Migsun, the NCR based real estate player has announced a whopping sales of over 500 units with a value of over Rs 252 crores during the lockdown between March 25th and 3rd June. The units accounted for a total saleable area of 7 lakh sq. ft., which the Company has booked at an average price of Rs 3600 per sq ft. In terms of per-unit realization, Migsun has sold 500 units at an average price of Rs 50 lakh approximately.
Most of the sales have happened at Migsun’s projects, which are located in Greater Noida (UP) and in Ghaziabad (UP) in regions like Vasundhara, Kausambhi, Indirapuram, Vaishali and Rajnagar Extension. Migsun Ultimo, Migsun Wynne, Migsun Vilaasa, Migsun Roof, Migsun Atharva, Migsun Migente, and Migsun Estella among others are some of the projects, which have received a tremendous response of the customers.
In addition to it, the Company has also booked 10,000 sq. ft. of commercial offerings valued at Rs 15 crore at an average realization of Rs 15,000 per sq. ft.
A complete lockdown was announced in the country on March 25th this year to fight against the pandemic spread by COVID 19. The entire country was asked to stay inside homes to fight the menace and contain the outbreak. With people being inside homes a lot of realtors switched to digital mode and developed online tours and video conferencing processes to help people avoid physical site visits. Migsun was amongst the first few developers to announce lucrative lockdown offers for its buyers. Starting from a minimal payment scheme to EMI moratorium, which helped the realty player maintain its sales and rather push for more sales.
Yash Miglani, MD, Migsun, said “The pandemic outbreak caused a sudden stop to all the outdoor endeavors. We were quick to understand the change our businesses required to cater to clients. We have always been quite active on all the digital platforms and have been continuously focusing on sales generated via online queries. So lockdown did pose a hurdle but our processes helped us to overcome it.”
“The first few days were the closures of already ongoing transactions as buyers have already done their due diligence & were in the last leg of closing the deal. Post which we launched virtual tours and EMI moratorium scheme as the lockdown further extended. Our motive was to expand our horizons and help people decide freely. During lockdown 3.0 and 4.0, buyers who came wanted better living in group housing projects and were getting the benefits of flexible payment plans. There was an upsurge amongst the buyers to own a home in a group housing project as people were able to see the positives of a group housing during the lockdown. In the last couple of weeks, we have made bookings from people who had the liquidity but were short of ideas to invest,” added Yash.
He concluded by saying, “Post RERA the fear of delivery has gone. People who buy homes now, know their rights and study everything before they come. They don’t ask the delivery time anymore, they just see our past deliveries and invest with us.”