Realty developers are now marketing their new launches using digital channels even as the outbreak of Covid-19 and the expected lower number of homebuyer visits at their sales offices offer no respite.
Some large developers like Godrej Properties, Total Environment Building Systems and Prestige Group have launched digital site tours, email document confirmations and verifications and even features that lead to online closure of deals.
“Many brokers are closing deals via video conferencing and WhatsApp tours since clients are hesitant to come out; however, we have to invest before March 31. We closed a couple of deals on Sunday,” said Bhavesh Kothari, CEO, Property First, a real estate broking firm based in Bengaluru.
Many developers are sceptical and have their reservations around the launch of new projects considering the current situation. New project launches are expected to dip this festive season; however, there will be a few exceptions like the projects which are already in the soft-launch stage and have already undergone a fair amount of marketing spend.
“Most of the developers are in wait-and-watch mode. Developers who have certain financial obligations have no option but to venture out in the market with their offerings during this time are looking seriously at digital as a channel than just sitting tight,” said Anckur Srivasttava, chairman, GenReal Property Adviser. “This hiatus is expected to be continued until after the summer season.
The government advisory to avoid social activities is certainly going to impact site visits and housing sales but these kind of digital launches will boost developers’ confidence and help revive the real estate sector on the back of lower home loan rates and reduction in stamp duty in some states.
“Earlier, we had decided to do a physical launch with channel partners and brokers. But now due to the Covid-19 situation, we will be conducting a digital launch where we will accept requests and enquiries from customers online. We will then be providing time slots to the customers for site visits where there will be no crowd gathering but every customer will be attended on an one-on-one basis as per their respective allotted time,” said Anuj Khetan, director, Vijay Khetan Group that is planning to launch a new project in Mumbai’s Andheri suburb on the occasion of Gudi Padwa.
The previous two quarters have been relatively better in terms of sales momentum. Home sales improved over the last two quarters on higher confidence levels among homebuyers and realty developers.
The top 35 property markets, including tier I and II cities, recorded a 3% on-year and 5% sequential growth in sales, with 27 cities witnessing increased sales in the quarter ended December.
(Source: ET Tech)
