle and wellness amenities that encourage residents to pay significant attention towards the health of their families.

The Global Realty: 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?

Raman: Low home loan interest rates, festive offers, deferment payments plans all these have been collective efforts by developers and authorities to bring back the fence-sitters in the market. The results have been satisfactory, but there remains scope for improvement. Stamp duty reduction can fill this gap and probably one year down the line we can see the sector bounce back to pre-COVID numbers in the major markets.

Source: TheGlobalRealty

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back To Top