‘Housing sales down 75% due to Kovid-19 epidemic’

‘Housing sales down 75% due to Kovid-19 epidemic’

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Property brokerage firm 360 Realtors said on Saturday that housing sales are estimated to have fallen by up to 75 percent after the outbreak of the coronovirus pandemic following the outbreak of the Korean virus epidemic.
Addressing a virtual press conference, Ankit Kansal, founder and MD of 360 Realtors, said the company sold 400 units during April, a 33 percent decrease from the same month last year. About half of the sales were conducted by NRIs.
“Housing sales during the last three months are down 70–75 percent, lower than pre-COVID levels,” he said.
Real estate developers and property brokerage firms are adopting the digital mode for sales and marketing, but potential homebuyers are cautious due to uncertainties, Kansal said.
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On pricing, the consul said the builders did not lower the basic selling prices, but they are sweetening the deal for serious buyers through discounts and attractive payment plans.
When asked about its operations, he said that the company sold assets worth Rs 4,400 crore on behalf of the developers and earned revenue of Rs 180 crore during the last financial year. Of the total sales bookings, about 85 percent was housing and the rest commercial.
“We are expecting 20 percent growth in the 2020-21 fiscal year despite the epidemic. The housing market will not grow but the share of organized builders and organized brokerage firms will increase,” he said.
On job losses and pay cuts, Kansal said that the company has not stopped the post lockdown of its employees, but 20–50 percent reduction in salaries.
360 Realtors currently has 1,200 employees.
With an aim to grow the business, the company will host 10 virtual property exhibitions starting on Saturday and aim to achieve sales bookings of around Rs 1,000 crore. These events will be held in Pune, Bengaluru, Mumbai and NCR in India and Dubai, Kuwait, Bahrain, Oman and Qatar in the Gulf.


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