We saw a series of status-quo shattering events over the last few years. First there was demonetization, then GST and RERA and now Covid 19. While all these disruptive events affected all industries, the impact on Real estate sector was arguably greatest. Though these led to considerable churn and purging in the sector, the industry as a whole has survived and is slowly limping back. But its going to be a long haul. This survival is a testimony to the resilience of the industry players and also reinforces the fact that real estate fulfils one of the most fundamental and basic needs of the growing India.
All these disruptors have had a positive impact on the way the industry operates. The nature of enquiries that we receive and the responses we get from the clients clearly indicates that there is move towards greater professionalization, transparency, and customer centricity. Services such as quantity estimation, rebar detailing and contracts administration, which were earlier treated as luxuries that only the big players could afford, are now much more appreciated and sought after.
If, in the long run, these changes propels the real estate sector into greater professionalism, the transient pain that we all are suffering would be worth it.