Written by Lalit Kumar Aggarwal:
The Indian real estate sector, which strives to fulfil the dreams of millions of Indians living in cities, has always emphasised adopting novel methods to satisfy the evolving aspirations of consumers. In the past few years, it has placed a greater emphasis on technology integration and is experiencing drastic changes as a result of this futuristic measure. This has completely transformed the processes the sector and its consumers used to follow for house search, financial settlement, and ownership transfer, among others.
Today’s tech-savvy and globetrotting consumers have high aspirations for the sector as they want to avail services offered globally in India. For instance, the demand for smart homes is rising by the day. According to a report by Markets and Markets, the segment is expected to grow at a CAGR of 18.45 from 2020 to 2025. In this scenario, it becomes imperative for the sector to embrace advanced technologies and satisfy consumers’ desires for comfort and luxury. Thanks to the visionary approach of the Indian real estate sector, the role of technology is consistently expanding, which is a win-win situation for both consumers and developers.
Impact of Technology on Various Stages
The real estate sector has been benefitted when it comes to the timely delivery of projects and possession, thanks to the JumpForm technology. With this technology, the sector has remarkably reduced the construction time, and it is now able to develop high-rise buildings within the set timeframe. This technique reduces the construction time by almost 30-40 per cent as compared to conventional methods.
Similarly, the sector is also employing Mivan Shuttering technology in the construction process. It enables the fast creation of single floors in concrete while ensuring the strength and durability of buildings. These fast techniques have empowered developers to promise and deliver on time, which enhances trust and business prospects.
The developers are also using AI models to evaluate properties accurately. They use data from various sources, such as property records, market trends, location, and the interests and preferences of consumers, to predict property value. This method helps developers make informed decisions about investments, purchases, and sales. Moreover, to streamline and secure transactions, blockchain technology is used, which reduces the time and costs incurred with traditional processes.
After project development comes sales and marketing. The sector today leaves no stone unturned in harnessing the power of technologies at this stage as well, yielding astounding results. They are utilising Customer Relationship Management (CRM)-driven software solutions that help in effective operations and transactions. They enable companies to keep consumers at the centre of operations while enhancing productivity and facilitating smooth organisational functioning.
They also help strengthen relationships with consumers by offering prompt and consumer-centric response mechanisms. In addition, the developers are also leveraging the power of social media to reach out to new consumers and execute their marketing and communication strategies to attract prospects from anywhere.
Furthermore, the implementation of VR and AR technologies has enhanced the comfort of consumers looking for properties. They can now tour the location virtually and inspect the properties while sitting in their homes or offices, saving both time and money. With these technologies, developers are now able to attract consumers from faraway locations interested in investing in realty projects.
Most importantly, the integration of smart home technologies plays a critical role in the growth of the real estate sector today. Properties today are integrated with smart and efficient devices, such as automated lighting and temperature control, which significantly improve consumer experiences and comfort. The owners can control the environment, security systems, and energy consumption of such properties with their smartphones. These outstanding features are greatly appealing to consumers.
Sustainability at the Centre
Besides offering enhanced experiences to consumers and ensuring fast delivery, a major reason behind the integration of technologies by the Indian real estate sector is its increased focus on mitigating carbon footprints and making environment-friendly projects. The sector is doing so to attract and cater to the demands of environment-conscious consumers.
The developers use 3D-printed property designs, which generate less waste than traditional methods. Additionally, they are implementing energy-saving measures, such as LED lighting, smart HVAC systems, and renewable energy sources, to ensure that the building consumes less energy. Green building techniques, waste management, conscious water usage, and rainwater harvesting techniques are also being implemented, promising a sustainable future.
The Indian real estate sector is fast embracing state-of-the-art technologies to construct, deliver, and maintain properties. It is reaping the benefits of such futuristic measures in terms of cost reduction and quality improvement. As technologies advance, the sector is constantly exploring opportunities to further improve its methods and processes. This is indeed encouraging for India, which has ambitious targets of providing a home to every citizen. The real estate sector is on the right path to facilitate this target, and the upcoming quarters seem quite favourable.
(The author is co-founder and vice-chairman of Signature Global India)
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