Unlock 1.0: Residential segment likely to witness hike in demand

During the nation-wide lockdown implemented by the Central Government to control the spread of COVID-19 in the country, digital marketing and listing of properties online had led to an increased number of property transactions. This phenomenon showed the potential of technology and is a positive aspect that got noticed among all the negative news about the impact of COVID-19 on Indian real estate.

Homebuyers have realized the importance of having a home of their own, people who already have a home have thought about buying a bigger one, then there is also demand from people who want an extra property that can give them rentals and act as source of secondary income. Moreover, the environment has changed now and adapting the digital as a source of their work and also the real estate developers are likely to depend even more on online mediums such as social media platforms, and are going digital during this lockdown to generate more leads which led to an increased number of property transactions. The sector is still working on the modalities of how to minimise the impact of the viral outbreak in terms of project completion.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, ASSOCHAM – National Council on Real estate, Housing & Urban Development said, “The outbreak of the novel Coronavirus had severely impacted the Indian real estate sector. The impact was different for different processes. However, real estate developers have recovered from the initial shock and have taken cognizance of all issues to come up with a strategy to mitigate the damages caused by this COVID-19 outbreak. Though, we are getting leads through online medium including mails, social media, whatsapp and direct calling. But now we are in Unlock 1.0 so expecting customers to act and go forward with process of booking so that actual takes pace.

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