4 New Innovations that have become New Normal for our Real Estate Industry
This white paper talks about the effect of technology led experimentation on the real estate sector, and all the factors that come together to build an ecosystem of progress and investment.
Smart Projects like the Command Control Center are being adopted by cities like Bhubaneswar, Pune and Indore.
The real estate space is getting disrupted by Technology at a supersonic speed. India’s real estate sector has progressed to a huge extent in the last few years.
Have you guys realized how advancements in technology can change the face of planning, governance, efficiency in development and the overall customer experience in Real Estate for the better?
Tech-Oriented Products and Services in Real Estate Industry
Right from the expanding population to the improvements in urbanization, rising regulatory, compliance measures and also the spread of COVID-19, reverse migration etc. have together influenced real estate investment, development and operations. Meanwhile, these macroeconomic developments together with the progress in technologies create an attractive platform for new tech-oriented products and services in the real estate industry.
At the beginning of this year, our country’s most humongous real estate services firm, “JLL”, released a white paper called ‘Technology Led Innovations: Impact on Urban Development and Real Estate’ at the esteemed PHD Chamber of Commerce and Industry’s Urban Technovation Summit, 2020. You’ll find details on the impact of Technology led innovations in the real estate sector, and the factors that build an ecosystem of growth as well as investment.
The futuristic cities will be constructed on Technology. The way data is being used on a digital ecosystem is altering cities and equipping them to stand at a better place in today’s competitive world. Investments will be driven by high-class Technology and Innovation during the implementation of urban scale projects. We at JLL, are working hard to establish this in all the big cities. We also have lots of development projects lined up for the future.
Technology Influenced Innovation in the Realty Sector
Technology influenced innovation also known as Technovation in the realty sector can be classified under 4 pillars- Ecosystem Led Technovation, Services Led Technovation, Space Led Technovation and Product Led Technovation. At a magnified level, Ecosystem Led Technovation will equip technology to construct smarter cities that assist in the betterment of efficiency, sustainability and livability, while building a transparent and competitive business environment. Technology Solutions work towards the improvement of the ‘Smart Quotient’ of a city by involving all stakeholders including the government, investors and the citizens, who can transform the environment in a positive way for the long-term.
Technology plays an important role in all the planned as well as future projects of the chosen smart cities. Medium sized cities like Bhubaneswar, Indore and Pune have concentrated on smart projects like the Command Control Center (CCC). Pune has fixed around Rs. 154 crores for Integrated Command and Control Center. It looks after around 200 Wi-Fi hotspots and more than 80 environmental and flood sensors together with the public address system and traffic surveillance mechanism. Technology put to use in these new ways helps turn these cities smarter and safer. The implementation of Tech tools for all administrative procedures work in reducing the city congestion to make the cities safe for the stakeholders as well as improve the quality of life, driving investments as well as multiplying the number of resources for governments that can be used for all other initiatives.
Different cities in India have already begun adopting projects of high impact like the Citizen Response Management Systems (CRMS), well-equipped, integrated public transportation mechanisms, smart homes, digitization of municipal functions etc. JLL was actively participating in Smart City Proposals (SCP) for 8 cities of different sizes including Bhubaneswar, Chennai, Tiruchirappalli, Pondicherry, Amritsar, Moradabad, Aligarh and Vadodara. JLL is currently working as Project Management Consultants and launching the identified projects in some of our smart cities like Trivandrum, Kanpur, Dehradun and Moradabad.
Service driven Technovation describes in detail the effect of proptech across the real estate life-cycle in an easy and powerful way. Digital brokerages became the start for many property searches.
AI and VR Changing the Face of Real Estate Industry
A few days back, developers began embracing new and advanced construction technology and methodologies to take care of employee safety and save time. Also they can use Artificial Intelligence and Virtual Reality to form new ways for exact forecasting and implementing different technological tools in shopping malls, stores etc for improved user experience.
As we witnessed the housing sector to have been comparatively slower in getting adapted to Technology. The COVID-19 period witnessed fast investment in technology and automation by the top real estate developers. Progressing forward, brand new prop-tech services across data management, real estate investments, and constructing operations are seeing an increased adoption with well-organized industry players.
Building and Operation of Smart Buildings through IoT
Space Led Innovations is mostly about building and operating smart buildings through the Internet of Things. Wearable Technologies aid in preventing potential issues during project construction and operations. The workforce in the construction industry can be up-skilled with the help of 3D printing while minimizing the construction costs. Last but not the least, 3D printing is capable of upskilling the workforce in the construction industry, while keeping the construction costs to the minimum. Finally, after a long time, expanding the focus on sustainability and well-being have given different sensors-based Technologies that help all building managers and building occupiers look up to predictive maintenance.
The corporate sector continues to be a leader in implementing Technology for a smooth and sustainable office space. If the employees begin to get back to the office, the workplace apps will keep evolving to cover all new features focusing on all the upcoming trends on health and security.
Did you know that Product Led Technovation like drones will witness vast growth, specifically as a tool for data capturing, processing, checking and delivering improved experience? Right from Real Estate Agents making use of drones for site walk through, to the planners utilizing the product for all surveys as well as site managers making use of it for the betterment of employee security, Drones have really become essential across the real estate life-cycle.
Urban city planning and the Real Estate Sector will look forward to the growth of different disruptive technologies in India, covering 3D printing, block-chain and drones. These Technologies have all the chance of reaching out to mini-sized cities. After COVID, the new normal will be about the emergence of the middle class, millennial, digital consumers’ technologically advanced crowd, world black swan events, government backup and real estate Technologies. Technology in Real Estate will bring out our country from the shatters and make it move towards a brighter future.