Over the years, the role of technology in business has transformed from a backend enabler to an integral part of business strategy. The onset of Covid-19 further accelerated organisations’ digital transformation journeys – driving resilience and safeguarding future growth.
The real estate industry is no exception. While the sector has been traditional in its approach, its agility and promptness to adapt to the evolving market landscape has been exemplary.
With nationwide lockdowns, the industry quickly shifted towards PropTech to ensure resilience. While including tech in business models became critical to retain customers, it also played a role in ensuring safety and well-being, which is the utmost need of the hour.
The PropTech industry in India attracted over $551 million in 2020 as more homebuyers planned and executed their property purchases through virtual platforms in the pandemic’s aftermath. Investments in the segment peaked in 2020 as tech-based start-ups started venturing into the real estate segment in India.
PropTech is changing how commercial and residential properties are designed, maintained, bought, and sold – a trend that will continue to influence industry stakeholders for the next decade. Some of these technologies are at the forefront, ensuring ease of business and customer-centricity.
The deployment of these technologies is helping streamline transactions, shorten the conversion period, and build a sense of trust between the customers and industry.
Virtual real(i)ty
Property tours enabled by VR have helped bridge the gap as lockdowns restricted on-site visits. Various real estate firms introduced 3D virtual tour features to their websites to ensure a seamless experience for the potential homebuyers—reducing lead time conversions for developers and builders.
Going forward, by integrating VR with Building Information Modeling (BIM), builders and developers will be able to design virtual walkthroughs to have more control over designs from the initial stages—helping them save on cost and time.
Also Read: “Technology Has Boosted the Real Estate Sales in 2020-2021”
Artificial intelligence & Machine Learning
AI alongside Machine Learning is changing the construction industry across the world. The integration of these solutions is helping real estate players closely monitor and eliminate problems like variations in construction that may hamper infrastructure progress.
Alexa for Residential is one such AI product that is allowing residential buildings and communities to deploy and manage devices and experiences—streamlining and simplifying property management. AI is also being deployed to enable contactless operations to create a safe experience for employees in the office segment.
Video conferencing
Using video conferencing applications has become crucial as WFH models remain constant. Developers are now using VC solutions to connect with multiple buyers at once, along with organising webinars and meetings to tap potential investors.
These virtual modes of communication are not only helping developers save time but are also enabling deal closures across geographies. Live video and drone-footage feeds are also ensuring conversions based on informed decision-making.
Way forward for tech in real estate
Technology has created an ecosystem for rapid advances, disruption, and the elimination of traditional working models. As we move forward, the industry can expect further advancements in the form of 3-D printing and pre-fabrication of property structures.
Recently, Hon. Finance Minister inaugurated India’s first 3-D printed house at IIT-Madras—this is a step towards revolutionising the future of the affordable housing segment, intending to develop 100 million homes by 2022.
These technology adoptions will inherently help the real estate players become more risk-averse besides creating more opportunities and building greater resilience within organisations. Scaled-up inclusion of technology will further boost customer experience, build a strong brand recall, and most importantly, help brands emerge stronger in the impending future.
It is only fair to say that robust digitalisation efforts and technology deployment have accelerated sector recovery and further paved a path for growth for the industry—making it mightier than ever before.
Read More: Technology Will Be the Driving Force for Construction in the Post-Covid Era
This article is contributed by Gaurav Kumar, Managing Director – Capital Markets and Residential Services, CBRE India.
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)