– By Nandini Taneja
In the era of rapid technological advancements, several sectors and industries are undergoing rapid transformations, and real estate is not an exception. There has been a fusion of technology and real estate, referred to as ‘RealTech’, which has been reshaping the traditional ways of property development and management. Some of the technologies that are having a deeper impact are artificial intelligence (AI) and the Internet of Things (IoT), which are promising more efficient, sustainable, and intelligent real estate projects. Through their successful integration into the projects, the sector is poised to witness a profound revolution.
Emergence of smart homes
In India, smart homes have started to emerge as a new trend, thanks to the integration of IoT. These homes are being constructed in such a manner that they feature cutting-edge technologies and automation systems that enhance the quality of life for residents. Primarily, the property has advanced security features, which are facilitated via cameras and sensors. This allows the house owner to remotely monitor their properties, watch live feeds, and get alerts in case of any suspicious activity. In addition, these homes are energy efficient as the appliances utilise the power in a sustainable way, saving costs as well as energy.
Seamless property management
The assimilation of AI advancements has fueled property management into an innovative epoch. The incorporation of AI can streamline property management tasks such as maintenance requests, building access, and more. AI algorithms can procure information from different sources, such as IoT devices (sensors), to foresee any maintenance problems. The property owners can use this to prevent any possible issues and avoid hefty costs for repairs. Another way AI can be leveraged is by using chatbots to solve tenants’ queries. These digital assistants are further being used to address issues related to lease agreements, rent payments, maintenance schedules, and more.
Automated schedule generation
The AI algorithms can be leveraged to analyse project requirements, resource availability, and constraints, which could generate project schedules automatically. The algorithm considers a variety of factors, such as task dependency, resource allocation, and critical paths, in a bid to create comprehensive project schedules that optimise project timelines. By automating this process, the project managers are able to save time, effort, and costs while allowing them to focus on more strategic tasks, make high-level decisions, and improve efficiency.
Optimised space utilisation
The IoT-based sensors, data analytics, and existing systems in the building can analyse the number of people that could acquire a given space. This can allow the planner to optimise the given space in an efficient manner. In addition to IoT, data science and big data are used to procure the necessary data for optimising space utilisation. By analysing and creating the real-time heat maps of different offices and areas, businesses can crystallise the work patterns to make strategic decisions on the amenities and office layouts. This allows us to expand the high-traffic spaces and trim down the underutilised ones.
All things considered
The rise of technologies such as AI and IoT in the real estate sector presents a unique opportunity for innovation as well as sustainable development. Its integration into different domains has been responsible for the emergence of a new era of real estate. With AI and IoT, we are able to witness the emergence of smart homes, seamless property management, automated schedule generation, and optimised space utilisation. Overall, AI and IoT are having a transformative impact on the sector and are changing the way real estate is perceived and experienced. As the technology continues to advance, the use cases of AI and IoT will get more sophisticated, enabling smart decision-making, cost savings, and a seamless customer experience.
(Nandini Taneja is the Vice President at Reach Group.)
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