Bengal realtors see gradual recovery in sales, launches online campaign to woo investors

Kolkata: Real estate developers in West Bengal are witnessing a "gradual recovery in sales" after the lockdown restrictions were eased, and an association of the builders has launched a digital campaign to attract buyers, industry sources said on Tuesday.

The developers claimed that around 2,000 inventory units, which remained unsold, have been purchased by individuals, and there will be a 10-15 per cent jump in prices for new ones. "There is a gradual sales recovery since the unlocking of the country," said an official of the realtors' apex body Credai. The industry saw an uptick in sales in the housing segment. "After a tough three months, we are seeing sales recovery in the residential segment.

Though we are yet to reach pre-COVID levels in real estate sales, we have got indications that the market is stabilising," the association's Bengal chapter president Nandu Belani said. The real estate industry in West Bengal has been hit severely due to the coronavirus outbreak and developers have sold units "either at a loss or with no margins in most of the projects", Credai West Bengal president Sushil Mohta said.

"The introduction of only 17 projects during the April -June period this year as against 46 launched during the corresponding period in 2019 bears testimony to this trend. This will continue till September 2020," he said. Real estate consulting firm Anarock said residential launches declined by 56 per cent and sales were down by 49 per cent in seven cities of the country during the first half of 2020.