What is the market view for elevators and escalators in 2024? As per the Techsci Research report, the market size is estimated to be over 55,000 elevator units and 1,800 escalator units annually and is anticipated to project consistent growth in the forecast period with a CAGR of 5.79 percent to reach USD 2.083 billion by FY2028. How are your new technologies reshaping vertical mobility? The TK Elevator's TWIN system has an innovative quadruple redundancy safety system, runs two cabs independently within the same shaft under a single intelligent group control system. This design moves more passengers and also consumes less energy. Then TKE's MAX IoT-enabled technology brings alerts to maintenance problems before they happen, allowing elevator engineers to proactively replace parts and systems. Passenger experience is another key focus. Our AGILE destination selection control (DSC) minimises passenger travel time and reduces crowding in lift lobbies. How has real estate changed? As per a recent report by IBEF, the real estate sector shows promise with a projected 9.20 percent CAGR from 2023 to 2028. 2024 is expected to drive growth with urbanisation, rental market expansion and property price appreciation. Government initiatives, including infrastructure development and the ‘Housing for All’ initiative, underscore the sector’s commitment to stability and accessibility. For instance, Pradhan Mantri Awas Yojana has encouraged developers to take on projects involving inexpensive housing, promoting accessibility and inclusivity in the real estate industry. Meeting the need for 40 million urban housing units is necessary, given that the population is rising at an average annual rate of 2.1 percent. Challenges and how government can support the sector? The lack of skilled manpower and differing applicability of safety codes across India are significant challenges. Another pressing issue is regulatory discrepancies. Each state has a different agency regulating the segment. A national-level body for regulation and policy is needed. Almost two-thirds of the country is still not covered by any legislation governing the installation and maintenance of lifts. A uniform Lift Act could not only help improve product safety by incorporating new technologies but also support optimising development, manufacturing and installation costs.