Technology can help India’s real estate sector but no one’s listening
Summary
To put this in perspective, only about 250,000 houses are sold on average annually in the seven largest cities of India, according to property research and brokerage firm Anarock. A clutch of factors, including a general slowdown in sales and the passing of Real Estate Regulatory Authority (RERA) Act of 2016, have reduced the availability of funds to developers to a trickle. This even when a host of technological innovations are available to address some deep-rooted problems affecting the real estate industry in areas ranging from finance & planning to on-site construction. On the retail side, Fiserv, a global leader in Fintech and payments enabling innovative financial services, facilitates lending, risk management and loan origination. As a result, most constructions, even for large projects, still rely on manual guesswork and onsite trial and error, leading to delays and cost escalations.
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