As the real estate sector goes through twin issues of subdued demand and stuck projects amid the pandemic, market experts say 'property swap' may be a major tool in helping both distressed home buyers and increasing sales.
Developers and consultancy companies have of late came up with this feature in a bid to help out home buyers who are waiting for their home to be completed for a long time.Recently realty consulting company, Investors Clinic announced the launch of the 'Property Swap' model in a bid to help buyers stuck with projects both in housing as well as commercial real estate properties.
The company has partnered with developers and it says that the strategic tie up will enable customers to reach out to developers for upgrading or exchanging their properties. Investors Clinic will help in restructuring investments either within the same developer or by shifting to another developer.
Ashish Bhutani, CEO of Bhutani Group says: "Property swap is the most benefiting model in these testing times for the real estate industry. It's devised on a win-win basis model where buyers are benefited the most and can pick and choose and switch between properties from reputed builders."
He added that developers will get a chance to sell off the unsold inventories which might be ready to move in properties, but have not been sold due to the current market scenario. Customers both in residential as well as commercial properties tend to gain from this novel scheme.Founder of Investors Clinic, Honey Katiyal said: "As they say, crisis is the mother of all inventions. While, on one hand, COVID-19 has impacted the real estate sector like any other sector, it has also pushed industry leaders to think of innovative solutions."
He was of the view that the model would help the real estate investors realize the potential of their existing investments which are at a "dead end" right now. The company expects to complete 5,000 transactions and execution in the next three months.