In a bid to reverse the continuous decline in housing sales and resurrect demand amid the Covid pandemic, real estate developers will soon offer over 2.70 lakh ‘ready-to-move-in’ houses for sale online, in the first and biggest-ever housing festival that will begin soon.
Initiated by the National Real Estate Development Council (NAREDCO), in this festival, developers from all over India will list their housing properties for sale on an exclusively created e-commerce marketplace, ‘NAREDCO Housing for All’, developed with the guidance of the Ministry of Housing and Urban Affairs.
This festival is expected to unlock affordable housing properties worth over Rs 1.21 lakh crore and offer an opportunity to national, as well as international homebuyers, to buy RERA registered properties at the right price, anywhere in India. More than 250 projects have already gone live on the portal.
Union Minister of Housing and Urban Affairs Hardeep Singh Puri launched the portal on Friday and also unveiled the recently approved ‘Affordable Rental Housing Policy’ knowledge pack, to support people in urban areas who are seeking affordable rental housing.
NAREDCO believes that the e-commerce platform is also curated to support the Government’s ‘Digital India’ initiative.
Puri said that creating an e-marketplace for homebuyers will change the dynamics of the sector, as many people will be able to find their dream houses under these programmes. He informed that the government would soon announce 100% FDI in affordable rental housing.
NAREDCO president Niranjan Hiranandani said the portal would display RERA-registered projects and there would be third-party document verification of all the projects listed on the site.
He further informed that like any other e-commerce goods-buying platform, this portal too will offer facilities like cashback and price-match guarantee. This will help ease liquidity pressure for developers, both in terms of sales and marketing initiatives, through cost savings.
The housing e-marketplace assumes significance in view of the unprecedented disruption in the real estate sector, marked by damp sales. Homebuyers delaying their buying plans has further added to the woes.
