Wired for Speed

In this Readers’ Platform, your author shares perspectives on digital presence and growth.

The past few years have seen the growth of a sunrise industry that entails creating a digital presence, then enhancing its functions and reach. From websites and social media marketing, it has grown to the present day, when a combination of digital platforms powers business, whether it’s marketing, quality control or management of transactions, customer relationships or human resources. Digital growth is also about increasing numbers — going from simply racking up “hits” to capturing the attention of defined, targeted groups. Branding has embraced a whole new paradigm as the digital presence of an organization plays an important role in defining its brand value.

Branding has embraced a whole new paradigm as the digital presence of an organization plays an important role in defining its brand value.

Prime Minister Narendra Modi’s Digital India initiative was timed just right. That’s because, during the COVID-19 pandemic, India survived the lockdowns through the digital push it received. Business organizations weathered the lockdowns thanks to digital platforms. From then to the present day, the situation has evolved.

Property technology (PropTech) is easily the biggest takeaway from the digital world. In real estate, monitoring of project planning, design and architecture is progressing to digital platforms. The paradigm has changed. From a time when customer outreach and marketing was done partially on digital platforms, now it is digital all the way — including sales. As real estate companies switch from “having a website” to having a virtual presence in the digital space, the future seems to be wired for speed.
While automation and mechanization have had a major impact on construction, digitalization has effectively changed how organizations function. The new normal in a world where humankind coexists with the pandemic includes pandemic-appropriate behavior. Digital is not just the future, but also the present. Digital presence and digital growth are about leveraging digital platforms so work follows a pre-set model and is easily completed. So, blockchain — a digitally distributed, decentralized, public ledger that exists across a network — will be the transaction model driving growth in the near future, replacing what little physical interaction happens now. It will take the e-registration of property sale documents to the next level — from just avoiding going to the registration office to a focused system where approvals and NOCs (No Objection Certificates) are ensured in a time-bound process that is safe and secure.
The emphasis on digitalizing the workplace and the business space is poised to see an emphasis on both development drivers of digital presence and digital growth. From PropTech to blockchain, these will play a vital role in driving growth for real estate in 2022 and beyond.

Acceptance of digital also means replacing manual operations with automated options. So, just as driverless metro trains are gaining acceptance, operation and troubleshooting of smart elevators and escalators on a digital platform are part of the process. Obviously, this will have positive implications for the vertical-transportation industry, since most new developments are high rises.

Dr. Niranjan Hiranandani is co-founder and managing director of the Hiranandani Group of Companies. He also heads a distinct business unit, Hiranandani Communities. He is national vice chairman of the National Real Estate Development Council (NAREDCO), which was established as an autonomous self-regulatory body in 1998 under the aegis of the Ministry of Housing and Urban Affairs, Government of India. NAREDCO is the apex national body for the real estate industry and a single platform where government, industry and the public discuss various problems and opportunities to resolve issues.

Reference

[1] investopedia.com/terms/d/distributed-ledgers.asp