India is facing a serious crisis in the real estate sector, evident by numerous data facts showing hundreds of projects at halt and thousands of houses buyer-less. As on June 2019, more than 24 lakhs houses from over 16,500 projects were not running on time, due to which customers have been facing a lot of issues. In the seven largest cities of India, only about 2.5 lakhs houses are sold on annual basis.
Although there are a number of factors responsible for this state of affair, liquidity crunch and inventory pileup are prominent. In spite of the RERA’s multiple initiatives, the unavailability of funds has given birth to a large number of stalled projects in the country.
Market watchers believe that introduction of cutting-edge technology can boost the country’s real estate sector. “Improving the financial management has always been a challenge. Now, with new technologies to address this we have found a way to improve this, giving both developers and buyers the safety assurance,” opines a realty expert at Dharitri Infraventure, a Kolkata-based real estate company.
Among the cities that have been performing better, Kolkata, Hyderabad, and Pune have given some good results, owing to the emergence of a large working and youth population that loves tech-based solutions. From loan management to property selection process, every step of acquiring a house needs to be plain sailing, only be possible through technological means. It not only gives clearance in the mind of buyers about the project but also financial security in case of any fraud.
Major realty developers in Kolkata such as Dharitri Infraventure have started easy and smooth online booking with complete information of the project on their website, offering the home-purchasers an ideal guide. Various companies have also started assisting customers in their home-loan process through apps. With multiple property-tech startups in the field to offer pleasant experience of home-buying, the future of the realty world looks to be in the hands of technology.