Delivery of projects during the prevailing challenges sends out a positive signal and helps regain homebuyers’ trust given that the government had extended the delivery timelines by at least six months for developers.
Even as the woes of real estate intensified during the lockdown imposed across the country in view of the Covid-19 pandemic, and the construction activities almost came to a standstill because of the stoppage of work due to the reverse migration of workers, some developers continued to deliver their projects and were even able to launch some new ones amid the ongoing crisis.
As per ANAROCK research, the April to June quarter of 2020 – of which most part was under the lockdown – saw new launches of just 4 residential projects – 2 in Bengaluru and one each in Pune and Kolkata. However, one major positive outcome of the minimal new launches in the top 7 cities in the quarter was that developers were able to shed their previous unsold stock by as much as 5% in a year.
Further, ANAROCK data also suggests that the top 7 cities saw delivery of as many 5,500 units most recently.
“These units were at the last leg of their delivery before cities went into lockdown and as soon as we saw relaxations, these have been delivered to the homebuyers. We need to understand that those who have been able to complete their projects and deliver it despite the prevailing challenges are certainly at an advantage, given that demand for ready homes is at its peak.
Delivery of projects during the prevailing challenges definitely sends out a positive signal and helps regain homebuyers’ trust also given that the government had extended the delivery timelines by at least six months for developers,” says Anuj Puri, Chairman, ANAROCK Property Consultants.
The Gurgaon-based M3M Group is one such developer which claims to have delivered two of its projects — M3M Urbana Retail, and M3M One Key Resiments — this month with a total sales value of Rs 900 crore. Both these projects are located at Sector 67, Golf Course Extension Road, Gurugram.
M3M One Key Resiments offers 170 managed studio apartments, having both one and two-bedroom apartments, priced at Rs 13,700 per sq ft. M3M Urbana Retail, on the other hand, already houses prominent brands, including HDFC Bank, Axis Bank, and several F&B and retail outlets. These two projects are part of the sprawling 17-acre master development, M3M Urbana.
Talking about the delivery of projects, Pankaj Bansal, Director, M3M Group, said, “We at M3M India are committed to the timely delivery of our projects and the company is on a fast growth track, undeterred by the pandemic. Standing by our commitment, we are proud to state that two of our commercial projects have been delivered this month and are 100% sold.”
As per a company spokesperson, this announcement is a testament to the focused approach and timely delivery by the company amidst tough times wherein several real estate projects have been hit hard due to the pandemic.