Vijay Verma on what real estate developers can undertake in their functioning to keep their business steady.
The global scare of Coronavirus has restricted the businesses around the world to carry out their functions. These difficult times have increased the need for changes to be introduced so as to keep up the pace of work, and retain the value of brand’s name in the minds of customers.
Also read: Combating real estate challenges post-COVID-19
While these unconventional changes have taken some time to become a practice for every individual working, they have also given several long term lessons for future. Here is a list of five long term lessons from the phase of COVID-19, which real estate developers can undertake in their functioning to keep their business steady even amid a fallout situation like this.
Importance of hygiene and altered amenities
The important lesson which comes with quite a possibility of becoming a norm on construction sites is increased attention to cleanliness and hygiene. Projects with amenities having minimal human interface will see a rise. Looking at the degree of caution taken by everybody, developers have to revise the list of amenities offered and will be coming up with strict standards to ensure hygiene and wellness of the workers at their sites and projects.
All amenities, housings or projects offering mixed-use land
Comfort and location are crucial factors in decision making for a property. Having access to daily needs, entertainment, shopping, medical services in close vicinity also remains one demand of the homebuyers. The lockdown situation has pushed the developers to think beyond and expand into providing an exclusive space within the housing society premises. People residing in luxury societies and posh localities are also now facing the problem of much distance from daily needs stores. There is quite a possibility that post-COVID homebuyers will demand for projects that address their personal daily needs as well as professional, willingness to invest in them will be more.Newer areas where this kind of consolidated infrastructure can be provided should be developed as mixed land use areas and accordingly for that government has to provide sanctions. The concept of mixed developments with retails, entertainments, shopping, offices, shopping accommodations all under one roof or sanction will gain popularity.
No developer would like to keep the developed projects on hold, instead the entire focus will shift on its sale rather than investing into new one. A focused approach trend will gain pace.This would also prove to be a move that will help the real estate sector manage the finances;and earn enhanced trust, confidence and respect of all the stakeholders including the buyers.
Strong digital presence
The developers will be having a significant budget kept aside for their digital marketing. As in difficult times like these, Internet has proven to be the only medium that has kept them connected to their prospective and old customers. Technology innovations like virtual tours have effectively tackled the barrier of site visits. Engagement garnered on their digital platforms is helping in developing new leads and sustaining them.There is no denial of the fact that the Internet has become the easiest, fastest and most accessible platform of information for all. The crisis has witnessed increasing need for investing in online meetings, digital walkthroughs, tech-enabled transaction platforms.
Technology-based eco- friendly construction
One of the most important lessons that come with this period is investing into construction technology with minimal human interference. The scarcity of manpower which is being faced by the sector has made the developers employ new construction techniques and equipments that function on less human interference. Further consideration should be to acquire such equipments and machineries that are run by eco-friendly power sources to improve the efficiency and curtail the dependency on human power; which has now become the main cause of delays and ultimately the main reason of uncertainty on timely completion.
About the Author:
Vijay Verma is CEO at Sunworld Group.