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How is the Evolution of Technology Transforming Real Estate?

How is the Evolution of Technology Transforming Real Estate?

Technological innovations have changed the way in which we plan, design and build structures. Modern construction methods are changing the industry for progress and better results. Age of digitization, big data studies, artificial intelligence and augmented reality are utilized in the sector worldwide. India, as a country is also stepping into this visionary path to the future, accepting all the Technology Transforming Real Estate industry. As a result of all this, there is an increase in productivity from all sectors to impact the economy in a positive way.

Evolution of Technology Transforming Real Estate:

Use of BIM:

Cities in our country are adapting to this change and the industry is adopting these technologies for delivering unmatched quality. Use of Building Information Modelling (BIM) is common to design and construct structures. Digital techniques are extensively utilized in making and analyzing vertical models. Tools like these are saving precious time and money by optimizing the process of construction. Engineers and architects are able to visualize the whole construction process from the scrap to the end, and thereby allowing them to make changes in design and structure. It is widely used for structural designing, architectural designing, load estimating, project scheduling and management of construction process.

Big data’s magic:

Big data is completely changing the real estate sector. Big data is nothing but an enormous collection of structured and unstructured data which are analyzed to identify customer behaviour patterns, find potential areas of development, maintain track of price fluctuation and so on. By doing this, they can recognize and target the parameters that need further focus. Big data helps in reducing the risk factors by helping the buyers and companies to make decisions based on facts and values. It is used by the companies to find out how prospective buyers do their property search and the type of properties and areas that are in demand. Big data is sourced from search engines like Google, crowd sourced data and open data.

Impact of AI and VR:

Artificial Intelligence and Virtual Reality are turning into vital tools to bridge the space between a buyer’s expectations and perceptions. They also simplify other features like site visits, buyer behaviour, search of properties, time taken for making a decision and so on. Builders in our country are also using tools like 360° video tours to attract buyers. A buyer is able to utilize these features before making the big decision. Artificial Intelligence comprehends the needs of buyers and also learns with the opinions and choices of these people. There is no need of a broker or an agent to get property information anymore.

Energy modelling in real estate:

Another modern innovation that is coming into the real estate sector in a huge way is energy modelling. Modern energy simulation tools are aiding in designing structures which use optimal energy during the stages of operation. There are projects that utilize green energy such as solar panels, high efficiency appliances, and wind turbines. Focus area of these tools are in consumption pattern, cost of every life cycle and utility bills of air conditioning, lighting and hot water. The energy model tools aid in analyzing and comparing various designs for efficiency, carbon emissions, energy consumption and cost prediction. Making use of energy modelling techniques in real estate not only helps builders and buyers; but also preserves the environment.

In situ use of technologies:

To reduce the time taken for construction, builders are using faster and efficient construction methods like prefabricated structures and aluminium wall formwork. Pre-Fab technology has been used in large infrastructural projects for over a decade now and it is also getting into construction of buildings lately. In this method, the elements of building are casted off-site and brought together at the site for assembly. MIVAN or aluminum wall formwork is a quick concrete technology that cuts down the curing time of structures by almost 50% than that of normal casting techniques. Labour work like masonry is also reduced and thus it requires less manpower. Structures built with this technology also do not experience seepage and are durable with excellent seismic resistance. The structures are well finished and look smooth on completion. In Chennai, there are builders who use this method for their flats in Tambaram. It is also used across many other cities in our country, thereby ensuring timely delivery without hindering quality.

Future of technology:

Another wave of technology is going to completely transform construction- with robotics and drone equipment. These technologies are predicted to make construction faster, cheaper and more creative with a factor a safety. The overall time taken for a structure to be completed from the stage of conceptualization has decreased drastically and it is predicted to decrease further. Efficient methods like these have helped in proper utilization of space, time and money. They also help in creating a better, safe and creative work environment for all kinds of employees.