VISHESH KAUL, CHIEF INFORMATION AND DIGITAL OFFICER, PRESTIGE GROUP expressed, “Significant progress is being made in enhancing data simplification and its usage among real estate professionals, as well as commendable advancements in green technology. These efforts are essential for fostering a standardized market and affecting societal change positively While many policies align with global trends and focus on sus- tainability, in the Indian market, there remains a critical communication gap as consumers prioritize affordability, quality, and living standards.”
INDRANIL BASU, MANAGING DIRECTOR, COLLIERS, added, “There is a clear need for collaboration between the communities, developers, and government to estab- lish and implement effective policies, if we want Indian real estate industry to be at par with global standards. The prevalent approach in India involves deploying manpower to tackle technological challenges, with less emphasis on long-term value realization, which hinders adoption.”
VAMSI BANDARI, HEAD OF SOLUTIONS ARCHITECTURE, XPEDEON, articulated, “Technology plays a trans- formative role in advancing sustainability such as track- ing carbon emissions associated with materials and material sourcing. Additionally, modular construction saves on carbon emissions and employing technologies such as IoT to enhance efficiency can help in assessing potential emissions from the project. In terms of cyber-security, large enterprises typically have the resources to handle such challenges, while small and medium-sized businesses often lack the necessary infrastructure. The pandemic has accelerated digitization across industries, highlighting the need for stronger data security measures.”
GOVIND RAI, CO-FOUNDER & CEO, INSOMNIACS DIGITAL PVT. LTD, shared, “One of the biggest challenges is addressing the issue of silos. It’s crucial for all technologies used within different ecosystems to integrate effectively. Moreover, cybersecurity issues are hardly acknowledged within the real estate sector, as most developers focus solely on increasing profits. Data leaks are rampant, with many brokers relying on these leaks rather than generating their own leads.”
ABHISHEK KIRAN GUPTA, CEO & CO- FOUNDER, CRE MATRIX made a major announcement of launch of India’s first commercial rental index by CRE Matrix in col- laboration with IIM Bangalore, that marks a historical step forward in technology integration with real estate. He elaborated, “This index will offer crucial insights into grade A rental trends over the past two decades. The index is not forward-looking but offers valuable historical data, and we plan to introduce a green index as well, considering green buildings typically command a premium of at least 15% over non-green buildings. This data-driven approach allows investors and buyers, across geographical locations, to benchmark and make informed comparisons on live transaction data covering 95% of the commercial real estate market.”
Real estate is continuously incorporating new tech solutions to enhance operational efficiency, improve customer satisfaction, and streamline complex processes. The tech experts share their views on the next frontier.
