Technology and innovations are changing infrastructure, and impact of technology in the real estate sector is evident.
The infrastructure and realty sector have been quick to adopt cloud, Virtual Reality (VR), the Internet of Things (IoT), Machine Learning (ML) and Artificial Intelligence (AI).
The real estate market in India, which knows how customers scout for property and require relevant information quickly, has effectively mapped these technologies. All phases of property procurement can now be powered by these tools.
Applications are being built to engage, interact and retain clientele. Technology in property management is effectively aiding in reducing operational expenses, improving customer service, building competencies and leading to more effective resource utilisation.
Chatbots, which are a part of several realty web-sites, allow customers to interact virtually to have common frequently asked questions answered, saving on costs of customer service and optimising time of interactions.
Investor Analytics have been incorporated for property investors to set revenue and growth goals and have them checked by an intelligent robot. Mid-course advisories and corrections can now be actioned by machines. Loan defaults and risk valuations can also be machine forecasted. Even deal matching can be automated.
With material cost being a big cost component for builders, many have started sourcing material with the aid of intelligent robots. Others have implemented efficient property management systems for efficient maintenance management. Intelligent search platforms are refining numerous information layers to meet customer requirements such as good neighbourhoods.
One major technological innovation that will have a tremendous impact on the infrastructure sector, especially real estate, is drones. Drones in real estate technology management will enable greater efficiency, safety, and cost effectiveness, particularly in the creation of smart cities. Globally, use of drones in construction-related activities is growing and India too will shortly adopt this practice extensively.
Drone’s thermal imaging capability using high-resolution cameras will aide building specific applications. Besides, being data driven, it can effectively integrate with Building Information Modelling (BIM) workflows. Drones have the unique capacity to undertake highly cost-effective topographical surveys too. Besides giving valuable feedback on project completion status and providing safety management inputs, it can integrate with 3D software for effective project management.
Other innovative technologies in the real estate industry that are set to affect the realty sector include 3D Printing. Though still in a nascent stage, this can replace a substantial amount of construction activity, besides reducing waste, cost and labour, and help builders enter dense urban areas. Though not presently available in the
Indian market, internationally it has already established its proof of concept.
Building Information Modelling (BIM) lets designers create mock-ups of structures and work out costs and construction timelines.
The use of virtual and augmented technology in the training of personnel and the creation of virtual walkthroughs even before the completion of the project will be some of the new real estate technology applications that we will witness soon.
The good news is that the real estate sector has steadily been adapting itself to technological advancements and innovations. There are already more than 600 real estate tech start-ups in India.
Clearly technology has made deep inroads into the infrastructure, especially real estate sector.