COVID-19 Crisis: Virtual Project Leading Real Estate Business In The Midst Of Lull Celebrations

The current COVID 19 pandemic has affected every sector across India, and real estate is no exception. Due to the lockdown situation, festivals like Gudi Padwa/Ugadi, Chaitra Navratri and Akshaya Tritiya, which are generally considered auspicious to invest into real estate, have witnessed a gloomy mood amongst buyers this time around.

With this lull phase, a number of real estate developers are gradually introducing virtual projects to cater to consumers who are under forced house arrest. As there has been an evident reduction in footfalls and the number of site visits with the curfew situation to combat the pandemic, the decision to launch virtual projects has garnered momentum. However, some developers have opted for deferring launches, for a longer period.

Social distancing has led to denizens relying on technological advancements and the digital realm, which in turn, has fuelled the ‘virtual projects’ endeavour. The pandemic has caused a general slowdown of the real estate business, which has naturally dampened the spirit of a chunk of developers, causing a delay in project launches. Industry experts though, are hopeful of the situation improving after June, and the overall sector picking up once the virus is battled, and the country begins to achieve normalcy. Their foresight suggests that the sentiment around H2 may remain lukewarm, but the residential segment will gain traction after the festival of Dussehra.

At present, a countrywide imposed lockdown has deeply affected the sale of both commercial and residential real estate, with construction activities facing a colossal hit. Thus, for the time being, virtual projects are being given impetus by several developers, in order to create brand recall in the minds of consumers. This is also in-line with their belief of AV technology being extremely useful currently to enable and promote virtual site visits and walk-throughs.

Some of them are also opting for innovative campaigns to promote these projects across digital platforms, along with facilitating chatbots to potential buyers to interact with their teams and know more about their bouquet of project offerings. These features and virtual site tours and already being appreciated by a large chunk of customers, thereby fuelling retention too.

The sale of real estate being impacted due to the current lockdown is said to be temporary, and a staggering growth in demand is in fact, expected once the situation normalises, business resumes, and the buyer sentiment improves.