India’s residential realty sector, which was struggling even prior to the pandemic, will have to significantly leverage technology to differentiate their offerings in order to attract customers in the post-covid-19 era, Bain & Co. said in a report.
“The pandemic will breed a new host of customer key performance indicators (KPIs), namely around building safety and security. Developers that demonstrate thoughtfully redesigned infrastructure upgrades, such as touch-less surfaces, digitally-enabled entry and exit, resident and guest management systems, smart homes and smart club houses, will attract buyer attention and provide differentiated value,” it added.
Besides, as customers defer their visits and traditional lead conversion techniques of walk-ins and in-person show-flat tours lose traction, developers adopting digital sales channels such as virtual tours and online bookings will find themselves better placed to attract customers, Bain said.
Developers will also have to adopt various innovative technology solutions, both within homes and outside. “Even as offices begin to resume operations gradually, a large portion of the workforce will continue to operate from home for extended periods. The use of in-home space will vary with time of the day: workplace-by-day and bedroom-by-night. Developers must offer innovative answers that optimise the use of apartment space,” it said. Bain said residential real estate developers will also need to focus on out-of-home solutions to manage clubhouses, lobbies and other common areas, as well as deliveries. In a post-covid-19 setting, monitoring the flow of residents and guests will be a priority, it added.