ANAROCK Group Sells Properties Worth ~ INR 252 Cr in Lockdown

• 240 homes and 62 office units sold across cities; MMR accounts for a massive 49% sales volume share
• Many deals closed 100% virtually with no site-visits whatsoever; 5-6 virtual tours/day for interested buyers
• Most sold homes priced between INR 70 lakhs to INR 1.5 crore, office spaces ~ INR 60 lakh

Despite the coronavirus-induced nationwide lockdown and all on-ground activity halted since March 25, the ANAROCK Group has successfully closed the digital sale of 240 homes worth INR 214.6 Cr. and 62 office spaces collectively worth INR 37 Cr. According to a press release issued by the compeny, of the total number of housing sales closed post lockdown, at least 49% (approx. 117 units) worth over INR 85 Cr were sold in the highly-impacted Mumbai Metropolitan Region (MMR) alone.

Anuj Puri, Chairman – ANAROCK Group says, “The first 10 days of the lockdown were a struggle to align sales, but ANAROCK quickly took up the slack and homed in on the emerging opportunity. Many of these sales were in the final leg of the deal and others were open but were all closed virtually. Partnering with leading developers and negotiating good bargains for buyers were our key success factors, as always.”

The maximum number of residential properties sold in the lockdown period were in the mid-segment priced between INR 70 lakh to INR 1.5 Cr. Office spaces were priced at approx. INR 60 lakh each.

“ANAROCK is leveraging the imperatives of the current situation with an increasing focus on digital sales,” says Mr Puri. “We are conducting a minimum of 5-6 virtual site visits per day, and are getting results.”

Digital Sales

ANAROCK’s proprietary one-stop technology platform IDSS (Integrated Digital Sales Solution) virtually integrates all property sales operations from discovery to engagement and transaction. Baked into the Firm’s CRM system, IDSS connects customers, developers and brokers, and delivers real-time inventory updates and apartment selection, 3D renders, virtual tours, e-brochures, product videos, video conferencing with the sales team, documentation and developer’s details. It also lists out offers such as reduced booking amount, price protection and flexible inventory. This technology, which culminates in deal closures via an integrated payment gateway, has been a game-changer in the current lockdown conditions.

Emerging Trends

ANAROCK has noted a major shift in customer behaviour, with 25% more time spent on social media and an 18% increase in time spent on property portals. The quality of interactions has improved significantly even as the cost of lead acquisition has reduced. ANAROCK has leveraged its IDSS technology to partner with leading developers for Digital Only sales.

Going forward, even after the pandemic is controlled, dependence on physical site visits, face-to-face discussions and transactions will be significantly reduced. The coronavirus crisis has also given a sharp impetus to the consolidation process underway in Indian real estate, giving leading developers and consultancies an even greater edge as the market navigates headlong into digital mode.