A recent survey by ANAROCK revealed that there was a total unsold stock of over 6.44 lakh units across the top seven cities of India. However, the good news is, though the real estate market has been severely affected by the Covid-19 pandemic, there are rays of hope on the horizon!
The first hope comes in the form of reduced home loan interest rates. As the RBI slashed the repo rate, home loan interest rates are at an all-time low of between 7.15% and 7.8%. This, along with special deals from developers is likely to attract the interest of the homebuyers.
Moreover, a survey by 99acres revealed that 60% of the homebuyers who were looking to buy a property before the pandemic are still interested to buy within a year. Also, 31% of the surveyed people feel real estate is still the best investment option, followed by fixed deposit, gold and the stock market.
However, the survey also revealed an interesting new shift in consumer behaviour. According to the reports, 75% of the surveyed people who preferred offline home-hunting/homebuying experience previously were now inclined towards an online home-hunting / home-buying experience. Additionally, 60% of the people expressed that they would prefer doing virtual site visits to shortlist and finalise properties.
The reports are making a point clear that real estate is transforming amidst the Covid-19 crisis, and technology-led home buying will gain prominence. The fact that physical site visits are not going to pick up instantly even post lockdown only adds more weight to this fact.
The online experience will be a safer, more comfortable and more convenient option for homebuyers. And though developers may have to ditch their conventional systems to adopt a new technology-based approach, it is going to be the only way forward.
At Sell.Do, we are already helping our clients move their real estate business online through our real estate CRM platform. With features like auto-lead tracking, video presentation & virtual tour, real-time online inventory details, virtual negotiations, one-click property booking, online payments and post-sales management, we are helping our clients adapt to the new way of doing sales.