The pandemic, though devastating, has come to us as a teacher. It has taught us various lessons of life. It has taught us to be ready for anything and have courage to face life. It has taught us to upgrade ourselves in the use of technology. Every field has upgraded its use of technology including the real estate during the pandemic. Innovations and adaptations have helped us sail through the tough times and in future too, technology will hold our hand to sail through the unseen waves of circumstances.
1. Adaptations Enhance Resilience
The real estate has been resilient, especially after the second wave and jumped back on the trampoline of technology. This resilience will endure business and real estate continuity. Property Technology or Prop Tech is being used to enhance business performance and also improve the end-user experience. Prop Tech is the application of information technology to reach a few goals like reduction of paperwork and performing the transactions in a quicker, more efficient and a more secure way. Covid 19 has paved way to install collaborative technology and Prop Tech in real estate to make it more resilient. Innovations and adaptations will help sail realty sector. Blockchain, Augmented and Virtual Reality (AR, VR) and Artificial Intelligence (AI) of Prop Tech are widely used in realty sector nowadays. These technologies help the owners and buyers to buy and sell their properties with the help of online services. One also gets enough data on residential and commercial real estate.
2. VR and AR Lead the Sector
The pandemic and the lockdowns have increased the significance of VR, AR and 3D programmes. Developers began to use these technologies to reach out to the home buyers. They began using special 4K cameras, 3D technology and drone views in creating walkthroughs of their projects to lure the buyers. Physical visits to the site are replaced by these attractions which give the feel of the physical visit. Dollhouse view, floor plan view, downloadable floor plans, voiceover, image capturing and much more are the innovations and adaptations that help sail realty sector. Virtual conference rooms with headsets have replaced the traditional desk stations and computer set-ups. Physical site visits are insignificant in the initial stages. Innovations and adaptations have become the necessity after the pandemic to keep the sector afloat in crucial times. These will help to sail the realty sector in adverse times and also make it resilient.
3. Transactions are Digital
Earlier, real transactions were time consuming and required a lot of paper work. Thanks to social distancing, which led the realty sector go for online transactions or e-documents. Innovations and adaptations have made the transactions more accessible. Technology is being used to the fullest. These online transactions and other online process are smooth, very much streamlined and transparent. Nowadays, after facing the pandemic era, people have become techno savvy. Pandemic has brought a technological revolution in the world. Like other fields of the world, realty sector also took up various innovations and adaptations to help sail through the tough times. Now, consumers take up all the activities online, like viewing the property, comparing properties, seeking information about the projects, and even closing the deal. Home buyers view the property online before proceeding further. Digitalization and technology is the need of the hour.
4. Digitalization Marches in Construction
Digitalization is changing the construction sector too. It helps the consumers to collect relevant information on the reputation and financial stability of the developer. They can also get to know about the delivery track record, prices, number of projects of the developer. Blockchain technology can
digitize the ledger of purchase transactions and this can be distributed across the entire network which is on Blockchain. This technology prevents manipulation and all the data is easily accessible to all concerned. With the help of this data, Machine Learning will customize the engagement with concerned persons.
Artificial Intelligence (AI) and Machine Learning (ML) convert the data and generate reports that proclaim the quantity of work done. Drones at construction sites are responsible for topographic survey as well as inspection, especially of difficult to reach areas. AI algorithms can recognize different buildings and can report all the errors occurring on the site. Digital technology has marched into the construction sector and offers a number of benefits like increased safety, reduction in cost, time efficiency; higher profit margins etc. 3D printing can also bring a revolution in the construction field. It is cost effective and saves time. Moreover it can create sturdy structures which are earthquake resistant.
5. Apps and Smart Sensors
Smart buildings are on the rise post pandemic. The world wants to go touchless and a smart building is an innovative way of this new normal. Prop Tech Solutions craft the best possible operational and energy efficiencies. Prop Tech along with Big Data is used in portfolio management and is cost effective. It helps to increase margins and improve tenant relationship. Various apps and smart sensors have marched into realty sector to provide more technological solutions to support touchless activities. A smart home is created when the basic home amenities are fitted with communication technology enabling automation or remote control. Various appliances can be connected to the smart phone with Internet of Things (IoT) to provide more comfort and this also saves time. It automates your home and allows controlling all the appliances including the security of your home, from any corner of the world.
6. The Road Ahead
Days are not far when we can consider ourselves to be successful in the battle with corona. We all have successfully battled one of the most noteworthy recessions that had aroused due to Covid 19. Though the threat of several variants has cast a cloud of fear, the wave of vaccination all over the country will help to pick up the real estate, its shine again. New adaptations and innovations will help sail realty sector. Home buyers as well as developers will flourish when they adapt to the changing environment. Technology is the main force behind the resilience of realty sector. Consumers are also comfortable with online transactions as they maintain social distancing, save time and maintain transparency. Digital platforms connect buyers and sellers and also help in transactions. One can say that innovations and adaptations will help sail realty sector.
Written by
Kishore Reddy
When it comes to the Realty Sector, the name of Mr. Kishore Reddy, an eminent builder, echoes everywhere and outshines many others. As a partner of EIPL INFRA, he has taken up the construction in Real Estate to an elite echelon. He believes in transparency, value creation, and decent profitability, and his sharing his thoughts, advice, and information on his immense knowledge in real estate through blogging.