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Gudi Padwa 2020 is seeing lowest property sale of the decade

24 Mar 2020

Gudi Padwa is a festival which is celebrated as New Year by Hindu marathas and Hindus living in the central part of the country. People buy new things as a positive beginning for the year and life. New vehicle, New Property or any new electronic device at home are the standard things people buy or spend on.

This year it's going to be on 25Mar2020, but it is not a good time for the real estate sector and other businesses due to complete lockdown at nation level.

Refer Link for more information on “How is Real Estate sector dealing with CORONA Virus shutdown?”

As many cases of positive tested coronavirus are seen in Mumbai, Pune and other parts of the country, it is announced by the state & central government to shut down public places like Schools, Colleges, Malls, Entertainment Zones, Corporate Business Parks, Hotels, etc. This impact has demotivated builders and now they are planning to postpone their upcoming projects after checking low number of project site visits.

In this current budget 2020, Maharashtra State Government decreased stamp duty of 1% in some key markets to assist property sales. The report says this GudiPadwa week is unsatisfactory for real estate and new launched projects too because Maharashtra is badly impacted with corona lockdown so this festival would be silent.

As per 3BRICK.com team, this virus has impacted hopes of relaunch, and from the last two weeks project site visits and sales have decreased. As per government orders even people are staying and working from home only, so because of this people are muted and now it is requested by the government for involvement in bringing back the strength of this sector.

 This year too many expectations were there for the Gudi Padwa festival but with the outbreak of Coronavirus, site visits for new launched projects and sales have reduced down by more than 70% from last week. Even website traffic on real estate websites like 3BRICK.com has reduced and it is very low as compared to last month. Vijay Jamdar [Founder & Business Head of 3BRICK.com] says, buying a property is always the 2nd or 3rd priority for the majority of people. So according to him medical Savings, Insurance & daily basic requirements are top priorities. Hence, real estate is going to experience a hard hit because of this 2020 Corona Lockdown.

Many advisory on social distancing that is issued by state government will automatically decrease project site visits, that are up to date for making firm purchase decisions. Now builders will observe the current situation as well as total economic side effects occurred in their business and also their income as the liquid assets reduction would increase.

But how, can the real estate sector keep themselves occupied in this lockdown and work for creating the best pounce back when the lockdown gets over:

  1. Real Estate Lead Generation

As most people are sitting at home and occupied themselves with all social media platforms. People who might be interested in buying homes after the lockdown can be tracked easily. Hence, real estate websites like 3BRICK.com will continue with their basic works to engage property buyers in their property search.

  1. Channel Partner Engagement

As most of the real estate sales executives are not engaged with property buyers or having free time from attending site visitors. They would now find the best time to talk to their channel partners about issues they are facing in the business operations and work on building a better strategy to generate property buyer leads with help of real estate websites like 3BRICK.com to work on it after the end of lockdown.

  1. Make Property Buyers happy

This is the time when the country is gonna be at complete lockdown due to Corona Virus issue till April2020. Most property buyers are gonna hesitate to invest in big projects. Builders should find a possible way to give best offers for property buyers to help them get interest in site visits when lockdown ends. Other sectors should ideally not get that affected as compared to real estate. So, lets keep positive hopes to recover from this slowdown as quick as possible - says Vijay Jamdar [Founder & Business Head of 3BRICK.com]