Technology Proving to be Boon for Real Estate Sector During COVID 19
by Property Adviser Hyderabad Real Estate Directory – Complete solutioTechnology has always opened doors to new opportunities and
simplified life for us. It has broken down barriers and helped us reimagine the
world by making life easier and more convenient, faster, and more flexible in
many ways. Nowhere can its impact be seen so clearly as in the context of
modern times. The blockade due to COVID -19, an unprecedented and rapidly
spreading contagion, has caused most governments and industry to react quickly
by seeking alternative means to guarantee minimal risk to protect the economy
and markets.
This is where technology has stepped in to the rescue,
providing solutions to everyday challenges. Playing an important role,
technology has contributed enormously to safeguard our socio-economic
environment. It has successfully mitigated the effects of the sudden outbreak,
addressing the various challenges that arose after the imposition of the
blockade. It has enabled employees to work from home and stay connected by
making operations and operations easier for companies. It has made information
available 24 hours a day, 7 days a week for everyone, while ensuring that
individual security remains intact.
Also, in India, companies have had to resort to using
technology to stay operational. Although technology has been part of the sector
in various ways, in light of the current situation, the real estate sector has
been forced to increase its dependence on it. During this critical period,
technology has largely supported and served the varied interests and purposes
of stakeholders and has helped retain business continuity. It has managed to
bridge the gap between developers and buyers in these uncertain times.
Currently, the buying and selling processes have been transferred to online
platforms. Digital platforms are connecting buyers to sellers in home security.
The data and analysis have proven to be a savior for the real
estate market. The use of Proptech has improved real estate management
(REM), helping companies to be faster and more agile. It has greatly
facilitated the management of complex workflows and the integration of
information.
Digital construction has redefined building parameters in a
revolutionary way. Instead of brick and mortar, you are using data to control
and manage building properties through BIM, Artificial Intelligence (AI), cloud
computing, reality modeling, etc. It has simplified the process of searching,
viewing, and purchasing properties, allowing agents to serve customers better,
closing businesses faster, with robust compliance checks and scheduled data.
Robotics and cognitive automation are being deployed instead
of labor to build at massive speed, scale, and capacity, all at lower cost and
error. This has helped continue uninterrupted work without compromising quality
and precision benchmarks, and has significantly increased productivity and
operational efficiency. Machine Learning applies algorithms to mechanically
select relevant information from the data, leading to an effective increase in
the efficiency of buying and selling
properties. It is being used to calculate customer value; plan previous
closing cycles; predict market bubbles; perform investor analysis and identify
cash inconsistencies. It is also being used to estimate the commercial value of
a property, thereby eliminating the need to evaluate properties in terms of
valuations.
Drones are widely used to assess and study sites, especially
those with dangerous terrain. They are helping developers by speeding up the
process of mapping terrain and creating 2D and 3D images for accurate
measurements. These are also being used to take pictures of properties where
buyers can view visual information, at an affordable cost.
Precast technology is a safe, effective, and cost-effective
approach that is being used to build real estate, especially affordable
housing. It is useful to avoid delays in time due to labor shortage
without compromising quality. The main advantage of this technology is that it
helps save about half the time it would take to build in a conventional way. 3D
printing ensures that houses are manufactured in a brighter, cheaper, and safer
way. Considered a viable solution to address the housing crisis in developing
countries, it is perceived as an economic option to build housing for the EWS
segment. This includes local sourcing materials, ensuring that factors such as
logistics and availability are maintained.
Given the fact that after COVID - 19 the world will have a
"new normal", real estate companies embracing these technologies have
demonstrated caution and future-readiness. They have protected stakeholders and
consumer interests from danger by adopting sustainable, green and
energy-efficient technology. These technological innovations will pave the way
for successful construction planning and project management, leading to leaner
construction, optimized cost value, better quality, and valued engineering
products.
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Created on May 12th 2020 14:31. Viewed 384 times.