NEW DELHI: Real Estate of the 2nd highest contributor is our GDP, employment generator to our country. To understand the issues and way forward in real estate, PHD Chamber of Commerce and Industries, conducted an interactive Webinar on ‘COVID-19- The New Normal, Real Estate Sector Implications for the Financial, Legal and Marketing’ with Hardeep Sachdeva, Senior Partner, AZB & Partners, Alok Saraf, Associate Partner, Grant Thornton LLP,Sanjay Mishra, Director, Grant Thornton LLP.
The session witnessed a participation of more than 100 industry players and senior’ members of PHD Chamber all over the country.
The objective of the webinar was to focus on Implanting relief measures announced by RBI, Emerging legal issues/ during COVID-19 pandemic, and Emerging technologies in Sales and Marketing.
Mishra, Director, Grant Thornton LLP, appreciated the efforts of PHD Chamber of Commerce and Industry to organize such an interactive webinar and discussed implanting relief measures announced by RBI and the challenges faced by real estate sector in these times of turbulence. This pandemic and subsequent lockdown would be impacting the ongoing financing transactions as well as the financial arrangements. There might be a delay in construction which might run up to several months.
The challenges will be the ability to generate cash flows, which may impact the payment cycle. Second, the liquidity in the market, and demand slowdown which will be around 30-35%, a significant decline in supply, re-negotiation of business contracts for corporates, and others. These factors will determine the severity of downturn post-COVID-19 which are the extent of isolation and social distancing, the fiscal and monetary policy response, and others, said Mishra.
Deliberating the participants on most COVID-19 reliefs, Mishra discussed their Impact on Real Estate and its benefits. He further suggested the other reliefs which the government which release which can benefit the real estate sector in these times of crisis.
Expectation the real estate sector would be having would be a relief from regulators as well as banks, the way of restructuring and the complete deferment of commercial operations scheme, said Mishra
Sachdeva, Senior Partner, AZB & Partners thanked PHD Chamber of Commerce and Industry for organizing such a webinar in these times. He discussed the Emerging legal issues during and post COVID-19 pandemic.
In my view, the new normal will include delays in the execution and implementations of projects in real estate. These delays will lead to differences and disputes in key stakeholders in the sector which will be a challenge for the real estate sector.
Moving forward which such a situation, we are an extremely heavily regulated sector. We suggest giving some relief and legal implementations which can give immense relive this sector for the future and revive it.
Sachdeva suggested the relief measure in which the government can be taken to support the real estate industry like longer approvals, promote joint development projects, and many others. According to him, these measures can help in the revive the industry and swift working of the industry for the future.
Saraf, Associate Partner, Grant Thornton LLP, deliberated on the Emerging technologies in Sales and Marketing. He said that sales and marketing are the major pillars of any industry and in the real estate industry, it is one of the most important departments.
Saraf discussed that in this COVID-19, many new technologies have emerged and are being used so that one can be interconnected with each other in these times.
Aggarwal, Chairman, Housing and Urban Development Committee, PHD Chamber, gave a warm welcome to all the panelists and participants. He shared the issues and challenges faced by the industry while also suggesting relief measures and steps to ensure the smooth working of the industry in the country.
Saurabh Sanyal, Secretary-General, PHD Chamber of Commerce and Industry, delivered a formal vote of thanks to all the panelists and participants.
The session had a question-answer round where the panelists answer all the questions and enquires. It was an informative and in-depth session.
The webinar was in association with Grant Thornton, as the knowledge partner. The webinar was moderated by Dr. Yogesh Srivastav Principal Director, PHD Chamber, and was attended by many senior PHD members and industry stalwarts.