Developers Devise Online Schemes to Tide over COVID-19 Crisis

A sudden halt in property visits and reduced buyer interest were among the few challenges that the Indian real estate industry had to grapple with, in view of the threat posed by Coronavirus pandemic and the 21 – day lockdown measure to curb the same. As a response, real estate developers have come out with innovative online schemes through which a home seeker can easily book his home or even a commercial unit without the hassle of a site visit. Several developers have put in place online schemes to keep the buyers engaged, viz sales via video conferencing, online project tours, easier online payment gateways, etc.

The option of online project tour is intended to help people experience the entire project through online platforms.

For instance, Gaurs Group, a prominent player in NCR realty, has come out with 'Lockdown Offer' for its commercial as well as residential projects where it is asking the potential buyers to pay Rs 1 lakh to book as against the full booking amount, the rest of the amount can be paid within 100 days. Likewise, Migsun Group is offering three additional months of no EMI along with the moratorium period of 3 months announced by RBI, which can be availed through individual banks. The innovative online schemes are to allow end-users to avail multiple booking facilities via multiple online platforms. 

The realty players are offering sale support via video conferencing which can help a buyer book the space without visiting the sites. The major highlight of the above schemes are that developers are providing a cancellation guarantee where one can easily cancel the unit with no cost in next 3 months. Hence the scheme looks very lucrative to a home buyer.

A few realty developers have timed the initiatives and linked it with PM Relief Fund. In fact, Noida-based developer Spectrum Metro has come out with an initiative where it is donating booking amount of up to Rs 50,000 to PM Relief Fund thus giving buyers an opportunity to serve the Nation and at the same time book a property using the same amount. 

It’s not just the developers; property consultancy firms like Wealth Clinic have announced innovative schemes where they are providing opportunity for part-timers and free lancers via its Online Sales Programme that is giving these aspirants a chance to earn extra while they stay home due to COVID-19. People can approach the consultancy firm via online interview process post which they can work and sell projects and earn some extra money, all while sitting at their home.

The real estate industry views the measures undertaken by developers as well as consultancy firms as game changers which will help them sail through COVID-19 pandemic phase.

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