In the fast-paced world of real estate development, there is a dire need for speed without compromising quality. As development in Mumbai moves rapidly, developers are bound to embrace new construction technologies and methodologies to meet the rising demand. Businesses must reinvent their growth wheel to stay competitive in the marketplace.
The industry has recognized Technology, Talent and Innovation as their new growth levers for the future. In this article, we shall delve into the strategies that will catapult real estate growth, the second-largest employment-generating sector of India.
Innovation is at the core of reshaping the business landscape, offering solutions to critical impediments and enhancing efficiency. The real estate industry has integrated technologies like chatbots, virtual tours and personalised voice assistants to revolutionize the customer experience.
This fast-paced industry is gravitating towards the Value Engineering model to emphasize waste elimination and resource optimization, enhance cost efficiency, improve project flow and ensure timely delivery.
Advanced tech-novation like prefabrication, modular construction, 3D modelling, drone mapping, blockchain and AI are swiftly integrated into real estate developments. Additionally, sustainable innovation led by green building technologies and energy-efficient materials is pivotal for climate-conscious living and improving quality of life.
Quality is Affordable
Quality-conscious development is like a smart long-term investment. While cheaper goods and services may appeal in the beginning, in the long run, it proves to be a draining hole. The recurring cost of repairs, refurbishment and maintenance is too high and hurts the pocket at a frequent interval.
On the contrary, quality product proves to be a value proposition. Therefore, when it comes to real estate development, prioritizing quality is a sign of sustainable investment.
Collaborative Future
Collaborative business models have emerged as a solution to foster innovation in the real estate sector. For instance, partnerships between Proptech companies and realty developers have revolutionized the industry. It is also notable that innovative business models like Joint ventures, Joint Development Agreements and Development Managers are the sunrise segment that indicates a collaborative future. Thus, it is evident that collaboration not only drives innovation but also strengthens the ecosystem and ensures resilience in the real estate landscape.
Unearthing Opportunities
For an industry to leapfrog in the era of globalization, a conducive regulatory framework and government support are inevitable. A fiscal incentive scheme for developers who adopt quality-conscious design will go a long way towards nurturing consistent growth in the sector.
Alongside this, investing in talent upskilling by continual training and development will ensure a steady supply of qualified workforce in the realty sector. Hence, consequently, these productive demographics will notch up the economic growth and the employment index of India.
Conclusion
Building at speed in real estate is no longer a distant dream but an achievable goal. By leveraging innovations, technology and talent, the real estate sector can build a vibrant, safe and sustainable ecosystem. We urge industry stakeholders to unite and embrace a new direction of growth and script the rise of future-ready cities.
Article Credits
- Dr Niranjan Hiranandani
Chairman Hiranandani Group and NAREDCO National
