- Nearly 2.70 lakh ready-to-move-in homes will be up for sale for home buyers on industry body Naredco’s new online portal
- India’s real estate sector has been witnessing a prolonged slowdown that only got exacerbated due to the pandemic and its impact on jobs and the economy
Real estate developers are looking to push home sales through new digital platforms amidst the covid-19 pandemic, when housing sales have sharply dropped in the last few months.
Nearly 2.70 lakh ready-to-move-in homes will be up for sale for home buyers on industry body Naredco’s new online portal, that plans to unlock affordable and mid-income projects worth ₹1.21 lakh crore.
Two digital platforms, a digital app by Credai called ‘Awaas’ and Naredco’s online marketplace were launched for buyers on Friday. Industry body Naredco’s new portal ‘Housing for All’ attempts to connect buyers and builders directly on its platform, and close sale transactions at a quicker pace and at effective prices.
India’s real estate sector has been witnessing a prolonged slowdown that only got exacerbated due to the pandemic and its impact on jobs and the economy.
Home sales in Tier 1 cities in the June quarter, according to a recent report by Liases Foras Real Estate Rating & Research, dropped 59% to 26,379 units compared to the March quarter. The top eight property markets across the country have unsold stock of 960,992 units, the report said.
Hardeep Singh Puri, union minister for housing and civil aviation said the e-marketplace for homebuyers and implementation of the affordable rental housing policy will change the dynamics of the sector.
“…The affordable rental housing policy is necessary for migrant workers who cannot afford buying houses and also for younger professionals in the cities. The government has been speedily working towards meeting the ‘Housing For All’ targets,” Puri said.
Eight months after the cabinet approved a Rs25,000 crore special window to provide funding to housing projects that are stuck with the aim of reviving the real estate sector, finance minister Nirmala Sitharaman last week in a review meeting said that 81 projects have been approved so far. The 81 stressed projects have been approved under the Special Window for Affordable and Mid Income Housing with an investment of ₹8767 crore.
Puri on Friday also said the government will soon allow 100% foreign direct investment (FDI) in affordable rental housing and the real estate sector, like civil aviation, will have a ‘Permanent Working Group’ to attend any issues or matters for faster decision making.
“The real estate sector needs an immediate demand shock and unlocking the potential of unsold housing inventory is the immediate remedy. This e-commerce platform will not only disrupt the sales process but also instil confidence among stakeholders like consumers, developers, banks and financial institutions,” said Niranjan Hiranandani, national president, Naredco.