Robust tech advancements reincarnate India’s realty sector

October 21, 2020 2:00 PM

In India's infrastructure and real estate markets, a multitude of technical developments and innovations have made inroads that are expected to reshape the industry's future.

A number of Indian real estate firms have started incorporating chat bots into their websites, from brokerages to real estate crowd funding podiums.

In India’s infrastructure and real estate markets, a multitude of technical developments and innovations have made inroads that are expected to reshape the industry’s future. It will be fascinating to look at what the current and the future have in store for India’s infrastructure business.

Artificial intelligence (AI), which along with machine learning is reforming technology all over the world, is one of the most powerful and radical ground-breaking innovations expected to disrupt property markets in present times. In deciding most of the approaching novelties in any possible sector, both are important. In layman terms, AI lets machines perform compound tasks in a smart method, related to human minds. Machine learning helps computers to scrutinize and solve problems by teaching basic logic and allowing the machine intellectual enough to learn on its own, as it progresses to solve different variations of the problem.

The Indian property industry is not far behind when it comes to the assimilation of AI. All stages of property acquisition are now driven by AI and machine learning, from the way property seekers scout for property to give probable buyers with applicable information to investigate property values.

Recently, the disruptive effects of the cloud, VR (virtual reality), the Internet of Things, Machine Learning, and AI have been counteracted by the Indian real estate players. Currently, there have been indications that more and more real estate firms in India are resorting positively to the need for transformation of their customers, particularly within AI domains. AI has the vast reach and capacity to minimize operating expenses in the Indian property sector, increase and advance customer support, recover competence and condense resource depletion within the sector.

A number of Indian real estate firms have started incorporating chat bots into their websites, from brokerages to real estate crowd funding podiums. These digital marvels allow businesses to save on customer service expenses and also facilitate the optimization of time intervals spent on answering questions by allowing a computer-generated assistant to respond to common customer-to – customer questions that do not change. Moreover, as AI technology becomes more mature, buyers can now set their investment requirements and be alerted when an offer matches their benchmarks.

Major search engines have begun using AI to help users, even from a very simple property search, to get much more detail. Investors, brokers, property buyers and sellers were often conventionally limited to a minority of search criteria, such as value and location of property. Now, searches have become more refined with the aid of AI, with various data layers being made available for comprehensive properties. Users are now able to obtain details specific to ROI, good neighbor hoods, and other apparently tiny property details, prior to buying.

Secondly, drones are the Next Major Disruptive Breakthrough in the Indian construction industry, which is poised to act as an effective platform for cost-effective, quicker and safer construction of smart cities. The use of drones in construction is expected to expand widely over the next 10 years, and will play a leading role in futuristic buildings.

India is one of the fastest growing markets for UAVs (unmanned aerial vehicles), according to an industry report, and the Indian UAV market is projected to hit USD 885.7 million by 2021. Drone use in the construction industry has seen a year-over-year increase of 239 percent worldwide, higher than any other commercial market. Construction is the most prominent field of the economy that profits from drones. Throughout its lifecycle, drones will add value to a project.

While costly, the use of drones for managing and inspecting sites is gaining popularity. Drones allow developers to map a site and build images in 2D as well as 3D. Many sophisticated drones use a system based on coordinates that helps to achieve absolute measurement precision.

Third, in the next decade, 3D printing (large-scale printing of homes) is expected to change the way real estate is designed. 3D printing will potentially replace a large amount of construction across major sectors, including residential, industrial or even retail, even though it is still very nascent. 3D printing will help builders penetrate the previously inaccessible areas of dense urban centres, apart from reducing waste, labor cost, where it is impossible to set up heavy machinery for construction. The printing of internal structures such as walls, plumbing, electrical systems, venting and so on would ultimately also require 3D printing technology.

Although 3D printing in the construction sector is yet to kick start in India, in just 45 days – from start to finish – an entire two-story house was 3D printed from concrete in Beijing. 3D printing machines available in the construction industry will cost as much as $2,000,000 on the downside. Their current capacity is also limited to structures with a height of less than 33 feet (10 meters), with a throughput per hour of less than 550 pounds (250 kg). Machines of considerably higher capacity will be needed for large-sized houses, multi-storey offices or large malls.

Virtual / Augmented Reality technology has begun to be used by construction firms worldwide and also in India to boost construction worker safety training. VR helps staff and job managers to imagine and properly plan for the more extreme construction site hazards. Companies often use applications that link VR / AR technology to their BIM apps. Even before it is complete, this enables builders and developers to build virtual walkthroughs of a building, allowing them to make more informed design decisions early in the construction stages and save both time and cost.

By using robotics for repetitive mechanical tasks such as bricklaying, labor costs can be drastically reduced, and quality and precision requirements can be improved. We have already seen the launch of the ‘SAM’ semi-automated mason. Construction Robotics has built and engineered this robot, which lays bricks quickly and precisely. It is the first bricklaying robot commercially available that works with human masons in partnership and improves their efficiency up to fivefold. It is certainly just the first version of many far more powerful machines to come, with all its innovativeness.

(By Akash Kohli, Founder & CEO, Elante Group)

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