GenX Deals, a leader in real estate group buying in Delhi and the National Capital Region (NCR), has drawn up plans to rapidly expand its services to all major cities in India, hoping to take advantage of the surge in demand expected because of the Smart Cities scheme and other urban development initiatives being taken by the Union Government.
GenX Deals helps people save money by buying property in a group at a discount. GenX Deals creates a win-win situation as buyers are happy to buy properties at a discount and the builders are happy to sell properties in bulk and liquidate their inventory, Mr. Jetesh Prasher, said.
We have got tremendous response from various market players in Delhi/NCR and now we would like to expand aggressively to other cities as well outside Delhi with the help of our angel investors. We aim to be one of the top three real estate web portals of India two years down the line, Mr. Jetesh Prasher said.
GenX Deals, a venture of GenX i Media Private Limited, has already achieved approximately 1000-plus listings and an aggregate of about 30,000 unique visitors per month though it is only focused on projects in Delhi/NCR region.
Our projection for next one year to reach to 5,00,000 listings and 5,00,000 ndash; 7,00,000 unique visitors per month pan India, Mr. Jetesh said.
Mr Jetesh Prasher said group buying is the new rage in the Indian real estate industry these days.
The concept involves collating the property requirements of group of buyers and then negotiating rates and terms for mass property-buying with developers. The set-up also helps developers sell their property in bulk, he explained.
We provide a platform for buyers to form a group and then deal with the developer directly, he said.
Mr Jetesh Prasher said the extent of gains the buyers make through group buying depended on the strength of the group, in terms of their profile and the number of people in the group. It also depends on the project and the developer.
If the developer has massive inventory unsold in a particular project, the chances are that the group may get upto 15-20 % discount than the market price. Normally, in most of the cases, the discount is in the range of 10-15 %, he said.
Mr Prasher said the group could also negotiate payment terms with the developer.
GenX Deals introduced the group buying feature on its portal in 2014 after seeing the huge potential of this concept. The feature is already a success amongst its customers in Noida, Noida Extension and Vrindavan.
According to the company, the market for group buying is picking up and it is handling more than ten projects currently.
We are getting a large number of queries for group buying proposals. The main projects that we are currently showcasing include Krishna Valley, Gaur Yamuna City, JMS Crosswalk, Ocus 24K, Gaur City Noida Extension and many more.
People who go in for group buying of property include people from the defence forces and corporates who, among other things, also want to negotiate flexible payment terms with the developer and get the best loan mortgage deal that banks can offer them.
GenX Deals does not get involved in the deal negotiations between clients and the developer but helps to connect the best developers and banks with the prospective buyers.
GenX Deals is also hopeful of a surge in real estate activities as a result of the Smart Cities scheme being launched by the Government in 100 cities around the country.
Smart City is an amazing concept, especially in metro cities like Delhi and Bangalore, provided the Government takes appropriate policy decisions, and thereafter the developers do the construction activities on the ground at a good pace. It is thus a thumbs up investment from our side on a medium to long term perspective, Mr. Akash Kohli, said.
He said GenX Deals, being the online partner for various developers, is showcasing all smart city projects which are being pre-launched by developers in Delhi L Zone.
But the final decision is left to the buyers, who have to do the due diligence and background check on all the developers and projects. We are getting a lot of queries for more details on these projects from clients on our portal, Mr. Akash Kohli added.