Month: September 2020

Digitisation of Real Estate: The Game Changer

Digital platforms will form a strong foundation for realty businesses in the future and upcoming technologies will create a seamless buying experience for homebuyers.

The real estate sector has been prompt in adapting to the new normal and implementation of technology to assist them get back on their tracks much sooner than expected. While low home loan rates encouraged buyers to invest in residential properties in Kolkata and other metropolitan cities, the developers too have been able to equip themselves with the help of digitisation, which was the need of the hour. This was also backed by the policy makers, who made it easier to revive this sector. Quick response to the changing scenario helped them gear up post lockdown and make sure that quality of service was not impacted due to the pandemic.

Due to the emergence of work from home culture, home seekers looking for 2 BHK configuration are now looking for 3 BHK or at least a 2.5 BHK to accommodate a work space. Developers facing this changing demand did not face much of a problem when they were open to customer preferences. Keeping a track of latest shifts in the market became easy with digitisation.

Customer satisfaction is the key to creating business policies and gives a direction to launching new projects in future. Keeping this in mind, developers should carve a customised plan to engage prospective clients and cater to their choices.

The Change Is Here To Stay

 

Technology has brought a revolution in the way business is done at present. The change is an ongoing one and keeping pace with it is the best way to stay ahead in the competition. Consumers are now more active on digital media platforms. In the times to come, as an outcome of the pandemic, digitisation shall be an integral part of business.

When the crisis subsides, a large part, or may be it is safe to say, every process involved in business will be done online. To begin with, we have already been thorough with online payment processes. Most of the post sales activities are already being done online. Building customer relations and network has also become an online activity with the help of social media. Conversational AI such as chatbots, are the most common form of tool to interact with prospective buyers or those seeking information about their property of interest. Developers should make constant efforts to keep contact with the clients through various online conference platforms during times when stepping outside their home is something people are skeptical about.

Virtual site visits, online bookings and payments and registration shall become the new normal even after the situation returns to its previous phase. The change has not only been adapted by developers, but also home buyers are welcoming digitisation. They prefer to have a video conference with their sales executive to get their queries answered rather than step outside to make a visit to the site themselves.

The way real estate has been operating so far will be completely altered due to the sudden change in circumstances.

 

Even the state has been open to the digitisation of most complicated processes and has announced e-registration of property documents. Some vital registration processes that includes documents verification and stamp duty payment can now be done online from one’s home. Home buyers opting for the online payment processes are also being offered heavy discounts to attract more such buyers to take up the process. Some developers who were unable to give property handovers of their completed projects can now register the sale deed.

To cope with the current crisis and urgency of registration of properties, the state has decided to begin e-registration process with which home owners can submit their e-deed online and get a provisional digital certificate which is valid in any part of the country. To complete the process with the biometric identification, home buyers can visit the registration office post lockdown is withdrawn or when it is safer to do so.

Walking hand in hand with the upcoming technologies will not only help the developers to stay strong during the unprecedented times, it will also aid the industry to do a strong groundwork for the business in future.

Is There an Upsurge in NRI Enquiries for Residential Properties During the Pandemic?

In the past few years, the residential apartments in Kolkata and other metropolitan cities in India, has faced and overcome numerous challenges. Demonetisation, stringent housing laws and a credit crunch has led to stalling projects and leaving developers with excess inventory. To make situations worse, the global pandemic has resulted in jobs losses, increased unemployment and salary cuts.

 

The first quarter has witnessed a drop in real estate sales by 40% on an average.According to Knight Frank India, housing sales has fallen to its lowest in a decade in the first six months of 2020.

 

However, falling currency values, NRI’s homecoming and lower home loans rates have contributed to a sharp rise in housing demands from them currently. According to Amit Goenka, MD and CEO of Nisus Finance Services Co. Pvt. Ltd., more than 40,000 NRI inquiries to purchase assets in India has been reported. Demands from Africa, Europe, and Asia, including the Middle East is predicted to contribute to 15-20% of annual demand in 2020.

 

How are developers viewing this increase in overseas inquiries? Have there been an increase in demand for apartments in Kolkata from NRIs?

