- The effect of the novel Coronavirus on Indian real estate-especially in Delhi-NCR-has been unraveling
- In the first three months of the episode, construction activities were halted and the market fundamentally disintegrated
- However, in the light of this situation, leading developers like the T&T Group have adopted unprecedented strategies to deal with the “new normal” of the property.
The year 2020 was a shocking halt as the COVID-19 pandemic affected various verticals around the world. The global business sectors and markets have been severely affected, with a negative outlook at low record levels. Similarly, the pandemic outbreak in India has left much uncertainty. With GDP diving into negative figures, the nation is facing one of its most terrible economic recessions in all respects. It has also affected the immobilization sector, which has been in the direction of development or growth in recent years. Since 21 March 2020, the major business that has given to the national economy has slowed down as 1.3 billion people quarantined themselves.
The government restricted movement and production to prevent the COVID-19 pandemic from spreading. The lockdown slowed down completely in April and most of May. Delhi-NCR reported a 6% y-o-y devaluation of weighted normal costs during January-June 2020 to rs 4,145 for every sq ft, which is estimated to be the lowest in recent years, according to the Knight Frank’s India real estate H12020. Surprisingly, however, developers like the T&T Group were apart in the quarter ended in June, even though the volumes decreased following the slowdown of the COVID-19 lockdown.
Despite its challenges, the Group is not only expected to perform well in this scenario, but also expects further improvement with its distribution network and brand value. Their adeptness and their shrewd professionalism also helped them to retain and expand their current consumer base, especially when other companies suffered insurmountable losses. The organization expects its revenue to expand further in the fiscal year ahead. In addition , the higher proficiency during the quarter is better than anticipated.
According to the Ankush Tyagi CEO, T&T Group, the organisation’s sustainable action plan outperformed the pandemic and thus was only able to safeguard and conserve the client base, which is held by Tyagi, thanks to carefully developed Group management strategies, including:
Conzentrating on timely delivery: The group ensured that construction was accomplished rapidly even during the pandemic, taking into account their main objective of timely delivery, and is therefore guaranteed not to be locked into project delivery.
Financial discipline: In its variable and fixed costs as well as those relating to interest and production, the Company improvised effectively.
No further expansion: The Company does not rightly concentrate on expanding and formulating new plans, other than those already in progress, to deliver the projects ongoing both on time and with the promised quality.
Employee satisfaction and increased cooperation: The company has a sincere confidence in and cooperation with its employees. As a result, it also made sure that it did not compromise employee satisfaction by implementing a ‘null payroll deduction’ policy with its focus on timely delivery and driving sales.
Tyagi continued, “We are overwhelmed and inspired by the success of T-Homes, India’s first digital living business. According to the very same vision of digitizing indian homes, we look forward to one-stop introducing A.I. (Artificial Intelligence) powered homes with our next project that will be unveiled by the end of the year.
About the Group T&T
T&T Group plans to transform the landscape of the homes into a futuristic era for India. The T homes have already begun and the next project will work to improve this on several fronts. It uses the win-win combination of artificial intelligence ( AI) and the Internet of Things ( IOT) to push life to a whole new level.