COVID-19 fails to dampen real estate sales at Arihant Superstructures

Arihant Anaika

Finally, here is a piece of good news if you are in an investor in the real estate sector: Arihant Superstructures, one of the most prominent residential developers in the Mumbai region, sold a whopping 250 residential flats during the month of April and May — which coincided with the peak of the second wave of COVID-19 in India.

This is not only a strong performance for the COVID-impacted period, but can be counted among the strongest performances in the company’s history.

For example, during 2019-20 — the year before COVID hit India — the company had managed to sell only 874 flats for the entire year — a run-rate of 73 flats per month.

In fact, the number of flats sold by the company in the two peak COVID months of 2021 is higher than the total flats sold during most quarters in recent years.

The company launched the fifth tower of its Anaika project in Taloja, New Bombay, during this period and has started excavation work.

The fifth phase consists of 400 flats in the same price range of Rs 28 to 45 lakhs. The fourth phase had been launched in late 2019.

It also launched another project, Advika, located in Vashi, Navi Mumbai. The project, comprising 300 flats, is targeted at the well-off and is expected to generate sales of Rs 600 cr at an average of Rs 2 cr/apartment.

In an update on the COVID-19 situation, Arihant Superstructures called the sales momentum “high” despite the lock-down and uncertainty, particularly in the worst affected state of Maharashtra.

“We expect the sales environment to remain buoyant for our projects going forward,” it said in its update released overnight.

CONSTRUCTION IMPACT

The company also belied fears that the shutdown had caused massive disruption to construction activity.

Wave 1 of COVID-19 had seen tremendous disruption in construction activity, both due to enforced lock-downs as well as the reverse migration of construction workers from big cities to their villages and home towns.

This time, going by the company’s update, it is a different situation, even though the severity of the pandemic has been much higher than last year.

“As regards to execution, the company is pleased to update that construction activity at all projects is being carried out in full swing,” it said, adding that it is taking suitable precautions to protect the workers.