Lodha announces an initiative to empower ‘Young India’
Lodha Group, India’s largest* real estate developer, launches an initiative to empower Young India to commemorate the 75th Independence Day. The initiative is with the aim to enable aspiring millennials with increased accessibility to secure a quality starter home by extending zero EMI benefits till August 15, 2022. The initiative is valid for first-time home buyers and is applicable for all under-construction and ready units of 1BHK & studio configurations across Lodha developments.
Speaking on the initiative, Abhishek Lodha, Managing Director & CEO, Lodha Group said, “Home buying is one of the most important decisions for a family. Buying a home early in their life is a key way for young families to get onto the housing ladder and create security and wealth over time. Due to the impact of Covid-19 over the past 18 months, many families have had their income temporarily affected – while this normalizes, we want to support these families in buying their home now before price rise while affordability is at an all-time high and home loans are available at best ever rates. Hence, Lodha group has started this ‘Independence from rent’ movement - where anyone buying a starter home (1 BHK, studio) will not have to pay any EMI for the entire year up to 15th August 2022 – and can buy the dream home for their family without having to worry the impact of the pandemic on their income. This initiative furthers our intent to ensure that every Indian can buy a quality home and will help create wealth for those who buy now. Subsequently, home buying also generates significant employment – the best contribution to the recovery of our nation from the terrible impact of Covid-19. Jai Hind.”
Over the last two quarters, the industry has seen tremendous demand, breaking the cycle of stagnancy and proving to be a sunrise decade for real estate. Driven with an uplifted consumer sentiment towards the sector, there is a shift in the way millennials are treating the asset class, unlike before. The consumer segment that believed in living asset-light now showcases an interest in owning a home. Further affirming the trend, the two recent surveys by ANAROCK to gauge housing market sentiment in COVID-19 times reported a common takeaway that homeownership is now a compelling priority for millennials facing uncertain times. Out of the total voters favouring real estate, the largest single segment of respondents now favouring homeownership is aged between 25-35 years. Stating statistics from one of the reports - CII-ANAROCK revealed that nearly 62 percent of respondents considered it practical to buy homes right away of which ~24% of respondents have already booked properties (81 percent of this segment was previously unsure of buying) and 38% opted for newly-launched projects. Of all respondents favouring real estate as an investment option, at least 48% are aged between 25-35 years. The security of owning a physical asset during a coronavirus-like crisis now combines with a rising aversion to high-risk investments. As a result, the demand for residential real estate has increased. Millennials are key demand drivers, their preferences now dictated by the prevailing uncertainties, stock market volatility, and recent past financial sector incidents. Many of them now prefer buying over renting homes.
Commenting on the initiative, Anuj Puri, Chairman & Founder, ANAROCK Property Consultants said, “Given how important millennials have become as homebuyers, initiatives to incentivize this critical segment further are bound to reap good results. With the expiry of the stamp duty waiver period which the Maharashtra Government had provided, the interest of these buyers can be harnessed further by initiatives which favour them – thereby also acknowledging them as major stakeholders in the residential real estate market’s overall recovery process.”
“Contrary to initial apprehensions at the beginning of the pandemic, COVID-19 has actually proved to be a major demand driver for the housing sector. No other single event in remembered history has driven so much end-user demand for owned housing as this pandemic has. The value of owning property has been driven decisively ‘home’ by the very nature of the health crisis, which revolves mainly around the safety offered by own homes which their inhabitants have complete control over. Associated factors like the work-from-home and e-learning culture evolving from this pandemic have also helped put housing back centre-stage.” added Mr. Puri.
The group last year launched the ‘Apna Ghar, Apna Desh’ initiative which addressed two key impediments of high down payments and high interest rates in the home buying process. This time again the initiative has been crafted after observing an increasing demand amongst millennials and eventually empower them during these uncertain times with ‘freedom to own’ now a high-quality home and secure their future. As a leading real estate player, Lodha has been continuously making efforts to fulfil the dreams of a large number of aspiring home buyers.