New Delhi - Technology-enabled real estate development is rewriting the future of the sector which has faced a huge downturn during the pandemic but is gradually showing slow but sure signs of recovery, leading industry experts said on Wednesday.
Technologies like AI are being seen as game-changers in the industry, especially during the pandemic that has led to increased adoption of technologies and the embracing of innovation by the industry.
From Artificial Intelligence recommendations to Virtual Reality tours, home buying and selling has undergone a drastic change with increased efficiency in marketing, due diligence and sales processes.
While investments in Proptech have been on an upswing over the last few years and the industry today has several successful Proptech companies like 99acres, PropTiger and Magicbricks operating in India for some time now, leading global real estate technology companies like Compass, Inc. have also set up their technology hub in India in the last year.
The major focus of Compass India Development Centre has been on expediting software engineering and development across the fields of Mobile Apps, Cloud Computing, Artificial Intelligence, Machine Learning, RPA and Data analytics.
For instance, the company has recently announced the launch of an AI-powered video studio globally.
"In real estate marketing, images and video are paramount. The most competitive agents must be able to create beautiful, persuasive marketing videos to attract the right buyers, but doing so is time-consuming, difficult and expensive. With Video Studio, Compass agents have the power of a professional graphic designer at their fingertips, allowing them to create compelling marketing content for social media, email or digital ads" said Joseph Sirosh, Chief Technology Officer, Compass, Inc. and a global AI expert.
Another recent technological development in the real estate landscape is virtual tours. Virtual tours and virtual reality allow customers to follow 3D views of properties online, which is beneficial for remote & abroad properties and those still under construction.
Emphasising this, Prashant Solomon, Managing Director, Chintels India and Treasurer, CREDAI NCR said: "Digital technology has left an indelible mark on how the industry functions. Property search and online transactions are simpler, companies are implementing virtual home tours to help people buy or sell homes and finally, e-signing and online property agreements are on the rise."
With all eyes on AI, it's clear that this technology will impact the future of real estate in a big way.
According to the Deloitte real estate prediction report for 2021, it was stated that the year 2021 will initiate an era in which enhanced AI-driven location analytics for real estate will reach maturity and become suitable for the masses.
There will be enough users to create a proper impact on the market for its full potential to be unleashed for the first time.
Unarguably, AI is primed to upend the real estate industry.