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The coronavirus pandemic and the lockdown which followed had resulted in several problems in the real estate industry. To cope with the situation and survive in the ever-competitive market, the developers now need to adopt various digital tools. This would result in lower operational costs, increased efficiency and better end-products.
The pandemic has led to economic instability among the masses. As a result, the buyers’ sentiment has fallen and the demand for homes is largely getting muted. This is indeed a hard time for the developers as low sales mean lack of cash inflows. In such a time, they must maintain maximum efficiency to prevent the wastage of credit and other resources.
To avoid the risk of infection, a large section of homebuyers is hesitant to visit project sites physically. Some of the developers are overcoming this problem by providing the buyers with virtual tours. These tours are conducted either via video calls or sophisticated 3D models of the homes. The developers who have undertaken such modern means are leading the real estate market by attracting more sales.
Some of the digital tools which the developers may adopt include digital engineering, IoT, various types of apps, etc. These technologies would revolutionize the entire operating models. More and more developers are starting to use sophisticated technologies such as robotics, 3D printing, etc. These bring down the costs and offer safer workplace environments by reducing human intervention.
For example, right now one of the major problems that the developers are facing is inadequate workforce. A majority of the migrant labour has returned to their hometowns already. At this point, automating various processes would help to compensate for the missing workforce. Moreover, automation increases accuracy and reduces the chances for errors. All these would ensure faster and cost-efficient construction.
Other changes required in the realty sector include major modifications to the usual building plans. Developers should now build homes with personal office spaces to meet the rising trend of WFH. Homes with touchless surfaces, safer air-conditioning systems, digitally supported entry and exit without involving human contact, etc. would be high in demand.
Tough situations come with innovative solutions which are progressive in nature. The same applies to the real estate sector. The number of changes coming up in the real estate sector would help it flourish well once the pandemic is over. For now, the developers who adapt to the new normal and take up digital solutions are expected to thrive and stay ahead of the competition.
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