The Rise of Real Estate with Consumer-Centricity

Real estate is one of the most dynamic sectors of the Indian economy. A recent report suggests that by the year 2030, the sector will likely be pegged at USD1 trillion, which is nearly 20% of the national GDP. Yet, despite its size and scope, real estate has been relatively slow to jump on the technology bandwagon. A run-of-the-mill outlook had left the sector more product and process-centric than focussed on the needs and expectations of the end consumer. But like the rest of the economy, real estate has taken on a new avatar post-pandemic. We are now witnessing the rise of consumer-centric real estate with a distinct emphasis on digital transformation.

PropTech for a great customer experience

The main reason real estate has been slow in acknowledging and attuning to the needs of the customer is the diversity of expectations among real estate buyers. PropTech has been a game-changer, though. Digital platforms that collect a great deal of data from homebuyers and real estate customers have helped developers build a strategy to create an excellent customer experience. This means that with the help of tech platforms, real estate platforms can predict the specific location, facilities, amenities, and needs of a prospective customer. This refines the inventory and offers tailor-made results that accurately match the customer's needs.

Managing relationships

The real estate sector in India is growing out of its infancy in terms of managing relationships. Property buying is no longer a once-in-a-lifetime event. Real estate developers are now focusing on cultivating and managing relationships with home buyers. Having a dedicated relationship manager who recognises and understands the needs of the customer is one way to enhance the engagement, loyalty, and experience of the property buyer. This relationship goes well beyond sales. It includes organising events, activities, and socials that address their specific lifestyle and housing needs.

Save more, spend more

One of the greatest learnings that the real estate sector is coming into is that customers look forward to saving more in order to spend more. While this may sound contradictory at first glance, let us understand the latest consumer trends. From banking to grocery shopping, from buying electronics to insurance – customers go online and have all their business taken care of with a few clicks. So why should property hunting be any different? Leading real estate buying platforms such as Blox are now focusing on virtual tours and visits, providing home buyers access to many more residential flats in Mumbai that they would be able to physically tour, without any brokerage.

Lifestyle and more

A key component of going consumer-centric is listening to the lifestyle needs of homebuyers. Smart homes with integrated technology and state-of-the-art security services are on top of the needs of prospective homebuyers, and this is precisely what real estate developers are now looking to deliver. Health and fitness have found a very central role in our lives following the pandemic, and most housing projects in Mumbai and other cities are reflecting these needs. Use of environment-friendly material, energy optimisation, large green spaces, and smart waste management system – most real estate projects these days incorporate these elements. This is an encouraging trend of moving from products to the end buyer and their aspirations.