Almost 75% of real estate developers offered discounts to attract buyers in 2020, as the pandemic hit the business and 87% of them said discounts attracted buyers and led to sales, according to a survey by the online real estate platform Nobroker.com.

84% of the automaker said second half of 2020 sales were better compared to second half of 2019 and 76% believe 2021 will be a better year in terms of sales.

“The states that reduced the stamp duty fared better and this is also visible in the survey, where we spoke to over 100 top developers in the country. In general, manufacturers are optimistic and expect sales to improve over the next few months, ”said Saurabh Garg, co-founder and CBO, NoBroker.com.

Few developers in some markets offer moderate price discounts to boost sales, according to a report by an international real estate consultant. In addition, the developers offer attractive freebies, including payment systems like no IME for one year, no stamp duty, etc. to attract homebuyers who have pressed “pause” in recent months.

The survey asked them about the age groups most interested in buying, the price range, the size of the BHK, the policies that worked in their favor, the performance of the second half of 2020 compared to the second half. 2019 when Covid had not fully started.

“Of the two-thirds of developers who offered discounts, 53% said they were offering 0-5% while 40% offered discounts between 5-10%. Most developers were happy with the policies the government announced to stimulate sales and those government policies were relevant to their price bracket, ”Garg said.

According to the survey, 2BHK saw a maximum increase in demand in 2020 compared to previous years.

JLL also said it was a “buyer’s” market with prices continuing to trend down.

JLL said residential sales in the first quarter (January-March) 2021 reached more than 90% of the volumes seen in the first quarter of 2020 (before Covid) in the first seven cities.

Mumbai has consistently been the biggest contributor to sales over the past four quarters. In the first quarter of 2021, Mumbai accounted for 23% of sales, followed by Delhi NCR with a share of 21%.

“The sustained sales growth shows clear signs of a return to demand and buyer confidence in the market. This is due to historically low interest rates on home loans, stagnant residential prices, lucrative payment plans and freebies from developers, and government incentives such as reduced stamp duties in states like Maharashtra and Karnataka (for affordable housing). The ease of the lockdown restrictions and the start of the vaccination campaign also helped bring buyers back to the market, ”said Samantak Das, chief economist and head of research and REIS, JLL.


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