Will digital have an impact on property buying in India? Where are we in the lifecycle of a customer buying a property digitally?

Digital has had a huge impact on property buying in India as it covers various facets of customer purchasing lifecycle.  From a customer perspective –  digital platforms enable a customer to be far more educated than earlier before he even reaches for a site visit. The customer today is clearly able to map his requirement and take a more informed decision. Post purchase he is able to track the developments, ensure he is regularly updated through these digital platforms

From a developer perspective right from development to customer acquisition, digital plays a significant role. In places like Bangalore & Pune, 50% of our customer acquisition is digitally initiated and remaining 50% is digitally enabled post the interest generation through BTL activities.

There’s a lot of noise about developers using social media to attract customers? Do you think social will take over the offline media spends of developers?

It already has to a large extent. Most large developers are actively present on social platforms with each of them having a different reason for the same. For us at Mantri we use our social presence to continuously track customer behaviour which enables us to create products which match their expectations. We also use social platforms to have an open feedback mechanism with our customer base which has traditionally ensured we have a large percentage of repeat and referral customers.

How would large developers differ from the smaller ones post RERA?

The gap between the different segments of developers would narrow as the policy adherence will take more importance however like in technology industry you have likes of Infosys, TCS and Wipro with a wider reach and presence but there’s a set of smaller niche technology companies delivering quality solutions existing and thriving hand in hand, in real estate also you would have larger players with wider presence, bigger projects to deliver co existing with quality developers with a smaller reach.

How would GST impact the real estate pricing?

Implementation of the goods and services tax (GST) may raise the overall cost of properties if the sector comes under the expected 18% tax slab and stamp duty is not subsumed in the new tax structure. As an industry norm, all taxes are subsumed under GST, but in the case of real estate, stamp duty and other local body taxes will continue as it is which would take the taxes to higher levels.

The views expressed here are solely those of the person interviewed in her private capacity and do not in any way represent the views of the brands/organizations she is or has been associated with.

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