Top realty players in Bengaluru are rolling out deals and discounts on listed prices through a series of schemes in their bid to boost home sales that have slowed down amid the pandemic outbreak. The deals are being offered in various forms including a slash in booking amount that is fully refundable with no cancellation, subvention schemes, price protection offers, rental assurance and EMI holidays. Those homebuyers who do not wish to opt for such schemes are being offered discounts in advance on the sales price.
There has been a surge in ready-to-move-in homes and villas in the recent times in the metro city, however, with the imposition of nationwide lockdown, the housing sector, like any other sectors, has taken a backseat. With the lockdown being lifted slowly, builders are now rolling out exclusive offers to kick-start house sales once more. “For homebuyers, this is the best time to buy luxury and rent yielding properties since these offers will be available only for a short duration,” said Bhavesh Kothari, founder & CEO of Property First.
Though the increment in footfalls is below average, realtors are putting their best foot forward to uplift the housing sector. Pradeep Joe, chairman, Confederation of Real Estate Associates of India, said that the interested homebuyers have a lot more choices since builders want to offload their inventory. “The discounting is to meet the client’s expectations for faster closures and cash flow mobility,” said Samir Arora, honorary secretary, National Association of Realtors, India. With realtors willing to sell properties at attractive prices, buyers have the upper hand in finding the home of their dreams now more than ever.
According to JLL, Bengaluru had contributed the most in housing sales in the first quarter of 2019 however, the lockdown has caused the housing sales to dip by more than 50 percent.