Parekh, who was speaking at Global Proptech Summit, said he has been surprised by the upside in real estate demand since the start of the pandemic.
India’s real estate sector has seen burgeoning demand for property over the past 12 months led by first-time buyers, buyers looking for bigger houses and second home buyers, Parekh said.
Parekh believes that the advent of work from home has meant that proximity to the workplace as a factor in real estate purchase has diminished and allowed buyers the choice of a wider market for their residential purchase.
Parekh also said that low interest rates, softer real estate prices during the pandemic and fiscal help from governments for the sector have also played their part in propping up demand.
The veteran businessman also implored the industry to embrace technology as less than 1.5 per cent of real estate revenues were currently spent on technology. He argued that adoption of technology by real estate companies was key to sustainability of the industry.
