Transforming Real Estate: HoABL's Digital-Only Approach

Real estate has traditionally been an offline sector for several reasons. The complexity of real estate transactions necessitates personal interactions and thorough physical inspections. Additionally, navigating regulatory requirements further anchors the industry in face-to-face dealings.

However, the House of Abhinandan Lodha (HoABL) launched its operations to transform real estate transactions into a fully online process, adopting a digital-only approach. According to the Free Press Journal, its inaugural development in Konkan, during the peak of COVID-19 in 2021, comprising 100 acres, sold out in less than three weeks.

Pawan Sarda, Chief Growth Officer of HoABL, states, “Historically, land businesses have been predominantly local, but digital transformation has allowed us to operate on a national and international scale.” Currently, the real estate company is attracting customers from 20-25 countries and investing in land across Goa, Ayodhya, Neral, Alibaug, and Anjarle. They are utilizing technologies such as Oculus to provide customers with visualizations of the property.

The Mumbai-headquartered company also offers the HoABL app, which showcases new projects and provides regular updates on the development process. Sarda mentions that initially, consumers were not comfortable with digital interactions such as video calls. “There was some resistance at first, but as we progressed, they began to see the value of this approach,” he notes. “For instance, it was previously difficult for someone in Delhi to consider purchasing property in Goa without physically visiting the location. Now, we facilitate this process seamlessly through digital means.”

“Purchasing property involves ensuring transparent and secure paperwork. We promise to maintain transparency and security, provide comprehensive ownership history, and assist with future resale if needed,” he adds

Metropolitan areas play a significant role due to their larger populations and higher income levels. The primary demographic is individuals aged 30 and above. “We offer EMI options, allowing investments as low as Rs 15,000 per month. With this approach, land ownership is not restricted to a specific demographic,” Sarda explains.

The company has made available around 250 plots in Ayodhya, starting at Rs 1.72 crore for a 1250 sq ft plot. The holy city has become an investment spot after the Ram Mandir consecration. Founded in 2021, the company has also announced Amitabh Bachchan as its band ambassador. The actor has acquired a plot in The Sarayu, a 7-star mixed-use enclave in Ayodhya. “Coming from UP, he showed immense trust in us to build in Ayodhya. His connection to the place was profound, therefore he was a perfect fit,” Sarda adds.

To market the project, the brand has hosted events in Dubai, New York, and Delhi to invite global participation. The event highlights included an immersive display at the Dubai Frame, the largest frame in the world, standing tall at 150 meters. In Times Square, New York City, a video display and on-ground activation brought Ayodhya's heritage to the heart of NYC, connecting a global audience to the splendour of Ayodhya. Additionally, a spectacular drone show illuminated the skies of Delhi NCR.

Sarda clarifies that the brand is not specifically targeting NRIs for the Ayodhya project. “We're not targeting NRIs. Instead, we focused on Ayodhya, a place that holds a unique affinity not just across India but globally. Any person of Indian origin, whether living in New York, Dubai, or London, has a connection to Ayodhya. To honour this, we decided to take Ayodhya to a global platform,” he explains.

According to him, the key driver for Indian-origin people living abroad is the sentiment they will feel after owning a place in Ayodhya. Additionally, the city is turning out to be a high-profit investment spot. The company is also bringing up The Leela as a hospitality partner in the city.

The company is currently utilizing social media channels along with radio, billboards, multiplexes, and other mediums to reach their audience. The decision to go global with the initiative stems from the significant Indian-origin populations in the United States and United Arab Emirates (UAE), and the global platforms used to gather international participation

Despite the decline in mainstream media coverage of Ayodhya and the discontinuation of direct flights from Hyderabad to Ayodhya by Spicejet after the Lok Sabha election results, Sarda does not see this as a challenge. “Ayodhya unites all of us. People won't suddenly stop visiting; they will continue to come. For us, this is paramount and what we are focused on catering to,” he concludes.