Businesses today operate in a dynamic environment and require technological capabilities to grow. The real estate sector is not exempt from this evolution in the ecosystem, and it has become imperative for the industry to align technology with its day-to-day activities to satisfy customers.
Although India’s real estate sector embraced technology relatively late compared to other industries, it has utilised it heavily.
This article will discuss how real estate technology brought innovation.
The Role of Technology in Real Estate
Real estate is becoming more transparent, efficient, and accessible thanks to the following technologies.
Smart Home Technology and the Internet of Things
The Internet of Things and smart home technology redefine homeownership. Devices such as smart thermostats, security systems, and voice-controlled assistants make life easier, more efficient, and safer. As smart home features become increasingly integrated into properties, buyers are seeking living spaces that are connected and sustainable. Premium real estate projects are also using the IoT to automate various processes, including property management and maintenance.
Home Automation System
Home automation using IOT is becoming increasingly popular as consumers seek more convenience and knowledge. In many new homes today, smart features include video doorbells with automatic responses. One can control these curtains with remote and automated temperature control.
As part of smart homes, there has been a growing demand for digital sensors to monitor aspects of a home, such as occupancy, air quality, and natural light levels. There is a demand among residents for LED lighting in common areas of buildings, sensor-based streetlights, and touchless doors in the buildings they live in.
Proptech
There has been a massive transformation in the real estate industry because of PropTech (Property Technology), which introduces new and disruptive technologies that are revolutionising how professionals work. This term describes the range of technology and tools that real estate professionals use to improve the buying, selling, researching, marketing, and management of properties for their clients. Using these tools has enhanced asset returns, reduced friction, and increased transparency in the business. Building Automation, Artificial Intelligence, Augmented Reality (AR), and Virtual Reality (VR) have all been part of these tools and contributed to this improvement.
The real estate industry is going through a paradigm shift in response to the adoption of AI and the launch of 5G. Companies are investing in new-age developers that embrace technology and have end-to-end capabilities to meet customers’ changing needs. Developing trust is essential for developers in India to innovate and expand their portfolios as well as form strategic alliances to survive and thrive.
Rise of AI in Real Estate
AI has significantly impacted the real estate industry, representing one of the most significant technological trends. AI provides real-time insights into market trends, automates various processes, and improves decision-making. Real estate professionals can use artificial intelligence algorithms to discover patterns and predict property values based on vast data. Artificial intelligence-powered chatbots can help sellers and buyers navigate the real estate market more efficiently.
Customer Data
Implementation of Customer relationship (CRM) software helps manage your client relationships and interactions through a carefully organized database. With CRM, you can keep track of details like the last interaction with a customer, the type of home they’re looking for, and their contact information. This will give you plenty of time to focus on what’s really important: serving your clients. This technology trend of using CRM for property websites isn’t new. Nevertheless, it’s expected to take a mighty step further in the real estate industry.
Virtual Reality Real Estate and Augmented Reality Real Estate
There is no denying that augmented reality and virtual reality (AR) are revolutionising how one views and experiences properties. VR allows prospective buyers to take virtual tours of properties without stepping out of their homes, enabling them to explore properties in great detail. Augmented Reality (AR) technology overlays digital information onto the physical environment to give buyers real-time details on properties and allow them to visualise potential renovations and furniture placements before purchasing. As a result of these technologies, the property viewing experience has been transformed into a more immersive and enjoyable one.
For example, premier builders like Piramal Realty offer e-tours to their apartments in all locations.
Conclusion
Technology is undeniably intertwined with the future of real estate. Adopting these current trends will shape the present and create a seamless, secure, and enriched future for real estate transactions.
Invest in Piramal Realty’s luxury apartments to embrace these real estate innovations and trends. Piramal Realty integrates smart home technology into their homes, enhancing their functionality, efficiency, and quality of life by providing seamless and intuitive living experiences. With high-quality standards and safety, they create contemporary residential spaces.
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
