The coronavirus outbreak has resulted in the slow down of the realty sector like many other industries in the country. The ongoing projects are put on hold, and the upcoming project plans have been cancelled. The market trend shows a sharp dip in buyers' interest in property buying that has led to an increase in the number of unsold inventories.
The situation in terms of under-construction projects is even worse due to the lack of on-site labours who have returned to their homes. The developers are helpless and consumers should be ready to face the delay in possession of their properties.
In such uncertainty, Indian real estate stands hopeless with never-ending challenges. However, the golden rule with every challenge is the arrival of some opportunities, and the real estate sector is no different from it. Not giving up is the attitude of the industry leaders and experts who have come up with new ways as well as trying untapped methods to keep the business afloat amid the Covid-19 crisis.
The following are some of the ways real estate firms have adopted in Indian realty:
• With every possibility of project delivery being delayed, the fear among the customers remains high. The real estate firms have been making regular calls to the clients regarding any property-related government policy announcement, internal information, and development of the project.
• The site visit is no more in function. Hence, customers are provided virtual tours of the sites.
• Real estate firms have eventually realised the power of digitisation. Social media is one of the best ways to stay connected with existing and potential customers without interfering in their personal space. During corona spread, social media marketing fits well considering social distancing as the first need of the hour.
Learn about how the government aid in the real estate crisis comes as a big opportunity and current preference of the customers.
• With an intent to revive the overall Indian economy, the Reserve Bank of India has decided to reduce the repo rate. The move benefits the real estate sector and its property buyers in terms of home loans wherein the banks could lower the interest rates and helping to boost the property sales. Since the lockdown, the repo rate has been cut by 115 basis points.
• Delay in the construction of projects and delivering them to the customers has been a major challenge by Covid-19 in real estate. To combat this issue, the government has announced the crisis as an event of "Force Majeure" and advised the real estate regulatory body, RERA, to extend timelines for project completion and issue revised project registration certificates in every state.