Hippo Stores, an construction material store from the house of Dalmia Bharat Group has leased 50,000 sq ft of capacity store in Mayapuri, Delhi, and 100,000 sq ft of warehouse space and has finalised another 50,000 sq ft in Noida, Amit Garg, CEO-Hippo Stores told ET.
The capacity store houses all building products and company is targeting to facilitate construction of G+4 buildings.
“Home owners who lack the product knowledge are swayed more by product availability and price because of being unaware. With Hippo Stores, there is the possibility to consult with 35+ product experts, unbiased to any brand, for the customer to know what suits him the best,” said Garg.
For the next 1-2 years, Noida and Mayapuri stores will be the focus of company as it feel the opportunities in the Delhi NCR is huge with around Rs 34000 crore of investment required.
According to an study by the company, there are 34,000+ retailers across Delhi NCR and 10,000+ construction sites (all individual residential construction, industrial & commercial construction).
“We have seen the prices are going up. There are two reasons behind this- One is that the global supply chains are being disrupted. Factories were closed, raw material was not available. Commodity prices are going up, and steel and copper prices are also increasing. Everything is adding to that,” Garg said.
After the economy opened up, there has been an increase in cement demand in certain pockets. While there has been a price rise, there has also been a demand increase.
Pent up demand disruption and global supply chain were the reasons behind reduced construction activity, and the construction activity is expected to pick up again.
Source : Economic Times
