As the pandemic has forced the world to find a digital alternative, one of the less expected sectors is in the digital world, real estate.
The Indian real estate market is expected to reach $1 trillion by 2030 and hit a headcount of 70m. Which is driven by rising demand and reforms.
But just like any sector, real estate was hit bad and became one of the worst-hit sectors by the pandemic.
The sector faced its worst pandemic era, hit during the 2021 April-May second wave, with many states declaring lockdowns. These restrictions started to be lifted from June onwards and the sector started to recover.
This fragility of the market has forced the members of this sector to turn to digital alternatives. If restrictions forced people indoors, the realtors brought the house and properties to their living rooms.
For that they used online bookings, zoom calls and virtual experience centres. This technology is used by big realtors like Godrej Properties, Shapoorji Pallonji Real Estate, and Purvankara.
Godrej alone sold 500 homes through this digital approach. The National Real Estate Development Council and Ministry of Housing and Urban Affairs launched an e-commerce portal for the developers to offer their developed properties for sale.
With government support and new technologies, real estate is on its way to a massive digital shift. The shift is aided by certain factors.
The first one is digitalisation. The first sign of the digital revolution in the real estate field is the development of Prop Tech.
Online catalogues, video/virtual tours and online transactions are the parameters now being part of the real estate market.
People on both sides can access information and consult each other. It also makes the whole process swifter and user friendly. Even data analyses are being digitised, which can be accessed online and offline, helped by the Digital India project.
Another gift of this technological advancement is 3D printing and modular building. 3D printing has lots of scopes. A 3D concrete printer working on a 2D model will reduce the cost and time of construction.
Technologies like 3D mapping, drone surveys, VR and simulation will lead to smarter solutions for quicker and effective construction of projects.
Since the WFH became the vogue, many young Indians are looking at sustainable living spaces. It is a demand the realtors’ will supply with residential complexes which are self-sustaining oases.
Even the nature of workspaces has also changed with realtors fulfilling their demand for anywhere and anytime work environments.
The consumers also demand high hygiene and health standards, which the realtors fulfil with smart solutions.
By smart, it simply doesn’t mean that it is run by electricity but also by the Internet of Things.
Real estate is not yet fully digitised but has the potential to be so.
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