Lessons That Real Estate Developers Can Learn From Corona Virus

The deadline for Coronavirus lockdown coming closer and hopes are high that there would be some easing announced. What will happen to the lockdown would finally become known in next three days but one thing is for sure — our lifestyle and business model is going to get changed once the lockdown is over. The nationwide standstill forced real estate, manufacturing, retail, FMCG adopt alternate and unconventional options to adapt to the new challenges caused by the COVID-19 virus. These new adoptions have not only changed the working cycle but also gave them some lessons to carry in the future.

Speaking on the new demands emerging post-Coronavirus pandemic that real estate developers must meet; Kushagr Ansal, Director, President at CREDAI — Haryana chapter said, “Promoting hygienic conditions in society including amenities with minimal human interface, location with comfort, focus on delivery of existing projects before making announcement of any new project, aggressive focus on digitisation of the real estate business, etc. are some long-term lessons that real estate developers can implement post-lockdown in their business model to sustain in long-term.”

Asked about the top 5 long-term lessons that developers can implement in their business model post-Coronavirus lockdown Ansal listed out the following:

1] Importance of hygiene and amenities: Looking at the gravity of the situation developers would be revising the list of amenities that they provide and will come up with standards to ensure work place hygiene and wellness at their sites and projects.

2] All amenities inside society: Location and comfort are the determining factors when someone takes a call regarding real estate. To get access to shopping or entertainment or medical in neighbourhood remains a problem in most of the group housings. Further current pandemic lockdown also pushed the sector to think of providing exclusive space within the apartment or within the housing to perform for office as well.

3] Develop and sell before moving to next project: More and more developers will now first deliver the project in hand before going for the next one. The trend of focused approach will pick up pace. “This would also help the real estate sector manage the finances and simultaneously earn enhanced trust, confidence and respect of all the stakeholders including the buyers,” said Vijay Verma, CEO, Sunworld Group.

4] Strong digital push: This crisis has once again necessitated the need for investing in online meetings, digital walk-throughs, tech-enabled transaction platforms. Till now such things were part of academic discussions. But now, it will surely see more investments in developing such online platforms.

5] Technology-based eco- friendly construction: One of the most important lessons is the importance of construction with minimal human interference. The manpower situation that is being faced by the sector has made the developers employ new construction techniques and equipment that require less human interference.

(Source: Zee Biz)