Sunday, January 24, 2021

Editor's Space

New Beginnings

 

The year 2020 made the real estate sector witness the worst in perhaps decades, what it also taught everyone is to make their respective businesses resilient and adaptive to unforeseen challenges. While the whole business came to standstill in the month of April & May 2020, India was also quick enough to get back on its feet and start afresh. As per JLL’s recent report, India is seeing fast-paced adoption of technology and artificial intelligence, which are catalysts of growth in the next normal. While the pandemic has affected multiple sectors in the country, its impact on the manufacturing and services sector is the most. There is surely a change in perception. While it poses challenges, it also provides opportunities to innovate and reinvent. The focus on health, sustainability and wellness is also seeing a renewed vigor and is becoming the leitmotif across asset classes. Consolidation of the residential market is likely to further gain momentum with strong emphasis on credibility and financial strength. On the other, de-densification and splitting up of offices are likely to gain centre stage.

 

As per leading industry estimates, the Indian construction industry is forecasted to recover to an annual average growth of 7.4% between 2021-2024, supported by the government’s focus on boosting infrastructure investments to revive the economy. In August 2020, the Prime Minister announced that `111 trillion ($1.5 trillion) will be invested on 7,000 projects across various sectors during FY 2020-2025, which will enable the faster revival of the economy and aid in boosting employment. The industry’s growth will also be supported by the government’s focus on boosting local manufacturing sector to become self-reliant and reduce dependency on imports. In addition, the government’s targets to construct 10 million affordable houses by 2022 and increase the share of renewable energy in total installed power capacity to 60% by 2030 will support the industry’s growth over the medium and long term.

 

What the coming times bring for us is still a mystery but what we can learn from our recent past is to be agile, tech-savvy and disruptive enough to keep the wheels of sustenance moving. Now is the time to Perform or Perish. As we begin the New Year on a positive note, the sector would need to take a thorough relook at its processes and bring out innovative practices to lead the growth. All this while the crucial learning’s and best practices implemented during the pandemic would stay with us for a longer period of time to bring in a renaissance in the construction industry.

 

With these positive thoughts, we bring to you our January 2021 issue packed with Newer Opportunities and Immense Possibilities… Read on and stay Updated to chart a new growth trajectory!

 

Here’s wishing everyone the most promising year 2021…




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