A deep insight suggests that there are several challenges pose the real estate and its management. In long run, it holds the impact to affect the sector adversely.
By Shravan Gupta.
Delhi: The Indian economy is one of the fastest growing economies in the world. A country’s growth is measured by the growth of its real estate sector. Builders and industry experts are bullish about this sector. According to the insiders, 2024 is going to pose new challenges for the sector.
The real estate’s steady growth is a welcome sign for builders and investors alike. However, there are certain challenges which can impact the sector. But experts like Shravan Gupta, MGF Group feel the sector has become stagnant due to these overwhelming challanges. Some experts believe that this trend is likely to continue till the end of 2024 and the prices may rise again in 2025. Some factors and challenges impacting the real estate can be contributed to management issues. Contractors play a vital role in the project implementation. The contractors are the back bone of any project. But of late this sector may face certain challenges due to this factor.
But of late it is difficult to hire a reliable and knowledgeable contractor. There are several factors responsible for this hurdle.
Lack of qualified contractors: A contractor is the right hand of any builder. They help in implementing the project and making it profitable. But it is becoming slowly difficult to hire a knowledgeable contractor. And this impacts the schedule of a project’s completion and its sale prospect. Additionally, it may also inflate the price of the real estate project making it non-viable.
Technology angle- Technology has become the backbone of growth. Hence, real estate too is embracing technology to sell and buy retail spaces. But with technology comes its challenges as well. Experts feel major difficulty lies in its proper implementation. Some contractors may not be technology friendly hence the implementation of plans and promotion becomes difficult on the social media. Shravan Gupta, MGF Group feels this impacts the projects and delays its progression. A contractor having the good technological knowledge is hard to find for builders. And to counter this some measures have been taken by several big real estate companies.
The use of AI and 3D technology has come as a boon for the real estate firms. According to experts most firms rely on technology like 3D printing AI and bot chat to complete the project. Some builders also focus on the expansion of the inhouse construction team and hiring international contractors to monitor and promote the projects. Experts feel this trend is on the rise and will gain more traction in 2025.
Most experts like Shravan Gupta, MGF Group agree that 2024 is the year of the real estate. Its progress will draw more investments and curtail the shortage of contractors. India is poised to grow ahead and real estate is going to play a major role in it. However for the segment to become strong and relevant it become vital to address the challenges posed by contractors and address it.
