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From being a family led, mid corporate, localised and fragmented play with limited to negligible regulatory and legal rail guards, India real estate is now essentially a more consolidated large corporate, diversified and professionally managed industry with strong legal, regulatory and governance frameworks engaging global capital and international stakeholders in a large way.
Digital transformation, ESG and green initiatives, consumer centricity, resource efficiency and transparency have become main stays for the survival and growth of participants. For those who have not yet moved into the new normal will struggle for survival and face challenges of talent management, efficiency, technological shifts and digital disruptions.
Businesses will need to invest more into people and technology and generate alpha in their product offerings for all stakeholders. Also, enterprises and the sector as a whole will need to work with a ‘Keiretsu’ like model, forging strategic and tactical alliances and networks while focusing only on their core strengths.
The Pandemic has created an opportunity for deeper introspection, personally and professionally. The pandemic has tested resilience, belief and the mettle of companies and individuals. The pandemic has created a new growth dimension which is equally inward looking as is global.
India real estate is again at the cusp of becoming a significant driver of GDP and delivering multiyear unprecedented growth across all asset classes, if the lessons are well incorporated along with synchronised efforts at local, state and federal level to unshackle the constraints and continuously engage global and domestic stakeholders.
