When it comes to the real estate industry, technical development has always remained a core requirement because it is the technological advancement in the real estate sector that is shaping the future. Be it the prospective buyer, real estate agents, or property developers, there are a few trending technologies that will greatly impact the industry in the next few years especially when it comes to the scenario of the Indian real estate market. At present, Artificial Intelligence (AI) is assumed as one of the most sought after and groundbreaking technologies along with machine learning that is significantly reforming the industry. One of the major benefits of AI and machine learning technology is that it allows investors, builders, and property managers to regulate property prices and earn a higher return on the respective property.
Gone are those days when previewing a property means flipping through the property’s brochure. Virtual tour innovation or virtual walkthrough is another latest technology in the real estate sector. This has become possible due to Virtual Reality (VR) which enables the prospective home buyers to walk through the property before purchasing. This is significantly helpful when the buyers want to buy a property that is distantly located in another city or the visitor is not able to visit the property during the normal working hours. This is a concept that is sure to gain popularity in the coming years. Moreover, with the easy availability of devices such as smartphones, virtual property tours in the current times is the easiest and best option to get an overview of the property before actually purchasing and moving the property.
Smart homes are a rising trend and can be observed as the best example of technological advancement. Homebuyers looking for comfortable living choose homes that are equipped with technologically advanced home appliances. Smart apps have been developed that are controlling the home devices such as smart TV, smart lighting system, etc. The concept has already been introduced in Indian homes with a smart home control center. For instance, smart voice recognition systems such as Alexa have been installed in most luxury homes Further, this modern concept of equipping home with hi-tech gadgets can also be viewed as one of the interesting ideas to be incorporated for home decor and renovation which offers a completely distinct identity to your home.
Building Information Modelling (BIM) is another interesting technological advancement in the real estate sector that utilizes 3D technology for representing the site plans of under-construction property in an artistic manner. Every minute detailing of the building such as size, length, breadth, height, shape, size, surface area, lighting, along with the strength of the skeleton structure can be effectively modeled relatively earlier using the BIM techniques. Although the technique is relatively less used in India, new reforms and transformations in the real estate sector recommend BIM as a major need for future real estate projects. The key advantage of using BIM can be observed in terms of improved quality of the projects which results in enhanced sales for the property developers.
Apart from this, technological innovations are also needed for environmental sustainability. Green construction is one of the rising trends in the construction industry to lower down the carbon footprint and the adverse impact on the ecosystem. Buildings are now equipped with solar panels and energy-efficient features and further greater emphasis is being laid on exploring the sustainable methods of construction using materials that are environment friendly.
The latest technology in the real estate sector has created a huge positive impact on both the buyers of the property and builders. The technological reforms will get better over time but the implementation of the advancements is all the more important so that the homebuyers can experience a more comfortable and modern living. The futuristic construction technology and innovations have accelerated the construction process which has resulted in reducing the overall development cost of the project which benefits the homebuyer only. All in all, the power of technology has significantly captured the property sector which is one of the important sectors contributing towards the economical growth of the country.