Byline: Sugandh Bahl
Like many traditional businesses, real estate has been slow in tech adoption to modern tools and technologies. However, the coronavirus pandemic has been a disruptor unlike any seen in our times, forcing sweeping changes to how people live and work.
Sanjay Dutt, MD & CEO, TATA Realty And Infrastructure Limited headed in his keynote address at VC World Realty Plus Event talked about how real estate companies have embraced and accepted the smooth transitioning to the digital way.
The increased reliance on digital has gone about as a hint point for organizations to speed up their advanced change in the midst of the difficulties they face in COVID-19.
Acting as an ultimate tech disruptor, the impacts of COVID-19 and social distancing could outlive the pandemic, introducing a more noteworthy chance for the prop-tech business to adjust and develop.
Today, most companies have adopted and embraced the technologies and those who hadn’t until now, pandemic made them adopt. “Looking at real estate development journey; right from understanding marketing dynamics to spending, it has been observed that the dynamics has evolved to a huge extent towards digital spending,” claims Dutt.
From gathering information and understanding consumer behaviours/preferences, etc. Technology in true sense is being used to assess and therefore one needs to re-purpose the business around it as technology has been adopted by most sectors and real estate is no different.
Its not just the adoption of private firms into accepting the digital way of the world, even government is digitising the effective use of tools and technologies; striving further to communicate with the real-estate sector digitally.
Dutt is of the view that with the advent of all such digital advances, real estate sector is revamping itself in a robust manner as technology’s significance has literally taken top priority for real estate sector.
“While embracing the technology is the new normal, especially after pandemic hit the world; but there is no need to holistically invest heavily in all the available technologies and tools as one can outsource most. For example; for ages we have been using SAP for our financial and accounting needs, hence it has been our fruitful investment for us.” explained Dutt.
Categories: Venture Capital