The Indian Real Estate Industry Will Become RealTech: Experts

Mumbai: The Indian Real Estate Industry is set to become a RealTech industry soon, given the rapid digital transformation and adoption occurring in the modern environment, particularly with the emergence of Artificial Intelligence (AI), according to digital experts and marketers at the ‘Excelerate 2.0 #TechForReal’ forum organised by NAREDCO MAHARASHTRA’s wing of next-generation entrepreneurs known as ‘NAREDCO NextGen’ in Mumbai today.

NAREDCO Maharashtra NextGen organised a Knowledge Forum ‘Excelerate 2.0 #TechForReal’ with technology professionals, marketers, and real estate industry experts to discuss the necessity of cutting-edge technology and digital dexterity in catering to the ever-evolving dynamics of the real estate business.

During his inaugural speech, Mr. Sandeep Runwal, President of NAREDCO Maharashtra, said, “Having undergone numerous cycles of change, I’ve come to the realisation that the key to survival in the real estate industry lies in embracing and adapting to technology.” Excelerate 2.0, in my opinion, has shown a peek of the future path. I anxiously await new applicants’ fresh ideas and proposals, and I will attentively follow their development path.”

According to Mr. Rajan Bandelkar, National President of NAREDCO, our wealth is in the next generation. He emphasised the need of focusing on producing more while committing less. He further said that, unlike other businesses where delivery comes before payment, clients in real estate pay first and then get the products.

Mr. Rishabh Siroya, President of NAREDCO Maharashtra NextGen, explained the rationale for bringing the critical aspect of digital transformation and modern day construction technologies to the fore for better integration, productivity, and excellence within the real estate industry.

The panel discussion, titled ‘Tech for Digital Transformation,’ emphasised the viewpoint that digital transformation has become an all-encompassing force in today’s society. In India, people spend an average of 2 hours per day on digital media, with video material accounting for around 53 minutes. As a result, digital material has become highly sought for and inevitable. Today, embracing digital transformation is critical, with an emphasis on customer-centric initiatives. The client demography is changing, with around 75% of customers being under 45 years old, and this group is actively acquiring houses. Around 60% of property purchasers are under the age of 35. Engaging with this client category is now a must, and digital solutions are the most effective way to do it.

However, despite its importance, the real estate sector has been hesitant to accept digital change. The transition is no longer a choice; it is a need. To build influential platforms, developers must incorporate digital transformation across their Omni channel experiences. The sector has had trust deficiencies, and technology offers as a way to bridge the gap from consumers to CPs (Channel Partners) to staff, boosting transparency. In addition, technology will be critical in tackling scalability issues.”

The technology experts who participated in the ‘Digital Transformation’ Session emphasised the importance of identifying the industry’s technology needs while taking into account various elements of the value chain such as sales compulsion from consideration to conversion, adopting customer solicitation and experience, awarding customer engaging strategies, pre-sales to sales and post-sales digital approach, analytics, and so on, and developing a robust roadmap.

Mr. Sanjay Dutt, Senior Vice President, NAREDCO MAHARASHTRA and MD & CEO, Tata Realty & Infrastructure Ltd, commented on ‘Tech for Construction,’ saying, ‘When proceeding with project transitions, such as moving from the design stage to execution, a crucial aspect is the implementation of a comprehensive handover process’. Leveraging technology may provide considerable advantages, not just in terms of time and cost savings in design and engineering, but also by supporting better organisational administration. Technology may play a critical role in teaching departments about identified gaps and allowing them to make choices like entrepreneurs. To stay competitive and relevant in today’s market, developers must embrace technology.”

Excelerate 2.0 was powered by knest and co-powered by UltraTech Cement; NedEx partner Kone; Panel Partners Powerplay, farvision, and AbsoluteCX by Insomniacs; and Knowledge Partner EY.

The event also included a one-of-a-kind stakeholder engagement session dubbed ‘PROPEL – Proptech Platform for Entrepreneurial Launch,’ in which diverse candidates from the digital and technology spectrum presented their innovative ideas to the judges.