Like any other field, COVID pandemic has created a paradigm shift for the real estate sector across the globe and more so in India. This new normal has impacted all the key players in the Real Estate Business across the country – be it the Buyer, Seller, property owners and the real estate Consultants all alike. While it is true that every individual, businesses and organizations are currently going through a very difficult economic situation, there is a brighter side to this. In a way, this tectonic shift in the real estate business context is opening up new opportunities for all the above key players in India.
For the home buyers, the parameters that are considered while buying a home has changed to a great extent now. Factors such as consistent loan repayment capability, initial payment affordability and new functional requirements at the home are becoming the secondary considerations. The new possibility of the extended Work from Home (WFH) routine is pointing to the need of having more home-based office features in a house. Similarly, for family with school going kids, the features that allows easy attending of online classes is important. For both these features, availability of seamless connectivity through uninterrupted broad band connection is important. Also, pre-covid consideration of having a home near to the work spaces may not be an important deciding factor as the WFH option is reducing the commuting difficulties.
For a home buyer, physical hunting of the house / flat has become a thing of the past and prefers online searching through digital platforms such as Nobroker.com, Magicbricks.com, 1 sqft.com, etc. Considering the pandemic constraints such as maintaining social distancing, avoiding crowded areas etc., even the sellers will prefer such online platforms for getting connected with prospective clients as they will also try to avoid physical interaction with prospective clients due to COVID infection risks.
For the Sellers, the tough economic situation is pushing them to the challenge of connecting and finding the right buyer. The value perceived by prospective buyers in features such as home cum office for WFH and seamless broad band connectivity will also play a key role while the buyer takes the final decision. These features coupled with affordability may be as important as the usual considerations of proximity to the office and price fluctuations. Travel and social distancing constraints are pointing to limited face to face interactions which were earlier possible through Real Estate stalls or expos, etc.
Online and digital platforms such as 1 sqft.com will be the first priority for the Seller to understand the market in the prevailing situation when people slowing returning to regular routines after a long lockdown and getting connected with the prospective buyers. By effective utilization of such platforms, the seller will be able to showcase the features of the property in a much better way compared to the earlier interaction through physical interactions. Since the acceptance of online platforms has increased during the pandemic, all sections of the society are more comfortable in making key, lifetime decisions such as buying a home with support of the online platform like 1 sqft.com. At 1sqft.com, buyers and sellers have a huge platform with unique and user-friendly features to ensure both buyers and sellers make their key decisions about property without getting cynical.
Sindhu Vijayakumar is a tech, business, and creative content writer and marketing solutions provider, who has been helping several B2B and B2C companies with their content and marketing (including digital marketing) needs. She has been guiding startups with marketing content initiatives, both internal and external, across multiple platforms and formats to drive sales, engagement, retention, leads and positive customer behaviours.
An MBA in Marketing and Sales, she loves crafting engaging business and digital content for businesses. As a professional content writer who is comfortable writing on technology, she has been providing writing services to many software and technology organizations, including mobile app development companies.
A gold medalist in journalism, before turning to freelance, she was a full-time journalist with The Hindu, The Times of India and Sulekha.com, and for over a one-and-half decade, she had published hundreds of articles on communities, urban development, lifestyle, wellness and parenting trends. As an accomplished radio programmer, she had propelled the south FM stations of Reliance Broadcast Network Ltd, to exceptional heights.
A Research Scholar in Management, her special interest areas are startups, tech, application development and small businesses. She has published several papers on communication in national and international journals and is also a published author of fiction and poetry.