Realtors Look at Festive Season to Boost Sales
With the festival season finally here, real estate developers in Gurugram are hoping that the last quarter of 2020 would be more fruitful than the rest of the year.
The Covid-induced national lockdown hit the sector hard with sales plummeting drastically. From July to September, with the country relaxing restrictions in phases, there was a noticeable rebound and sales improved, reaching 60% of the pre-lockdown scenario, according to reports by private consultants
But the coming months are a testing time. With Dussehra, on October 25, and Diwali, on November 14, the question that real estate experts are asking is that will the customer invest in real estate?
Developers across the national capital region (NCR) are, therefore wooing buyers with innovative moves — allowing people to buy their property in exchange for their undelivered ones, attractive discount schemes, and flexible payment options.
Market watchers say this could potentially give the sector the boost it has been seeking. “The pickup in sales in the July-september quarter is driven by affordable housing gurgaon and mid-segment housing and by end-users in tiers two and three cities. Around 50,000 home loans under Pradhan Mantri Awas Yojana (PMAY) were distributed by a large pri-vate banks in the last six month. The festive season will see a further jump in sales by about 30%.” said Vinod Behl. a real estate expert based in the city.
M3M, a city-based developer is offering customers a ready-to-move in property in exchange for theirs that may be undelivered Called the ‘Port your property’ plan, this is available to customers of commercial and residential projects, said the developer. “Customers can upgrade their property by opting for a new property from our
portfolio.” said Pankaj Bansal, director, M3M Group.
The Signature Group has decided to offer an immediate cashback of on the occasion of Dhanteras.”The enquiries and sales have increased in the third quarter of the year and we have been able to allot 4,000 properties in the last few months,” said Pradeep Aggarwal, chairman and managing director, Signature Devlopers.
Another Devloper, who did not wish to come on record, said that he has decided to forego parking fees and maintenance fees for three years, and has decided not to charge preferential location cost. Other developers are even offering discount of 1 % to 2% discount on stamp duty charges, which otherwise ranged from 5 to 7% of the entire deal, said Behl, adding that these discounts and flexible payment plans will play a crucial role in converting those who are waiting to enter the market into buyers.
Gaurav Kumar. who is looking to buy a home, when asked whether the current offers made by developers carry weight, said that the present times were the best for an end user to buy a home as interest rate was low.
The present crisis, the experts say is more serious than demonetisation. However, developers are confident that they will be able to sell this year, albeit slowly. “We are not holding large events due to Covid-19 and instead reaching out to buyers with upfront discounts,” said Kamaljeet Singh,VP, Bestech Developers.
Ashish Sarin. CEO. AlphaCorp said that factors like low interest rate, attractive payment plans. government-aided recovery programmes will help the industry do better.
Source : HT