Ahmedabad saw the highest increase in demand to buy properties in Q1, says Quikr's Vineet Sehgal

The second wave of COVID-19 has hit the real estate sector and has temporarily dented the demand due to the lockdown imposed by various states. Vineet Sehgal, CMO, Quikr talks about the impact of lockdown on property sales and his company’s plan… Excerpts.

What are the kind of properties that are seeing high demand from homebuyers?

According to Commonfloor data, there’s been a Q-o-Q growth in the interest to buy builder floor residences (29%) and villas (10%). With consumers spending more time at home now, they are looking to upgrade their lifestyle and as per the trends seen, potential homebuyers are aspiring for the luxury of independent homes.

Which cities are seeing a hike in demand?

Ahmedabad saw the highest increase in demand to buy properties with 31% increase in Q1 2021 as compared to the previous quarter. This is followed by 26% in Chennai & 11% in Hyderabad. In general, last year, Ahmedabad saw the launch of many new residential units, thus showing signs of revival in the supply of residential properties since COVID hit. Kolkata and Delhi NCR regions have seen low momentum. Except Kolkata, the demand to buy villas increased across all metros in Q1 2021 as compared to the previous quarter. Usually villas are situated in the outskirts of a city, away from noise and air pollution. It has its own pros such as the luxury of space, privacy, and land ownership, thus making it ideal for large families.

Did the Qukir see an increase in new projects being featured?

Yes, new projects started seeing an uptick from September 2020 with a steady increase in Q1 2021. This includes properties for sale across apartments, plots, builder floor residences, and villas/bungalows.

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However, real estate is one of the sectors that’s been affected by the second wave and the subsequent localized lockdowns imposed by states. Because of this, there’s been a temporary dip in the interest to buy and sell properties in April.

What does the real sector look like in the year 2021 post the second wave?

Based on the learnings from last year when our country was first hit by COVID-19, we could expect the ongoing second wave to hamper any recovery seen in the real estate industry in the last few months. Although localized lockdowns have exempted construction activities, this second wave may cause a dent in the sale of properties if the situation gets worse by the day. However, it might be a good time for those looking to invest in real estate. We should also keep in mind that starting from the subprime crisis to demonetization to GST and now COVID, the real-estate industry has seen it all. With the increased adoption of digital tools especially since last year, there’s tremendous potential for the real-estate sector to handle this situation better.

What is Quikr real estate’s business strategy?

Our real estate business has already turned profitable at a vertical level after COVID hit. Looking forward, our goal is to continue to grow from there while staying focused on managing our revenues as well as costs closely.


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