Justlead conducted a webinar on Realty Analysis on 23rd April 2020. Mr Raghav Mishra was the keynote speaker of the webinar. This Realty analysis was mainly focused on the realty sector's last year experience, challenges faced and opportunities, expectations from the current financial year and we also tried to find out how real estate professionals are adopting new technology and a new way to tackle the current situation which we are facing these days.
We asked several questions from Mr Raghav Mishra, who is co-founder and joint managing director at Propshop.
Propshop is a well-known Realty brand in Delhi NCR with a team strength of more than 1000 real estate professionals.
Below are a few questions from us and the expert answer from Mr Raghav Mishra:
Question: Propshop is a well-known brand in the Delhi NCR realty market, being as a joint managing director and co-founder at Propshop, we would like to know from you, how was your experience in the last financial year?
Answer: We had a mix of experience in the last financial year, when last financial year started on 1st April 2020, there was already lockdown in the country April, May and till mid of June, COVID-19 was on peek, that was a completely new thing for everyone, no one had clue what COVID-19 is, people were scared and hesitated. There was an impact on the income of people, few lost their job and there was salary cut also and EMI Budden was there on many people.
But since mid-June, the market started showing a positive response. During lockdown people actually realised the importance of own house and there was exponential demand of house since mid of June.
From last year to this year, there is a demand of ready to move property and now there is very little availability of ready to move property, when people come out from the houses after lockdown they realised the importance and value of owning a house which triggered the demand of ready to move property. Which impacted the demand and supply, there was increased demand and less supply of ready to move properties.
Question: What are your expectations from the current financial year? What is your strategy for it?
Answer: In the current financial year everything was flourish, the trend was bullish. In January 2021 we organised an event "Property Utsav" this was a big success. There was a very positive response from the customer and we sold 225 properties, but yes due to this second wave of covid-19, there is little impact on the property market but the start was very good and the overall trend is bullish.
Question: There is a nationwide impact of covid-19 and real estate is also one of them, what you think about how the market will tackle this?
Answer: This is a temporary phase and the impact will be for a shorter time. It's not like that market is completely dull, we are still getting responses and enquiries, our team is in touch with customer, we are getting an enquiry from all digital platform and portals. People have learnt a lot from the last COVID-19 wave, the second wave is a little more dangerous and people should take precautions and it is very important. the last covid-19 was a new thing for everyone, for doctors, for general citizens and for real estate professionals also, but now people are much prepared for it to deal with.
Question: How is your company helping a new property buyer to shortlist and buy the best suitable property?
Answer: We already have a team of 1000 sales professional and they are already in touch with the customer. We are getting demand and enquiries from customers. Yes, there is little impact on the demand side but we are getting enquiries from digital platforms these days. we are getting more enquiries for affordable housing and we have options from every category in the residential and commercial segment. In the commercial segment, we do have inventory as options for office spaces and retail shop, in the residence segment we have multiple options of 1 BHK with starting price of 15 lakh and our team is available to help people full time. Our professional team help property buyer with respect to budget, size, location, possession time and all other required amenities.
Question: Raghav Sir, there is a weekend lockdown and in real estate, most of the site visit takes place on weekend and most of the transactions take place on weekend. we are shifting from actual to the virtual site visit and adapting contact list digital transactions what you think is really helpful and how much we are ready for prepared for it?
Answer: In the last year the weekend barrier has been gone, people are coming for a site visit on weekdays also and they are also comfortable with virtual site visits. We are getting the same amount of site visit and meetings on weekdays too. Secondly, we are shifting on technology and digitalization and we are adapting virtual meetings. Buyers are discussing over the phone and we are offering them site visit via video or virtual and customers are quite happy and they feel safe. They can access videos or virtual site visits anytime from their home and are maturing the deals.
Question: There is some movement in property rate, according to your analysis, will the rate go up, remain the same or will be lowered down?
Answer: I do not think there will be any downfall in rate, the market has already correct itself. Rate will go upper side because in last few days rate of steel and cement have increased, which will result in an increased rate of the property. This is the right time to buy the property because gradually rate will increase in real estate. The overall trend in the real estate state is bullish and rates will go up.
Question: What is your advice to property buyer and real estate professionals in the current situation?
Answer: I would advise everyone to take proper precaution, it is very important in the current time to be safe from COVID-19. 2nd, as I told earlier, there is a bullish trend in the market so we need to focused on virtual meetings and site visit. There is demand for property but we should take proper precautions and property buyers should take help from real estate professionals or from someone who has the knowledge, who can guide in a better way in order to sort list the property according to budget, size, location and sub-location. These days builders lobby is also trying to make things easier by offering attractive payment plan like 10: 90 payment plan, 20:80 payment plan etc. customer need to pay an initial amount that is 10% or 20% and the rest amount is payable at the time of possession. Builders are also extending a helping hand to property buyer to make their buying experience more smooth and flexible.
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