Today, the customer is an informed and rational buyer, and hence the real estate developer has to constantly meet consumer needs in order to drive sales. The real estate market has seen a recovery phase due to the ongoing pandemic, and developers are constantly applying innovative ways to communicate and build more consumer trust. As the real estate sector sees consolidation, new strategies are being adopted; a revised integrated residential real estate segment is expected to emerge in the medium to long term.
Let us look at some of the opportunities that will prove advantageous to the developers in the times to come:
- Becoming a digital marketplace: Online searches have eased the entire process of a home. Most importantly, digitalization allows prospective buyers to access relevant information on the reputation, financial stability, number of projects, delivery track record, prices, and business practices of a developer. All this is available with a click of our mouse.
- Virtual Reality is the new reality: Due to the pandemic, virtual meetings have become the norm. Virtual tours are facilitating the prospective customer in a manner that was unthinkable a few months back. With detailed maps of the location, apartment size, and shape in isometric diagrams, view from the top, drone shots, 3D panoramic views, existing social infrastructure in the vicinity, and the use of Augmented Reality (AR)/Virtual Reality (VR), home buying is now a joyful experience.
- Strong players will drive through: Organised and credible real estate players will ultimately drive in more sales in the subsequent times to come. Developers with a good track record are expected to give shape and revive the real estate industry. Prospective homebuyers are likely to trust the reputed brands in the market.
- Changing customer preferences: The design of the home will play a significant role going forward. To reassure customers, developers must consider the current situation and provide a safe and secure environment for homeowners. Priority will be given to building a home where all members of the family are addressed equally. Club-houses will be part of co-working and co-living communities. The use of touchless technology implementation in coming areas will take the front seat. Homebuyers will prefer additional space to fulfill their work-from-home need.
- Homecoming for NRI’s: The Indian real estate market will witness an increase in NRI investments especially in the residential sector. The reduction in stamp duty, reasonable prices, reduced interest rates, and flexible payment options have created a favorable window for investment.
- Consolidation in real estate is imminent: The real estate sector is moving towards consolidation. The organized players are expected to benefit and play a larger role guided by reforms such as RERA that enhances transparency.
Needless to emphasize that real estate sector plays a distinct role in the revival of the economy. Developers who are carefully maturing their brands and moving towards creating a good product and delivering on time with transparency will reap the benefits and create an upsurge for their respective brands.
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