The Coronavirus crisis has not only altered the way we live, think, work or even socialize with others around us, but has also impacted almost every industry around the world, including real estate. However, along with its negative impact, the pandemic has opened a new era of selling real estate which was being under-utilized till now. Also, as priorities of people have changed and they are now realizing the importance of owning a home, the demand for real estate is likely to go up in the post COVID-19 world.
The impact of Coronavirus on property sales has been different for different players. Thankfully, riding on the digital presence we have been consistently able to generate 5-10 bookings every week. In fact, real estate developers who were able to analyze the buyers’ sentiments were able to capture the mood and convert that into impressive sales at a time when every business was going through a gloomy period of sales. The time was all about reaching the potential buyer through platforms that he was using the most, which was digital as everyone was glued to the internet while sitting at home.
The pandemic has opened a new era of selling real estate which was being under-utilized till now. Going forward, developers are expected to be more focused on digital strategies and reach out to the millennial that constitute the larger part of buyers indicators point out that the demand for real estate will go up tremendously.
How have been the sales? Has lockdown affected the sales?
As stated earlier, developers of reputed companies have been able to garner good sales number as they have smartly employed digital tools to reach out to the potential buyers. Various measures such as online bookings, online payments, eased out payment schemes, etc, have helped the sector to sail through the difficult time. The end result was unexpected and have clocked in some decent numbers.
What new measures have been taken to maintain sales?
The best way to minimise the impact at the moment is to stay in touch with the potential buyers and we are actively doing it through our online platforms. The real estate sector has come out with innovative online schemes through which a home seeker can easily book his home or even a commercial unit without the hassle of a site visit. Realizing this very early, builders activated their digital teams and CRMs to exploit the modern technology. We conducted virtual tours of projects that helped the buyers to take a look at their future real estate asset and how it is going to pan out. Measures included sales via video conferencing to online project tours to easier online payment gateways. We came out with the ‘Ghar Baithe Ghar Kharido’ offer for our commercial as well as residential projects where we asked the buyer to pay Rs 1 lakh to book as against the full booking amount, the rest of the amount could be paid within 100 days which was fully refundable in case of cancellation, no questions and no deductions.
How is the future of real estate in the post-Covid-19 world?
The New World will come up with new demands derived from the experiences gained during these troubled times. Real estate is set to gain as it will drive the change to make the world safe and hygienic. The culture of gated community will gain more prominence and people would prefer to shop in areas that are sanitized well, which would give rise to more development in the commercial segment.
The mall culture will pick up pace as people will move in areas that are properly sanitized and provide them with the best of facilities without making them to jostle for space in dangerously over-crowded markets. Organized retail is expected to boom from here on with people relying on these stores even for their daily needs. Some existing malls might have to change to suit the new normal to stay in business, but the ones made with futuristic outlook will get instant acceptability and hence increased footfalls instantly like the malls developed.
Digitization will also change the way real estate works. It will not only speed up the processes, but also bring in more transparency in dealings. Overall, real estate is set for an exciting new journey!