Technologies like AI (Artificial Intelligence), Big Data, Internet of Things (IoT) and Virtual Reality has made impactful changes in almost every industry. Stakeholders of the real estate industry are leveraging these new technologies for a seamless and efficient process. This blog highlights some of the innovations that are currently changing the dynamics of the real estate industry.
VR uses graphics and images to visualize the site on completion. It allows developers to make changes in the graphics before construction begins, therefore reducing change orders that result in increased costs. VR also gives an edge to the tenants providing them a visualization of their catalog. It also gives them a virtual tour of properties while sitting at their homes and offices. It also saves their time, energy and money. Use of VR in the real estate industry promotes better engagement between developers and customers.
Unmanned Airborne Vehicles (UAV)
This process leverages the construction process by making it more efficient and easily monitored by the developers. Drones and Air Vehicles are used by contractors to have a close look at the overall construction process. It is monitored in real time with accurate data provided in the form of photos and live videos. The details are then transferred to the stakeholders within minutes making it easy to monitor on the project.
Robots are becoming popular in carrying out mundane activities like cleaning homes and performing different tasks like switching off electricity. You can control the robot through a mobile app from anywhere. In commercial buildings, robots are often used as doormen and receptionists. They are also used to perform different tasks in the helpdesk to keep a record of feedbacks and complaints.
Home automation is now becoming common for customers. Residential properties are now incorporating newer technologies based on AI and IoT. Smart homes give you a comfortable experience with improved security and being energy efficient at the same time. All in-home activities like security systems, lights, room temperature, and appliances can be easily controlled by a single click on mobile phones.
Eldeco MD Pankaj Bajaj says, ‘The real estate industry is ever evolving as per the market needs. These technologies will prove to be the game-changer in the domain and incorporating smart homes initiatives in projects will be imperative in optimizing resources and adding value to it.’