Adoption of new technologies driving Indian Real Estate
The emergence of new technology has changed the way in which real estate is being transacted and experienced.
Technological up-gradation and innovative strategies have transformed our lives entirely. Even the real estate transaction of this has changed. Proptech (mix of words property and technology) is an emerging concept in India, leading to ample of opportunities. It is an application of technology to provide solutions and deliverables in the real estate sector; mainly to buy, rent, sell, develop, market, and manage property more efficiently and effectively.
Technological up-gradation and innovative strategies are seen in the following key areas:
Developers now are aiming to speed up the construction of their projects to meet timelines committed by them. These developers are increasingly adopting new and advanced construction methods to minimize construction time and bring in productivity. Additionally, to build more and more affordable homes needs the adoption of durable, strong, environment-friendly, energy-efficient, and yet cost-effective materials and appropriate technology in the field of construction.
The available alternative construction products and manufacturing of construction material have helped bring down high costs associated with standard building materials, which will help obtain cost-effective mass production at a faster pace.
Project and Facility Management
Nowadays, technology is being adopted in management such as residential projects, commercial projects, and retail. In-office spaces, various tools are improving employee experience right from mobile apps for pantry and parking services, to improved video conferencing and desk management tools. Technology has restructured the purpose of brick-and-mortar stores and shopping malls. Inside malls, one can see that there are sensors, digital directories, video walls, and digital kiosks to attract more footfalls.
Moreover, there are mobile applications like one-touch parking payment, one-touch concierge, and real-time location-based offers. It also helps retailers to enable channel-based consumer targeting.
With the advancement in the technology, its utilization and expanding smartphone adoption rates, the internet is serving as the starting point of property searches for more and more homebuyers. Consequently, there are many list and search platforms, which act as aggregators for listed properties and showcase them on their website.
The recently emerged ‘digital platform– Commercial Property Intelligence’ provides tools for enhanced decision-making and business processes. Technology like Virtual Reality (VR) provides pay-to-use software as a service business model to brokerage firms and real estate.
Digitization of real estate data
With RERA in place, the technology used for dissemination of residential data in the public domain has increased transparency. Also, creating a database has helped to provide details about property location, size, floor plans, expected timeline of delivery, and the master plan.
Rapid urbanization is resulting in a growing demand for real estate in the country. Looking at the scale of development that is, it is significant to switch to innovative and tech-savvy ways in the real estate industry. It is observed that the adoption of technology throughout the entire life cycle of a real estate transaction would take time, as most Indians still prefer direct interactions to settle property transactions.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Propertypistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information