‘Housing sales down 75% due to Covid-19 pandemic’ – Times of India: NEW DELHI: Housing sales are estimated to have plunged by round 75 per cent after the outbreak of the coronavirus pandemic, forcing builders to supply reductions and higher cost plans to spice up gross sales, property brokerage firm 360 Realtors mentioned on Saturday.

‘Housing sales down 75% due to Covid-19 pandemic’ – Times of India

Addressing a digital press convention, 360 Realtors founder and MD Ankit Kansal mentioned the corporate bought 400 models throughout April, 33 per cent decrease as in comparison with the identical month final 12 months. Practically half of the gross sales have been pushed by NRIs.
“Housing gross sales are down 70-75 per cent over the past three months in contrast with the pre-COVID degree,” he mentioned.
Actual property builders and property brokerage companies are adopting digital mode for gross sales and advertising and marketing however potential homebuyers are cautious on account of uncertainties, Kansal mentioned.
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On pricing, Kansal mentioned the builders haven’t lowered the essential promoting costs, however they’re sweetening the deal for critical patrons by way of reductions and engaging cost plans.
Requested about its operations, he mentioned the corporate bought properties value Rs 4,400 crore on behalf of builders and posted a income of Rs 180 crore over the past fiscal 12 months. Out of the overall gross sales bookings, round 85 per cent was housing and the remainder business.
“We expect 20 per cent development within the 2020-21 monetary 12 months regardless of pandemic. Housing market is not going to develop however the share of organised builders and organised brokerage companies will improve,” he mentioned.
On job losses and pay cuts, Kansal mentioned the corporate has not laid off its staff submit lockdown however salaries have been lowered by 20-50 per cent.
360 Realtors has 1,200 staff at current.
Aiming to develop enterprise, the corporate will organise 10 digital property exhibitions ranging from Saturday and is concentrating on to realize gross sales bookings of round Rs 1,000 crore. These occasions shall be carried out at Pune, Bengaluru, Mumbai and NCR in India, and Dubai, Kuwait, Bahrain, Oman and Qatar within the Gulf.

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