The real estate sector is yet to effectively leverage technology for optimal utilisation of resources and assets. Digitisation in the sector can help in dealing with two of the biggest problems facing urban and rural habitations — water and waste management, according to an expert.
With an aim to encourage innovation in the industry, real estate consultancy CBRE India partnered with Nasscom to organise Disruptech, which aims to expand technology’s footprint in real estate. It is designed to identify, mentor and support start-ups for developing best technological solutions.
CBRE’s chairman and CEO (India, South East Asia, Middle East and Africa), Anshuman Magazine said, “Waste and water management are the next big things in real estate development. There should be mandatory water harvesting in every household along with a regular report of consumption of water. Shortage of water is going to be a huge global issue. Office buildings on an average consume 35-40 litres of water per person.”
He pointed out that digitisation will immensely benefit construction and maintenance streams. “In the same context, government is going to invest Rs 1 lakh crore in infrastructure, which is a huge amount. However, this needs efficient project management. IT can help industry gain efficiencies of sale and through optimisation of resources reduce costs in today’s time when raising investment is a pain,” Magazine told FE.
With real estate being a multifaceted industry, technology and innovation is the key to transform the current scenario. India is expected to become the third largest real estate market in the world by 2030. The future will entail an amalgamation of human skills along with adoption of advanced technology in real estate that will serve as an unbeatable combination for growth of “PropTech” in the country.