Real Estate: Instilling a new world order with technology

Real estate is more than just the drab and dreary concrete and glass monoliths that we see towering across the city’s skyline like a silent sentinel. With work from home becoming a reality for most, in the near and long-term, owning a home has become rather important. Video-based medical consultations, e-learning, business conferences and webinars, e-commerce purchases and others have led to the adoption of a digital lifestyle. These digital trends have also led to more people seeking out affordable and spacious homes across major cities.

The real estate sector too has used technological developments and innovations to reach out to a larger number of buyers. Let’s look at the key trends that are changing the real estate landscape today, based on insights.

Modular construction and LGSF structures

The adoption of light gauge steel framing structures (LGSF) and modular construction approaches have been a breakthrough for the real-estate sector in India. Every segment from residential, industrial, and commercial can use LGSF and modular construction approaches to drastically cut down on the overall time needed for construction.  The pandemic has only serve to accelerate its adoptions especially with the need for healthcare infrastructure enhancements in the form of new hospitals and ancillary medical facilities within a short a span of time.

An article by ‘The Times of India’ highlights that light gauge steel technology can improve the speed of construction by 200 percent.  Another big advantage of LGSF technology is that it requires less materials to manufacture, is highly durable and recyclable, fire and earthquake resistant.

Robotics and automation

A major roadblock for construction projects in major cities during the subsequent lockdowns was the absence of available labour. Adopting robotics for specific construction operations such as brick-laying shall not only enhance precision and quality in the project but bring down labour costs significantly. The first brick-laying robot for construction purposes is called SAM (semi-automated mason) and is available for purchase. Estimates indicate that when SAM is used in conjunction with human masons, the efficiency of the project is increased by 5 times.

According to MarketsandMarkets, the construction robot market is expected to be worth USD 166.4 million by 2023. The construction robot market is estimated to grow at a CAGR of 16.8 % for the six year forecast period from 2018.

Virtual real estate tours

Drones will enable developers to map a real estate site and build images in 2D and 3D. This can be used for enhancing the precision in construction practices and also to market fully developed real estate properties.  With the advent of AR/VR, these images can be used VR led home tours. Strategically placed 360-degree cameras can be used to film the site whereas drones can offer an aerial view. Potential customers can then have a seamless 3D tour of the location. They can get an accurate idea about the dimensions, area, features, and measurements of the property from the comfort of their home. Such virtual real estate tours can open up a whole new dimension in terms of marketing for the sector. They can enable potential home buyers to have more confidence in their purchase decisions and get a real-world panoramic view of the property.

Way ahead

New-age technological developments have opened up new vistas for India’s real estate sector.  As traditional methods of construction change with a more holistic approach on sustainability, technological adoption is enabling real estate players to become more agile and resilient to market disruptions. Key players will have to use innovative means such as the use of VR, build strategic alliances, and use holistic construction approaches to survive and thrive.