Tech-enabled solutions have changed the landscape and developers with a proven track record are stepping ahead to deliver state-of-the-art products to discerning customers.
The growth trajectory of India’s burgeoning real estate sector was marred briefly by a global pandemic. Despite many upheavals, the challenge undoubtedly ushered in many positives that fast-paced the transformation. Technological advancements in real estate had already become an inseparable part globally and it is a positive sign that the Indian realty segment which is now a globally-recognised industry is encapsulating tech and innovation to optimize business operations and change the industry standard to revolutionize the market.
Undoubtedly, the pandemic has changed business operations drastically. Changes that couldn’t be imagined earlier have now become a reality. A digital transformation in the sector not only kept the inertia going but further unlocked the growth potentials. New-age tools like chatbots, Artificial Intelligence, Augmented/ Virtual Reality (AR/VR), greater adoption of drones, online bookings etc., ensured there was no communication breakdown between developers and customers. Furthermore, big data, machine learning and Internet of Things (IoT) helped continue the buying and selling in the market.
The real estate sector is now a buyer’s market and customer-centric approach is driving growth. Amid such scenarios, developers had to chalk out ways to communicate or promote their businesses. Here, social media not only bridged the communication gap but also helped in educating the consumers about their products to catapult sales.
The digital adoption also helped developers remain constantly in touch with their customers.
A data-driven approach significantly helped customers and developers to cut down on the time spent on decision-making. The knowledge asymmetry that existed between the two stakeholders reduced big time and due diligence about the product prospect, developer strength and location potential increased. Utilising statistics, demographic trends and market dynamics allowed investors to go ahead with their investment decisions. These analysis also helped developers do specific targeting. It is important to note that many deals were finalised on video conferencing tools like Zoom during the lockdown that shows the increased reliance on technology. For developers too, a data-driven outlook can result in improved predictability of the market value and better risk management.
Strict adherence to Covid-appropriate behaviour restricted site visits. However, virtual site tours, unedited 3D videos and drones allowed consumers to rely on enhanced pictures and real time updates of the property. By implementing these tech solutions, developers helped customers to make faster decisions by completely eliminating the chances of infections due to site visits.
A positive and much-needed overhaul is evident in how projects were managed and delivered earlier. Cutting-edge solutions like drone-mapping and sensors are enhancing site productivity, safety and project quality for fast delivery.
Tech-enabled solutions have changed the landscape and developers with a proven track record are stepping ahead to deliver state-of-the-art products to discerning customers. Robust control systems along with next-gen management solutions are preventing developers from unnecessary cost overruns with real-time insights. Today, developers have complete control over finance, ideas, implementation, monitoring and delivery. Furthermore, high-performance cameras are helping in conducting site inspections and quality checks.
The digitisation process is not only helping trusted developers to enhance work efficiency and increase profits but also in rationalising cost and expedite delivery. Today, customers attentively look for delivery records of developers. Faster delivery of projects will lead to faster revenue recognition for developers especially in these testing times. Developers on their part have doubled down on investment in digital infrastructure to stay ahead of the curve. The unpredictability of the pandemic has necessitated this further. Developers with strong fundamentals and financial heft are progressing faster on this front.
The long-awaited tech adoption is empowering the real estate sector and by opening doors for innovation in the realty segment that contributes around 8-10 percent of the GDP and is the second largest employer, the sector can emerge as a shining example of success powered by technology.
(By Yogesh Thakur, AVP-Digital Marketing, Corporate Communications & MIS, Omaxe Ltd)