Sales will return to the 2019 rate if the second phase of the pandemic is kept under regulation, according to CREDAI.

The second phase of the COVID-19 pandemic is ‘dangerous,’ and depending on its severity, it may be a short-term dampener.’ However, if there is no full lockdown, CREDAI national president Harsh Vardhan Patodia has stated that revenue will most likely reach 2019 thresholds.

“We are concerned about the COVID-19 pandemic’s second wave. I don’t believe there would be a problem if logistics and supply chain assistance are available, as well as migrant labor on site. COVID-19 can turn out to be a short-term dampener unless there is a full lockdown, livelihoods ruined, or people unable to go to work,” he told reporters at a virtual press conference.

“We will certainly hit the 2019 revenue levels,” he said, provided the effect isn’t as serious as it was last year.

According to Boman Irani, president-elect of CREDAI National, sales are likely to slow in April, not because buyers’ appetites are supposed to be affected, but because “people will not be able to travel and record their property papers.”

The builders’ association has stated that, based on how the pandemic unfolds the second time around, they would contact authorities and request project timetable extensions. “If the matter gets out of hand, the industry will go to the authorities,” Patodia added.

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CREDAI will also lobby state governments to cut stamp duty on property registration to support the real estate market, according to Patodia, who recently took over as president and is the managing director of Kolkata-based Unimark company.

The realtors expressed confidence that “a ton of private equity firms would take up space” for last-mile financing made available to stalled projects through the SWAMIH Fund.

CREDAI National Secretary Pankaj Goel said the association will approach the government to press for infrastructure status for the real estate industry, GST input tax credit for both commercial and residential parts, quicker environmental clearance, and simpler credit availability.

“We’ve asked the government to grant us infrastructure status so that we can get loans and working capital at a fair rate. Real estate, unfortunately, is not entitled to working capital. As a result, there is a mismanagement of cash flow and a rise in prices. Another problem that has been brought up is the sharp rise in cement and steel prices. CREDAI, like the real estate sector, has requested the government to name a regulator to ensure that price increases in steel and cement are controlled and cartelization is avoided,” he added.

Patodia also announced the creation of the CREDAI Start-up Angel Network and Incubation & Acceleration Centre, an effort aimed at assisting and supporting real estate tech start-ups, as well as CREDAI’s own Research and Analytics Centre. The CREDAI Research and Analytics Centre will make real-time and accurate data more accessible for future development strategies.

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