In this world of social media and virtual reality, everything projected around a good life is related to creating or owning ownership of something physical. That is why many people worldwide dream of buying a house or a real estate property at a tender age.
In virtue of this, people are often found saying that the real estate industry is booming, and that has been the constant thing for years, if not decades. While the need for the absolute space in the real estate sector has been the need of the hour for many people, this limited-resource industry is still enriching the catering to each and every need of the human species walking and dominating the face of this planet.
Home or house investors have always been on the go since the act of commercialisation and transferring the ownership of the physical property of the world has been put into motion. Through various means and methods, the way things work around the real estate industry has changed and looking at the limited resources our planet Earth can provide, the needs of people have also changed.
At one point in time, everyone around you that you see has dreamt of having a house which they can call their ‘home’. Owing to a place that caters to their needs and gives them an essence and assurance of security in this unorganised yet organised world, people have a very emotional attachment to it. Though the real estate service providers are going that extra mile to provide you with the ideal place, which you can home or giving you the ownership of something that brings life to something that you have created, there are a few problems that need to be addressed when talking about real estate.
The world is struggling with various problems in the earth’s ecosystem. While these problems are highly undermined and go unnoticed due to a little selfish nature of humans, it cannot just stop for the system that the most intelligent species have set up for the survival of life. Finding the middle way in the pool of limited resources, there are a few major challenges that you should know when you go out on the venture of owning something that is tangible and has an emotional factor attached to it.
Here are the few major challenges in the Real Estate Industry.
- Over Population
Did you know when the recent COVID-19 was announced, the problem for the healthcare sector of the world was not to find the cure for the disease but the containment of the virus. Why do you think that the major concern of governments, rebel groups, unauthorised organisations and secret societies was the containment of the disease? Because given the socialising nature of human beings, overpopulation and limited resources made it difficult and raised a question about the sustainability of life.
Similar is the condition in the real estate industry. While the human population is increasing rapidly across the prediction index, the people’s survival and catering to their support of having a balanced and secured life is under question.
The real estate service providers, under the guidance of technology and innovative minds of able engineers across the world, have found a middle way through it. With the limited availability of lands that are being provided to humans and considering the context of over-population, the concept of compatibility was introduced into space. This way, humans cater to achieve two of their dreams: to conquer their dream and provide the common people with the support to live a long and secure life.
- Land Availability
Since childhood, we have been taught around 71% percent of the earth is covered with water, whereas the remaining 29% is surrounded by land. Out of this 29% of total land, the need to maintain a balance in diversity is extremely important. While conserving natural resources, the land that man is allowed to use is very limited.
Considering the already used land and the land that supports life, it has been difficult to manage, accumulate and serve every need of the new emerging real estate ventures. To deal with these challenges, the ideal example for making it possible is innovative engineering and proper utilisation of land seen in Japan and slowly spreading across the world.
- Delayed Infrastructure Projects
In India, the demand for real estate is always on the positive curve of moving upward. Despite that, everyone living in India has witnessed one project that is always under process and on the verge of completion.
The delayed infrastructure project makes it difficult to plan the utilisation of the allotted land. This stops the growth of infrastructure in its track because the land is neither being used nor can be planned anything on it.
According to a survey, the completion of delayed projects will cost around 19% percent more than the original cost, loosely monetising its cost to Rs. 4.37 trillion. To overcome this factor, the current governments and environmentalists are making collective efforts to smoothen the process and make the most use of delayed infrastructure by introducing exciting and innovative real estate ventures.
- Out-dated Building Laws
The world is changing, and that is influencing everything that is present around us. The outdated building laws often get ignored by the builders and real estate service providers but later possesses a major threat to the streamlined innovation and development process.
The laws not only force the real estate project to be delayed but also stops the finished project in its track, neither monetising it nor making any use of the finalised project. Many changes have been brought up in the parliament and even in the judicial system of this incredible country to change, modify and even introduce laws that would not be a hurdle in the development process.
- Techniques, Demand and Trend
There are a number of techniques that have been introduced in real estate projects to ease the entire flow of demand and supply. While the constructors still try to meet the deadlines with the techniques that old school and developed on the utilisation of large mass of space, which is still the demand. On the other hand, the most relevant and emerging trend in the real estate space is the compact and collective trend that has been projected worldwide through innovative engineering.
The only solution to this challenge that has become the bedrock in the real estate sector is the collective efforts of people and mutual understanding to address the other challenges that are mentioned above.
Concluding
From the very beginning of the real estate sector, what has been prominent is challenges and innovation in the house invertors and real estate sector. Though these modern-day challenges pose a major threat to real estate in India, the people sitting at the higher levels are trying to find a middle way out so that the humans’ dream of conquering uncertainty and attaining security through real estate becomes a reality.
