Perspective on the real estate sector`s performance in FY21 by Krish Raveshia, Azlo Realty
Below are Perspective on the real estate sector's performance in FY21 by Mr. Krish Raveshia, CEO at Azlo Realty
The financial year 2020-21 was a turnaround year for the real estate sector. A year which saw activities largely affected for the first few months. Then, the government intervention with unlocking and series of reform measures boosted the sentiment for the better. A combination of low-interest rates and reduction in stamp duty resulted in monthly sales of nearly 10,000 units for Mumbai consistently since September.
The pandemic taught us the importance of technology which is an enabler, if deployed well it can help save huge costs. Homebuyers realized the importance of a spacious home with state-of-the-art amenities, and fiber connectivity that can double up as an office space. We have already started witnessing consolidation in the sector, developers with scale and strong books will emerge stronger post the pandemic.
The broader economic recovery is expected to pick up momentum and help most sectors. FY22 will be a year of growth for the sector, with the return of pricing power.
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