Written by Jayant Upadhyay
The internet has changed every aspect of life and real estate is no exception. Every year, we come across new inventions, new techniques, that impact the way of business in real estate. Today, we will glance on some of the technology driven changes that can transform the real estate sector in India.
Technology Smart buildings – We are going to witness a new set of smart buildings, where subsystems will be connected to make the performance of the buildings better. There will be an artificial intelligence, where buildings will be capable enough to repair structural changes without any intervention from the human being. Interesting! The total market size of smart buildings technologies can touch $24.73 billion by 2022 (Source: constructiondrive). On one hand, where there will be an abundant supply of new buildings. On the other hand, the older buildings will be installed with automation & control technologies to keep themselves in the race.
Online Business – With the growing penetration of the internet in semi urban and even rural areas, the internet business is going to grow manifold here. Still, there are many developers around us, who rely on physical papers and are not much familiar with the usage of the internet. In coming time, from a blue print to final layout, legal papers to administrative documents – all will migrate to the digital format.
Artificial Intelligence – Soon, machines can comprehend the clauses of agreement easily and as a result the human intervention will reduce. The Artificial intelligence has led to the increasing use of drones. Still this is confined to high end luxury projects only.
Virtual Technology – It is a combination of architecture design and gaming software. This will enable consumers enjoy experience of real time living in yet to be constructed houses.
Special Glasses – Leveraging special glasses, consumers can watch 3D videos of the property they are interested in.
In nutshell, the realty transactions will become more transparent, and the business will become more people centric.
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