Housing sales down 75%
Housing sales are estimated to have plunged by around 75 percent after the outbreak of the coronavirus pandemic, forcing developers to offer discounts and better payment plans to boost sales, property brokerage firm 360 Realtors said
Addressing a virtual press conference, 360 Realtors founder and MD Ankit Kansal said the company sold 400 units during April, 33 percent lower as compared to the same month last year. Nearly half of the sales were driven by NRIs.
“Housing sales are down 70-75 percent during the last three months compared with the pre-COVID level. Real estate developers and property brokerage firms are adopting digital mode for sales and marketing but prospective homebuyers are cautious due to uncertainties,” he said.
On pricing, Kansal said the builders have not reduced the basic selling prices, but they are sweetening the deal for serious buyers through discounts and attractive payment plans.