By Pankaz Jaiin
Omicron is a new challenge on the anvil; the positivity rate of the virus has increased manifold and the governments are more than eager to apply multiple kinds of restrictions that is certain to damp the market mood. Life is more important than material. But history has it that a challenge is a precursor to innovation. Creativity and novelty has brought the modern age to a different height after all.
The real estate industry is in dire need of rampant innovation where the new formulations, solutions and procedures must play a role to benefit both sellers and buyers – to make the industry immune from pandemics. The government and the industry seem to be on the same page with regards to this. A little more push is required to bring on board those players who are still prisoners of tradition. We stand at a juncture where traditional businesses can no longer delay innovations.
The industry has already begun to give serious thought about the ‘multifunctional spaces.’ The work from home culture has taught us that there is a need for larger living space, better connectivity, highly functional pockets in the house and enhanced privacy. Real estate innovators should expedite the solutions for ‘office and home – two in one and one in two.’
Family and friends are the ultimate wealth of one. Hence, society wants them to stay as much inside their homes as possible considering the ravages of the deadly diseases propping up now and then. Sustainable buildings with healthier materials starting from paints to tiles to construction materials should become a norm henceforth.
It’s heartening to see that the industry is giving importance to the ‘proximity’ of work and home which eliminates long distance travel, increases work efficiency and propels socialization. Also, the condos system has been alien to India until now. There are large commercial spaces that are lying useless owing to diverse reasons. Converting these crucial spaces into small condos – even on the rental basis – will fetch not just revenue but lead to better and cleaner urbanisation.
Artificial intelligence is waiting to spread its wings in the real estate industry now. AI can bring the benefits of removing wastage of money and resources; the way it has done in multiple sectors already. Property development, property management and corporate will definitely benefit from it. Machine learning and deep learning are expected to make best use of realty data and improve outcomes for the players while benefiting consumers and cementing relationships. Our lovely industry too is bound by Darwinism – survival of the fittest– and innovation is an undeniable tool to stay afloat.
The article was published on 2nd January Print Edition, 2022