What slowdown? These realtors registered bumper sales during COVID-19 lockdown
Despite all economic activities came to a standstill, several real estate developers have registered good sales figures during the COVID-19 lockdown, thanks to the strong digital presence.
Various measures such as online bookings, online payments, easy down payment schemes, and lowest ever home loan interest rates in the last decade helped the sector to sail through the difficult time, say developers.
Apart from these schemes, many marketing firms came up with the option of online project tours, helping people experience the entire project through online platforms.
Developers say they received a large number of online and telephonic inquiries during the lockdown and that they tapped the opportunity by reaching them out online.
Realtors came up with offers like 6 months EMI free and donation of booking amount to the PM Relief Fund.
Gaurs Group says it has sold 700 units in Delhi NCR to achieve gross sales value of Rs 225 crore, Lodha Group sold nearly 1,000 between March 25 and May 31, and Ghaziabad-based Migsun Group sold 500 units with a gross value of Rs 252 crore during the lockdown.
Godrej Properties sold 500 units in the second half of March when economic activity came to a standstill due to the 21-day nationwide lockdown.
“Real estate sector came out with innovative online schemes through which a home seeker can easily book his home or even a commercial unit without the hassle of a site visit. Realizing this very early, we activated our digital teams and CRMs to exploit modern technology,” says Manoj Gaur, MD, Gaurs Group.
“We conducted virtual tours of our projects that helped the buyers take a look at their future real estate assets and how it is going to pan out. Our measures included sales via video conferencing to online project tours to easier online payment gateways.”
Realtors increased communication with their prospective buyers through digital channels like emails, WhatsApp, SMSes and social media media platforms such as Facebook, Instagram.
Most of the sales of Migsun Group happened at its projects located in Greater Noida (UP) and Ghaziabad (UP) in regions such as Vasundhara, Kausambhi, Indirapuram, Vaishali and Rajnagar Extension.
“We have always been quite active on all the digital platforms and have been continuously focusing on sales generated via online queries. There was an upsurge among the buyers to own a home in a group housing project as people were able to see the positives of a Group Housing during the lockdown. In the last couple of weeks, we have made bookings from people who had the liquidity but were short of ideas to invest,” says Yash Miglani, MD, Migsun.
The sector came up with hordes of innovative schemes to keep the buyers engaged. From sales via video conferencing, online project tours to easier online payment gateways, realtors used every available route.
“Lockdown did pose a hurdle but our processes helped us to overcome it. We launched virtual tours and EMI moratorium schemes as the lockdown was extended. During lockdown 3.0 and 4.0, buyers who came wanted better living in group housing projects and were getting the benefits of flexible payment plans,” adds Miglani.
“We came out with ‘Lockdown offer’ for our commercial as well as residential projects where we asked the buyer to pay Rs one lakh to book as against the full booking amount, the rest of the amount could be paid within the 100 days,” Gaur further explains.
Abhishek Lodha, MD & CEO, Lodha Developers, says there is a growing desire of owning a home as consumers have started realising that it is the most important things for their families.
“We have consistently delivered the world’s finest developments right here in the Mumbai region and this has led to high levels of customer advocacy and referrals.”
“We are thankful to the channel partners and customers who have chosen to buy with us – the sale of these 1,000 homes will create atleast 10,000 jobs for a year and lead to large amounts flowing to the government for nation building. With our humble contribution of Rs. 21,000 to the PM CARES fund for every home sold under Apna Ghar, Apna Desh campaign, we salute our Covid fighters who are standing on the frontline to protect all of us.”
The lockdown has re-iterated the importance of owning a high quality home in well-developed and well-maintained buildings, he adds.