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In an era of digitalization, technology plays an immense role in changing the face of the business environment and as such, real estate developers cannot sustain by following legacy methods. They require data-driven insights and technological disruptions such as the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, Building Information Modelling (BIM) and Augmented Reality (AR) to escalate the growth of real estate sector in India at present.
In a recent seminar on Emerging Trends in Real Estate Sector: Design, Building and Lifecycle Technology which was organized by the Confederation of Indian Industry (CII) in Delhi, emphasis was laid on how leveraging technology can bring real-time change in the real estate. In order to bring in new advancement the Indian realty market needs to adopt new data-driven technologies as the concept of smart cities solely thrives upon these latest technologies.
Furthermore, the need for introducing technology has increased even more as the sector has witnessed a delay in project delivery, increment in input coast and cash crunch. But with advanced technology, the real estate developers can offer efficiently designed smart homes within the estimated time frame, long-term benefits, cost efficiency and effective decision making.
Besides, it is not only the realty market but the stakeholders as well who will earn enough profit by leveraging technology in this sector. This is because with the help of technology engineers, architects, contractors and project managers can collaborate in real-time to avoid duplicity and measure the stages of project development. Moreover, decisions can be taken more in a dynamic way and bottlenecks can also be identified.
Apart from these technologies, robotics can also bring forth a massive transformation in the real estate sector. This can have a direct impact on pre-sales, post-sales and customer service mechanisms, which most developers tend to miss.
With the rising demands for smart homes and smart offices, leveraging technology will be a major catalyst for the real estate sector as it can offer the buyers a complete visual experience of the property. Besides, it is necessary to get trained manpower so that they can earn maximum from technical disruptions with utmost efficiency. These innovations will help bring a boom in the economy.
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