It is well known that information and communication (ICT) is highly regarded as a key driver and enabler of economic development and business processes, and now it has spread its wings even to the real estate sector. Companies do appreciate the contribution and deployment of ICT due to its performance. But if we consider the realty sector, the level of usage and adoption of ICT is lesser compared to other verticals in India. However in recent years, realty businesses are also being transformed due to ICT intake. The most fragmented, unorganized, and non-transparent segment is slowly reaping the benefits of technologies.
Deployment of ICT has the capacity to cut costs of coordination like realty/construction firms are using high-speed internet connectivity technology of wireless and leased lines which can be adequately used to connect people. ICT provides increased savings, increased efficiency, improved service delivery, low transaction costs, and improved market performance to the organizations.
The real estate process is complex and realtors are valued for their ability to guide the buyers and sellers through transactions. In today’s real estate industry, implementation of ICT supports information control, enables process support, and also helps real estate agents to extend and maintain their capital. Communication technologies provide information that changes the basis for decision-making.
In today’s fast-moving world, an effective IT strategy is essential for the success of an organization. The use of information and communication technology is slowly but surely changing the real estate business scenario in India. Online technology has increased automation and enhanced accessibility to information which, in turn, is helping the industry to flourish. Among the various ICT tools-internet, email, smartphones, IVR, voice and chat messenger, VoIP, content management system, learning management system, social network, PRI line, ERP, and CRM are the most sought after ICT media that are used by the industry.
The implementation of integrated ICT systems in the sector has facilitated business process efficiency. Internal and external management and control of services as well as operations management became key issues to deliver promised levels of customer satisfaction due to the rapid up-scaling of activities. While the critical factor in achieving success in the real estate sector involves attaining maximum project efficiency in terms of time and cost. This requires strict control over project resources-materials, manpower, money, and time schedules. Hence, it is extremely important to manage projects with control mechanisms in place, which would help the project team to mitigate the challenges encountered and ensure timely completion of projects.
