The pandemic has undoubtedly changed the way businesses function. The vast segment of real estate is no different. Surprisingly, statistics show a growth in demand for housing by both investors as well as homebuyers. This implies that in spite of the pandemic, the real estate segment continues to be one of the major contributors in the overall growth of the economy of the country. A total investment of Rs 7.96 lakh crore was observed in the real estate market of India in the year 2020.
The industry has come up with various strategies to cope with the pandemic. Some of the important measures taken are mentioned here.
- Virtual tours
Using technology to engage with potential leads and drive sales has always been a priority for real estate developers. However, in the post-pandemic world, the significance of technology has become more evident. Using artificial intelligence (AI), various residential as well as commercial projects are now doing virtual tours. This will make it much more convenient for the potential buyers and investors to minimise travel and at the same time, understand the project highlights and get a real-time understanding of the same.
- Higher use of CRM software
CRM software is witnessing a huge upgrade as data has become an important asset for every real estate business. Through intelligent CRM software, these businesses are going to target their marketing strategies in a more streamlined manner by connecting with interested consumers and boosting sales.
- Other health concerns
Apart from COVID-19, another major health problem faced by on-site workers is respiratory problems. A low air index quality has become a matter of concern for real estate developers and brands. As a result, more precaution is being taken to ensure that the workers are able to put forth efficient work. This will be possible by appointing an expert medical practitioner on the field so that workers’ health can be monitored. This will ensure a safe workplace for the workers as well as other people who come for site visits such as contractors, engineers, decorators, architects, and others.
- Reduction in stamp duty
A reduction in stamp duty has been one of the main reasons that triggered an upward growth in real estate recently. This has allowed home buyers to seek the property that they have been aspiring to invest in, leading to high growth amongst home buyers between September 2020 to December 2020. Experts suggest that this trend will continue in the next two years as well.
The real estate market has been trying various ways to cope with the tensions of the post-pandemic world. With the right strategies and support from the government, real estate developers can continue to see growth in their business. Though the ecosystem of their business is witnessing a major change since the last year, there are positive expectations from the year 2021 and 2022.