Due to lockdown, deadlines of several projects have been pushed back, and hence, people are waiting to buy their new homes. To help solve this problem, construction consultancies have come up with a concept called "property swap". Developers and consultancy companies have of late come up with this feature to support homebuyers who are expecting their house to be finished for a long time.
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.
It is expected that investors, construction companies, and purchasers are going to benefit majorly from this type of model. Customers can either decide to enhance their current property or choose to exchange it with the property built by the same or a different builder.
Because of the pandemic, several projects have been put on hold, and the residents haven’t occupied the finished ones. This model allows buyers to pick from constructions made by regarded and novel builders.
Developers have a chance to sell the buildings that are done but are awaiting a sale due to the world's current situation. This scheme's objective is to benefit both the consumer and the investor alike for both residential and commercial establishments.
Experts in the field of real estate are calling this scheme a great invention and are grateful to the situation caused due to COVID-19. It has been quoted that "Necessity is the mother of invention," this win-win model can be categorized under the same condition.
Investors are hopeful of making more than 5000 transactions due to this new plan. With this strategy in action, all the projects that have been halted can be used, making life easy for the builders and the consumers.