The Real Estate sector is facing a difficult time during COVID-19. The pandemic has caused an impact on the purchasing capacity of the potential buyers owing to numerous factors like employment uncertainty, pay cuts and business stagnancy. As a result of which, it has caused a decline in the inclination of customers towards the purchase of residential or commercial properties. Owing to the instability of the current situation, the sector is witnessing a change in its course.
The ‘new normal’
A report by JLL, a leading Real Estate company, stated that the COVID-19 crisis has hugely affected the growth of the sector, owing to the decline in the purchase interest of potential buyers, stoppage of construction work, lack of investments and shortage of labour among other things. Now, the ‘new normal’ is the situation of living with the pandemic and slowly overcoming the problems it has brought.
Real Estate developers coping up with the ‘new normal’
Adjusting to the ‘new normal’, the Real Estate developers have revised their strategies and made other significant changes to attract more customers. By the end of the year 2020, Real Estate companies hope to revive the interest of customers in purchasing and leasing. Some of the prominent measures undertaken by developers include:
- Developers are focusing on selling the projects that are on the verge of completion as well as on clearance of unsold inventory instead of investing in new projects
- Companies are offering high discounts on co-living spaces
- Easy payment plans have been introduced for buyers
- Construction activities are resuming for projects
- Companies have changed marketing strategies
Expected changes from the Real Estate sector
Although the Real Estate sector is taking measures to get back on track, there are some other important changes required for the developers to adjust to the situation. They are:
- Offering various discounts and offers for investment and purchase of properties
- Offering virtual project tours for the safety and convenience of customers
- Rationalising prices in Delhi NCR, Bengaluru, Chennai and Kolkata.
- Employing online Real Estate CRM software for booking
- Digitising marketing processes with the use of videos, photos and more
- Focusing on healthy and safe living in projects
- Offering a business centre in new projects, keeping in mind the increasing work from home trend
- Prioritising quality and customization for increasing brand value
The pandemic has affected the Real Estate sector immensely. Still, the sector has adapted to the ‘new normal’ and is working on ways to thrive again. Numerous schemes and strategies are being implemented to tip consumer sentiments towards purchase.