With an annual growth rate of 7-8%, India’s construction market is among the fastest-growing in the world. The market is anticipated to be worth $1 trillion by 2025, making this sector the third-largest in the world. The realtors at the conclave said that time has come to rely on innovations that will facilitate better and quicker design processes as well as more thorough planning, visualization, simulation, and construction.  “As the industrial, residential, and commercial sectors grow, so does the demand for construction that is completed quickly and with top-tier quality. It has become vital to use new technologies to meet this growing demand. India’s construction industry is on the verge of bringing in disruption as new materials, building technology, digitization, and artificial intelligence change how we imagine, design, and utilize our structures,” said Rajan Bandelkar, President of NAREDCO.

Talking about the utilization of technologies and embracing new technologies, Pradeep Agrawal, CMD, Signature Global, said, “Every developer should have an R&D department to check the latest technologies. The conventional methods have to fade away; otherwise, real estate sector may face challenges.”

New construction and real estate technologies are getting developed at breakneck speed. Connected equipment and tools, telematics, mobile apps, autonomous heavy equipment, drones, robots, augmented and virtual reality, and 3D-printed buildings are all being implemented and employed on construction sites throughout the world. The realtors also discussed the Mivan shuttering, currently the most popular technology and can promote large-scale construction operations. The aluminum shuttering formwork system, also known as Mivan Shuttering, was used in countries like South Korea and appeared to have promise for solving many of the issues associated with conventional construction technologies.

Talking about the opportunity for private players in smart townships with innovations to help these townships go green and how to develop a green smart city from day one, Shrivallabh Goyal, CEO & Whole-time Director, Reliance MET City, talked about using the latest technologies in Jhajjar that will be Greenfield smart city that will help in reducing carbon footprints and maximum effective utilization of the resources. He delved into the importance of laying down the optical fiber at the first stage, ultrafiltration technology for ‘Drink from the tap’, a Smart meter where daily consumption can also be monitored, and  100 percent underground cabling through CCS and RMU for achieving the sustainable goals.

Digital launches, 3D property viewing, augmented and virtual reality-based design projects, and virtual property exhibits have all started to leave the walls of boardroom meetings and are now being used in the real world; this paints a positive picture for the sector as a whole and significantly increases the appeal of NRI buyers. “While the Indian real estate sector is not opposed to embracing cutting-edge construction technology, it varies from developed markets in that many of these methods are indigenized and made more cost-effective for unit construction costs to remain affordable to homebuyers. However, the sector is employing the technologies to ensure that the buyers get their property on time and in a robust shape,” said Bandelkar.

Also Read: NAREDCO FINANCE CONCLAVE 2023 TO ADDRESS REAL ESTATE INDUSTRY’S FINANCIAL NEEDS

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·        Developers to strategise the ways to reinvent the sector to foster growth

·        Experts to discuss sector’s challenges in NAREDCO Maharashtra’s Real Estate Forum 2022

Despite the disruptions and market upheavals during the last two years of the pandemic, the real estate sector has made an impressive revival. The sector has transformed into a buyer’s market driven by rising demand and various reforms by the Government in the past few years revealed the National Real Estate Development Council (NAREDCO), Maharashtra Chapter while announcing their flagship event, The Real Estate Forum 2022 that will conclude on 28^th April 2022. Sandeep Runwal, President, NAREDCO Maharashtra announced the event today. The event is organised by NAREDCO Maharashtra along with the JLL as a knowledge partner under the theme “Reimagining, Redesigning, Reinventing Real Estate”.

A one – day event will witness the presence of luminaries such as Aditya Thackeray, Hon. Minister of Tourism and Environment, Maharashtra; Balasaheb Thorat, Hon. Minister of Revenue, Govt. Of Maharashtra; Jitendra Awhad, Hon. Minister Of Housing, Govt. Of Maharashtra; Ajoy Mehta IAS, Chairman, MahaRERA among others deliberating on various topics that will help reinventing the Indian real estate sector in the future. The topics such as ‘Raising Capital – Public or Private, Bringing efficiency & sustainability to construction, The what, why and how of debt funding, etc. shall be discussed by participating subject experts. Besides, the renowned motivational speaker Shri Gaur Gopal Das will address at the event in the end.

Talking about the relevance of the event, Sandeep Runwal, President, NAREDCO Maharashtra said, “With uncertainty in markets owing to the ongoing conflict between Russia and Ukraine war, the raw material prices have considerably gone up. Lately, this has been the biggest challenge post the pandemic. After the COVID–induced economic uncertainties that were outcast by aggressive combating interventions by the apex body of developers; such as zero stamp duty on the home sales, seeking timely Government interventions on key issues, etc. it’s time now to rethink and realign our strategies to combat the new challenges that the real estate industry is facing.”

Karan Singh Sodi, Regional Managing Director (Mumbai & Ahmedabad), JLL India said, “Indian real estate has seen a strong recovery this year. The pandemic has brought forth the inherent desire to own one’s home. A benevolent interest rate regime has only made it much easier for the homebuyer to now own a home rather than rent it. We have seen residential sales pick up sequentially in the first quarter of 2022. Sales for the quarter, January to March 2022, also surpassed the average quarterly sales for the pre-Covid 2018-19 period by a significant 148%. In fact, this quarter also witnessed a rise in sales for bigger ticket sizes with apartments priced over INR 1 crore or higher recording an 83% Year-on-Year (Y-o-Y) growth in sales. This is the right time where we should think of strategic ways of resolving the persisting issues like rising raw materials cost, etc. to smoothen the curve for a better tomorrow for the industry.”

The Government’s reforms and aggressive initiatives by the developers have revived the buyers’ confidence, particularly in the markets like Mumbai. The emergence of the ‘work-from-home’ culture, innovative ways such as levying zero stamp duty, the RERA impact converting an unorganised sector into the organised one, new – age assets like data centres, logistics, senior-living, student housing etc. will help the sector take a big leap in the year 2022.

Also Read: Future sentiment reflects cautious optimism across realty industry: Hiranandani

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