Real estate sector is looking to a smart future supported by technologies

The traditionally staid real estate industry is experiencing a digital revolution.
 

“From designing and construction to buying, selling, and maintaining properties, technologies are paving the way for a more efficient and personalised experience for everyone involved,” said Anshul Jain, chief executive India & SE Asia & APAC Talent Representation at Cushman & Wakefield.
 

The use of technology today comes into play right when a project is being designed, and goes on to assist in its customisation and maintenance.  
 

At the development stage, for example, companies are adopting artificial intelligence (AI)-enabled data analytics tools to understand trends, customer preferences and forecasts.  
 

“The strategic application of AI, from neural networks that predict construction costs to 3D modelling that aids in planning and design, is enabling a more competitive, efficient, and responsive real estate market,” said Anshuman Magazine, chairman and chief executive officer (India, South-East Asia, Middle East & Africa), CBRE.
 

At the time of construction, drones equipped with thermal imaging sensors are being used to conduct virtual inspections of building facades and identify potential issues before they escalate.
 

“Tech has not only accelerated the development timeline but also enhanced the precision and quality of the final output,” said Ajendra Singh, vice president, Spectrum Metro, a commercial complex in Noida.  
 

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For buyers, technology and the emergence of online tech platforms means the luxury of scouting for and taking virtual tours of homes and commercial properties from the comfort of their homes.
 

Companies like NoBroker allow customers to have a virtual look inside the properties before renting or buying them.

“Online platforms have simplified property selection, reducing the need for physical visits,” said Ashwinder R Singh, CEO (Residential), Bhartiya Urban, a Bengaluru-based developer. Automated bots and social media have enhanced service delivery, he added.
 

Virtual tours and data-driven insights create a more convenient and immersive experience for those seeking properties, the realtors said.
 

Some companies even offer virtual guides to assist customers through complex processes like transactions. 

There are also platforms that provide smart contracts on blockchain, enabling secure, transparent, and tamper-proof property transactions. By eliminating intermediaries and automating documentation, the process becomes faster, cost-effective, and less prone to fraud.
 

Mapping & tracking
 

The use of technology is not limited to residential real estate.
 

For example, malls and shops now use tools like heatmaps to track customers and understand their preferences. 
 

Gurugram-headquartered Staqu Technologies has recently launched a video content analytics platform, JARVIS, which uses CCTV data to give customer insights such as demographics and buying choices, besides helping in theft prevention. It is being used by companies like Croma, Crocs and Starbucks.
 

Offices, including flexible spaces, are adopting technology right from marking attendance using thumb or facial recognition to using QR codes to order food from canteens. 
 

In warehouses and godowns, technology now manages inventory, preventing pilferage and ensuring supplies are readily available.
 

“Generative AI is reshaping commercial real estate operations from the ground up, optimising facility management and lease administration by predicting maintenance needs and responding adaptively to market shifts,” said Magazine.
 

The role of technology goes beyond the buying and selling of property. It is visible even after a property is occupied. Motion-sensing lighting and Wi-Fi-enabled homes are examples, said Ankush Kaul, chief business officer, Ambience Group.

All of this has allowed developers to focus on sustainability and build eco-friendly spaces.
 

As technology improves, its adoption will only increase. The real estate industry is looking to a smart future.