The Indian real estate industry is set to become a ‘RealTech’ industry soon considering the swift digital transformation and adoption happening in the contemporary environment, particularly with the emergence of Artificial Intelligence (AI). This was the consensus at ‘Excelerate 2.0 #TechForReal’, the knowledge forum held recently in Mumbai.
Organised by NAREDCO’s wing of next – generation entrepreneurs, ‘NAREDCO NextGen’, it witnessed discussions by technology experts, marketers and real estate industry experts on the importance of cutting-edge technology and digital prowess to cater to the constantly evolving dynamics of the real estate industry.
Rajan Bandelkar, National President, NAREDCO, underlined that our wealth lies in the future generation. He emphasised the need to focus on delivering more while committing less. He also pointed out that the real estate business is open to anyone and unlike other industries where delivery precedes payment, in real estate, customers pay first and then receive the goods.
Jay Morzaria, National President, NAREDCO NextGen, shared that the real estate industry being majorly promoter driven is lagging behind in technology adoption and ‘Excelerate 2.0’ provides brilliant opportunity to developers and proptech companies to collaborate for cost optimisation, improved quality and timely delivery.
Rishabh Siroya, President, NAREDCO NextGen Maharashtra, said, “We felt the need to bring the crucial aspect of digital transformation and modern-day construction technologies on the fore for better integration, productivity and excellence within the real estate industry.”
The panel discussion, titled ‘Tech for Digital Transformation,’ highlighted that embracing digital transformation is essential, with a focus on customer-centric approaches.
The customer demographic is evolving, with around 75% being below 45 years old, and this generation is actively purchasing homes. Among home buyers, approximately 60% are below 35 years old. Engaging with this customer segment is now a necessity, and digital solutions are the most effective means to reach them.
Sanjay Dutt, Senior Vice President, NAREDCO Maharashtra, said, “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 can yield significant benefits, not only in terms of time and cost savings in design and engineering, but also by facilitating effective organization management. Technology can play a pivotal role in educating departments about identified gaps and empowering them to make decisions akin to entrepreneurs. Embracing technology is imperative for developers to remain competitive and relevant in the current landscape.”
