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CEO SPEAKS

We Saw It Coming...

24th Apr 2022

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When you are passionate about something and care deeply for it, with experience you’ll start to develop a sixth sense that will help you see the today, and foresee the tomorrow in a profound manner - learning things that the layman can hardly fathom. When you eat, breathe and sleep your passion, and your passion becomes your source of livelihood, you experience pure bliss - a state of mind where you see things clearly for what they are and what they can or will turn out to be, much ahead of time. Over the past 26 years, I have experienced that with Akshaya, day in, day out. Midway through the FINANCIAL YEAR 2020, I started to notice patterns in the mood of the society, and tracked global trends that made me put 2 and 2 – to realise that the impact on real estate is going to be REAL. I immediately wrote out my thoughts in my blog WHY REAL ESTATE PRICE RISE IS INEVITABLE - SIX REASONS, on September 09, 2020. I spoke about MATERIAL COST, GUEST WORKERS, DEPLETING AVAILABLE STOCK, LACK OF NEW LAUNCHES, SLOWER APPROVALS & GOVERNMENT TAXES & CHARGES being the reasons for an impending hike.

 

In my blog “A REAL ESTATE LOOK AT 2021”, dated January 12 2021, I predicted 2021 will be a better year with home buying taking higher priority with families coming together and how Akshaya had already adapted to a hygiene-happy model of design much ahead of time, giving the industry a solution to battle the pandemic at a blueprint level. I reiterated the six reasons that will continue to affect real estate until the economy gets back on its feet.


And then we saw an upswing. The economy was getting back on track and there was movement in the market. There was a positive energy in society and a resilience in the market that said “we will fight this phase and emerge more successful than ever”. Mankind fought off wave after wave, going with the ebb and flow of life, balancing our personal lives and professional lives with an adeptness that humanity as a whole should be proud of.

As we neared the beginning of the FINANCIAL YEAR 2021, I wrote on 19 March 2021 about a new set of challenges and why price rise is around the corner. From LOW INVENTORY IN THE CITY, TO THE LOWEST-EVER INTEREST RATES, HOW HOME-BUYING WAS TAKING POLE POSITION AS A BASIC NEED, TO THE HIKE IN INFRASTRUCTURE MATERIAL. I summarized my blog thus - Home-buying has, is and will always be a wise investment. The real estate industry is an important hub in the wheel of commerce. Factoring in the residential, commercial and industrial domains, real estate literally drives the economy - creating jobs, livelihoods, inflow for banks in terms of interest on loans; Governments benefit with the various taxes and charges levied, investors enjoy steady return on investments... when the going is good, it is win-win for all involved. We developers are leaving no stone unturned in making home-buying as lucrative as possible for you, the end-user. We are embracing new technology both in construction and security systems, following green norms creating sustainable properties, and making best use of the land within your property to ensure we create future-proof homes that will stand the test of time for generations to come. A home after all is the investment of a lifetime. However, like I said earlier, this price hike is inevitable in the short term. We will tide over this. Great days lay ahead for everyone. It was a clarion call for all business owners and industries.


Last month, as we neared the beginning of FINANCIAL YEAR 2022, I had my team at Akshaya create a CONSUMER AWARENESS POST about the price rise finally taking effect, nudging buyers in the right direction so they invested and saved in lakhs before the prices were hiked by 10-15% across the country. We clearly detailed out the price comparison of various materials between 2021 and 2022 and gave cause for why this was the best time to buy your family a home.

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I have the propensity to look at everything in a very positive manner. Every dark cloud has a silver lining - you just need to look close enough. And believe. The year has started on a fantastic note for Akshaya and the industry in general. Akshaya delivered 451 happy homes in 2020-2021 and topped that with 552 keys in 2021-2022. With India slowly opening up, with minimal restrictions, great days lay ahead of all of us. Prices may go up, but always remember that having a roof of your own is the best gift you can give your loved ones and yourself.

Take care and stay safe.

T Chitty Babu

Chairman & CEO

Akshaya Pvt Ltd

 

 


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