How Technology is Transforming the Future of Real Estate

Technology is playing a vital role in transforming the future of the real estate. The overall goal for the sector is to improve the lives of residents and the community, while also safeguarding the environment. The pandemic, especially, forced a transformation upon the real estate sector with the use of new technology expanding to other business operations such as administration and procurement.

The incorporation of technology in real estate helps simplify large-scale complex operations and streamline data management with more accuracy and efficiency. The goal is to consistently deliver high-quality, relevant information and insights for better real-time management of construction operations and property maintenance. This may include real-time digitization of data and integration of all operations via the internet of things (IoT). Furthermore, drone footage of construction sites, combined with advanced analysis and design methodologies, allows the construction of increasingly more efficient buildings with minimal impact on the surrounding environment.

Due to the global impact of the real estate sector, environmental responsibility is now a high priority for all stakeholders. Real estate developers are utilizing technology at all stages of a green building's lifecycle. This comprises lowering environmental impact and maximizing value from design, construction, operation, and maintenance, through to renovation and eventual demolition. Use of automation, artificial intelligence, and big data is being heavily employed in construction practices to increase efficiency and mitigate risk. These new technologies will enable developers to streamline routine practices while minimizing maintenance lifecycle costs and increasing labour productivity.

This green construction trend is driving more investments in the real estate technology sector. Start-ups are creating innovative ways of utilizing eco-friendly materials and integrating natural sources of energy into the architectural design such as rainwater harvesting, waste management, and solar power.

Specialized modelling tools are being utilized to optimize a building’s layout, so energy efficiency and ventilation are integrated into the design. This improves the operational efficiency of the buildings and promotes the conservation of natural resources. Aerial footage of construction sites, combined with advanced analysis and design methodologies, allows for the efficient construction of buildings with minimal environmental impact. As more consumers shift their focus towards health and wellness, this trend will only continue.

Furthermore, India’s urban planning initiatives depend heavily on the development of smart cities, wherein technology will play an important role. These cities have underlying themes including device connectivity, utilization of big data, and creation of feedback loops. Smart Cities Mission is an urban renewal and retrofitting programme by the Government that aims to develop 100 cities across the country making them citizen-friendly and sustainable. India has unique challenges due to its large population and fragmented social infrastructure. Innovative technological approaches to housing, transportation, and utilities will have to be implemented in order to overcome these challenges.

The need for greater efficiency and digital transformation can no longer be taken for granted in the real estate sector. It is imperative to continue the growth of the sector. This is an opportune time for previous industry practices to be reassessed and for new systems to be introduced including AI and Data Analytics. Old processes are being disrupted by new technologies that did not exist a decade ago. This applies to all traditional fixtures of the sector such as ERP, project management, and customer service.