Tech Has Come To Real Estate’s Rescue in This Crisis
Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, ASSOCHAM – National Council on Real estate, Housing & Urban Development briefs on the positives that the industry can take from current Covid crisis.
What will be the long term impact of COVID on the industry?
The COVID 19 outbreak has impacted Indian real estate market to a great extent. It has altered the working cycles and made the developers realize the importance of strong digital presence. As there is no denying the fact that in these difficult times; digital platforms are furnishing relevant support to all businesses around the globe. Apart from this, developers will be seen giving utmost attention to cleanliness and hygiene standards on construction sites. Also it has been analysed that post Covid homebuyers will be looking forward to price friendly homes with maximum possible amenities and comfort.
The current crisis has established the importance of a home thus will it help revive residential real estate?
Housing was and will be a necessity in the Indian real estate market that is the reason for some time now only end users will be generating demand in the Housing sector. But gradually investors would also start coming back to the market, it will pick up the pace, when businesses will have normal cash flow.
Amid the lockdown, how has technology come to the aid of real estate?
Technology proved to be real estate sector’s rescue in these times. It helped showcase products and offer services and schemes to communicate with potential customers when no one was allowed to go out. Real estate made full use of walkthroughs, live chats and virtual assistance etc. to ensure that potential buyer get the feel of the project without physically going to the site. Online payments came to the rescue to make booking amounts possible and helped the buyers avail various offers doled out by realtors, which they would have missed in the absence of technology.
What strategies are being adopted to sustain in the market?
Right now it is about completing the projects on time according to the demand. The new projects have to be modelled according to the latest safety and hygiene standards, realtors have to make those changes to stay relevant. Moreover, trust building efforts among customers are most important for every developer for now.
Looking beyond the pandemic, what positives can the industry take from this crisis?
Better technology set ups, effective marketing exercises and working towards quality of construction and trust among customers are a few takeaways from these tough times. For customers, it has made them realize the importance of community living and the numerous benefits attached to it. This has increased the need, which will turn into demand and thereby more scope for real estate sector.