The complete lockdown has stopped the construction and disrupted sales. It has financially weakened players who may have a tough time, and spiral a new wave of consolidation. “We think that the reputed developers may dominate. We assess that 4.7 lakh residential units planned to complete in 2020 may face completion hurdles,” says Santhosh Kumar, vice-chairman, Anarock Property Consultants Pvt Ltd at the 8th edition of India Kitchen Congress (IKC), held on June 20.
According to Kumar, the heat of Covid-19 outbreak was felt in Q1 2020 itself with new launches and sales down by 42% from the previous year. However, the pandemic will not impact the focus on affordable & mid-segment. “The share of affordable & mid-segment will be over 70% in the project launches pie. The kitchen and cabinet industry should tap into this segment with innovative product offerings relying largely on local carpenters,” he explained at the inaugural session of IKC ‘Virtual’.
Watch Santhosh Kumar’s full presentation about potential real estate markets for the kitchen industry here.
The next session of IKC ‘Virtual’ will go LIVE on June 27 at 3:00 PM. Kitchen industry leaders will meet for the CEO Round Table to discuss ‘Is Disruption the New Normal’. On the panel: Hetal Iyer, Godrej Interio; Kirti Joshi, Spacewood; Srikanth Iyer, HomeLane; Khanindra Barman, Würfel Küche; Deepak Bharadia, Meine Küche India.
Also read: India Kitchen Congress ‘Virtual’ Kicks Off; Maiden Session Deliberates on New Ways of Living
Also read: India Kitchen Congress CEO Roundtable Discusses Strategies for the New Normal