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Technology and Real Estate

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The continuous demand for better performing buildings has led to inclusion of new technologies and strategies by the real estate sector. Many companies now acknowledge technology’s potential to bring competitive advantage especially in a very diverse and demanding market like India. Innovations are important both in the project management processes and construction methodologies.

The global Construction Survey 2016 by KPMG reports that the industry is yet to fully embrace technolgy. Almost three quarters of respondents do not use advanced data analysis for project related estimation and performance monitoring. Just about 20% have a single, fully integrated project management information system across the enterprise. Technology is used across the lifecycle of a project – Planning, Design, Construction and Operation.

The study says that many companies are embracing various innovations like drones, robots and automation. The robots can carry out tasks like drilling and digging, laying bricks and building beams increasing safety and accuracy. Rapid adoption of visualisation means that virtual tours of construction sites will soon become the norm. Short videos provide a high level picture of what is going on. These visuals can be integrated with key project analysis using graphs, data trend and 3D graphics.

Business Processes

The real estate business processes also have benefitted with technology in terms of acquiring more transparency ( multiple websites creating data, availability, pricing etc); speed in deal making; leasing efficiency (mobile apps, information up in the cloud..); sophisticated marketing and real time data. Technology has helped real estate to do business with smartphone browsers that are compatible with web platforms. Online market places facilitate connections between agents, brokers, sellers, buyers, renters, and investors.

Construction Technologies

The term ‘advanced construction technology’ covers a wide range of modern techniques and practices that include the latest developments in materials technology, design procedures, quantity surveying, facilities management, services, structural analysis & design, and management studies.The development in the field of IT has become the major source for latest designing approach in construction technologies. Building Information Modeling (BIM) is one of such computerized systems which enhances the communication among engineers and designers that are working on a project. Technological progress has introduced many innovations in the field of construction industry. Right from the construction machinery to the finishing tools, the innovations have been helping construction. Building components like pillars, roofs, walls, panels, and concrete blocks can be prefabricated speeding up the building process. A Japanese equipment manufacturer has developed fully autonomous bulldozers, led by drones that map the area in real-time to provide data on the workload.

Embedded sensors and big data are other key game changers. As more data moves to the cloud, more building team members begin to interact with centralized 3D models.

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