By Varun Singh

Mumbai real estate is seeing a 360 degree change, while developers are already offering discount on their properties, even resale ones are now offering discounts up to 10-20%.

Even in South Mumbai the discounts being offered is that of 10-20%.

“In SoBo, sellers of resale flats are offering up to 10-20% discounts.”

Rajiv Jain, Ruchika Shelters

Jain says, “People over period of time have suddenly found buyers as they have corrected their prices and due to low stamp duty and bank interest rates it’s an attractive proposition.”

The phenomenon of discounts is same across the city. Even in suburbs one can easily find non-developer properties that are being sold at discounts.

Siddhant Gupta of Birckhouse puts it this way, “While in non-developers property 10-20% discount is available there are other properties where further discounts are being offered too.”

Gupta says, “I feel but several bank acquired properties in the market as well are in existence, those are at 30-40% differences almost. Lot of choice for the end users indeed is available in market.”

Resale properties in areas like Bandra-Khar are also available for a discount.

Yashika Rohira, of Karma Realtors says, “A discount of 10-15% is available in this side of the city. The reason being, businesses have been affected, to restore cash flow, some of the owners are selling their properties at a discounted price.”

Also Read: Home Prices To Go Up Or To Remain The Same?

The post Resale Flats Being Sold In City At 10-20% Discount appeared first on Square Feat India.

By Varun Singh

Despite everything coming to a standstill in the country, housing sales has resumed. Many including top developers are selling homes via the digital medium.

According to Anarock Property Consultants, housing business has resumed by 15-20% despite a lockdown.

Godrej Properties in its report to the Stock Exchange mentioned that in Q4 bookings stood at 2,380 crore.

The company sold over 3,000 homes in the fourth quarter. The number of homes sold and the value of homes sold were the highest the company has achieved in any quarter.

Surprisingly the housing sales in Q4 of Godrej included over 500 homes, which were sold in the second half of March. They say this was possible as the company focused on digital sales tools to sustain operations despite the lockdown.

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants, expects that other listed developers will report similar sales figures once they report their quarterly results after the current lockdown extension.

He said, “Every crisis brings opportunities, and Covid-19 is no different. Online home sales are now beginning to gain serious traction. Despite the lockdown and all on-ground activity halting across the country, top developers have been able to resume at least 15-20% of their business due to increased digital penetration. Existing digital sales capabilities are being ramped up rapidly to sustain operations even in the lockdown.”

Even brokers are using online medium to get clients. A housing broker said, “Traditional methods can never be discarded. We are using social media to get to home buyers. Posting pictures, doing live video calls of the home on sale are helpful.”

Developers can target NRIs for housing sales using digital platforms. For NRIs real estate, even more appealing now due to depreciating rupee value.

Also Read: Housing sales to reduce by 25-35% due to Covid19

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