Future Generali

What will be the impact of this crisis be on real estate?

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Rakesh Wadhwa:

What do you see would be the impact on real estate? And whether you see a shift happening over there in terms of prices, crashing rentals?

 

Ajai Chowdhry:

All of that will happen next year. When life comes back to normal, you can't also think that everything will remain the same for the next five years, 10 years. No, no, no. Touch and feel will come back. I have a great confidence that vaccination will happen sooner than later. And once people start to feel comfortable, they will definitely go back to touch and feel. But in the meantime, you have to now start innovating. How do you make sure that you can do something by which you can actually make, customers to touch and feel? So a lot of online stores will come up, which will use a VR and this kind of technologies. Virtual reality type of technologies will go very far during the period where people will be actually able to see how a product works and how you can actually see everything that is happening.

And all those kinds of technologies will help you to be able to overcome this problem in the period. The other thing that will need to be done in the retail area is that you will need to make sure that if you want people to come into your store, you will need to work on how to sanitize everything. You need to say this, all the products that are on display here have been sanitized, and you will need to create a methodology by which customers will feel very, very comfortable that everything has been sanitized. And once the customer walks out of the store, you have to make sure that in front of the customer, you sanitize the product that they've bought. And give it to them. So a lot of technologies are available for sanitizing today, for example, UVC, ozone, and whole bunch of other things. So more and more technologies are coming, but watch out. A lot of Chinese guys are trying to sell useless technologies in this country using ozone and UVC. And those are harmful to the eyes harmful to the skin. I mean, you will need to make sure that the products that you buy for sanitizing are proper. You can't use technologies that are, not okay for you to use.

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