Thiruvananthapuram: With the government’s vision towards providing housing for all by 2022, affordable housing has turned out to be the next growth driver for the real estate industry. Pointing out that huge funds have been committed by foreign institutional investors and PEs to this segment across the country, to Pushpamitra Das, Venture Partner and Mentor at Z Nation Lab, says technology will play an important role with innovations in construction technology that will help to reduce costs and save construction time, technology driven homes that will further reduce electrical and water pilferage, provide technology solutions to standard fixtures and integrate safety and savings in the long term.
Pushpamitra Das, Mentor & Venture Partner, Z Nation Lab
Talking to Blive, Pushpamitra Das added that digitalization has no boundaries, and developers will pick and choose technology support for their projects dependent upon the residential segment, location of project and user profile.
“Integration of technology across projects will further involve safety, savings and distance based control of all essential elements of a home,” he added.
Identifying the challenges in real estate development, from supply chain, facility management, financial support, technology support, construction technology and end user deliverance, Z nation Lab, which has been providing startups with an ecosystem that would prove to be the foundation for growth, is offering developers services that integrate the entire process of inclusion and deliverance, at a time when the real estate scenario is facing a slowdown in sales and most of the real buyers are fence sitting, hoping for further price corrections, Das pointed out.
According to him, Z Nation Lab would look to usher in a disruptive change through technology that helps developers to provide value added services to their buyers at affordable costs. “We are looking at developing smart homes that integrate technology, provide value services and are affordable to integrate and use by the developers and end users respectively,” he stated.
On whether it has been an issue convincing traditional real estate players in India about the change technology can bring to them, he said, “our initial dialogue with leading developers was very encouraging with most of them wanting to bring in technology as value proposition for their customers. We have initiated trail with few of them and once these are tried and tested, the use of technology will become a feature across all their existing and planned projects”.