Need for Technological Upgrades in Real Estate
The shift towards technological upgrades in the sector is promising, and will certainly unlock doors for growth
The real estate sector has witnessed tremendous growth this year. The sector has not only emerged as a stable asset class for investors but has also performed exceptionally well in terms of sales and inquiries. In addition to showing immense strength during market upheavals, it has experienced innumerable changes in the ways it operated earlier. With digitisation becoming a key driver, technological upgrades in the real estate sector are now hugely contributing to development, and making ways for innovation in construction activities and business operations to benefit both developers and customers.
The outlook has changed completely and now developers are leaving no stones unturned to cater to the investors in a customer-centric market. At a time when uncertainties are still hovering over the sector with possibilities of other lockdown-like restrictions, developers are following a data-driven approach for better risk management and for improved predictability of the market value. Today, they are using data analytics to analyse market patterns or consumer behaviour that is helping them to take fast and better decisions. A data-based approach is not only helping them save time but by looking at various trends available online, they are also helping investors to fast-pace their investment-related decisions and reap maximum benefits.
The real estate sector that was fragmented earlier in terms of technology adoption is now whole-heartedly accepting new-age tools for positive transformation. Digital methods during the pandemic emerged as a big support to sustain business momentum when pandemic-related restrictions were in place across the country. By using the latest tools including Artificial Intelligence (AI), Augmented/Virtual Reality (AR/VR), chatbots, and so on, developers not only stayed in touch with potential customers but also informed them about new launches or offers. Additionally, big data, machine learning and Internet of Things (IoT) made sure that buying and selling continued in the market. It is noteworthy that many developers successfully clocked deals online with the help of online video calling tools like WebEx, Zoom, Skype and others, especially during lockdown.
There has been an increased attention on bridging the communication gap between customers and developers. The focus has completely pivoted towards customers' well-being with the realisation of the importance of owning a home in the pandemic. In this, social media has played an extremely crucial role to open ways for communication or promotion of businesses for customer benefits. It has also helped in educating the customers for more sales.
Site visits were strictly not allowed when the pandemic was raging across the country, but adopting new methods like virtual or 3D site visits allowed customers to rely on high-resolution pictures taken from 360-degree angles. It also permitted customers to get a complete and realistic picture of the property. With this, developers helped the potential buyers to take faster decisions in a completely safe, sound environment.
Furthermore, high-end control systems along with next-gen management solutions are helping developers from unnecessary spending by providing real-time information. They now have complete control over costs, expenditure, implementation, and delivery. Additionally, hi-performance robots installed with advanced cameras are helping in conducting site inspections and quality checks in high-risk areas with documenting and mapping. Futuristic or advanced techniques like drone-mapping and sensors are improving site productivity, safety and project quality for timely delivery.
Technological advancements are helping developers to increase efficiency, rationalise cost and make profits. Today, buyers are inclined towards developers with credibility and look for their delivery record before making a purchase. In such a scenario, much-needed technology transformation is enabling developers to cater to such customers for more revenue generation, especially in these volatile times. The shift towards technological upgrades in real estate is extremely promising and this transformation will undoubtedly unlock doors of growth and development for the industry in the near future.
The author is Director, Motia Group
DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.