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Covid-19 Impact: 44% of real estate projects offer discounts to boost sales

July 29, 2020: The pandemic has forced developers to offer price discounts across projects in all the major cities to push sales. As many as 44% projects offered discounts.

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Delhi- NCR showed the maximum decrease in prices by 9% while Bengaluru, Chennai, MMR and Pune showed a decrease of 4 percent. In MMR, over 1,712 projects offered discounts followed by 1008 projects in Bengaluru. In Delhi-NCR only 335 projects offered discounted schemes.
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Discounts were packaged in the form of quarterly change in builder quoted prices, discount on account of GST rebate, stamp duty/registration fee waiver, cash discounts, online booking discounts, offering free commodities like a gold coin, modular kitchen, car parking, white goods and discount on account of subvention schemes.

The discounted prices were estimated considering the impact of discounts and schemes developers offered during this quarter.

The discount is resultant from the Covid-19 impact. Reduced sales and piled up inventory have compelled developers to consider offering discounts and schemes which has led to city-level reduction in prices by about 4% on a quarter-on-quarter basis and 5.4% year-on-year basis. These discounts are expected to continue beyond the festive season.

More builders are expected to dole out discounts and freebies during the festive season which will lead to a further price reduction. Discounts are expected to continue as debts and inventory have started to pile up and will be way too difficult for builders to hold.

Sales witnessed the maximum drop in Bengaluru by 64 percent followed by MMR by 62 percent, Ahmedabad by 61 percent and NCR by 60 percent.

Unsold units decreased by 3 percent on a quarter-on-quarter basis and the current unsold across top 8 cities stands at 960,992 units. It decreased across the cities despite the low sales due to fewer new launches.

In Mumbai, the quarter-on-quarter sales decreased across suburbs with maximum reduction in New Mumbai by 82 percent followed by Central Suburb and Island city each by 68 percent, Panvel (66%), Western Suburb Extended (62%), Western Suburb (59%), Central Suburb Extended (58%) and Thane (43%).

In Delhi-NCR, the quarter-on-quarter sales decreased by 60 percent and the maximum drop was seen in Gurgaon by 71 percent followed by Faridabad, Bhiwadi, Ghaziabad, Noida, and Greater Noida.

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