How technology is changing Indian Real Estate?
By Evente Clinic
Several tech advancements and innovations have made inroads into the Indian real estate sectors, which are likely to reshape the future of the industry. Not only the construction processes have become more specialized, but the facilities accessible in the real estate sector have also seen a massive improvement.
Like other e-commerce platforms, now the Indian real estate will have a web space. The housing ministry is going to launch the e-commerce platform with the core intention to bring the trust back in the real estate sector. The objective of the e-commerce platform is to bring transparency in the sector and offer only certified projects. The online platform is for projects that have received occupancy certificates (OCs) and is expected to create a seamless, safe and transparent home-buying experience for home buyers.
The two of the most technology of recent times have also found its foot in the real estate industry – Artificial Intelligence and Machine Learning.
From the way property seekers, scout for property to offering probable buyers with applicable information to investigating property values – all the phases of property procurement are now powered by AI and machine learning. In the Indian property sector, AI has the vast scope and ability to lessen operative expenses, augment and advance customer service, recover competence and condense resource depletion within the industry.
Some of the areas where AI is used and can be used more effectively in the future are Chatbots, Investor Analytics, Forecasting Loan Defaults, Deal Matching, Construction Automation, Property Management, Intelligent Search Platforms, etc.
The other technology which is emerging very fast in real estate is Virtual Reality. It has changed the way builders project their properties. It provides a preliminary idea of what the completed building would entail and aids in the decision-making process.
Innovation in the construction sector has paved the way for a wide range of dynamic building structures. The new developments are specialized to be water-resistant, flame-retardant, and safeguards against earthquakes and other natural disasters. The futuristic construction technologies have not only reduced the time frame for the completion of the project but also reduced the overall cost of the project. Labor costs can be significantly reduced, and quality and precision standards increased by using robotics for the repetitive, mechanical functions such as bricklaying.
The real estate has seen a major change in marketing methodology of the projects. The builders have started looking for technology now to reach a wider audience than traditional marketing methods like paper ads and hoarding which are not only expensive but also have limited reach. Now the real estate marketing portals offer a wide range of valuable insights, including market dynamics, customer analysis, projected trends, and more. This helps the developers and brands to reach a much larger target audience.
With the rise of innovative technologies and the growing need for environmental sustainability, the real estate industry has also witnessed a rapid growth in green construction. Solar panels and energy-efficient features are commonly being offered in today’s buildings to lower the carbon footprint and impact on the ecosystem.