The pandemic compelled the real estate sector to adopt digital business strategies, resulting in a rapid transformation as consumers are cautious of visiting project sites, which has anyways harmed the real estate sector in the second phase. As a result, within a few months, the percentage of virtual site visits increased dramatically. Sales began to a touch pre-COVID levels in most cities, and everyone was expecting that the sector would fully recover in 2021.
Buyers have withdrawn from site visits once more, which leads to causing property transactions to slow. However, the realtors are mobilizing all means to reinvent the market through application of new-age digital technologies. In the last one year, the sector has seen a considerable increase in the use of digital platforms for marketing and sales. The transition to digital can seem to be longer and more complex than in other industries due to the unique characteristics of the real estate sector.
Additionally, to overcome this, developers need to keep several factors – like planning and designing, research and development, input materials, labour and time – in consideration while optimizing cost. Moreover to some extent digitalization definitely has eased the things and therefore minimized the impact. To overcome these challenges, developers adopted digital marketing and virtual tour’s, and able to reach our target audience. And now, tailoring them according to the customer’s changing needs.
Mr. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development says, “The second wave of the global pandemic arrived just as the sector was recovering from the first wave and producing incredible results in Q1 2021. The digitization will lead to the emergence of new stakeholders, the development of new uses, and the process adjustments of the historic stakeholders in the sector. This way, majority of developers are preparing themselves as per the changing customers’ preferences and profiles by tweaking in their business models and are more focused for a better connect with the consumer.