Real Estate: The low touch Indian economy has crawled back to life, albeit in phases, after encountering a nationwide lockdown which saw its engines screech to a complete halt. Managing a difficult trade-off between economy and lives, the Narendra Modi government wants the nation to adapt to the new normal ushered by a menacing pandemic.
It goes without saying that the fundamentals of our daily lives have undergone a metamorphosis that is unfathomable at the moment. The way the virus is baying for our lives and keeping us at tenterhooks at every step has forced us to rethink and rejig our lives completely.
Not a blip but a beating
While the lid has been lifted, the impact of the lockdown and the ongoing pandemic on various industries and sectors have been menacing. Sectors such as travel, tourism and hospitality will take at least a couple of years to gather steam. Automobile, retail, mining, manufacturing, construction, to name a few, are facing the brunt of this unprecedented situation.
Multiple aftershocks in global markets such as shifts in consumer behaviour, supply chain disruptions, and new regulations have thrown these industries and sectors into a tailspin.
With every passing day, it is becoming harder for us to get back even slightly close to the previous normal. While some businesses have flipped processes by digitalizing their workflows and reducing face-to-face interactions and in the processes are in an acceleration mode, there are many thriving businesses that are grappling to even find a footing amidst this chaos.
Job worries and a new hope
In this uncertain period of ebb and flow, the most affected are the young blood of the country. Having never witnessed such a catastrophic situation before, the nation’s largely youth population is a worried lot, fearful and in the dark about job prospects. With companies in various sectors trimming their workforce, going on hiring freeze and reducing payrolls, to ensure tight control on costs, our youth have become deflated, unsure of what the future has in store for them.
However, all is not lost in this cloud of doom and gloom; Employment opportunities are springing up in sectors such as technology and real estate, ushering a new ray of hope for young professionals looking to make a start in this pandemic situation. The able youth of this country have to identify these opportunities and pitch their prowess at the right time to get themselves employed.
Real estate sector to recover early
Technology has been a significant revelation during this pandemic. Companies looking to enable business continuity during the lockdown, took refuge in technology to digitize their work processes and manage their operations.
Real estate companies, in particular, went digital within a fortnight to save their businesses from getting completely shunted. Technology provided them with all the necessary tools to get their businesses into motion, and as a result, most real estate developers registered stunning property sales figures.
The surprising performance of the Real Estate Sector amidst the pandemic when all the odds were against it, proves that this digital property ecosystem will be the new normal of homebuying.
The pandemic has also spurred the importance of owning a home and the need for immediate investment in a property, something which augers well for the real estate sector. If trends are to be believed, the property industry is poised for a faster recovery as compared to most sectors.
Employment avenues in the real estate sector
While the present state of turmoil has forced businesses to rethink and revisit their game plans to adapt to the new normal, it is true that technology will play a stellar role in getting most of these businesses to function again.
The real estate sector will be heavily dependant on technology, riding on its unexpected success, to optimize profitability and be winners in the months to come. The battleground has shifted from bricks and mortar to clicks, data and insights, something which tech-focused real estate companies will look forward to.
In the coming months, the real estate sector will invest heavily on innovative technologies to finetune its work processes and make itself foolproof for disruptive events like the present crisis. Demand for tech talent who can create and enable software, understand emerging property technology like AI & Machine Learning, and use them for profitable business outcomes will rise. This emerging technologies in real estate will require an army of people to work on data tagging, cleaning & labelling and analyzing data. And it’s not just real estate tech that will create opportunities for skilled professionals; employment avenues will unveil in areas such as Real Estate Finance, research and marketing too.
We don’t know how this pandemic will pan out, how the future will present itself in the months to come; all we can do is map out a path to survive this unexpected phase. While there will still be aftershocks to the economy in the months to come, new opportunities will arise even in the darkest moments which will help us shine through.
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