In a pandemic hit economy, the country’s real estate sector has started to revive like other sectors as instalment collection on previous sales is now gradually picking up. Credit goes to the government for its timely policy and financial support.
As a report published in this daily on Saturday, both the sales and instalment collection witnessed a rise over the last three months following the government’s announcement of stimulus packages for revival of the business.
Developers should focus on maintaining
the upward trend in the real estate sector
which currently exists
Various realtors who have been affected by COVID 19 have received low-interest loans from the government’s stimulus package. This significantly helped to complete their ongoing projects. Other benefits like untaxed income to purchase land or apartments, granting bank loans on single digit interest rate and reduction of flat registration tax helped in boosting this sector like never before.
The consumers will now show greater interest in the market. Diverse selection of properties will now be available in the market, for both rent and sale. As a result, property searching will rise again. For ongoing projects the realtor should now reduce the price, give discounts or take other marketing initiatives to increase the demand and attract new buyers.
Realtors should also be aware that this might create a lot of discontent amongst those who have already bought the apartments at higher prices. Those customers now may demand a price drop or threaten to cancel their booking. Therefore, the developers should focus on maintaining the upward trend in the real estate sector which currently exists.
