The growth trajectory of India’s burgeoning real estate sector has been briefly overshadowed by the global pandemic. Despite many shocks, this challenge has undoubtedly led to many positive moments that have accelerated the transformation. Technological advances in real estate have already become an integral part of the world and it is a positive sign that the segment of Indian real estate, which is now a globally recognized industry, is encapsulating technology and innovation to streamline business operations and change industry standards to revolutionize on the market.
Undoubtedly, the pandemic has revolutionized business operations. Changes that previously could not have even been imagined are now a reality. Digital transformation in this sector has not only sustained momentum, but further unlocked the potential for growth. Next-generation tools such as chatbots, artificial intelligence, augmented / virtual reality (AR / VR), more widespread adoption of drones, online booking, etc., have ensured no disruptions in communication between developers and customers. In addition, Big Data, Machine Learning, and the Internet of Things (IoT) have helped keep buying and selling in the marketplace.
The real estate sector is now a buyer’s market and a customer-centered approach is driving growth. In these scenarios, developers had to map out ways to communicate or promote their business. Here, social media not only bridged the communication gap, but also helped inform consumers about their products, leading to a sales bailout.
Digital adoption has also helped developers stay connected with their customers.
The data-driven approach has greatly helped clients and developers reduce the time they spend making decisions. The knowledge asymmetry that existed between the two stakeholders reduced time, and due diligence on product prospects, developer strength, and location potential increased. The use of statistics, demographic trends and market dynamics allowed investors to make their investment decisions. This analysis also helped the developers make specific targeting. It is important to note that many of the deals for video conferencing tools such as Zoom were entered into during the lockdown, indicating a growing reliance on technology. For developers, a data-driven forecast can also lead to more predictability in market value and better risk management.
Strict adherence to behavior consistent with the Covid virus limited site visits. However, virtual tours of the site, unedited 3D videos, and drones have allowed consumers to rely on enhanced imagery and real-time property updates. By implementing these technical solutions, the developers helped customers make faster decisions, completely eliminating the possibility of infection due to visiting the site.
A positive and much needed revision is evident in the way projects have been managed and carried out in the past. Advanced solutions such as drone mapping and sensors increase productivity, safety and quality of projects, ensuring fast delivery.
Technology-based solutions have made a difference, and developers with a proven track record are taking a step further by offering cutting edge products to discerning customers. Reliable control systems coupled with next-generation control solutions prevent developers from unnecessarily overshooting with real-time analytics. Today, developers have complete control over finances, ideas, implementation, monitoring, and delivery. In addition, high-performance cameras help with on-site inspections and quality checks.
The digitization process helps not only trusted developers improve operational efficiency and increase profits, but also reduce costs and speed up delivery. Today, customers are keeping a close eye on developer shipping records. Faster project delivery will lead to faster revenue recognition for developers, especially during testing. For their part, developers have doubled their digital infrastructure investments to stay one step ahead. The unpredictability of the pandemic has further exacerbated the need for this. Developers with strong fundamentals and financial weight are moving faster in this direction.
The long-awaited introduction of technology empowers the real estate sector and by opening the door to innovation in the real estate segment, which accounts for about 8-10 percent of GDP and is the second largest employer, the sector could be a shining example of success. by technology.
(Yogesh Thakur, AVP-Digital Marketing, Corporate Communications & MIS, Omaxe Ltd)