Real Estate is now advancing and marching with technology. It is no more insulated with the traditional customs of construction. It is now technology led real estate.
TABLE OF CONTENT
1.Technological progression in Real Estate
1.1. Artificial Intelligence (AI) & Machine Learning
1.2. Blockchain Technology
1.3. Drones (Unmanned Aerial Vehicles)
1.4. Social Media
1.5. Virtual and Augmented Reality Technology
1.6. Smart Homes & Internet of Things (IoT)
2.Final Wind up
1. Technological progression in Real Estate
The traditional ways of construction are becoming a dream of the past. The developers are adopting technological measures to build more tough structures that could face harsh conditions. They also save time and money with the use of technology. As RERA marched into the realty sector, the role of technology has increased and it has become more significant during and after the pandemic. Some of the technological advancements are reshaping the structure of this sector. The main tech advancements that are reshaping the realty sector are as follows:
1.1. Artificial Intelligence (AI) & Machine Learning
Integrated, this is one of the most impressive and revolutionary advancement that is prevailing in the sector and that is expected to bring a major change in the face of construction. Artificial Intelligence & Machine Learning help to resolve different discrepancies of construction that may obstruct the infrastructural advancement. AI can provide better security of homes through virtual devices, camera, fingerprint recognition technology, CCTV etc. They help investors, builders and developers to control costs and deal with the risk of using mechanical systems. AI helps real estate in the following ways:
Chatbots :
These are automated computer generated assistants who reply to common queries that usually do not change from customer to customer. These are integrated into the websites by most of the realty companies. These digital marvels help companies to save cost on customer service and also provide 24 / 7 service on the websites. The queries will be solved by the chatbots on the click of a button from the comfort of the house. One need not visit physically to collect information about any project.
Property Search :
Major search engines are turning into intelligent search platforms by using AI. Users can avail a lot of information even from a basic property search. With AI in the realty sector, searches are extra refined as a lot of information is accessible for properties.
1.2. Blockchain Technology
This is the system that maintains transparency and pertains to real time interaction with databases available on the web. Sharing of data is seamless in blockchain technology and gets transferred in an encrypted mode. It is a direct link from business to service and vice versa. There are no intermediaries. This technology is adapted in real estate in various sectors. One can also find out the clear title of land, ownership details, and the number of transactions on land parcel or litigations if any and can help in avoiding fraudulent deals. Blockchain maintains transparency and safeguards the customers. It serves as an effective tool in RERA where all the information of a property is uploaded on the portal and anyone has the access to verify or get any information about that property from anywhere in the world.
Risk of fraud is more in real estate as long as the agreements of property are on paper which can be easily forged or falsified. With the interruption of blockchain the risk in real estate had reduced a lot. The smart contracts link the digital property ownership to blockchain and changes are impossible once they are encrypted. So blockchain is a means to safeguard the property from fraudulent’s.
1.3. Drones (Unmanned Aerial Vehicles)
Drones are getting popular in India. They can create images in 2D & 3D and map a site. They help in sketching accurate measurements of the project. They serve as an effective medium in building smart cities in a cost-effective, quicker and safer manner. Drones can add significant value to a project. They can deliver huge and complex structures on time and with better finishing. A drone can perform the following tasks:
- Drones can serve as an investigating tool if they are equipped with high resolution thermal cameras. It can perform roof insulation inspection. It can display temperature variations in the building and identify wet insulations in the roof.
- Drones can provide scalable point cloud scanning and photography at various stages of construction.
- A drone can carry out a typical topographic survey and help reduce the cost by 50 %. It is a cost effective approach.
- During UAV inspection there is no need to shut down the work sites in the name of maintenance. They can monitor site activity through land surveying. They reduce the time frame and help in speedy delivery of projects.
- Drones help to get zero accidents onsite. Inspection of structures at heights which are prone to accidents can be made zero with the help of drones as they can perform more effective and safe inspections when compared to safety managers. Physical site walks to conduct inspection, especially at heights can be replaced by a drone.
- Drones provide a 360 degree overview of the structure in 3D model.
1.4. Social Media
This is gaining prominence with the erupting techno advancements. Real estate values the importance of customer connection which gets disrupted at times for various reasons – sometimes natural disasters and sometimes manmade disasters. Now the developers have started using Digital Content as it helps to build and maintain a brand image of the business and this couldn’t get disrupted too. SEM, SEO and SMM are those helpers that highlight the beauty of Digital Content. Social media and Digital Content surpass all promotions and advertisements.
1.5. Virtual and Augmented Reality Technology
This allows workers and work managers to visualize the more serious construction site hazards and work accordingly. Apps that link VR or AR technology to BIM software are used by many construction companies. This helps them to create virtual walkthroughs of a project even before it is started. These virtual walkthroughs serve as tech customer service. Some companies even offer retina headgear to view property virtually in 3D. Interested buyers can enjoy the walkthrough and feel their presence in their future homes even before it gets constructed. The designs can even be modified prior to the onset of construction, saving both time and cost.
1.6. Smart Homes & Internet of Things (IoT)
These are rich sensors that can be controlled by internet or Wi-Fi. A Smartphone app is used to control and monitor various home appliances, security cameras by wireless communication techniques. Buyers can remotely carry out the energy management of their homes. This increases the comfort and quality of life. Internet of Things also includes automatic light control and thermostats. IoT is becoming the future of real estate. Hundreds of sensors contribute to the quality of residences and gives them elite status. Repair and maintenance of a building can be better taken care of by IoT and it can also promote high quality property management like lighting, HVAC, fire, security system – in short helps in creating smart homes.
2. Final Wind up
For the last few years, technology has been playing a fundamental role in the growth of real estate in India. Though a late bloomer, it has become more attractive with the recent innovations and advancements, favoring both the buyer and the seller. Technology is marching ahead in construction; it had even simplified the process of property search and the procedure of buying and selling a property. The real estate has edged immensely forward with less paper transactions and mobile- centric technology. Construction quality standards have increased and the time taken for the construction is also getting reduced. Access to information, client service and customer expectations are modified with technology. No doubt, real estate is marching ahead with technology.
– Written By Pallavi Krishna
