NCR based realtor, Migsun, records residential sales of over Rs 252 crores in the first 69 days of Lockdown
New Delhi: Migsun, the NCR based real estate player has announced a whopping sale of over 500 units valued over Rs 252 Crores, during the lockdown period 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.
In addition, 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. Most of Migsun’s sales have happened at locations in Greater Noida (UP) and 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 are some projects that have received tremendous response from customers.
A complete lockdown was announced in the country on March 25th this year to fight against the COVID-19 pandemic. The entire country was asked to stay indoors to fight the menace and contain the outbreak. Since everyone was confined to their homes, and couldn’t physically visit sites, a lot of realtors switched to digital mode and developed online tours and video conferencing processes to help people decide.
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 to not only maintain its sales but also helped push for more sales. Yash Miglani, MD, Migsun, said, “The Corona outbreak put a sudden stop to all our outdoor endeavours. 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 saw closures of transactions where buyers had already done their due diligences & 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 horizon and help people decide freely.
During lockdown 3.0 and 4.0, most buyers who approached us wanted a better living in group housing projects. They also got the additional 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 lockdown. In 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 to us. They don’t ask the delivery time anymore, they invest with us based on our past records of smooth and timely deliveries.” Migsun was established in 1992 and since then has successfully completed over 40 residential and commercial projects in Ghaziabad (UP) and Greater Noida. The realty group currently has over 8 ongoing projects. Migsun is a diverse Group engaged in multiple businesses in real estate development, hospitality and health care sector. They have recently also announced the launch of a new hospital in Ghaziabad.
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