Technology has always opened doors to new opportunities and simplified life for us. It has broken down barriers and helped us reimagine the world by making life easier and more convenient, faster, and more flexible in many ways. Nowhere can its impact be seen so clearly as in the context of modern times. The blockade due to COVID -19, an unprecedented and rapidly spreading contagion, has caused most governments and industry to react quickly by seeking alternative means to guarantee minimal risk to protect the economy and markets.
This is where technology has stepped into the rescue, providing solutions to everyday challenges. Playing an important role, technology has contributed enormously to safeguard our socio-economic environment. It has successfully mitigated the effects of the sudden outbreak, addressing the various challenges that arose after the imposition of the blockade. It has enabled employees to work from home and stay connected by making operations and operations easier for companies. It has made information available 24 hours a day, 7 days a week for everyone, while ensuring that individual security remains intact.
Also, in India, companies have had to resort to using technology to stay operational. Although technology has been part of the sector in various ways, in light of the current situation, the real estate sector has been forced to increase its dependence on it. During this critical period, technology has largely supported and served the varied interests and purposes of stakeholders and has helped retain business continuity. It has managed to bridge the gap between developers and buyers in these uncertain times. Currently, the buying and selling processes have been transferred to online platforms. Digital platforms are connecting buyers to sellers in home security. The data and analysis have proven to be a savior for the real estate market. The use of Proptech has improved real estate management (REM), helping companies to be faster and more agile. It has greatly facilitated the management of complex workflows and the integration of information.
Digital construction has redefined building parameters in a revolutionary way. Instead of brick and mortar, you are using data to control and manage building properties through BIM, Artificial Intelligence (AI), cloud computing, reality modeling, etc. It has simplified the process of searching, viewing, and purchasing properties, allowing agents to serve customers better, closing businesses faster, with robust compliance checks and scheduled data.
Robotics and cognitive automation are being deployed instead of labor to build at massive speed, scale, and capacity, all at lower cost and error. This has helped continue uninterrupted work without compromising quality and precision benchmarks, and has significantly increased productivity and operational efficiency. Machine Learning applies algorithms to mechanically select relevant information from the data, leading to an effective increase in the efficiency of buying and selling properties. It is being used to calculate customer value; plan previous closing cycles; predict market bubbles; perform investor analysis and identify cash inconsistencies. It is also being used to estimate the commercial value of a property, thereby eliminating the need to evaluate properties in terms of valuations.
Drones are widely used to assess and study sites, especially those with dangerous terrain. They are helping developers by speeding up the process of mapping terrain and creating 2D and 3D images for accurate measurements. These are also being used to take pictures of properties where buyers can view visual information, at an affordable cost.
Precast technology is a safe, effective, and cost-effective approach that is being used to build real estate, especially affordable housing. It is useful to avoid delays in time due to labor shortage without compromising quality. The main advantage of this technology is that it helps save about half the time it would take to build in a conventional way. 3D printing ensures that houses are manufactured in a brighter, cheaper, and safer way. Considered a viable solution to address the housing crisis in developing countries, it is perceived as an economic option to build housing for the EWS segment. This includes local sourcing materials, ensuring that factors such as logistics and availability are maintained.
Given the fact that after COVID – 19 the world will have a “new normal”, real estate companies embracing these technologies have demonstrated caution and future-readiness. They have protected stakeholders and consumer interests from danger by adopting sustainable, green and energy-efficient technology. These technological innovations will pave the way for successful construction planning and project management, leading to leaner construction, optimized cost value, better quality, and valued engineering products.
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