 

“We don’t want the NRI sales to be at 50% forever. That’s probably not the healthiest dynamic,” Pirojsha Godrej, executive chairman of Godrej Properties, said during an investor call following first-quarter earnings. “We actually want our sales from locals to go up significantly.” Pirojsha, however, said the NRI demand helped fill an obvious gap in the first quarter. “We have seen a continued sustained demand in at least July from NRIs,” he said. “We aren’t suggesting we expect for the full year to see 50% of sales from NRIs, nor would we consider that desirable.”

 

NRI demands differ from local home buyers due to a difference in their lifestyle outside India. Larger homes integrated with all modern facilities are preferred by these home seekers. Ready-to-move properties or under-construction properties with possession available under a year is mostly preferred by NRIs looking for apartments in Kolkata or metropolitan cities. Developers offering a similar property with a smooth transition to online services are highly benefiting from these inquiries. While regular site visits are not opted by many due to risk of transmission of the virus, virtual walk-through organised by many developers have proved to be a boon for them. It is expected that post pandemic, virtual tours and online transitions to provide a complete customer experience shall become the new normal and ease sales activities for most developers. Developers offering flexible payment options with 10% or 20% of property value to be paid upfront and remaining after possession have more chances of conversion from these inquiries.

Online property purchase is no more a future prospect-it is the present and is here to stay. To keep up with the changing demands, digitization is not only mandatory, but also the best way to stay ahead in these competitive times.

An Ideal Contemporary Style Home Decor

Comfort and minimalist are what defines today’s interiors. Be it a residential property or an office space modern interiors demand better use of space and less cluttered décor. Choosing what style of an interior one desires depends on one’s personality and requirements. The contemporary style of décor is for those who love more free space and less furniture or decorative pieces around them.

What Is Contemporary Style?

Simple, subtle, sophisticated and neat is what we mainly look at when opting for a contemporary style of décor. Thoughtful use of texture and wiser use of space is of high importance while trying this type of interiors. The concept stresses on open spaces than decorative items. An ideal contemporary style of décor reflects delicacy and urbane designs. Some basic rules that should be kept in mind while designing a home or office in contemporary style are discussed in this article today.

 

The Colour Palette

Focusing on neutral colours is the key to a perfect interior. Mindful use of black and white defines a chic interior. Use bright colours to give a contrasting look and accentuate the colour scheme. Neutral colours set the stage for vivid-coloured accessories to brighten the room. Use of pastels for walls and windows and neutrals for the trims deliver the finesse you will love.

Architectural Details

Lines and spaces are the fundamentals of an explicit contemporary interior. Use of vertical, horizontal, curved or strong lines gives provision for making a flawless interior. Experimenting with colours to create new combinations and geometric shapes make for great wall art. High ceilings and bare windows differentiate contemporary style from other interior ideas.

Free space is the uniqueness of this style of décor. As we know, a minimalist approach to interior decoration gives the interior a sensation of warmth.

Furnishing Basics

Again, simplicity is the idea when we think contemporary. Vivid and subtle coloured furniture with proper use of space should be kept in mind while planning the décor of the room. Curves or decoration in the furniture pieces is not encouraged. The furniture should be sleek and compact with enough space inside it. Tidy, smooth and geometric shapes painted in neutral colours using natural fibres is the type of furniture you should look out for when visualising the interior decor. Add cushions and pillows with contrasting colours to complete the look. Subtle wall colours with vibrant furnishings and the vice versa make for a good interior in the contemporary style.

Floors, Lights and Art

Opt for basic and smooth flooring of vinyl, tile or wood with a carpet spread of patterned or geometric designs.

Use of track lights, cove lights, spotlights (over paintings and photo frames) or recessed lights highlights the ceiling and demonstrates refined tastes.

Matte, wood or metal-framed art placed at eye-level attracts attention better when decorated using a spotlight directly above. Make sure not to use too many artworks to be in sync with the style of interior.

Greenery Arrangements

Oversized and bright containers and pots placed neatly used indoors make the room feel fresh. The vessels look noteworthy with big flowers or whimsy leaf arrangements to give a quirkiness to the décor. Using strange unusual house plants potted neatly enlivens the space with elusiveness.