Kanika Gupta Shori, the Founder and COO at Square Yards, has revealed how digital real estate sales has turned into the next big growth chapter for Indian real estate. Millions of home buyers have not exited the industry as forecasted by property pundits on account of the COVID-19 pandemic. Instead, they have appreciated the swift switch of the industry and developers to digital platforms. Here, they can take 3D walkthroughs and map every inch of their apartments while booking inventory and completing transactions digitally. All meetings with agents are taking place virtually with necessary data available at the fingertips of prospective buyers as well.
This is the future of Indian real estate and the tremendous rise in digital sales figures for real estate is a testament to the same according to Shori. Home buying has become even more important for prospects amidst the ongoing pandemic. Many are putting their money in real estate owing to volatility in gold and stock investments while some are taking the plunge to build financial and emotional security for the future. At the same time, with people stuck at home for almost 3 months, there is growing demand for spacious homes in gated townships with health infrastructure and all necessary amenities.
Gen Z buyers or millennials desire home ownership with all amenities even if means staying in the outskirts of major cities or peri-urban areas. This is a smart, connected generation that can access all property details on their smart devices. They are taking a major leap towards buying property digitally and not waiting till they hit their forties, for buying their dream homes. Many millennials are taking the plunge right after completing a few years in their professional careers as well, provided they have stable employment.
This segment should be a major harbinger of growth for Indian real estate in the future since millennials are not bothered about market forces or volatility. They are putting up down payments and taking on loan EMI repayments whenever a ripe opportunity presents itself according to Shori. Real estate players are also leveraging advanced technologies including AI, virtual reality, 3D walkthroughs, machine learning and more to facilitate better home-buying processes for customers. Digital sales have contributed towards ushering greater credibility, professionalism and transparency into Indian real estate. The way people shop for homes has undergone a major change and the trend is here to stay.
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The Financial Express –
Published Date: 12 August 2020