Building material industry records sharp surge in sales

Given the rising residential housing demand, which has already breached pre-Covid levels, real estate ancillary industry is also set to reach the pre-Covid sales levels. In fact, demand for housing units is continuously going up and the construction materials supply has to keep pace with the demand. Amit Garg, CEO-Hippo Stores, Dalmia Bharat Group, informed that their target is G+4 buildings and as per estimate, the market for low rise is ₹34,000 crore in Delhi-NCR alone. The Indian building materials sector continues to grapple with the widespread challenges of accessibility and quality of offerings. For high-rises, the developers directly tie-up with the company and to come up with construction material wholesale stores for individuals and those involved in low rise construction. Companies like Saint-Gobain and GROHE are focusing on innovation such as soundproof windows for people working from home, while construction companies have recorded an increase in demand for independent houses and low rise floors. Covid-19 has completely changed the importance of home lives. Home is where one ends up spending a lot of time with work, study, and leisure happening at home. Home construction has suddenly assumed a lot of importance and homeowners are not hesitant to spend on larger spaces. They want the comfort of various kinds, acoustic, thermal, visual, automation, hygiene, and modularity, said Hemant Khurana, Executive Director, Home & Hospitality Business, Saint-Gobain India. The company has focused on providing home solutions to consumers through MyHome, a luxury range of shower cubicles to provide end-to-end solutions. According to an ICICI Securities report, volume growth for major branded building material categories is likely to accelerate QoQ in Q4FY21 driven by growth traction in the secondary real estate market and pent-up demand in the renovation and refurbishment segment. Hocomoco, a residential and commercial renovation provider, said the company has reported close to 100% y-o-y growth as the demand for independent houses has increased. People are willing to live far away, in the peripheral area of a metro city as they are looking for open spaces. This trend is visible across India and that the company is adding 3-5 projects every month. Likewise, people are also open to using the newest technology while constructing houses. The Covid induced lockdown pushed demand for houses and people prefer construction technology for fast and safe construction.