Top Tech Trends That Will Redefine The Business Of Real Estate
Technology has changed the way we perceive things and the real estate sector is no exception. In the past decade, the Indian real estate sector has experimented with and adopted newer construction technologies but there several other newly launched technologies that are here to make an impact. Let us now look at the new trends that have made waves in the world of construction.
Artificial intelligence: You might have heard about drones making the delivery of goods simpler. Now, drones are helping the construction industry, too. Gaurav Kashyap, CEO, Cherry Hill Interiors, says that the drone industry, which is likely to grow into a $10-billion industry within the next decade, will change the way houses are built. “The spy robot can help in surveying specified and hazardous areas where humans and heavy machinery can’t reach, monitoring the progress in real time, etc.,” says Kashyap while elaborating that these are equipped with high definition night vision cameras, improved video analysis, microphones and a graphical user interface.
Robotics: You are bombarded with lifestyle videos on social media all the time, showing you ways and tricks to clean up your living space. Robotics is not far away. “Automating decision-making and processes through AI algorithms, will become the norm in construction and allied services. This could be used in cleaning up of skyscrapers,” points out Kashyap. These could also be useful when cleaning up dangerous areas that are hazardous for people to venture into, thereby, cutting down on time, effort and cost.
Building information modeling: Have you come across the term yet? Arnab Ghosh, director, Synergy Property Development Services, explains that this software allows users to design a building and structure its components in 3D, annotate the model with 2D drafting elements, and access building statistics from the building model's database. It is equipped with tools to plan and track various phases in the building's maturation - from concept to construction and later maintenance and asset management.
Rajiv Nehru, Head-Training and Product Development, RICS South Asia, lists the following 10 benefits of using BIM:
- Transparency and ‘same page’ cognisance of the entire project team.
- Reduction of surprises due to interfacing activities.
- Reduction of cost due to visual and advance value engineering, optimisation from the design stage itself.
- Effective supply chain management.
- Virtual cost and time appreciation of all building elements.
- May extend to monitoring specifications and sustainability (7D).
- Clarity on the work break down of the structure, as each work package can be visually identified.
- Efficient Interface of MEP (mechanical, electrical and plumbing) activities which otherwise is always a low priority.
- Allows to deep dive into interfaces of the architectural, structural design.
- Allow an interdisciplinary approach to projects, allowing scalability to manage any complexity and project size.
Augmented Reality (AR): In the real estate circles, augmented reality is gaining traction. In fact, the global augmented reality (AR) market is expected to reach $117.40 billion by 2022, at a compound annual growth rate (CAGR) of 75.72 per cent, between 2016 and 2022. The global virtual reality market is expected to reach $33.90 billion by 2022, at a CAGR of 57.84 per cent between 2016 and 2022. In the near future, augmented and virtual (VR) technology-based products, will be used in various verticals such as real estate.
Undeniably, physical inspection can beat all other modes of scrutiny. However, when it comes to traditional approaches towards buying and selling real estate, it is tedious. This is the only reason why real estate portals forecasted the future of realty and quickly turned more accessible. AR/VR is the new generation and gives consumers the power to inspect and make informed decisions without compromising on the comfort. So, now consumers can sit back and take decisions without having to fix appointments with brokers and developers.