All the equations of real estate business have been changing ever since the lockdown imposed for the prevention of Covid-19 epidemic. Customer likes and dislikes are changing with market trends. Till the time a new blueprint is made for the new situation, this business will keep trying on its own to keep pace with the situation.
The digital platform has become an important milestone for these efforts. By the fourth phase of lockdown, real estate sales and marketing have gone digital.
The planning, design and actuator work is being carried out with artificial intelligence and machine running. Customers are also taking stock of the houses in the model apartment through a 3D walk. However, during the lockdown of construction sites, work had already started with full precaution. Overall the lockdown has not led to the closure of the real estate store.
As far as the challenges are concerned, there have been many difficulties in the path of real estate for the last few years. The real estate market is facing difficulties due to stagnation in sales due to debt restructuring, capital shortage, unsold houses, and a sluggish economy.
A new phase in real estate has started after the implementation of RERA. Now it has come under the purview of regulation. For this reason, the builder has now become responsible for those aspects which are in a way beyond his control. In such a situation, if a bureaucrat is sitting on a file related to an approval, then the developer will be held responsible for it and he will also pay the price for the delay. this is unfair.
No direct support was provided to the industry in the relief package given to recover from Kovid-19. Nevertheless, we looked at some aspects of the package. It would have been better if we had extended the six months concession under RERA by one year.
For those buying affordable homes, it is also right to extend the CLSS life by one year. The scheme of rental houses at concessional rates under public-private partnership will prove to be a boon for the urban poor and migrant laborers. However, there is nothing in the package that increases the cash flow in the real estate business, helping the developer in debt restructuring and arranging capital so that stalled projects can resume. Nevertheless, with the package released in five installments, the economy is expected to improve with the increase in demand.
In the era of change, the pace of automation based on new technology in this industry will increase rapidly. The world changing after Covid-19 is the stage when human capabilities and new technology juggling the future are currently being interviewed. Body distance, masks and protective gears will also be common in this new practice.
In this new era of coexistence, all of us will need far more home and business complexes. To meet this, the Indian real estate industry will have to solve its chronic problems. This will require clarity in the policies of the authorities. In this, timely and approvals from one place will be very helpful.
Real estate also needs to be supported because it benefits more than 250 industries. Authorities are also aware of the challenges in his path. Despite not getting any direct help in the relief package, we have returned to work again so that people can fulfill their dream of being loved on time. Although the authority agencies are giving assurances that they are looking for a solution in view of the challenges of real estate, but it should not be delayed so much that we are overwhelmed.
When a big change is taking shape, we also need a new structure for ourselves. Right from the start of the lockdown, we are two-four from this position and now we need to move out of it. In this episode, we are betting on new technology. Automation is one of these.
Digital platforms equipped with Artificial Intelligence and machine learning are being used. This is still a precautionary beginning. The lockdown was done by saving people's lives. Now we need to save livelihood. Let us fix the Arpitu chain. Steps should be taken to increase demand by starting manufacturing. Now the economy needs to reboot and the real estate industry is ready to play its part in this exercise, but it also expects some steps from the authority institutions in its interest.
Policies require that they come down to the ground. Some good steps have been taken to control the economic side effects of the Covid-19 epidemic, but they do not appear to be on the ground. Let's look at two examples. The Reserve Bank of India cut repo rates to increase liquidity, but banks did not extend benefits to existing customers.
Similarly, the RBI also reduced reverse repo rates, but instead of increasing the amount of loan to industry-trade, banks kept more than Rs 8 lakh crore in cash with the Reserve Bank. If this amount was received by the industry in the form of debt, then for a long time, the cash crisis, which has become a cause of pain, would have gone away. Despite good intentions, these steps could not succeed.
Web Journalist with 4 years of experience in Digital Media. Currently, associated as Content Writer with Mindstick.
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