industry

Real estate developers report uptick on sale during festive season


Real estate developers and brokerage firms have reported upto 100% increase in the sale during the festive season as buyers took benefit of low interest rates and discounts offered by the builders.

Many developers and consultancy firms also rolled out incentives for employees on the back of good sale.

“We have distributed cars, home and cash to most of our employees as the sale increased in comparison with last year. The employees faced tough time during covid and this was the best opportunity to thank them,” said real estate consultancy Investors Clinic’s corporate director, Sachin Arora, whose team flying tiger sales armour received incentives worth Rs 20 crore.

While overall sales numbers for the quarter will be out only in January, developers say that this festive season was everything all sector stakeholders hoped for.

“If the numbers for the July-September quarter are an indication, the industry is set for a turnaround during this festive season. Almost all the major developers are set to launch new projects during the current quarter, which will further boost the market sentiment and encourage more new home buyers to embark on their home buying journey,” said Dhruv Agarwala, Group CEO, Housing.com.

Amid banks offering home loans at 15-year low interest rates, demand from the mid-segment buyer has also improved. This segment along with affordable housing is expected to play a dominant role in driving up overall sales numbers during the rest of the festive quarter.

“This festive season was quite overwhelming for most of the developers including us , around 30-35% of yearly budgeted numbers have been achieved in last 45 days that can be attributed to the fact that, following COVID-19 first wave, people have realised the importance of owning a home and having a sense of security amid uncertainty and the transformed work culture to WFH or new way of life,” said Sandeep Katiyar, CEO, 1 OAK.

Realty developer Smartworld’s two project Smartworld Gems and Smartworld Orchard, clocked combined sales worth Rs 2,000 crore within two weeks of the launch.

Another Gurugram based real estate consultant, Elite Landbase said that it sold approximately 4,50,000 sq ft area during the festival season valuing Rs 425 crore. The previous year turnover was Rs 290 crore during the same period.

“We witnessed a significant increase in the sale of SCO plots which was closely followed by residential plots and independent floors,” said Navdeep Sardana, Founder and CEO, Elite Landbase.

The company is expecting to achieve Rs 700 crore sales till December 2021.

Considering the current demand-supply trends, the company plans to focus more on residential properties in the mid ticket size in the price range of Rs 1 crore onwards.

“We used to sell 24 units in a month and during the festive season it reached almost 50. We expect the momentum to continue as the buyers are now willing to invest in under construction properties as well,” said Sanjay Sharma, Director, SKA Group.

Realty firm Trehan Group that focus on luxury independent floors in Gurgaon said it has sold 120 luxury floors during the festive season as homebuyers preferred quicker deliveries, quality construction, and amenities.

The fourth floor with terrace was the most sought-after property, said the company, which is still flooded with inquiries for independent floors from prospective homebuyers.

The company has said that it will develop 320 luxury independent floors in different parts of Gurugram.

“So far, it has been a good festive season for us. We have already sold 120 floors and still, there is a lot of demand,” said Trehan Group Chairman Harsh Trehan.

“Besides quicker delivery, a homebuyer also wants best quality construction, all the amenities in the immediate neighbourhood, and of course, the location. The independent floors being offered by us have everything,” Trehan said.

Haryana State has permitted the construction of up to four floors and also allowed separate registration for each floor.

Krisumi Corporation, India’s first Indo- Japanese venture in real estate, has clocked bookings worth Rs 51 crore on 27 units of its maiden project- Krisumi Waterfall Residences in September 2021. The company also achieved a customer acquisition growth rate of 80% Y-O-Y last month.

“At Krisumi, we are committed to redefining the Indian realty landscape through bespoke offerings, best-in-class construction and superior customer service,” said Mohit Jain, Managing Director, Krisumi Corporation.



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