Key Aspects Every Real Estate Construction & Development Firm Must Keep In Mind

In an exclusive interview with Charulatha, Correspondent, Homes India Magazine, Ajay shared his insights on various aspects pertaining to the current real estate construction and development market. Below are a few key extracts –

Ajay Koshy, having completed his bachelor’s degree in architecture from TVB School of Habitat Studies and master’s in architecture from Architecture Association, London, is a seasoned real estate professional over two decades of experience in the industry. Prior to joining Brigade Group in 2008, he has had successful stints with real estate businesses such as Team 2 Architects, RSP Design Consultant India, and Venkataramanan Associates across various capacities.

Major factors to consider while designing public spaces in an urban setup to create a sense of community among people

Public spaces like plazas and squares are an integral part of any city and bring people together by giving them a sense of community and belonging towards the city. Thus, any business that you own in the surroundings of a public space in any part of the world is bound to be very profitable and successful. Thus, it is important that every public space development project must follow the mix use development model, which comprises of a combination of retail, office and residential spaces. Also, having a lot of amenities around these public spaces will encourage people to get involved more in social interaction and create a sense of community among them. This will in turn make the project come look alive and more vibrant. The perfect example for this is our Brigade Gateway, which is a 40 acre mixed use development project comprising of an office space, a mall, a hotel, a hospital, a school and a residential apartment. We have created an artificial lake at the center of all this where public are allowed to visit and spend their time, and this has been the key principle behind the success of this project.

Real estate development companies can leverage technology in their projects to bring to people.

Technology plays a vital role in bringing people together to form a community. For instance, Wi-Fi stations enable people to come and utilize the Wi-Fi for their diverse purposes. This will pave way for people to interact with each other and thus form communities or groups of likeminded people according to various topics/subjects. Another major way technology is bringing people together is via digital screens where a large group of people can watch a movie, program or sports match together. Also, integrating technology into a particular residential complex or apartment in terms of water consumption, power consumption and other aspects will result in better management of the property premises and lead to the residents living in harmony.

"Integrating technology into a particular residential complex or apartment in terms of water consumption, power consumption and other aspects will result in better management of the property premises and lead to the residents living in harmony."

Key methods for organizations to encourage creativity among their design and development teams.

Organizations must create a sense of openness and transparency among its workspaces so that various teams can interact and collaborate with each other freely. Also, we must design spaces that have no boundaries and have a sense of vibrancy, color and variety. For instance, campuses & office spaces of multinational companies such as Google and Amazon are very free-flowing and have no cabins. Employees are allowed to sit anywhere they want, and there are facilities for them to even gather and relax. Having such an open work culture where employees are allowed to freely engage in other activities apart from regular office work encourages them to actively involve themselves in various processes and put-forth unique perspectives & ideas. This way, organizations can create a conducive environment for employees to be more creative and think out of the ordinary. Most importantly, this approach must be practiced across all levels of the organization and not be limited to any particular department or position.

Importance of staying updated with the changing market dynamics for a real estate development firms.

Going through various media channels such as print and digital is the most common way for a business professional to stay aware of recent industry developments. As a leading developer, we are constantly engaged with market experts from various tech verticals who give us timely updates on any new tech advancements can be integrating within our existing processes to enhance the overall efficiency. Due to the rapid pace at which new tech advancements are happening today, it is important for real estate developers to make sure all their projects are future-ready and have the flexibility to adopt any new technologies that might come-up in the future.

"Real estate has been relatively slow in terms of evolving and tech advancements as compared to other industries."

Real estate industry improves itself in terms of tech adoption in the coming days and its impact.

Being a brick & mortar segment, real estate has been relatively slow in terms of evolving and tech advancements as compared to other industries. However, it is now time for real estate businesses to come out of this deadlock and figure-out ways in which technology can help them build better, faster and cheaper. A key move in this regard is the digitization of our construction process, wherein we build-up a simulation of the exact building model that is being constructed. This will enable us to predict beforehand various factors such as maintenance, sustainability, and energy efficiency, and accordingly make any necessary changes in the construction process. This way, real estate companies can keep their construction costs within their expected budget and avoid any unforeseen hassles in the future.