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13 August, 2020
In the past few years, the Indian realty sector was going through a few hurdles which were further exacerbated by the outbreak of COVID-19. Home sales have fallen considerably, leaving the developers in trouble. At times like this, a number of developers are offering attractive deals to help boost the sales. These deals range from simple discounts to free gifts and furnishing. For example, a number of developers are offering free ACs, modular kitchens and other appliances. Several others are launching deals such as cashback schemes, refundable booking amounts, etc.
For instance, the Lodha Group has come up with the lowest ever interest rate of 5.99% on home loans. Moreover, the buyers would initially be required to pay only INR 1.98 lakh for the property.
In many cases, the developers are offering free membership to clubhouses and free car parking space. As currently a large number of potential homebuyers are finding difficulty in buying properties due to financial issues caused by the pandemic, such offers are selling well. Several developers are also coming up with innovative offers. For example, one of the developers has offered to sell an existing property of a homeowner if the person books a new property with that developer.
The real estate sector is going through a number of changes currently. These include a change in the demand trend among homebuyers. With the pandemic requiring people to stay home, the demand for homes in integrated townships and complexes with large varieties of amenities is on the rise. Most homebuyers are eyeing properties with sufficient lifestyle and recreational amenities so that they can stay active and entertained without having to travel outside.
Another trend in the realty sector is the rise in demand for homes in residential projects which offer commercial amenities. These include business centres, office spaces, etc. with necessary infrastructure. This is due to the growing ‘work from home’ trend as a result of the pandemic. Homebuyers are also looking for housing complexes which come with shopping centres and convenience stores within them.
Even before the COVID-19 pandemic struck, the real estate sector was going through hard times which emerged as an initial side effect of a number of tax reforms, demonetization, the introduction of GST, etc. The problems got further aggravated by the pandemic, which brought almost every industry, including real estate to a slowdown. However, the need to live in one’s own home for the sake of health and safety has led to a sudden surge in the demand for homes. This, together with the various deals the developers are offering is expected to help the realty sector recover.