The coronavirus outbreak has forced businesses to innovate, embrace technology, and rewrite the rules. Barter, exchange, or port are not the terms usually associated with the real estate sector but some brokerage firms and developers have come up with a string of property swap schemes as incomplete projects pile up.
They allow homebuyers and investors stuck with incomplete projects to exchange their residential or commercial properties with ready-to-move-in units by restructuring original contracts.
Brokerage firms say it is a win-win for both sides, as they offer a quick exit to both homebuyers hit by delays and developers strapped for cash.
Investors Clinic (IC), a large brokerage firm in Uttar Pradesh's Noida, had closed Rs 750 crore such "barter" deals worth Rs 750 crore ever since the scheme was launched in July 2020, co-founder Sunny Katyal told Moneycontrol.