Technology and Its Crucial Role in Transforming the Real Estate Sector

While the Indian real estate sector has traditionally been slow to adopt innovative tools and tech innovations, the past few years have been very different. Real estate in India has evolved with the adoption of technology and systems that have transformed the landscape and appealed to a much larger market of home buyers and real estate investors.

The adoption of digital technology by real estate companies in India has impacted every link in the real estate food chain.

Planning, Design, And Construction Integration: The Architecture, Engineering and Construction (AEC) industry has been revolutionised by the use of BIM (Building Information Management) systems. These tech-powered systems integrate various planning, design and construction functions to improve the aesthetics and efficiency of real estate projects. BIM helps plan and design every aspect of the construction life cycle by integrating these functions into a coherent whole and creating a coordinated approach to construction. Digital tools, 3D models, and tech tools have led the BIM transformation.

Smart Home Technology: A smart home set-up is one where nearly all devices and appliances are connected and centrally controlled. Since smart home technology banks on the use of the Internet, these devices can be monitored and operated by handheld devices such as mobile phones or tablets or even through remote computer systems. With a growth in the need for comfort, convenience, and efficiency, real estate developers have now started to adopt and empower homes with the Internet of Things (IoT) technology. From security to HVAC systems, movement sensors to mood lighting, nearly everything can be controlled by technology, and this is precisely what homebuyers are looking for.

Virtual Tours And Property Visits: Homebuying has traditionally been a gruesome experience. Prospective buyers have been at the mercy of brokers for information about upcoming projects and have been pressured into making choices without exploring options. Virtual tours and property visits offered by online real estate platforms such as Blox have transformed the scenario by making it possible for home buyers to explore several projects without taking the time to visit each. The use of real-time imaging, virtual reality, and drones has made it possible to explore several projects before shortlisting a few to visit physically.

Big Data For Decision Making: The use of big data and tools like Artificial Intelligence and Machine Learning can go a long way in predicting real estate trends, particularly in large cities like Mumbai. From real-time price research for various neighbourhoods to ROI projections, from price swing prediction to personalised insights and recommendations, technology has the ability to help homebuyers make smart investment decisions.

Online Verification And More: One of the greatest advantages of technology is the ability to verify the various permits and documents of real estate developers without any hassle. Blox, the dynamic homebuying platform, offers this service to real estate investors. This service has the potential to be a game-changer mitigating some of the greatest fears that the average Indian homebuyer has been beset by. Every project is now RERA compliant. Apart from the verification offered by the Maha RERA site, real estate companies in India offer verification and authentication services to homebuyers, minimising investor risk.

The importance of technology and digital tools can be understood by the impact that these have had on how real estate companies function and the advantages investors gain from them. While the sector may have been slow to adopt these changes, it is now making the best use of such innovations to grow and contribute to the national economy. While the transformation of the real estate industry is far from complete, the times ahead certainly promise to be exciting.