360 Realtors Digital Platform enables sales of 112 units during Lockdown

By : 360 Realtors

21 April, 2020

One of the largest Institutional Channel Partners (ICPs) in India, 360 Realtors has sold 112 units during the lockdown with a Gross Transaction Value (GTV) of more than Rs 105 crore through online bookings. The company has also announced that it will be contributing INR 25,000 from now on for every deal closed to the PM CARES fund, starting from the previous Saturday (11th April). The sales volume is nearly equally split between residential & commercial assets. 

Despite the sector taking a beating due to the compulsory lockdown, online sales are enabling Realtors to neutralize the knock-off effect to a great extent.  In the foreseeable   future,   realtors   are   expected   to   invest   more   in   building   digital capabilities to facilitate online sales. Although until a few years back, it was a little difficult   to   imagine  Real   estate   being   sold   as   stocks   over   the  web.  However, challenges   such   as  COVID   are   inflection   points   that   can   bring   in   behavioral changes in major stakeholders involved.

Numerous factors have helped 360 Realtors to clock decent sales despite economic activities   coming   to   a  near  halt   on   account  of   the   shutdown.  Old   funnels  got converted and many of these deals were from the NRIs who are contributing in bigger numbers than the domestic buyers. NRI buyers are leveraging the sudden plunge in the value of Rupee due to the FII outflows from Indian financial markets. The  dampening of   the  value  of  Rupee  will   reverse  once  normalcy   is   restored. Hence, NRI buyers would want to cash in on the moment.

Post COVID-19, since the situation will normalize, the sales volume is expected to revive and buyers who wished to buy during the festive seasons will come back.

"It is the result of the online activity being done by the potential buyers who are getting   enough   time   to   discuss   &   research   on   properties.   This   is   infusing momentum in the market.  Once the crisis  subsides,   the sales figures will  see a remarkable upturn", quoted Mr. Ankit Kansal, Founder & MD, 360 Realtors.

There is also notable interest in mid-sized commercial assets. As the stock market is   seemingly  volatile,  many   investors   are   now  scouting   attractive deals in the commercial space, backed by elevated   rental   yields   and   attractive   capital appreciation. The sweet spot is INR 20-40 Lacs properties.