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One of the largest Institutional Channel Partners (ICPs) in India, 360 Realtors has sold 112 units during the lockdown with a Gross Transaction Value (GTV) of more than Rs 105 crore through online bookings. The company has also announced that it will be contributing INR 25,000 from now on for every deal closed to the PM CARES fund, starting from the previous Saturday (11th April). The sales volume is nearly equally split between residential & commercial assets.
Despite the sector taking a beating due to the compulsory lockdown, online sales are enabling Realtors to neutralize the knock-off effect to a great extent. In the foreseeable future, realtors are expected to invest more in building digital capabilities to facilitate online sales. Although until a few years back, it was a little difficult to imagine Real estate being sold as stocks over the web. However, challenges such as COVID are inflection points that can bring in behavioral changes in major stakeholders involved.
Numerous factors have helped 360 Realtors to clock decent sales despite economic activities coming to a near halt on account of the shutdown. Old funnels got converted and many of these deals were from the NRIs who are contributing in bigger numbers than the domestic buyers. NRI buyers are leveraging the sudden plunge in the value of Rupee due to the FII outflows from Indian financial markets. The dampening of the value of Rupee will reverse once normalcy is restored. Hence, NRI buyers would want to cash in on the moment.
Post COVID-19, since the situation will normalize, the sales volume is expected to revive and buyers who wished to buy during the festive seasons will come back.
"It is the result of the online activity being done by the potential buyers who are getting enough time to discuss & research on properties. This is infusing momentum in the market. Once the crisis subsides, the sales figures will see a remarkable upturn", quoted Mr. Ankit Kansal, Founder & MD, 360 Realtors.
There is also notable interest in mid-sized commercial assets. As the stock market is seemingly volatile, many investors are now scouting attractive deals in the commercial space, backed by elevated rental yields and attractive capital appreciation. The sweet spot is INR 20-40 Lacs properties.
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