MOONSHOT MINDSET COULD DRIVE TECH ADVANCEMENTS IN REAL ESTATE

Sudie Sengupta, principal director -real estate and workplace solutions, Accenture, explains

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Real estate sector in India has failed to keep up with advances in demographics, and the change in the mindsets of customers. That could explain many of our urban challenges and the self-goals that create artificial barriers impeding our progress.

Part of the reasons could also be that in a democracy with higher proportion of rural voters, urban concerns do not get priority. We need to remind ourselves that India has a glorious urban tradition that powered our socio-cultural evolution across ages. Over centuries from Benares to Delhi, Kolkata, and Mumbai – Indian cities attracted people from across classes and cultures to create the great buildings, as well as public institutions. However, in the past few decades urban India has been in the public eye more for news about pollution, congestion and failure of construction projects. Must haves such as electricity and water, safe transportation and civic facilities have evoked frustration. It’s not about the most expensive houses, or grand corporate campuses but getting the basics right where we have observed most failures. Creative application of technology can offer solutions to bypass the bottlenecks and is a critical need in our resource constrained but high growth economy.

Real estate sector has underperformed due to lack of proper systems.

LOCAL DEMAND WILL PROPEL GROWTH