The real estate industry is witnessing new transformations affecting modern disruptions in the sector. The modern technological advancements, the dynamic business environments have created opportunities for business. While considering the economical changes and shifts in consumer behaviors, the market is willing to adapt and grow with the change. The northern Indian real estate sector is gradually emerging as the most adaptable and with improved market access. Chandigarh, Mohali, Zirakpur, and Derabassi have become the leaders in the residential and commercial projects. Especially, the flats for sale in Mohali are known for assured delivery timelines, home-buyers experience, proximity to major hubs and efficient quality. The builders are progressively exploring the new-age technologies like Building Automation, 3D model graphics, and Artificial intelligence.
PropTech helps to maximize the convenience, environmental sustainability and cost efficiencies. Internet of Things, Blockchain and Big Data are the new technologies ready to disrupt the real estate industry. Along with this modernization, the government has also taken up initiatives like SMART city mission, Digital India, Global Housing and etc to promote digitization and other embedded infrastructure solutions. The Housing for All mission envisions to provide 20 million affordable houses to the urban poor by 2022. The public sector is focused to achieve this milestone in a timely and cost-effective manner. The new and innovative technologies are acting as the financing instruments and helping in the progressive regulations and growth. On the other side, the private sector is also exploring innovative building and construction technologies, investment alternatives and business models to speed up project completion. The past decade has provided investors with alternative financial vehicles like Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). The response on these trusts and initiatives have helped to offload some financial debts and have build the confidence among investors and home-buyers. This has further helped to raise the real estate capital for the sector companies. The booming economy has encouraged modern assets like co-working and co-living spaces. They are rapidly emerging as cost-efficient business models and helping in the overall growth of the real estate market. There is a huge potential in the real estate industry by integrating business models, construction techniques with the new-age technologies. These can help to accelerate the industry by creating endless opportunities. The real estate serves as the catalyst to enable affordable housing, sustainable and timely completion of housing projects (both residential and commercial).
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