Construction Industry News
The Indian real estate sector will soon become a RealTech industry, given the rapid digital transformation and adoption taking place in today's environment, particularly with the rise of artificial intelligence (AI); joked the digital experts and marketers at the 'Excelerate 2.0 #TechForReal' forum hosted by NAREDCO MAHARASHTRA's wing of next-generation entrepreneurs, called 'NAREDCO NextGen' in Mumbai.
Naredco Maharashtra NextGen discussed the importance of advanced technology and digital prowess to meet the ever-evolving dynamics of the real estate sector and organised a 'Excelerate 2.0 #TechForReal' knowledge forum with technology experts, marketers and real estate industry experts.
During the inaugural address, Sandeep Runwal, President of NAREDCO Maharashtra, said: "After going through countless cycles of change, I have come to realize that the key to survival in the real estate sector lies in embracing and adapting to technology. In my opinion, Excelerate 2.0 has given a glimpse of its future direction. I am eagerly looking forward to the innovative ideas and pitches of newcomers and will closely follow their growth trajectory."
According to Rajan Bandelkar, national president of NAREDCO, our wealth lies in the future generation. He emphasized the need to focus on delivering more while deploying less. He also pointed out that the real estate sector is accessible to everyone, unlike other industries where delivery precedes payment, in real estate, customers pay first and then receive the goods.
Speaking about the reason for unleashing the necessity and relevance of digital transformation and technology for the benefit and advancement of the real estate sector, Mr Rishabh Siroya, President of NAREDCO Maharashtra NextGen said: "As the next-gen real estate entrepreneurs, we felt the need to bring the crucial aspect of digital transformation and modern building technologies to the forefront for better integration, productivity and excellence within the real estate industry."
However, the real estate industry has been slow to adopt digital transformation, although it is vital. The transformation is not just an option, but a necessity. Developers need to implement digital transformation during their Omni-channel journeys to establish influential platforms. The industry has faced trust gaps, and technology serves as the solution to bridge the gap from customers to CPs (Channel Partners) to employees, increasing transparency. In addition, technology will play a crucial role in addressing scalability challenges."
The technology experts participated in the session on 'Digital Transformation' and highlighted the need to identify the technological needs of the industry, taking into account different elements of the value chain, such as sales compulsion from consideration to conversion, adopting customer acquisition and experience, assigning customer engagement strategies, pre-sales to sales and post-sales digital approach, analytics, etc. and come up with a robust roadmap.
Sanjay Dutt, Senior Vice President, NAREDCO MAHARASHTRA and MD and CEO, Tata Realty & Infrastructure Ltd, shared his thoughts on 'Tech for Construction': "When proceeding with project transitions, such as moving from the design phase to execution, a crucial aspect is the implementation of a comprehensive handover process. The use of technology can bring significant benefits not only in terms of time and cost savings in design and engineering, but also by facilitating effective organizational management. Technology can play a critical role in educating departments about identified gaps and enabling them to make decisions similar to those of entrepreneurs. Embracing technology is necessary for developers to remain competitive and relevant in today's landscape."
