COVID discount has come in play in real estate, home buyers are asking for reduction in prices due to the pandemic. Brokers asked to look for distress sale properties.
By Varun Singh
Real estate enquiries have started flowing in, and real estate brokers and builders are receiving a lot of call too.
Take example of Amit Bathija, a realtor from Bandra, who has been receiving a lot of queries from home buyers.
According to Bathija, most home buyers are calling and asking him, if he can arrange properties with COVID discount or that of distress sale for them.
So what is COVID discount, another realtor Rajiv N Jain of Ruchika Shelters explains it this way. “The market sentiments are down, there are many builders looking for sales. Homebuyers are fully aware about this situation and hence they are asking for COVID discount.”
Jain says, he recently had home buyers who openly asked for discount and called it COVID discount.
COVID discount if one has to understand in simple words then it is buyers looking for builders, re-sellers to sell properties at reduced prices.
A barrage of ministers and Industrialists had asked developers to reduce prices, and the same is being asked by many home buyers too.
Already Mumbai is witnessing a trend where posh localities like Nariman Point, Mahalaxmi and others are seeing deals going below ready reckoner rates.
Bathija says he spent his Wednesday looking for distress sale properties. “Maximum enquiries are for distress sale properties, home buyers are looking for COVID discounts. I am now making a list of such properties,” he said.
The trend is visible in all the locations including Navi Mumbai. Manohar Shroff from Navi Mumbai area says, he was approached by a builder recently who was looking for a property that was available at a discount.
Jain and Shroff both say that many home buyers are looking for discounts which are huge and unrealistic. Shroff says, many want 50 per cent discount, while Jain says home buyers are looking for as huge as 40 per cent discount.
Siddhant Gupta a realtor from Andheri area has the same story. He says, that most people coming to him are asking for for distress sale property. “Builders are also reducing the prices considerably, home buyers want to invest in properties where rates are being reduced.” he said.
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