THE NEW PHASE OF INDIAN REAL ESTATE POST COVID- 19
Gurukrupa Group, one of the leading Real Estate developers in India, organised a webinar to discuss the importance of a digital strategy as a new normal to achieve sales for the ready-to-move-in residential segment.
The panel of speakers comprised of experts including Vijay Sikerwar – Head of Sales & Marketing at Gurukrupa Group, Digital and Property technology expert Govind Rai of Insomniacs, and Housing Loan Expert Sudhish Pandey of Tranzent Consulting. The captivating webinar saw attended by Channel Partners.
Here are some key takeaways from the webinar:
§ Adapting technology and going digital is the new Mantra:
· Social Distancing norms as mandated by the authorities are forcing the industry to take a relook at the traditional methods of engaging with potential buyers.
· Increased usage of Virtual Technology is being witnessed at present to engage with customers/potential buyers, and this scenario will increase and will continue as the ‘new normal’ even post lockdown for at least two quarters if not more.
· All sharing of information and interactions with the customer will happen online. Real Estate players who have been able to make considerable presence online and have invested in Property technology are able to make sales during the lockdown.
· Evolution and Innovations in CRM tools and Property technology .
o CRM tools will evolve to manage virtual tours, use better algorithms to enhance reach, automation of corresponding with channel partners among others
o Personalisation and interactive elements in VR technology will play a big role in engaging potential buyers.
§ Channel Partners need to embrace technology as a new normal:
· Channel Partners will need to make more investments in Property technology and make suitable skilled hiring to be able to dominate the sales market in Real Estate in the future.
· Channel Partners, as always, will be instrumental to service the unique requirements of the potential buyers. This will be effectively done through Property technology & CRM tools that will enable them to engage the buyers and help them decide on the Property technology that suits their requirements. Example will be usage of VR as a substitute to site visits and tools to help customers filter the projects and close the deal.
· With adaptation of the right technology, Chanel Partners will be able to grow their business 4X to 5X in a year’s time.
§ Last mile of making the sale:
a. Home Loan rates have seen a reduction to 7.25%, which may boost demand among the salaried.
b. Banks have started to sanction home loan applications online and eDisbursement of loans is becoming the norm. Banks are receiving an overwhelming number of home loan applications even during the lockdown.
c. Registration process, which is a necessary step before the loan sanction, is getting simplified by the number of documents to be submitted reduced to 20 key documents. The Govt. is taking tremendous efforts in trying to work out ways to take the verification process online and making eRegistration possible.
§ Consumer behavior and demand:
a. Demand for ready-to-move-in is already there, but is only stalled due to the lockdown. However, under construction properties may see a hit as there may be delays in delivery date. Having said that it is important to understand that people who have funds will start to prefer ready-to-move-in properties and those who don’t have ready funds and are in a planning stage will continue to pursue under-construction properties.
b. It is being said that the pandemic has started to change the mindset of millennials, who earlier wanted to settle with rented properties might now consider buying their own.
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