2019 is just around the corner and it is time to analyze the development and changes that took place in the current year. The government has taken various steps to ensure that an atmosphere of growth and development is created for real estate sector. Moreover, the economic status of our country is also improving which will further boost the demand for properties.
If we talk in the context of the Indian real estate market in the year 2018, this year certainly will be considered better than the last couple of years. Government policies and initiatives have injected new life into the industry. Reforms like RERA and GST act as new catalyst for the sector. Indian commercial real estate market continued to show positive movement, the increasing presence of institutional investors in this segment making it more structured and transparent. India’s first REIT listings, which is expected to happen in early next year, will result in immense liquidity infusions into commercial real estate segment. With the metro network reaching the surrounding areas which were considered to be remote, these are now getting converted to satellite towns, resulting in the development of Infrastructure, Housing, commercial and office spaces. The use of new technology in the industry has brought a revolution and increased the efficiency of the sector.
Technological upgradation is changing the real estate industry
Technological developments in recent years have changed nearly every industry, and real estate is no exception. The process of listing, viewing, buying and selling properties has become much more streamlined with listing websites and mobile apps. If the world is moving ahead of time, the real estate industry in India is not behind.
We cannot deny the fact that the new emerging technology in real estate has allowed us to do more and be more for our clients but it has also raised the bar and made the marketplace more competitive. Keeping up with the latest technology is more crucial ever before, but clients expect you to provide them with a lot more than that. There is a recent technology advancement which is contributing in the crucial sphere of construction part of the real estate industry. We can see the new technology adopted for a beam system is – GIRDER beam system which is the combination of steel fabricators with a structural steel package. This new technology in construction helps us to make our building fire-proof to a large extent. Technologies like AR (Augmented Reality)/ VR (Virtual Reality), 360 video tour and smart home automation are being used to give a better experience to the customer’s area making things easy to explain and having a great impact on the consumer’s buying decision.
Digitization: The next big thing in real estate
In India, where state governments are also evaluating the blockchain technology for e-governance purpose, Telangana will be the first one to use this technology to secure land records and transactions. Blockchain technology can potentially transform core operations such as property transactions like purchase, sale, financing, leasing, and management transactions.
In construction, 3D printing will revolutionize the industry. This technology not only speeds up the construction process, but will also build properties that are safe and able to resist earthquakes as well as environment friendly.
The future of technology depends on mass acceptance from the concerned authorities, allied industries and the real estate firms who are ready to transform their business through the implementation of the latest technologies. To become successful, it requires new laws, regulation and strict deadlines which are a must for proper execution for this kind of technology, which will help real estate transactions and improve the overall transparency level in the system. Adaptation of technologies like blockchain, AI (Artificial Intelligence), IoT (Internet of Things) is the future of the sector.
–(The author Himmat Singh is CEO, Bayaweaver Ltd)