Faced with lockdown in many cities and expecting a pent up demand, property developers are looking to launch their residential projects online. A number of developers such as Puravankara, Oberoi Realty, Hiranandani are experimenting with online launches.
While Bengaluru-based Puravankara has already e-launched two projects, Mumbai-based Oberoi Realty is gearing up for its first e-launch in Mumbai.
Puravankara, which e-launched two projects Purva Atmosphere and Provident Woodfield on Saturday, is expecting a booking of up to 80 per cent for these properties.
For Purva Atmosphere, the 12-acre luxury project, the e-launch process took 20 days of planning when the product was revealed piece by piece to customers who had shown interest on the website and through calls. Several experts were brought on board each day to talk about different aspects of the product including design, amenities, technology. “Everything was injected in the minds of customers in smaller episodes after which finally the price was revealed,” said a company spokesperson.
The company ran a two-day inventory camp before the e-launch when customers had already decided on the choices of their units. These customers were appointed relationship managers and were a part of the e-launch which was live on Puravankara’s Facebook and YouTube pages through video conferencing. As the prices were unveiled, customers booked the unit of their choice.
“The entire ecosystem will take time to digitise as banks are not currently disbursing loans until there is physical signature of customers. The ecosystem will take some time to go ahead with a seamless sanction of funds,” said an industry expert.
Puravankara’s first plotted development in the affordable housing Provident Woodfield was also e-launched on BookMyHome, the company’s e-commerce portal.
Another Bengaluru-based developer Prestige Estates is also planning to launch projects online once it gets registration from RERA authority, said chairman and managing director Irfan Razack.
“Actually demand has picked up well in Bengaluru and we have to keep innovating all the time,” said Razack.
The Hiranandani Group is planning to e-launch in Thane followed by Panvel on the outskirts of Mumbai. "We can target customers such as NRIs who don’t need to visit the site. They rely on the brand. Also people on rent have been restricted on the use of rented premises by some landlords and hence are looking to buy a home," said Niranjan Hiranandani, managing director, Hiranandani Group.
Experts say several large brands and corporate developers have done a reasonable job in moving their entire customer experience online by creating products that are solely customer centric. "It can be considered a reasonable time to launch new projects on the back of the new interest by millennials to the features required under the Covid-19 involves health and safety aspects to creating a financing plan that meets the cash flow situation of the consumers,” said Amit Goenka, managing director of Nisus Finance.
Bengaluru-based realty player Shriram Properties is also making arrangements for pre-launching a plotted development called Raynal Gardens next week. Under the e-launch, it is offering 72 plots with a deferred payment plan. “In July, we will also be launching a large project off Whitefield and a boutique luxury project off Koramangala under the e-launch model. We are also re-starting our paused launches in Chennai and Kolkata under the e-launch model,” said Vyoma Pandit, associate director – sales & marketing, Shriram Properties.
According to the company, customers are willing to make a token payment based on the digital experience. “But the final transaction which requires a minimum of 10 per cent down payment and still requires at least one in-person meeting,” explained Pandit.