Housing sales resume digitally in times of Covid 19

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Housing business has resumed, sales are taking place but digitally. A top developer sold 500 homes in second half of March.

By Varun Singh

Despite everything coming to a standstill in the country, housing sales has resumed. Many including top developers are selling homes via the digital medium.

According to Anarock Property Consultants, housing business has resumed by 15-20% despite a lockdown.

Godrej Properties in its report to the Stock Exchange mentioned that in Q4 bookings stood at 2,380 crore.

The company sold over 3,000 homes in the fourth quarter. The number of homes sold and the value of homes sold were the highest the company has achieved in any quarter.

Surprisingly the housing sales in Q4 of Godrej included over 500 homes, which were sold in the second half of March. They say this was possible as the company focused on digital sales tools to sustain operations despite the lockdown.

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Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants, expects that other listed developers will report similar sales figures once they report their quarterly results after the current lockdown extension.

He said, “Every crisis brings opportunities, and Covid-19 is no different. Online home sales are now beginning to gain serious traction. Despite the lockdown and all on-ground activity halting across the country, top developers have been able to resume at least 15-20% of their business due to increased digital penetration. Existing digital sales capabilities are being ramped up rapidly to sustain operations even in the lockdown.”

Even brokers are using online medium to get clients. A housing broker said, “Traditional methods can never be discarded. We are using social media to get to home buyers. Posting pictures, doing live video calls of the home on sale are helpful.”

Developers can target NRIs for housing sales using digital platforms. For NRIs real estate, even more appealing now due to depreciating rupee value.

Also Read: Housing sales to reduce by 25-35% due to Covid19

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