Lodha Developers has crossed sales of 1,000 homes in the Mumbai region during the lockdown. During this period, the company witnessed 85% of sales across its ready homes or nearing ready homes, clearly indicating distinct consumer preferences in the current market scenario.
Based on market research conducted during the lockdown, the company also found that the pandemic has significantly increased the desirability of owning a home rather than renting it. With people starting to spend more time at home and work from home (WFH) becoming more prevalent, having a good quality home in a well-maintained development with good amenities and infrastructure has become increasingly important. Renters have also seen the difference in the attitude of Resident Welfare Association’s (RWA’s) towards renters vs. homeowners, and this has also made them more eager to buy their own home.
Considering consumer feedback that the key impediments to home ownership are high upfront payment and paying both rent and EMI together, Lodha put together ‘ApnaGhar, ApnaDesh’ initiative. It offers the option of a very low upfront payment, low interest rates of 5.99% on EMIs, and ready to move in homes where one does not pay rent and pre-EMI at the same time. The initiative has Lodha contributing towards PM CARES FUND for every house sold that struck a chord with potential buyers. This coupled with the brand’s track record of delivery, resulted in tremendous demand. The initiative is yet another effort by the group to make quality development accessible to more aspiring buyers, resulting in satisfied customers and eventually boosting the nation’s economy as 25% of home buying spends goes to the govt.
Commenting on the ApnaGhar, ApnaDesh initiative, Abhishek Lodha, MD & CEO, Lodha Developers said; “There is a growing desire of owning a home as consumers have started realizing that it is the most important things for their families. The lockdown has re-iterated the importance of owning a high quality home in well-developed and well-maintained buildings. We have consistently delivered the world’s finest developments right here in the Mumbai region and this has led to high levels of customer advocacy and referrals. We have seen that customers have a clear preference for buying ready homes which is the right decision in today’s uncertain times. We are thankful to the channel partners and customers who have chosen to buy with us – the sale of these 1,000 homes will create atleast 10,000 jobs for a year and lead to large amounts flowing to the government for nation building. With our humble contribution of ₹ 21,000 to the PM CARES fund for every home sold under ApnaGhar, ApnaDesh campaign, we salute our Covid fighters who are standing on the frontline to protect all of us."