The last few months have witnessed a major uptake for the real estate industry, driven by a cut in the stamp duty charges and supported by low home loan interest rates.
Rustomjee, one of the leading real estate developers with numerous projects across Mumbai Metropolitan Region (MMR), witnessed record sales during the third quarter and is positive of achieving nearly 60% growth over last FY in terms of value sales.
Manish Joshi from NewsBarons connects with Rakesh Sethia, Chief of Sales & Marketing, Rustomjee who informs ‘In terms of units, we are projecting a growth of 30% over previous financial year’.
NB: What has been the sales impact post the reduction in stamp duty for your brand.
Rakesh: We have seen major upswing in the transactions after the reduction in Stamp Duty. In Q3, we have witnessed great demand from the customers and we achieved record sales, not only in ready apartments, but also in the under construction projects.
NB: How do you see sales panning out for FY 21 for residential segment.
Rakesh: We are trending towards nearly 60% growth over last financial year in terms of value sales. In terms of units, we are projecting a growth of 30% over previous financial year. As for projects in the pipeline, we have 10.9 million square feet of ongoing development and another 22 million square feet of planned development.
NB: Where is the demand high for your brand, luxury or affordable housing.
Rakesh: We are seeing high traction across the consumer segments. While there is a lot of traction towards premium and luxury segments, growth in aspirational segment is also noteworthy.
NB: NRI investment in RE has increased, how do you see this panning out in the next FY.
Rakesh: The remittances have seen a huge spike in Q3 FY 21. Looking into the overall support packages being announced by the Indian government and also other countries, we expect the next financial year to witness 30-40% growth in the transactions by NRI’s.
NB: What are the projects in the pipeline and overall investments planned for FY21.
Rakesh: We launched a new project in December in Dadar Parsi Colony, which got a tremendous response. In addition, we also launched new wings in Paramount, Khar and Seasons, BKC. All these launches have received great response from the prospects. In the coming quarter, we are launching projects in the affordable segment in Bhandup, Bandra and Dahisar. A few more launches are planned apart from these launches.