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Homes worth Rs 1200 crore sold during's Home Ustav 2018

Posted On: 2018-11-08 09:51:11, part of Elara Technologies Pte Ltd., which also owns and, achieved big success as the month-long online home shopping festival generated sales of Rs 1200 crore in October for over 350 residential projects showcased during the festival. In the second successful edition, the Home Utsav brought on board over 600 developers and brokers to make the event bigger than ever before and to provide a wide choice for consumers.

Given the phenomenal response, the Home Utsav will be extended to the first week of November as well. 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 are being showcased during the festival. Using the easy-to-navigate online platform is known for, buyers have responded overwhelmingly to the online festival.

Exciting deals have been the key highlight of the festive season and leading developers have offered a host of 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.

Mani Rangarajan, Chief Business Officer, said, "The phenomenal response from the Home Utsav festival augurs well for the industry. Indian homebuyers are definitely on the lookout for a right-sized property and are willing to invest. We studied consumer behaviour throughout the Home Utsav, and it is wonderful to see inquiries translating into sales. We are hopeful that the positive climate will last for a while, riding on the back of some major structural and regulatory developments in the recent past."

Basis the number of inquiries received during the festival, top cities where prospective buyers actively searched for a property include Mumbai, Pune and Noida. Of the total enquiries received on the online platform, 29% were for Mumbai while 10% were from Pune. Noida, Kolkata and Delhi had 8% share in the overall numbers. Other cities where buyers were very active include Bengaluru, Gurugram, Hyderabad, Ghaziabad, Chennai, Ahmedabad and Faridabad.

On, most of the customers looking for a property during the Home Utsav were in the age group of 25-34 years. Signalling that India is keen on mid-sized and affordable-housing options, about 40% of inquiries were received for 2BHK units while 3BHK units grabbed got 26% of the total share. 1BHK units managed 22% share in the inquiries. Other available formats during the festival included were 1RK, 1.5BHK, 2.5BHK and 3.5BHK units.

Source: Equity Bulls

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