Virtual tours and online launches: The way forward for the real estate sector

Real estate firms and start-ups are looking to boost residential sales amid the Covid-19 crisis through Video walkthroughs, digital inspection and e-launches. As the physical site visits for home buying are out of the equation in the current situation, real estate start-ups are looking for an alternative with tech-led solutions.

Voicing his opinion, Akhil Gupta, the co-founder and chief technology officer, NoBroker.com, a tech-enabled real estate platform said, “Video walkthroughs have been gaining steam in India for the past 2-3 months. One could shortlist on call, but finalizing on call is a big leap here. While the concept is being practised in most developed countries, in India it was still at a nascent stage.”

On the other hand, Ashish Puravankara, the managing director of Bengaluru-based real estate developer Puravankara Ltd said that the prospective buyers can engage in a live webinar on their website to discover the price and book projects online. The company recently launched two projects on its portal.

Similarly, a technology interface has been built by Mumbai-based Xanadu Realty to enable sales and provide buyers with a virtual tour of the property and the neighbourhood. Using a mix of virtual reality, automation and analytics, a seamless experience is being provided to the customers.

Talking about the development, Samujjwal Ghosh, director, brand and marketing, Xanadu Realty said, “We are doing this through an integrated virtual sales experience platform, which Xanadu has adopted across all ongoing projects.”

“Over the last 30 days, we have conducted more than 6,300 interactions with potential customers across Mumbai, both residential, as well as commercial real estate, in the affordable, aspirational and luxury categories across seven developer brands,” he added. The 6,300 video calls have translated into selling more than 100 units in a month for the company.

Furthermore, Mumbai-based MultiLiving is creating a rental business using technology. Pankaj Singh, the chief executive and founder, MultiLiving Technologies, said, “Leveraging machine learning, we have been able to suggest the best location for a customer rather than seeking information on location, societies and other traditional parameters done previously. This has been possible due to an AI-powered chatbot on our platform that gives an insight into what may best suit a customer.”

The real estate sector is looking at virtual tours and online launches as a viable option at this juncture. Going forward, the trend may change with time, but it seems to be the perfect route at this stage.

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