The coronavirus pandemic has left most industries in a tough spot and the same applies to the real estate sector too. The lockdown has affected both the residential and commercial sectors, resulting in a decrease in sales. Several builders are now unable to finish their ongoing projects or launch new ones due to a lack of cash flows or restrictions. To adapt to the new normal and survive, the leading real estate developers like DLF Builder are coming up with innovative solutions.
Expected changes in design
Several changes are expected in the design and layout of real estate properties. Companies now seek office complexes with larger personal space and properly separated cubicles. The conventional air conditioning systems would be replaced by modern ones which do not circulate viruses present in the air. The ‘work from home’ trend has gained considerable importance at this point. It is expected that the developers would come up with homes with extra utilities such as space which can be used as an office. The WHF trend is likely to continue even after the pandemic is over, due to which the demand for such homes would rise.
Communication with customers
The developers are now relying heavily on social media and other digital means to reach out to and maintain communication with their customers. Modern technologies such as 3D artificial reality tours of properties, digital tours via video calling, etc. are being used widely as arranging site visits is a little difficult now. Several reputed builders, such as DLF Builders are investing heavily in communication and customer engagement. In the current situation, it is key to be successful in the realty sector.
Recovery
The real estate sector has been affected by the COVID pandemic in a big way. The smaller and lesser reputed developers are facing severe issues and would need considerable time to recover from the slowdown. However, some of the leading developers are expected to recover much faster. Firstly, they are facing relatively lesser financial issues as they are still able to sell their properties. Secondly, as these builders have already proven themselves to be reliable, their reputation would help them to kickstart the recovery once normalcy starts to settle in. This would give them an edge over the developers who aren’t so reputed.
Advertising
Advertising in the realty sector is undergoing major changes. Out-of-home advertising and print media used to be the most popular mediums of advertisement for properties. However, both these mediums have been hit badly due to the pandemic. Moreover, with people staying at home as much as possible, OOH advertising has lost its effectiveness. The developers are starting to advertise over the digital platforms now, such as social media. However, for the top developers like DLF Limited, advertising isn’t at the top of the priority list in terms of expenditures. Such builders are first paying up old playable amounts to various partners and ensuring the financial security of the employees and the stakeholders. Only then, they’re focusing on marketing.
It is expected that by taking up these measures, these builders would manage to survive these tough times and get back on track once the pandemic is over. They are expected to continue holding their positions in the real estate sector in India.