How COVID-19 has changed the traditional approach of doing business

Leaping over
the struggles of COVID-19, companies turn to new norms of doing businesses

Author: Sujay Kalele, Founder, TRU Realty

The Real Estate sector in
India is one of the major contributors to Indian economy. Approximately, 6-7 %
of India’s GDP is being contributed by housing sector since last few years. The
diversified offerings of retail, industrial, commercial and flex properties do
not only bring a major influx in investments but also pave the way for plentiful
employment opportunities. The sector has been a key driver in investments from
people not only within the nation but also foreign investors. All of this,
however, has come to a major standstill due to the unending global pandemic –
Covid 19. The industry has hit a slump that’s pertaining to not just the sales
but also their projections of property completion. Besides investments, factors
like consumer behaviour, availability of labour, and cash flow of several real
estate companies have hit a wall. Sustainability of many small to medium size
real estate companies have posed a big question across the industry. Several
developers are re-aligning their decision-making process, keeping in mind the
sales as well as the economies of scale and technological advancement in their
organization, just to begin with.

Companies that shifted their
focus to digitalizing their businesses have managed to stay afloat during these
times. Digitalization and customer aggregation are the two new environments
that companies ultimately are looking to aim at. The process of digitization
has given access to the audience and a platform to weigh their options to make
informed investments or business decisions. This transformation is not easy and
comes with a web of complications and time-consuming processes. However, the
rewards are aplenty if an organization is pull off this transformation. While
there is a major dip pan-industry, once restrictions are lifted, the industry
will have a stronger and faster recovery in comparison to sectors like travel
and tourism. Needless to say, only digitally transformed companies with an
agile approach will be able to sustain and stay profitable in the new normal.

The primary determinants of a
comeback by the real estate industry and companies are subject to willingness
to change, investment in IT, digitalization of entire value chain, exploitation
of economies of scale and stakeholder delight. Few companies have already
understood this shift and have already met these requirements or are working hard
to align themselves. One of the companies which are ready for the new-normal
business in Real Estate is TRU Realty, a two year old Real Estate company with
projects in Pune and Mumbai. TRU Realty has reimagined Real Estate by
integrating technology & design thinking in all the processes and has
brought in various world class practices to drive highest levels of efficiency.

With a simple goal of digital
transformation, TRU Realty is bridging the gaps in the industry such as
untimely delivery of projects, cost overruns, ill-informed decision making,
governance issues, transparency etc. With their proprietary technology platform
– TRU Portal, which is developed after years of research on the chronic issues
of the industry, enables its stakeholders with automated real-time information
flow and hassle free project management that allows to have control and assist
in quick decision making. Economies of scale coupled with robust data driven
processes enhances efficiency and the benefits are ultimately passed on to the
customers.

TRU Realty backed up with
robust Big Data Analytics, Decision making by applying Machine Learning &
Artificial Intelligence, has a bunch of innovative tech-enabled products but
not limited to

TRU Pay – A digital wallet
which that address the monetary trust issues of every stakeholder

TRU Source – A faceless
bidding platform, which enables fair business opportunity to all vendors

TRU Multiply – A program to
enhance alternate channel base and better reach to a customer

TRU Connect – A Collaboration
tool that involves customer in product development, gives real-time status of
the project and enables timely decision making.

Companies like TRU Realty are
among those whose core lies at efforts to create disruptive technologies that
will redefine the real estate industry. At a time when Developers are trying
hard to adapt to the new normal, shift in consumer behaviour & sustain; TRU
Realty, which envisioned the much-needed disruption in Real Estate much
earlier, is ready in the New-Normal.