8 ways technology is changing how you buy, build, and own real estate in India

Based on the recent joint report by KPMG and FICCI, titled "Reimagining India’s Real Estate Landscape," technology is revolutionising the whole real estate cycle. This involves discovering real estate, building real estate, and owning real estate. The above transformation can be categorised into three different phases: buying real estate, building real estate, and owning real estate. Below are 8 ways that technology is transforming the way you buy, build, and own real estate in India.

Buy–How you find out, analyse and choose property

1) Virtual reality and augmented reality property experience

Using virtual reality and augmented reality technology, potential buyers can experience their future property even before its construction is completed. From virtual tours to sample home experiences, it allows buyers to analyse and make better decisions about their purchase without visiting the property physically.

2) Artificial intelligence for valuation and demand analysis

Artificial intelligence is revolutionising property pricing and demand analysis. Using market trends and buyer analysis, artificial intelligence makes property pricing and investment decisions easy and personalised.

Build—The way real estate is planned, designed, and built

3) Digital twins for real-time development insights

With the help of digital twins, one can create virtual models of construction projects in real-time. This helps to simulate designs, test for feasibility, monitor progress, and detect issues early enough before any delays occur and to execute them correctly.

4) AI for development planning

The use of AI technology has become prevalent in real estate development planning in the initial stages as it can be used to predict feasibility, optimise designs and costs, and improve on the results of the project.

5) AI for space planning and compliance

AI can help in the automated production of large-scale plans, optimise space, especially in affordable housing developments, and integrate regulatory compliance within the designs.

6) Construction management platforms

Platforms for construction management are used to facilitate real-time collaboration among architects, constructors, and project teams by integrating all the information and processes to reduce miscommunication and documentation and track the progress of the projects.

7) Construction monitoring and quality control with drones

Using drone technology allows one to have real-time monitoring of construction site conditions. Together with artificial intelligence, it can help one monitor the project's progress and potential safety hazards.

Own–How property is owned, managed and invested in

8) Digital Ownership and Fractional Investments through Blockchain

Blockchain technology has made it possible for property ownership and transactions to become easier and safer due to the creation of secure digital ledgers, smart contracts, and settlement systems. The technology also makes it possible for people to have fractional ownership and investments in high-value real estate properties.

As can be seen from the report, the real estate sector is becoming fully digital. This is because there are various technological advancements such as artificial intelligence that will enable the process of buying, constructing and owning properties to become easier and efficient.