With digitization taking over the world by storm, the Indian realty market is also on the revamping spree. Today, almost all the real estate giants, firms and companies are opting for many innovative technologies in order to boost their sales and attract prospective customers.
Take a look at 5 such state of the art technologies that have revolutionized the real estate sector of India:
Artificial Intelligence (AI)
Artificial Intelligence has removed the dependency of people on the middlemen hence saving them from paying hefty brokerage fee while looking for rental property. Also, this technology has transformed buildings and their management. Many real estate companies and reputed realtors across the country have come forward and integrated AI systems into their existing infrastructure. The development of Automated home is the perfect example of Artificial intelligence.
Apart from this, data analysis, interactive chatbots, and machine learning are other important functions of AI that is helping real estate developers to attract more home buyers.
Predictive Analytics (Big Data Analytics)
Predictive Analytics or Big Data Analytics is another innovative tool to generate fresh data for real estate companies every time. It also helps in interpretation of data to predict the future price and trends. This technology helps developers to identify the features that are popular amongst the homebuyers so that they can incorporate them into new constructions.
Virtual Reality (VR)
Virtual reality is a three-dimensional, computer-generated experience taking place within a simulated environment. One can experience VR technology with the use of virtual reality headsets or multi-projected environments, sometimes in combination with physical environments to generate realistic images, sounds and other sensations that simulate a user’s physical presence in a virtual or imaginary environment.
However, in the Indian realty market, today the use of VR is on its peak as it helps to generate reality out of an imagination for a flat, building or even an entire city. Many top real estate companies these days are investing in this technology to meet the demands of tech-savvy homebuyers. It not only increases personal experience of the buyer but also has extensive reach and enhanced buying experience.
Process Automation (Robotic Automation)
With digitization changing the complete real estate industry, more and more companies are using Robotic Process Automation technology to enhance the efficiency of their workforce.
With the help of process automation, automatic manual, repetitive and rule-based processes and tasks. It is linked with end-user software like ERP-systems, MS-Excel, internet pages or email programs and then carries out manual labor-intensive tasks automatically exactly as programmed in its RPA-source code.
Smart Building Technology
A smart building is an integration of building, technology and energy systems. These systems may include building automation, life safety, telecommunication, user systems, and facility management. In smart buildings, all the systems of the building run over Ethernet or IP to allow people, systems, and objects to interact innovatively.
In the current real estate landscape, buildings are incorporating more and more technological advances like Lighting controls and sensors, optimized HVAC systems, advanced audio/visual systems and software to automatically control water heater, sprinklers and building thermostats to enhance a home buyer living experience like never before.