Last two months witness relatively better traction in high-end residential sales

BENGALURU: Sales of luxury real estate, properties worth Rs 1 crore, and more, have shown better traction than other segments in the last two months. This pandemic has given an opportunity for wealthy people to buy a property at discounts or through flexible payment options provided by the builders. This does not show a bounce-back of the segment, whose sales have been slowed over the last few years. But it does not indicate to have gone the way the mid-market segment – properties worth Rs 40-80 lakh has. The sales have fallen sharply because of the pandemic, salary deduction, and job losses. CEO of Brigade Group’s residential business Rajendra Joshi said “We have been seeing good traction in high-end apartments and villas in the last few months, those whose areas range between 2,500-4,500 sqft,”
Besides that about apartments worth more than a crore, were sold in August more. In addition to that the embassy, who focuses on premium properties, says it sold apartments worth Rs 75 crore in the last two months, mostly across its projects in north Bengaluru.

“April and May were very muted,” says residential business CEO Reeza Sebast, “. In these months people out in the market now are serious buyers, so we are offering relaxed payment schedules.” The rich people who can buy such properties are seen to have been relatively less impacted by the downturn, less worried about layoffs.

These people mostly include executives in very senior positions or businessmen who find the current market an opportunity to buy bigger villas or apartments or penthouses with hard bargains discounts going up to 20%, says Pankaj Kapoor, CEO of real estate analytics company Liases Foras.