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Monday, 30 Nov 2020
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Incentives announced for the sector helping in revival: Vikas Garg, Deputy Managing Director, MRG World

Under Construction
 
Real estate, being the second largest employing sector in the nation, will be significantly impacting the nation’s overall economy. The government decisions and policy changes have, therefore, been inclined on promoting the sector both from demand and supply side. Affordable housing, being a major part of this sector, has been receiving tremendous response, but there still remains a void to be filled in terms of timely implementation. 
 
Vikas Garg, Deputy MD, MRG World talks about the outlook of sector and affordable housing in the year 2021, and impact of newly announced affordable rental housing policy by Haryana Government. The developer also throws light on technology advancements in their projects and MRG World’s efforts to safeguard the health of their construction workers. 
 
1. What is your outlook for the real estate sector in next six months and 2021?
 
Affordable housing shows a positive response from demand side, and in the coming months, increased interest from end-users is expected. Fence-sitters who put a hold on their property investment plans due to lockdown in March are returning back in the market. They have realized the importance of owning a home, and this sentiment is going to be prevalent for quite some time due to the stability and security it promises in future. The tremendous response our projects and festive offers have received reflect, affordable housing segment is only slated for growth. 
 
2. Government has announced a number of incentives for the sector. As a developer, what additional sops do you expect are needed to bring in the needed revival?
 
Incentives announced for the sector have no doubt been helpful for us to get closer to revival. However, the authorities need to understand real estate is a high-end and extensively contemplated decision in Indian households. The repo rate cuts, lower home loan interest rates, and newly announced affordable rental housing policy open new avenues for the segment, but the need of the hour is to fill the void created due to stillness in the market. More measures such as single-window clearance would be a great aid if implemented with proper timeline and planning. 
 
3. How do you think newly announced affordable rental housing policy by Haryana Government will play out?
 
A newly announced affordable rental housing policy opens new avenues for private players to enter into tie-ups with one or more industrial units or corporates to cater to the housing requirements for their workers on both short-term and long-term basis. The policy shows huge potential for the affordable housing sector and initiates new partnership opportunities. Migrant workers engaged in the construction sites will finally have temporary yet better-living conditions than before.
 
4. How are you planning to bring in novelty in your projects via technology?
 
We are presently using Aluminium Foam Technology in construction that brings down the need for labour force, so we are comfortably placed as far as the pace of construction work goes. Apart from this with virtual tours and an efficient CRM team handling customer relationships in the digitally driven era, we are constantly working to upgrade ourselves as per the competitive industry standards. The rise in adoption of digital routes has further opened avenues for multiple opportunities and helped us in expanding our reach among the genuine buyers and fence-sitters with targeted marketing campaigns.
 
5. Besides the imposed rules, how are you going the extra mile to safeguard your construction site and people?
 
As per the new Corona prevention guidelines, adherence to all the preventive measures is also being additionally followed. For the worker's safety, we also have medical personnel available at the beck and call in each of our projects. Our efforts were channelized keeping in mind, the well-being of our laborers and site workers, strategies like the rotation of our labour force, upskilling, and re-skilling were implemented to fill the void created by migratory population. These times were indeed filled with lots of learning and alternative strategies that could become a permanent element of our modus operandi.
 
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