Experts speak: Impact of COVID-19 on the industry

Experts speak: Impact of COVID-19 on the industry

Manas Mehrotra, 315Work Avenue, Lincoln Bennet Rodrigues, Bennet & Bernard Group, Rakesh Reddy, Aparna Constructions and Estates

Manas Mehrotra, Chairman, 315Work Avenue 

We are seeing business as usual in our workspaces. However, we have asked employees that if they have any symptoms of cold or flu to stay home till they recover. We are taking every measure to minimize the risk of transmission. We are also disinfecting and sanitising office spaces, placing hand sanitisers, conducting live sessions with doctors, implementing pest control, putting up posters, building awareness through email, distributing masks amongst employees etc. However, since the employees’ health is paramount , most of our clients have declared Work From Home. We are also on high alert to keep people safe and advice them on precautions to be taken at this hour of crisis.

Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group

While the emergence of the corona virus is expected to slow-down the real estate sector in general and may lead to lower footfalls, at Bennet & Bernard, we continue to see traction from potential customers. We are a leading luxury real estate developer known for our unique and exclusive holiday homes in Goa and we mainly interact with our customers through the digital mode as most of our buyers are from key metros & international market. However we feel that the decisions over commercial space take-up may be delayed due to travel restrictions. Also lot of developers in India depend on China for the supply of fixtures, furniture and fittings and that will be impacted to some extent. Going forward, we will have to keep a watch on the overall macro level as the longevity of the crisis is uncertain.

Rakesh Reddy, Director, Aparna Constructions and Estates

The impact of Coronavirus on the Indian real estate sector will depend heavily on the duration of the outbreak. If prolonged, the commercial real estate market would be severely affected by the delayed expansion plans of foreign companies due to travel restrictions and the uncertain global economic scenario. There could be an indirect effect on construction as allied sectors such as steel and heavy machinery rely on importing raw materials from China. This would also impact the luxury real estate market that relies on high-end fixtures, fittings and furniture from China. A significant disruption in the supply-chain may force builders to source from alternate markets, which will impact costs. Any areas of high population density are susceptible to Coronavirus. At Aparna projects, we are taking all necessary precautions to prevent the spread of the Coronavirus among our residents and staff. We are also continuously educating residents, housekeeping and security staff about safety measures including frequent handwashing, social distancing and practicing good hygiene.

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