Few Challenges Proving To Be Disguised Opportunities For Developers
The outbreak has presented an array of monumental challenges before the real estate sector, just like every other industry. The very root of growth, construction work was halted for almost a period of more than 60 days, to further alleviate the obstacles the scare and uncertainty of lockdown and contagion led to a mass scale of migration amongst labour class. The potential homebuyers who planned on investing in property put their decision on hold, as they were apprehensive about market and job stability.
Now, as we transcend into the new-normal and look back at those standstill months. The realization that be-holds is - What shapes us against our choosing is what makes us shine'. It is like our lives went on a snooze mode and yet required us to be up and hustling within the confinements of four walls, with no personal interaction or a professional setting. The lockdown demanded all the working professionals to be a combination of creative thinkers and multitaskers. Most importantly also a consistent seeker for newer opportunities and alternatives, these qualities would help in strengthening the stability in their businesses that was shaken with the advent of the pandemic.
Having said that, as every black cloud has a silver lining; here is a list of few challenges that ultimately proved to be disguised opportunities as developers resurge from the unprecedented event.
The remote working scenario transforming everything into a virtual model, also introduced events and collaborations that were being hosted over platforms like Google Meet, Zoom, VideoMeet
Path From Offline To Online Documentation
The Corona times taught the developers and real estate firms that instead of mulling over what cannot be done, the focus should be directed towards making constructive use of time. The real estate sector has been holding on to its image of being a traditional sector, and the pandemic came as a disguised opportunity demanding the realtors to change it. A structured online platform can be used in the future for not just storing and accessing paperwork any time but also at the time of approvals and licensing from the administration. This shift not only helped them reduce their carbon footprint but also acted as a transparent channel between all the stakeholders involved.
Increased Demand For RTMI Homes
The market being volatile and the force majeure clause being implemented has pushed the delivery timeline for under-construction projects to another six months. This has made Ready-To-Move-in homes the best and safest choice for end-users looking to upgrade their living standards. RTMI homes are the preferred options for a set of buyers whose income channels were not affected due to the lockdown or the ones who were planning to invest in their dream home but were not sure due to the unstable market condition which was prevalent and anticipated for coming months as well. Presently, the environment is favourable for home buying due to low home loan interest charges and flexibility offered in payment.
Reskilling And Upskilling Of Laborers
While a good chunk of laborers returning to their villages and hometowns, there remain local working class who were willing to work relentlessly to make up for the time lost during the lockdown. The reopening of state and road transport also brought back some workers from nearby locations for better income and job opportunities. The developers and contractors with an aim for timely deliveries started focusing on making the workers more equipped with tools and skills. Rotation of workers was an approach adopted by many developers to fill in the gap created by the migrant laborers.
Integration Of Technology In Every Process
The whole cycle of home-buying was accommodated on our screens. Seasoned developers made sure they provided the homebuyers a virtual site visit experience which is at par with the offline one. This went further on with webinars presided by developers and industry experts to reinstate the credibility and build a relationship with customers. 3D View of homes, Drone views, Home automation, Image recognition data, etc were the advanced technology used to satiate buyer's interest. Apart from this, the office staff at realty firms also adopted robust ERP software for efficient management and assessment of their work from home data.
Better Networking And Collaborations
The remote working scenario transforming everything into a virtual model, also introduced events and collaborations that were being hosted over platforms like Google Meet, Zoom, VideoMeet, etc. With every brand and industry looking for more visibility and traction, some of the most successful brand tie-ups also happened. Developers were able to connect directly with a variety of designers, architects, engineers, urban planners around the globe for their future projects, which was a slim possibility during the pre-COVID times.
The present times as industries around recuperate, experienced developers with a history of delivering well-de-signed projects are in a better position than the new entrants. End-users are careful and smart before making such a big investment that will reap the benefits of a lifetime. With an increasing focus on online-based reviews and searches forming the very first impression, it is time for developers to keep their digital presence strong and untainted. It is not a time to stop and observe waiting for things to get better, but rather hustle and find out alternatives that establish you as an undeterred player in the realty industry.