Real estate is one of the key factors of the emerging market in India. It offers numerous investment opportunities, and high growth due to rising demand for residential areas and offices but this sector is like a roller coaster ride, ups and downs are part of it. The Pandemic has brought new challenges in this sector and companies are trying tough to beat this challenge. Many company heads are using different methods and ideas to fight back. One such intelligent mind is Saubhagya Vardhan. He completed his studies in London and then decided to be an entrepreneur. Saubhagya is a managing director of Oikoshreem and he is a master of his art. His personality is charismatic. Challenges are part of his job so he is not afraid of them and even in the corona crisis he is handling everything appreciably.
He chose this profession after analyzing its pros and cons He did research a lot before going into real estate in his researches he analyzed that the real estate business is expected to reach US$ 1 trillion by 2030 and it will contribute to 13% of the GDP by the year 2025. There’s a huge unorganized market worth 120 Bn $ in India were only large developers but no large distributors and the market is promising in states like Uttar Pradesh. He realized that such states still lacked professional real estate service firms of Global standard and it firmly adds value to the client investment portfolio.
He started his journey of being an entrepreneur from Lucknow. Lucknow has the potential to attract home buyers from other districts due to rapid growth in Infrastructure. He and his team aim to tap the cash-intensive, unsegmented low-ticket size plot sale market and justify themselves as a proptech plot aggregator platform using technology and logistics on the scale. Saubhagya and his team started an international consultancy Oikoshreem with the approval of the Security and exchange board of India (SEBI) and Real estate Investment trust (REIT) which gives rights to all kinds of investors to invest in the Indian real estate market.
Oikoshreem is working as a helping hand for homebuyers. It eliminates any hurdle present in transaction experience and becomes relevant in customized, responsive customer relationship handling and bringing hassle-free buying process automation to each buyer without charging any fee.
Oikoshreem markets are widespread it covers every buyer from EWS to Middle-class luxury real estate. Currently, in Lucknow, their priority is volume distribution of low ticket size product sales while in primary markets of tier1 metro cities in India, they focus on selling luxury real estate to our NRI clients and their existing privilege club of HNI’s clients. The prime priority is their customers. In addition to hassle-free service, they offer health insurance on the sale of their products. Women’s security and empowerment are important to them. They believe in gender equality and everyone should get a chance to do better. They don’t just preach women empowerment, they also practice it and to To empower women they have subsidized registry charges to women contributing to women empowerment campaigns.
Coronavirus has affected investments in real estate. The current situation makes investors nervous to invest right now into new commercial real estate deals. The real estate business was in an oversupply state even before the lockdown and condition have still not improved. Unsold inventory is likely to remain stable with possibly a decline of 3-5%.
Shortage of money in the market, shortage of labor, delay of delivery timelines of ongoing projects, the decline in foreign investments, and the fact that big-ticket size units are harder to sell in the present market is making people involved in this sector nervous but Oikoshreem under the leadership of Saubhagya is managing it all. Oikoshreem is untouched by the payments delayed and the hard reality of payment default in the current situation. they depend on escrow accounts for revenue collection and in their plot segment, they have immediate possession and upfront payment system running. With good management and foreseeing policies, they can manage their work smoothly. Saubhagya and Oikoshreem are coping up with the situation with practical solutions.
Saubhagya believes that the post-launch of the vaccine, market confidence will be restored and the investment cycle will be rejuvenated. The government is implementing different policies and decisions to revive the sector. Ministry of Housing & Urban affairs had already extended the deadline of projects by 6 months and further up to 3 months, RBI has given liquidity Investors to NBFCs so sustained cash credit line can be maintained. With Unlock 5.0 critical labor shortage is declining.
Oikoshreem under the leadership of Saubhagya is adapting fast with every new trend, they can reach desperate buyers in immediate need of moving into their apartment. The upgrading class of new homeowners, tenants that want to pay their EMI’s towards owned apartments rather than rent, are strong hope for the industry.
Reduction of stamp duty charges is a key demand of several real estate bodies in the country and Saubhagya too hopes that the government must waive off stamp duty and registration charges to encourage more homebuyers and this can attract NRI investment in real estate. NRI investment in India is expected to increase exponentially due to reforms in the market because of COVID-19, home loans at lower rates, and increasing confidence of NRI buyers in India’s real estate.
With the constant push from the government for ‘Housing for all mission’ and nearly 40-45% of the new launches in the top seven cities are in the housing category but if you look at this decision from the eyes of a managing director packages for the buyers in the housing category will not have any immediate term impact as these homebuyers with limited income are most impacted, some of them are facing job loss and some pay cuts. So the majority of them will revisit their decision to purchase a house. While Saubhagya believes that residential real estate will jump back to the heights when the economy will increase.Repo rate of 4.4. % is the lowest ever in the history of the last many years.
Real estate is looking for a fresh start in 2021. ongoing demand revival and consolidation in the industry can benefit Oikoshreem As an organization they have set high goals for themselves and they are prepared for the upcoming challenges and opportunities