The construction industry in India is one of the strong pillars propelling the country’s economic growth. According to IBEF, India is projected to be the third largest construction market globally by the end of 2022. This unprecedented growth has been primarily attributed to technological advancements. As a result of digitization, PropTech has emerged as a new segment that is fulfilling the real estate and the construction industry’s demands.
The flourishing real estate industry driving the construction industry’s growth
The construction industry is driven by and is dependent on the real estate sector. As per IBEF, the real estate sector in India is projected to reach the $1-trillion mark by 2030. With this, the construction segment is also expected to grow rapidly.
The country’s residential segment, in particular, is expected to grow at a CAGR of over 5% between 2022 and 2027. The demand for residential properties is growing due to increased urbanization and rising household income. Currently, our country is internationally among the top 10 price-appreciating housing markets. In the wake of the booming residential market, the need for elevators is also increasing.
The Indian elevator market was valued at $1351.53 million in 2021 and is projected to grow at a CAGR of 5.22% by 2027. The increasing urbanization, support from the government, and surge in the residential buildings across the country are the major factors inducing the need and driving the growth for high-speed elevators. This demand is witnessed even more in private housing, especially villas and bungalows.
Elevators in homes have always been viewed as a luxury. However, today, apart from rendering a palatial characteristic to the property, they symbolize accessibility. Families with young children, the elderly, and members who are dealing with medical issues or are specially-abled need lifts for smooth mobility. While earlier, we had the traditional elevators, today due to technology, smart elevators and rope elevators are also available in the market. Driven by new-age technologies such as AI, IoT, and Extended Reality, they are transforming residential properties into smart homes.
These elevators can virtually talk to humans, update us on the guest arrival, and even prompt us in need of any assistance. Through predictive maintenance, they can even advise technicians or companies on the possibility of technical glitches, its cause and the feasible solution. These lifts also help enhance the aesthetics of the house by adding a luxurious element and facilitating ease of movement. Smart elevators are an innovation in the construction industry that are an outcome of the digitization of the sector. Today, when residential properties are constructed, elevators are an integral part of the process since it is the priority for many customers.
Technological advancements, a critical element for construction aggregator platforms
The role of technology in the construction sector is not limited to providing cutting-edge equipment and innovating construction processes. The sector’s digital transformation has also ushered in the era of constructor aggregator platforms that provide end-to-end services. Working with an aim to reform the conventional manner of working in the sector, these platforms are a one-stop solution for all your construction needs.
The construction aggregator platforms have surged in the post-pandemic era. Today, people do not want to be involved in all the stages while building their homes physically but still want to participate in the process actively. From suggesting ideas, getting workers on board, overseeing construction execution and legal proceedings to architecture and interiors, delivery, and monitoring services, these tech-driven platforms offer all these facilities under one roof at the right pricing. They bring together all entities to ease the construction process and transform your dream of having your own home into a reality.
To sum up
The construction industry is working tirelessly to meet the growing residential market’s demand. However, it is highly unorganized, and home renovation or construction can be tough. Every step in this journey requires meticulous planning and proper implementation. This is where the construction aggregator platforms enter into the picture. The role of technology has evolved in the construction industry; consequently, these tech-enabled platforms are gaining prominence. They work intending to simplify the construction process by offering all construction-related solutions under one umbrella. They seamlessly manage all the stages and deliver the dream homes to the customers that meet their requirements and budget.
(By Sripad Nandiraj, Founder & CEO, Wehouse)