STEP UP COMMUNICATION WITH ALL STAKEHOLDERS

The new challenges facing the real estate sector are shortage of skilled labour at construction sites and huge talent and experience void at CXO level.

The increasing input costs compared to income remaining same especially for mid-level housing, stringent QC needed along with reasonable warranty for buyers are the added challenges, the sector is facing. In addition, stagnant rentals leading to fewer investors, quality and limited availability of raw material, environment and sustainability consciousness etc. are additional responsibilities.

The approach that’s inevitable for developers now, is pre planning must be based on primary research of prospective buyers, data analytics, and infrastructure completion must be done prior to handover to residents.

The learnings from pandemic should be included in future planning and design wherein project size and completion sequencing must be determined after studying demand. Facilities related to health, education, public transport etc. must be considered as priorities too.

The personal lessons learnt from the pandemic are, to be totally self-sufficient with domestic chores, minimalist lifestyle and most important a disciplined routine with exercise, diet and time management.

The professional lessons learnt over the last two years are to step up the communication channels with all stakeholders, reach out and help, monitor progress aggressively on all targets, deal with teams with empathy, hone your skill gaps and stick to agenda points during meetings.