Godrej Properties Noida Sold 500 homes amid coronavirus crisis in Q420

Corona Virus is the biggest hamper to the real estate sector world wide and specially for INDIA since the lockdown has imposed to the country, but some exemptions in the market always, similarly Godrej Properties has created the history in lockdown period it doesn’t take an expert to inform you that one among the worst hit sectors thanks to the coronavirus pandemic and subsequent nationwide lockdown is land. After all, estimates suggest that 15.62 lakh under-construction homes would be delivered late to buyers and therefore the property market might be reeling under Rs 1 lakh crore loss.

However, Godrej Properties one of the largest real estate developers in India managed to sell whopping 500 homes within the second-half of March, accounting for a powerful 17 percent of its quarterly sales.

Godrej Properties has launches 2 project in Noida Godrej Palm Retreat Sector 150 Noida & Godrej sector 43 Noida, before the lockdown and the prospects was done before this hard period but some of the developers are not able to convert these Prospects into the customers but Godrej Group has crated the history in the 4^th quarter and made the 500 bookings within a very short time period. Godrej Properties Noida has sold the property more then Rs 2,380 crore. Records suggest that these numbers were a private high for Godrej Propertie’s in any quarter of FY20.

Lockdown has created a fear factor about real estate sector because the main impact of lockdown hits construction but Godrej Properties Noida capable to create a faith on Customers beside the Lockdown. “Despite the lockdown and every one on-ground activity halting across the country, top developers are ready to resume a minimum of 15 to twenty percent of business thanks to increased digital penetration.

The fact that home purchases could begin to regain a number of its lost mojo, comes as great news especially within the midst of an depression. However, the explanations are understandable. There are many reasons behind the rise in the booking of Godrej like customers have more faith on Godrej Properties that they have the good reputation in the market and have the good balance sheet and they are the few of them builder who will surely complete the project on time. We have seen the huge booking in Godrej Golf links Project located in Greater Noida and Godrej Palm Retreat sector 150 Noida, where’s the developer has already started the construction.

“Just before Covid-19 made landfall in India, the Indian financial sector was in turmoil within the wake of PMC and Yes Bank crises,” Thakur said and added, “This raised safety concerns and weakened the appeal of letting money remain in banks.” in fact , depleting interest rates on savings bank accounts and glued deposits furthered this thinking.

While there has been talk about developers slashing prices of completed projects within the hope of selling more and selling faster, not most are buying into the philosophy. “These prices have corrected and are already their lows,” said Mohit Goel, CEO, Omaxe Limited, “Any further correction is unlikely and costs are likely to stay steady.”

Nonetheless, it remains to be seen whether homebuyers would capitalise or not on this obvious buyer’s market. This is able to only be known within the next few months.