“Homebuyer inquiries have gone up by more than 40-50% since lockdowns were imposed. Thanks to the technological advancements that have made it possible to view the properties right from the comfort of home,” says Manju Yagnik, Vice-Chairperson (Nahar Group) and Sr. VP NAREDCO (Maharashtra).
The internet is driving the sales
As India is currently going through the second wave of Covid-19, homebuyers are now giving prominence to safety first. With continued restricted lockdowns, developers are going completely online to promote and sell projects. To put it straight, the internet is now driving the real estate business.
Being one of the most thriving businesses in the country, the realty sector had to take that complete digital leap to serve customers facing mobility restrictions and ensure sales momentum.
Developers are leveraging digital technology to take the product to buyers living room using VR. Homebuyers had already migrated to digital and with maximum company employees working from home. It was like a digital agenda for recovery in a sector, which only lived on the physical buying process.
Also Read: “Technology Will Be the Driving Force for Construction in the Post-Covid Era”
Today, buyers start the home buying process online, either on websites or apps. With more and more developers going online and using social media, buyers are finding it easy to shortlist and finalise homes virtually along with other family members at one place before a physical viewing.
Although, digitalisation has simplified different real estate processes – be it documentation, monetary transaction – physical or manual intervention is still needed. The industry is adapting to innovative digital platforms, and with innovation, the whole process will become digital soon.
Every step of the real estate process is now touched by technology. From the beginning of the home search to closing deals, every transaction can be done with the click of a button. With technology adaption going digital, virtual reality has worked wonders in boosting real estate sales. Now buyers are connected using technologies like AI, VR, and ChatBotsfor smooth experience and connection through digital means.
Mumbai witnessed sales of approx. 5,20,000 units in the period of stamp duty cut announced in September 2020 till March 2021. The sales were resultant ought of digital selection considering safety before closing the deal. With the ongoing second wave, sales through virtual reality are bringing in some cheer to the market. Mumbai recorded upwards of 10,000 residential property registrations in April 2021.
Today, real estate is in a digital age, and be it millennials, first-time homebuyers, investors, all are searching for their future homes online. The concept of proptech is rising amongst millennial buyers who grew up with technology. The new generation homebuyers are comfortable with 3D home models, virtual home tours, which can give them an exact idea about the house.
Technology, today, offers a user-friendly experience when showing homes with real-time footage of property on exhibit. Digital access has made it safer and quicker for both buyers and developers, and real estate is thriving on technology during this pandemic.
Read More: How Cutting-Edge Technology Has Changed a Home Buyer’s Journey
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)