Online home fest logs sales worth Rs 1200 cr

The month-long online home shopping festival Home Utsav by Housing.com, which is a part of Elara Technologies Pte Ltd., generated sales of Rs 1,200 crore in October for over 350 residential projects showcased during the festival. In the second successful edition, the online home fest brought more than 600 developers and brokers on board this time. A range of properties, from affordable to affordable luxury and from luxury to super luxury and from under-construction to ready-for-possession homes, priced between Rs 14 lakh and Rs 16 crore were showcased during the festival. Leading developers also offered deals, including free international vacations, stamp-duty and GST waiver, flexi-payment schemes, get-rent-till-possession offers, gold coins, free modular kitchens, air conditioners, Harley Davidson motorbikes, maintenance-charge waivers, cashback offers and festival cash discounts.

According to Mani Rangarajan, Chief Business Officer, Housing.com on the basis of the number of inquiries received Mumbai, Pune and Noida had emerged as top destinations. Most of the customers looking for a property were in the age group of 25-34 years and  about 40 per cent of inquiries were received for 2BHK units, while 3BHK units grabbed got 26 per cent of the total share. 1BHK units managed 22 per cent share in the inquiries.

Real estate set to become largest growing sector

Indian real estate sector with its potential to touch $ 1 trillion by 2030 is set to become the largest growing sector in the Indian economy, as per a recent business conclave held by the Indo European Business Forum in London. The event also discussed the investment opportunities offered by the sector and its contribution in the growth of India economy in the coming decade. 

The growth witnessed by the Indian real estate sector has made it a lucrative sector for investment as Private Equity and Venture Capital investments in the sector reached  2.99 billion during January-August 2018. Private equity investments in real estate are estimated to grow to $100 billion by 2026 with tier 1 and 2 cities being the prime beneficiaries. — TNS