Tech Intervention Transforming Real Estate

Dileep PG(Head of Technology, BuildNext) - February 23, 2024 - - 0 |
Tech Intervention Transforming Real Estate

Despite being one of the biggest sectors that generates ample jobs and feeds large number of ancillary industries, the real estate sector is often viewed with distrust and fraught with ambiguity. Amongst many issues that have plagued the sector, transparency in dealings, trust deficit, ever-increasing costs and delay in completion of projects have been the fundamental concerns. Introduction of new-age laws, and next-gen technologies at multiple levels are helping the sector shed its negative image and mist of ambiguity shrouding the sector. Tech enabled disruption of the status quo is gathering pace with a new breed of visionary start-ups making headway and introducing technologies that not only take care of the critical pain points, but also work towards making the entire process functionally and fundamentally strong. Introducing highest levels of transparency and cost effectiveness through technology and data, they are making the home construction and purchase process stress free for all stakeholders. From the smallest home construction projects to large scale projects dealing with multiple specs, these technologies are helping attain highest levels of customization, cost-effectiveness, and transparency, propelling high levels of trust, efficiency and customer delight.

Transparency plays a critical role in the consolidation and growth of the sector. It has been often said that the sector lacks transparency, but that might not be completely true any longer. Transparency includes online disclosures, accountability and empowering various parties to make informed choices. This is achieved by full stack technology platforms offering services that help conceive one’s dream home, keep a close watch on construction progress, make and track electronic payments and do away with additional recurrent costs that crop up due to poor and faulty planning. By being able to immersively visualize spaces and specs with the help of VR and AR technologies, they ensure quick, informed, engaged and effective decision making before a single stone is laid. Once execution starts, mobile apps help customers and stakeholders track daily data at their fingertips. 360 degree virtual tours serve as an excellent, delightful and accessible sales tool for already constructed properties as well.

With different requirements and functionality expected by different individuals, the home design and build technology platforms are aiding to acquire customized homes. Moving away from one-design-fits-all approach to offering an individualized-product, archi-tech (3d modelling, design visualisation and BIM tools, project planning, document management, collaboration and tracking tools etc.) is making deep inroads in offering an enhanced experience for consumers who want to live in a home that matches their style and offers highest levels of desired functionality. Easy understanding and visualization through technology is helping save time, effort, and money through avoiding rework. Furthermore, it helps measure time, functionality and cost-effectiveness, helping home owners get their dream homes within cost and time constraints. Accurate estimations, enforcement of process standards, skilled resources for execution waste reduction, of projects are all key metrics trackable with technology. With ever-increasing cost-effectiveness and ability to offer best-in-class customization solutions, technology enables a delightful construction experience measurably superior to what customers have come to expect.

Introduction of technology at multiple levels of working, from the very beginning or conceiving to visualisation, understanding the construction process to actual execution of the project has helped in a big way. Immersive VR experiences, mobile App based real-time execution tracking are playing an important role in avoiding delays due to rework and helping home owners rest assured while their dream homes are being built. Timely completion is only possible with accurate real-time tracking and this also enables transparency and re-enforces trust. Proper planning, timely actionable reports and recommendations, based on data and mechanisms to continuously improve the plan are also key factors being enabled by technology.

Trust continues to play an important role for the sector. With transparent working, completion and delivery in a cost-effective manner, technology is helping the sector in re-enforcing trust that it always needed. The confidence of the developer/construction community and home buyers is strengthening with real-time data at their fingertips on mobile and web Apps. Easy collaboration and quick course corrections, easy, accessible warranty and support information etc. are key to reinforcing customer confidence. Regular feedback via Apps and continuous improvement mechanisms enabled by accurate tracking data ensure that any shortcomings that come to light or positive suggestions that can make the experience even better, are considered, evaluated, and introduced in real-time or in future projects. Technology adoption is an ongoing process, still nascent and should only grow as it continues to make a positive win-win impact for all stakeholders.

There has been an emphasized need to focus on transparency, trust building, cost-effectiveness and timely completion of projects for the sector. With the adoption of cutting edge technologies, integrating into the design and build workflow connecting all stakeholders involved with relevant data, full stack technology solutions are clearly the way forward for the industry.

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