Lockdown has affected businesses around the country and real estate is no different. The sector has also experienced the pinch of the nationwide lockdown. However, a closer analysis of the situation will reveal that it offers opportunities both for developers and buyers and is not a challenge that cannot be overcome.
The write-up brings for you the different possibilities that such a dreaded thing as lockdown offers.
Digitization Is The Way Forward
Contrary to the widely held public opinion lockdown offers many positives as well.It has forced real estate companies to strengthen their digital presence with strong online communication to establish contact with the customers and arrange virtual meetings with them.
No wonder then that the developers are now focusing on digital strategies to reach out to the buyers and those who have utilized digital tools smartly and innovatively to connect with potential customers have been able to churn out better results.
It can well be summed up that in the times of lockdown real estate companies will have to come up with innovative digital marketing solutions as well as the other creative online tools likee-mailers, online presentations, virtual walkthroughs etc. to promote brand awareness and build trust at a time when face to face meetings are not possible.
Opportunities For Developers
Lockdown has also lead people to think that owning a home is a far better option in dealing with the fickleness of life than living in a rented accommodation. The situation has also brought to fore the value of real estate as an asset that can be utilized not only for personal use but for investment purpose as well. Thanks to the change in mindset, rather than slowing down because of lockdown situation there is a rise in demand for residential properties with ready to move in properties gaining preference which augurs well for developers.
Opportunities For Investors
Builders may just have to reduce prices in order to sell the inventory. This presents a wonderful opportunity for investors who can lay their hands on some of the better deals.Moreover, Reserve Bank of India’s (RBI) monetary policy decision to slash the repo rates by 0.75 basis points (bps) is another booster as the interest rates on home loans today is the lowest that has ever been in over a decade and stand at 7.20 and 8.05% . Indeed, there can be no denying the fact that the situation arising because of lockdown presents a wonderful opportunity to invest in property which is a welcome sign for investors.
Reformed Work Place/Better Work Practice
This is the time to introspect and see whether the way a workplace functions in India requires overhauling. Has the time come when wellness and health should take precedence in offices with technology gaining preference?
When a majority of the work is being carried from home has the time not come when offices should give the option to their employees to work from home? This will not only save the time they spend in travelling to office but will also reduce the burden on the office infrastructure.
There can be no denying the fact that lockdown has thrown up serious challenges. However, every challenge also offers an opportunity and lockdown is no different.The above account clearly brings to fore some of the splendid opportunities lockdown has thrown and real estate sector, on the whole, can benefit from it big time.
Do not forget to stay tuned to SMC Realty to learn more about the latest happenings on lockdown and COVID-19.