Lodha Group, India’s largest realty developer, witnesses upsurge in business and clocks over INR 550 crores of sales for the month of July 2020 as Mumbai begins to unlock. According to the Liases Foras – Real Estate data & analytic firm, the company has been ranking No. 1 for the last seven years, and has achieved sales of INR 50,000 crores during this period, which is a testament of its position.
Being the largest realty player in India, Lodha witnessed a positive shift in consumer behavior towards owning a home vis-à-vis renting as consumers have realized the security benefits of homeownership. The group saw continued momentum for mid income – affordable housing and return in demand for premium housing with preferences towards ready to move in homes. The pandemic also gave a new perspective making them more vigilant in the design aspect as homebuyers are now seeking spacious apartments with decks, balconies, garden area, walking arena, which accentuates the need for healthy living. Consumers have become more cautious and are willing to transact, if assured of quality and delivery.
A recent consumer survey conducted internally by the group shows that 59% of millennials are keen to own a home instead of renting and have started considering real estate as a safe means for building assets. Further, with the lowest home loan interest rates and other benefits, this is the perfect time to buy one’s dream house with a reputed developer.
The housing industry is the backbone of the economy and the largest employer in urban India. For the economy to revive, housing and construction will play a critical role, and both government and private players have to work together. With the INR 550 crore sales figure in July, Lodha has not only provided hope in such a situation but has also contributed to nation-building as purchasing one home employs 10 people in a year, and the government earns 25% of the value of the home sold.
