Indian Real Estate Embraces Information Technology
The Drive for Modernization
In recent developments, the Indian real estate market has shown a pronounced shift towards embracing information technology (IT) to revolutionize its operations. The industry, known for traditional practices, is now actively implementing end-to-end IT solutions to automate functions, foster efficiency, and save costs. End users report not just financial savings but also a significant improvement in the transparency of their business processes. The integration of technology has facilitated smoother operations and fueled growth.
Drivers of Change
Expanding business opportunities alongside increased foreign investment, particularly from private equity and real estate funds, are identified as key factors driving the sector's technological overhaul. The emergence of second-generation leaders, with a penchant for modern practices, is another critical factor. These new leaders, equipped with a broader global perspective, are actively pushing for the integration of IT solutions. Rahul Chawla, CEO of In4velocity Systems, underscores the significance of foreign direct investment in driving technology adoption. He observes that most new developments, backed by significant funding, are increasingly leveraging IT.
The Rise of End-to-End Solutions
Rajesh Ponnan, SBU Head for Construction Solutions at Sobha Renaissance Information Technology, emphasizes the role of tech-savvy young executives in disseminating technology within their firms. However, Chawla notes that the popularity of end-to-end solutions is a relatively new, three-to-four-year-old phenomenon. In4velocity Systems, a pioneer in real estate IT solutions, has experienced a recent surge in demand.
The Transformation to ERP
Ponnan highlights a shift in the industry from employing fragmented software solutions to adopting comprehensive enterprise resource planning (ERP) systems. This transition, towards more cohesive systems, represents a significant financial commitment. However, the move is expected to pay off in terms of unified data management and increased operational efficiency. End of Article