By Mohit Malhotra
Managing Director and CEO –Godrej Properties Ltd
No one could have anticipated the Pandemic and its aftereffects on the global/local economy. While there is much to be said about the struggles and difficulties that we have all experienced, if one were to focus on the positives there are quite a few learnings which have fundamentally changed the way real estate sector will function
- Technology focussed operations: Be it sales, operations or employee engagement – all facets of the industry have seen a huge transition towards tech enablement to function effectively & deliver results
- Customer focussed product design: The need to have the right design when it comes to owning a home was always a necessity, the pandemic has just reinforced the importance of a thoughtfully designed home
For us, 2020 was a year of introspection, experimentation, adaptation and looking for opportunities against all adversities.
A few highlights of how the year has been for us:
- Delivered ~1500 Cr sales in Q1, despite the lock down through quick and end to end process migration to digital sales
- Getting construction sites back to 100% efficiency in Q2 itself, despite the significant labour migration issues. We specifically focussed on prioritizing labour and employees’ safety, contractor incentives above cost aspects to achieve this.
- Delivering successful launches: Royal Woods, Godrej Retreat, Godrej Green Cove, Highlands at Godrej City and more – all were product focused successful launches. The validation from consumers is extremely heartening and pushes us to fight all odds and strive to do better
- Leveraging the capital markets – we raised 1000 Cr NCDs in Q1 at 7.5%, one of the most competitive debt raise in the sector (July)
We hope to continue our growth momentum in to 2021 and have continued efforts towards business development during the past 9 months. We expect a far more resilient demand in FY21 as we put pandemic woes behind us in 2021 and the pace of consolidation in the industry is set to pick up further.
We are already seeing a movement in government push towards incentivizing real estate growth and improving the ease-of-doing business from an approvals & sanctions perspective. We hope this would continue in the next year and this we are sure would bring back the momentum to the sector.