The sale of property has slowdown recently which will affect the business of real estate. Now, the builders are looking for the new ways to boost the sale.
Now, the Builders have started the new way to promote their business. They will display their flats by providing online exhibitions. The sale will be organised by Maharashtra Chambers of Housing Industry (MCHI)-CREDAI, one of the apex builders’ associations. Around 100 builders will do the sale online.
MCHI asserted that the Great Mumbai Property Festival-2016 will be a part of the process to consociate to the buyers. This step will boost the sale of the builders.
The online exhibition will give their customers a platform to talk with buyers According to Dharmesh Jain, president of the MCHI-CREDAI said.
“This will cater to the increase in the buyer’s online activity when it is related to real estate. We have noticed that 40-50 % of the buyers do an online research before purchasing the property. Here we are providing them with 3D views of the projects along with the special discounts that are on offer.” He added.
“The level of trust and transparency has not been attained in the Indian real estate market where buyers will book properties online,” said Ramesh Nair, chief operating officer, Business, James Lang LaSalle (JLL) India, a leading real estate consultancy firm. He added that in the current buyers market, the consumers are bargaining hard. “When you book online, it is a fixed price but here we have buyers who want to negotiate as they are well aware of the current market,” Jain added.
“Online is more of a gimmick as the sector has majority of the buyers investing a chunk of their savings in properties which are valued in crores. The buyers wants to see the property, check the papers as well as know the progress of the work. All these things are not possible online. They prefer the traditional way,” said Vikram Mehta, president, CREBAI.
Currently, online exhibitions of properties were held by Tata Housing and also real estate portals such as housing.com. The prices of the properties have been raised up to exorbitant levels. Moreover, banks have also made things complicated by posing high interest rates on home loans and also stringent lending norms. The government has made things intricated by hiking stamp duty and taxes.
According to real estate research firm Liases Foras, the online exhibition can help generate some leads but sales remain a matter of concern. “The basic issue is affordability and buyers are not in a position to purchase anything here given the exorbitant pricing,” said Pankaj Kapoor, CEO, Liases Foras.
Online exhibit details
The online exhibition can be accessed from www.mchihomes.com
The online exhibition will be held from September 21-October 20.
Approximately 100 builders will showcase their properties online.
Builders will offer discounts and deals in this exhibition.