The Co-Founder & CIO at Square Yards, India’s predominant real estate platform, Hitesh Singla, has highlighted the growing role of real estate technology in facilitation of the huge upcoming demand for housing in India in his published piece on the prestigious site- www.entrepreneur.com.
housing demand in India
Singla has stated that the urbanization rate in India is expected to grow by 55-60% over the next 10-15 years with the country needing more than 75 million homes as a result. The majority of demand will be witnessed in the affordable housing category and by 2050, the country will add a whopping 900 million urban citizens while four cities, namely Chennai, Ahmedabad, Bangalore and Hyderabad are on the cusp of evolving into megacities by the year 2030. Singla has talked of how the COVID-19 pandemic has accelerated adoption of digital technologies in the sector.
He feels that with more than half a million brokers placed in a gap between supply and the system of distribution, India will remain unprepared to handle the surge of citizens migrating to its urban cities. There are close to 11.09 million urban housing units which remain vacant while10 States and Union Territories contribute a whopping 78% to vacancy levels. He has interestingly likened this to the age-old proverb- water water everywhere, not a drop to drink.
Singla feels that the potential of the affordable housing space should be suitably tapped by private companies for meeting the Housing for All by 2022 blueprint while huge land and property prices in urban zones are forcing urban citizens to reside in rental units with poor quality. Technology can boost quality, delivery timelines, experiences, market access and efficiency. Digital players will focus on customers and they have gained market share swiftly through 3D tours, AR and online transactions. Technologies like Blockchain, Big Data, AI and Automation may add more substance to the digital realty space in the near future. With AHRC and the Model Tenancy Law, rental management platforms can standardize home rental businesses while making higher vacant home stock available for consumers via technology. Reimagining housing distribution is needed for meeting huge upcoming housing demand in India. Technology is the greatest enabler in this regard.
For a detailed report on this read the articles we were featured in:
Entrepreneur India – https://bit.ly/3nCOBWH
Published Date: December 15, 2020
