Use of Technology Keeps Real Estate Industry Afloat During Lockdown

Due to the lockdown across the nation, house sales have come to a halt. Since the whole country has surrendered to technology for almost everything in this situation, real estate agents and developers have also sought the help of technology to survive at this time. They have prepared digital walkthrough videos of projects to reach out to the prospective buyers and are all-equipped for online property bookings.

To make the digital transaction more customer-friendly, the builders and brokers are open for the customers to cancel the bookings within a period of 90 days without penalty. That is if the customer decides to cancel after a physical visit to the property upon the end of the lockdown. Also, they are now encouraging prospective customers to buy properties by paying a token advance of Rs.25,000.

A higher budget has been put in by the real estate firms on their digital marketing campaigns. There are advertisements posted on their website, online property classifieds, and social media platforms, such as Facebook. 

Technology has been put into right-use and the developers have succeeded in replicating the experience of visiting the site while sitting at home. Various platforms, such as the Internet of Things (IoT) and 3D imaging based on artificial intelligence and machine learning are used to build virtual walkthrough. 

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The technical specifications of the property, as well as the costing details, are communicated to the potential customers via text and voice communication modes. Customers have the option to view the available property inventory, block the property of choice by making an online money transfer of the token advance. Investors have no difficulty in concluding deals with the adoption of technology as a platform. 

Meanwhile, brokerage firms are using video calls to connect builders with customers. These firms are also planning to tie-up with payment gateways to ease the process of online deal closure. The period of lockdown is also being used to create investor awareness through webinars and educating them on how real estate is the better asset class for investment. 

It is reported that sales have not been meeting the former targets. However, thanks to technology, sales are not at a standstill during the period. 

For any clarifications/feedback on the topic, please contact the writer at apoorva.n@cleartax.in