The real estate sector in India has been lying low for quite some time now. Nevertheless, it is one of the biggest contributors to GDP (Six to eight percent) and the second industry to generate countrywide employment. With the onset of a new decade, 2020 is predicted to be the year of transformation for the real estate industry with a string of policy changes and innovation right at the centre. While there’s a lot in the offing for the industry to take a solemn turn, here’s a look at 3 significant areas that are going to be the highlight of the industry for good.
There is no denying the fact that technology rules the roost for all leading industries in India ranging from retail, healthcare, finance and more. Likewise, real estate too isn’t far behind in embracing technology to usher in progress and development in tandem. Big players in the real estate sector have already embraced the use of voice assistants, to help serve customers right from the time they drop by their website looking for a property.
Furthermore, the advent of Artificial Intelligence (AI) has made it possible for companies to organize virtual property tours and 360 degrees showcasing for a particular property. Reportedly, Global Housing Technology Challenge (GHTC) launched by the Ministry of Housing and Urban Affairs happens to be an initiative that would function to aim, identify and subsequently evaluate worthy and innovative tech to help facilitate construction of buildings and apartments in a much shorter timeframe and reduce costs invariably.
Only last year, the industry stood witness to the unveiling of the RERA National Conclave, which is a blissful offering by the Govt. Of India that effectively uses an online platform to help customers book properties online. In essence, the initiative aims to lessen the common hassles in property transactions and bring in more transparency to the process. Both CREDAI and NAREDCO will be lending support to RERA National Conclave, slotted to go live during the early phase of 2020.
While affordable housing has been a priority for the NDA government, the introduction of Pradhan Mantri Awaas Yojna (PMAY) has certainly ushered in newfound uptick from real estate builders and developers from all over the country. Only recently the scheme reached a whooping landmark of 1 crore which is most likely to continue in 2020 as well.
