In a market research survey compiled by 360 Realtors, India’s leading Institutional Channel Partner (ICP), 64.9% of respondents have indicated that they are interested in investing in futuristic technologies such as AI & ML, Big Data, IoT & Smart devices, Immersive technologies, and chatbots, etc. The survey from 360 Realtors, wherein over 150 senior leaders from the industry participated, reveals some interesting trends on the adoption of technology in Real Estate.
“The Pandemic has altered the way technology is viewed in Indian Real Estate. Increasingly funds are now deployed towards technology & innovation, digital asset creation, marketing automation, etc,” quoted Ankit Kansal, MD & Founder, 360 Realtors.
As per the survey, 67.1% of respondents have suggested that AI & ML will be frequently used in Indian real estate in the next 12-36 months to prepare property appraisal and valuation. A whopping 93.8% believe such technologies will be used for analytics-based recommendations. 83% of respondents also indicated the possible use of AI in property maintenance.
The survey has also illuminated some interesting trends on the future of smart devices & IoT in Indian property technology. 81% of survey respondents showcased that the time of smart devices and IoT have come to India. 55.6% believe that they will enable the creation of energy-efficient systems in the country.
“The time of IoT has surely come to the country. Soon 5G will be deployed that will enhance the existing internet speed multiple times, thereby proliferating new-age smart devices. This will give a big push to the uptake of IoT in the country,” added Kansal.
When asked about AR & VR, over 71% of respondents have suggested that AR & VR-based platforms will be adopted to facilitate better property viewing in the country. 68.8% of respondents have also chronicled the view of higher usage of AR&VR in construction viewing. Immersive technologies can help view construction cycles minutely and identify any anomaly in the construction in the early stage itself. This will help in the early detection of any potential flaw and do course correction, thereby saving money.
As there is a growing emphasis on automating the marketing processes, developers are realtors will increasingly use chatbots in the near future. Chatbots will enable industry players to seamlessly gather customer requirements and simultaneously addressing them at a reduced operational and marketing cost. A little over 71% of respondents believe that chatbots will soon become popular in Indian real estate.
Following the pandemic, Indian real estate now stands at an interesting junction, where technology will shift the game. Investments in technology would not just be limited to continuity in the face of crisis but long-term strategic goals. Industry players are now understanding that racking up investments in technology can help in optimizing the operational process, rationalize the overall cost, and drive engagement.