Real Estate Sector Way Forward
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani
Covid 19 has transformed the manner in which real estate business functions. For the real estate sector, the period of lockdown that followed after the pandemic broke out, has not been less than a saga that depicted its resilience, its new avatar, its story of revitalisation. Homes have now earned a renewed significance, as it has been a powerful shield to stay away from the infection. Home ownership, thus will be highly valued today in comparison to the pre-covid times. This pandemic also has led to the need for staying in holistic living spaces that provide for health, safety and security. There is an emerging trend of settling into well-designed townships due to the availability of a plethora of amenities within the vicinity without compromising on the presence of greenery, open spaces, safety and hygiene. The uncertain times also diverted home buyers to reputed and branded developers who are trustworthy and provide quality products. The new requirements of work-from-home, quarantine facilities, online education have also prompted buyers to opt for larger living spaces.
Digitisation of the real estate sector was a remarkable transformation that took place after the lockdown. The transition happened in no time. By using AR, VR, artificial intelligence and hi-tech images and videos, it was possible to reach customers virtually. Online booking of apartments became a reality in the sector, a scenario which was less likely earlier. Going forward, technology will also play a pivotal role in shaping the Indian real estate sector with automation staying at the core of every facet of home to provide an enhanced living experience.
While the residential sector has bounced back faster than expected with the help of various financial waivers and schemes by the Government to support the homebuyer, there is a lot that needs to be done for the sector to improve the pace of growth. Along with affordable housing, we need to also provide incentives for housing in sustainable developments, as they are a need of the hour in urban spheres. A series of measures in the form of capital injection, refinancing of banking institutions, policy impetus, subsidies, tax benefits and offers are required to see a faster recovery. The market is robust, and in the coming months, we expect a rise in the growth momentum. The year 2021 is expected to infuse growth in the sector and rise to new heights.