The real estate industry has for long faced the challenge of identifying the multiple tiny blemishes that invariably mark a structure, before handing over possession to the customers. This identification is laborious, time consuming and prone to oversight due to the difficulty it poses in keeping track of the same and recording for correction. Currently, site engineers are employed to manually inspect every minute scratch, tiny cracks, scraping off of paint or other such damage marking the length and breadth of the building.
The result, the real estate industry has been facing several pain points, including project delay, consumer complaints. The advent of new legislation in the form of Real Estate Regulatory Act (RERA) in 2017 has further compounded the issue. With RERA, there is increased focus on transparency, timeliness and quality of projects with tough penalties for not meeting standards. Time delays that can occur purely due to identification of flaws before handing over possession can thus prove to be costly, upsetting the already strained profit margins of the industry.
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