Life post-lockdown: Real estate developers bat for fast digitization

Lockdown 4.0 has been extended till 31st May, 2020. However, business activity has been allowed in select areas. While announcing the relaxation in the lockdown, government has made it clear that one will have to adopt to the  new way of life post-lockdown. For the real estate sector, fast digitization is a must to sustain business post-lockdown, say developers. They are of the opinion that there is an urgent need to develop digital sales modes otherwise it will take a long time to come out of the Coronavirus lockdown impact.

Batting for online sale model approach in real estate sector post-lockdown Agrees Prashant Thakur, Director and Head of Research at Anarock Property Consultants said, “Even before COVID-19 around 80 per cent of home buying journey used to start online but entire value chain was not digitized. Now everyone has realized it is the new norm and all are adopting digital; having conversations through webinar etc. It is also a good differentiating factor for the buyer as small local player cannot adopt technology fast. So it is the first level of filter as technology brings in transparency.”

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Pravin Jain, President at NAREDCO said, “How the activities take place in coming months will redefine and the path with which demand will come. Most of the developers have started new strategies of selling their homes through digital. All the developers are active on digital and during lockdown many people purchased also.”

Vikas Wadhawan, Group CFO at PropTiger.com said, “We will see massive adoption of technology as an outcome of COVID-19. In initial first two weeks there was decline in inquiries but then it all came back as we became more active on digital platforms. The customer is more inclined towards listening to developers and real estate representatives which was achieved through webinars also; a lot of webinars were organized where projects were explained and we saw a lot of expression of interest and online bookings. It is an interesting development and the digital adoption will increase here onward.”