To say that the Real Estate Industry has seen a slowdown in the past decade would be an understatement.
While the stakeholders of the industry have bared the brunt of demonetization, and RERA and GST are intensely skeptical of the government, a lot of softer things have been done recently which may go unnoticed.
Within the ambit of the overarching PMAY, a Technology Sub-Mission (TSM) was set up to facilitate the adoption of innovative, sustainable, green and disaster-resilient technologies and building materials for speedier quality construction of houses at low costs.
The Indian government is working towards a real estate future with sustainable development and innovative technology empowering the housing sector. Union minister Hardeep Singh Puri launched the Global Housing Technology Challenge (GHTC) among stakeholders, a move aimed at introducing best technologies that seek to construct houses in a shorter period of time with lower cost.
There has also been a renewed focus on skilling students with technologies of future, such as Internet of Things, Artificial Intelligence and much more. These technologies can transform every aspect of living in your house from Smart Meters for your electricity and water, to more accessible home automation.
On the legal front, the RERA bodies have kept legal teams of developers across the country burning the midnight oil. Aggressive tribunal orders by bodies like MahaRERA have not only kept errant builders in check, but have restored a certain sense of confidence in the buyer’s mind. RERA is now crowdsourcing defaulting real estate projects and taking builders to task.
At the CREDAI Conference, he spoke about going beyond providing homes for people, and about creating a better lifestyle for them. On the sales and marketing front, the government has given permission to Loyalie to create a new loyalty distribution model that promotes the government’s agenda, saves the builder distribution cost, improves customer relations and protects buyers on a deeper level.