Housing sales are down by 75 per cent after the coronavirus outbreak forcing developers and real estate businessmen to offer discounts and better payment plans to boost their sales, property brokerage company 360 Realtors said on Saturday.
While Addressing a virtual press conference, Ankit Kansal, 360 Realtors founder and MD, said the firm sold 400 units in the month of April against 33 per cent lower during the same period of last year. Nearly half the sales were driven by NRIs.
“Housing sales are decreased by 70-75 per cent during the last three months against the pre-COVID months,” he added.
Real estate businessmen and property brokerage companies are adopting the new digital methods for increasing their sales and marketing, however, the prospective customers are cautious due to uncertainties, Amit Kansal further said.
Meanwhile, the builders have not reduced the standard selling prices but they are sweetening the deal for the buyers through discounts and attractive payment plans, Kansal added.
Kansal when asked about its operations, said the firm made several deals worth Rs 4,400 crore on behalf of developers. The company also posted a revenue of Rs 180 crore during the last fiscal year and out of the total sales bookings, about 85 per cent of it was housing and the rest commercial.
“The firm is expecting 20 per cent growth within the FY 2020-21 in spite of the continuing pandemic. The housing market itself will not grow but the share of organized builders and organized brokerage firms will increase,” he added.
On job losses and pay cuts, Kansal commented the firm has not laid off its employee after the lockdown, however, their salaries have been reduced by 20-50 per cent.
Currently, 360 Realtors employs 1,200 employees.
Focusing to grow their business, the firm will organize ten virtual property exhibitions from Saturday. They are targeting to achieve sales bookings of around Rs 1,000 crore. These events will be conducted at several places including Bengaluru, Mumbai, Pune, and NCR in India, and foreign countries include Bahrain, Dubai, Kuwait, Oman, and Qatar.