India’s road ahead in the real estate sector holds massive potential but a few challenges continue to plague the industry: material management, labor management, project delays and exceeding budgets to name a few. It is a data-intensive and labor-intensive industry that needs technology to not only tackle adversities but grow with changing times.
Future Outlook for the Real Estate Industry
The year 2030 is predicted to be a milestone for the Indian real estate industry. India Brand Equity Foundation (IBEF) forecasts its market size to reach USD 1 trillion, making up about 20% of the country’s GDP. According to Colliers India research, the upswing in the trend will be driven by more demand, a boost in government policies, and increased private and institutional investments.
As per the Economic Times Housing Finance Summit, the urban housing requirement stands at 5 units/ 1000 people but is down to 3 units/ 1000 people. With a continuing shift to urbanization, the number of construction projects in tier 2 cities is also seeing a jump.
Technology will Drive the Indian Real Estate Industry Forward
Technology is playing a crucial role in the advancement of the sector because it transforms organizations into dynamic ones that can adapt with changing times and keep up with fluctuating demands. Artificial intelligence- integrated cloud and mobile-ready solutions will be the cog in the wheel that keeps the real estate industry moving forward.
Real Estate Tech Solutions to Adopt in 2023
AI-integrated real estate management systems transform the way business data is utilized and operations are managed by enhancing human capabilities.
As AI is becoming more prevalent, business leaders will continue investing in it to provide them with a competitive edge. It empowers decision-makers across various departments with valuable insights.
Let us look at the 4 technologies that will impact the real estate industry in the coming years.
- Cloud gives us stable, secure and scalable applications with full freedom of customization. Cloud-based solutions are being readily adopted by many to digitally transform their businesses.
- Mobile apps are the perfect add-ons for the flexibility and convenience they provide. When it comes to mobile computing, it is nice to see clients replacing computers of sales and engineering teams with full-fledged mobile apps.
- Business analytics generates powerful insights into data patterns and trends, mitigating business risks. Predictive analytics helps provide that information for optimized decision-making. By analyzing business data, AI can estimate the probability of site visits, incoming payments, labor attrition and much more.
- As Artificial Intelligence simulates human intelligence, it can learn from data to perform everyday tasks but now we are waiting for customers to say, "Let us talk to our systems and get all our work done through voice commands."
Together we can develop a globally competitive Real Estate industry based on artificial intelligence where all our investors, employees, vendors and customers get instant work done at the click of a button!
The Future of Artificial Intelligence in the Real Estate Industry
Each year AI reshapes the industry by incorporating technologies in new ways. Each year, the data captured by the real estate industry increases too. All the clean and actionable data captured by automation processes, if applied intelligently can be very powerful.
A State of AI 2022 report revealed that nearly 84% of organizations in India are already leveraging AI in some form.
In the next 5-10 years, we will witness a significant rise in digital transformation across the real estate and construction industry by embracing ERP and CRM solutions that are aligned to their organizational strategies. This is just the beginning and not the end.
After digital transformation we will see a great change towards logical transformation where all data is processed based on supervised or unsupervised logic. Ultimately, this will lead to an autonomous future of the real estate industry using AI transformation.