Realtors bank on e-launches to generate sales amid coronavirus crisis

Puravankara, Oberoi, Shriram trying e-launches to fulfil pent-up demand

Faced with lockdown in many cities and expecting a pent-up in demand, property developers are looking to launch their residential projects online.
 
A number of developers such as Puravankara, Oberoi Realty and 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 and technology.
 
“Everything was injected in the minds of customers in smaller episodes after which the price was finally 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. As the prices were unveiled, customers booked the unit of their choice.
 
“The entire ecosystem will take time to digitise as banks are currently not 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.
 
Parallelly, Puravankara’s first plotted development in affordable housing Provident Woodfield was also e-launched on BookMyHome, the company’s e-commerce portal.

GOING ONLINE 

• Puravankara has e-launched a luxury property and a plotted development project in Bengaluru
• Hiranandani Group is gearing up for its first e-launch in Thane 
• Prestige Group to e-launch projects once it gets registration from RERA authority
• Shriram Properties to e-launch three projects in Bengaluru, followed by online launches in Kolkata and Chennai 
• Oberoi Realty is planning to launch a project online in Mumbai

 
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 said several large brands and corporate developers have done a reasonable job in moving their entire customer experience online. “It can be considered a reasonable time to launch new projects on the back of the new interest by millennials,” 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 requires a minimum of 10 per cent down payment and still needs at least one in-person meeting,” added Pandit.