Oikoshreem is emerging as a prominent consultancy in Real estate in India
The ongoing pandemic has compelled businesses to re-evaluate and adapt themselves to the changing world. It has impacted the market severely, testing its adaptability and some Business leaders have taken this COVID-19 pandemic as an opportunity in disguise for India.
One such great mind is Saubhagya Vardhan, chairman and Managing director of Oikoshreem infra private limited. Saubhagya has completed his higher studies in London and as a young entrepreneur, he chooses to invest his time and knowledge in the real estate business. He did research a lot before going into real estate. In his research 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 where only large developers but no large distributor.
He realized that states like UP have still lacked a professional real estate service firm of Global standard and it firmly adds value to the client investment portfolio.
By taking the opportunity he decided to start his journey from Lucknow as the city 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.
A sweet home is every person’s dream and people often hassle a lot for it but Saubhagya has been making this path easier for the people with Oikoshreem. Oikoshreem 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. Olkoshreem markets cover 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 priority that his company gives to the customer makes him stand higher than others. Apart from hassle-free service, they offer health insurance on the sale of their products and have subsidized registry charges to women contributing to women empowerment campaigns.
COVID-19 has caused a shortage of money in the market and a feeling of uncertainty in everyone. Payments are often delayed in this period and payment defaults is a hard reality but luckily Oikoshreem is untouched by it as 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.
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%.
COVID-19 has disrupted the regular construction supply chain everywhere with delay in the supply of construction materials and a shortage of laborers, it has led to the delay of delivery timelines of ongoing projects. Saubhagya and Oikoshreem are coping up with the situation with practical solutions. The Ministry of Housing & Urban affairs had already extended the deadline of projects by 6 months and further up to 3 months ad-hoc and with unlocking 5.0 critical labor shortage in the domestic market has decreased. Govt. is trying best to manage the situation, RBI has given liquidity Investors to NBFCs so sustained cash credit line can be maintained but the Current situation makes investor nervous to invest right now into new commercial real estate deals but Saubhgya believes that post-launch of vaccine, market confidence will be restored and investments cycle will be rejuvenated.
With the ongoing pandemic, the real estate business is witnessing a new trend as the customers avoid going outside or investing in grand and luxurious real estate projects. Oikoshreem under the leadership of Saubhagya can adapt itself with every new trend, they can reach desperate buyers in immediate need of moving into their apartment but still, he can’t nullify the fact that big-ticket size units are harder to sell in the present market. A new trend can be seen among tenants in the post-COVID world that everybody wants to pay their EMI’s towards owned apartments rather than rent. This upgrading class of new homeowners is a strong hope for the industry.
As a managing director, Saubhagya has constantly proved himself as a star performer. He has handled challenges and outshone his competitors. Challenges are part of his job so he is not afraid of them and even in the corona crisis he is handling everything appreciably. In the hardship he follows his heart and always does what is right for the customer, his customer is always his priority. He firmly believes that patience and perseverance are two characteristics that every leader should possess. He is a reader and a learner who always craves knowledge. As a leader, he is optimistic toward the future but he is always ready to face the awful days also.
Real state is the key factor behind emerging markets and India is no exception in it. Real estate always goes through ups and downs and Saubhagya believes that if you are brave enough to take the risk then you can surely be the master of fortune. Government initiatives like REIT funds, etc., the sector will surely receive an FDI inflow, As per the notion of Saubhagya with the right checks and balances induced in the system to decrease the risk rate and make the system moderate, the future is favorable.
There has been a 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 consider Saubhagya opinions the special COVID 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. Oikoshreem and other marketing companies will be benefited from the ongoing demand revival and consolidation in 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.
NRI investment in real estate 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.
Real estate is looking for a fresh start in 2021 and Saubhagya and oikoshreem are ready for the coming challenges and opportunities. As an organization they have set high goals for themselves and are working vigorously to achieve it.