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.
