The infusion of advanced technology, artificial intelligence (AI), and other modern innovations in the construction industry is fast transforming the entire landscape in unprecedented measures. This comes as developers, architects and building technologists continue to race against time to catch up with the evolving tastes and preferences of homebuyers. COVID-19, the rising demand for luxury apartments, and the quest to live in more functional homes have combined to spark an increase in the demand for AI and tech-driven construction in India and beyond. India’s $610 Billion construction market puts the country at centre stage in the world. With increasing demand tied to a fast-growing population, there appears to also be shifting attention towards the adoption of innovative technologies and AI in the country’s blossoming construction industry. Developers have found that AI and associated technology can help to enhance the quality of projects, ensure timely delivery, and reduce manpower and man-hours on sites. However, homebuyers have also caught on to this new trend, producing a perfect blend of demand and supply.
Why tech and AI are driving homebuyers’ preferences in India
Leveraging artificial intelligence and high-level technology in construction work is generally geared towards better solutions in the sector. More so, developers and homebuyers tend to seek better value throughout the project’s life cycle, from design and procurement to construction operations and management, it is about overcoming tough challenges, building for today and the future, and cutting down on cost and overruns. For homebuyers, it begins with searching for a property, virtual tours, and conversations.
Developers are deploying the latest technology like drone-enabled construction, SAP S/4 Hana, enterprise resource planning (ERP), Customer relationship management (CRM) applications, and many other applications to get things done. “Technology is transforming the real estate scenario rapidly as developers are setting benchmarks through innovative designs, disrupting technologies, expedited project delivery and superior customer service. The real estate industry needs to continuously adopt emerging tech to harness asset utilization efficiencies, and greater cost savings,” says Vivek Singhal, CEO of Smartworld Developers.
As Singhal adds, “There is also the need to imbibe improved sustainability and automation, as well as driving higher profitability. For us at Smartworld, we deploy construction monitoring via drone drives efficacy and efficiency. Advanced aluminum shuttering technology is used to reduce human error, increase the speed of construction, improve workmanship, enhance weather-proofing, and provide higher seismic resistance. Additionally, technology platforms like Novadee, BIM 360, and ERP are also being used for faster and better efficiency of construction.”
Along with AI is machine learning which is beginning to play an overarching role in construction. 3D modelling technology is already largely advanced in the country, as well as the building information modelling (BIM). AI will also enable swift generation of feasible and optimal alternatives for design, reduction of decision-making cycles, and mitigation of risks, while also providing general support for both online and off-line design and construction. All of these combines to make for a sustainable, convenient, and balanced home design suitable for the demands of post-COVID lifestyles.
“The world is witnessing major disruption caused by artificial technology in every sector and real estate is no less than others. The real estate industry is extensively embracing AI through the use of AR/VR technologies. With virtual reality technology, buyers are able to make an emotional, sensory, and physical connection with homes, touring without actually setting foot inside” Rahul Singla, Director, Mapsko Group.
The future is in AI and AR
There have also been countless experiments with the use of constructible models, cloud-based collaborations, smart-city infrastructure using the Internet of Things (IoT), and even the use of robots at construction sites.
“These days, prospective homebuyers begin the process online. With the introduction of metaverse technology, some other significant and more tangible aspects of the home buying process such as building plans, size of rooms, balconies, parking spaces, recreation facilities, clubhouses and more are now virtually available. Technology is taking real estate by storm and is the future of all real estate transactions.” Said Shashank Vashishtha, Executive Director, eXp India, a metaverse-based real estate brokerage platform.
The future looks really promising for India as developers continue to leverage technology to expand on their AI and augmented reality (AR) adoption in a bid to meet the ever-changing and stretching demands of homebuyers in India. What these disruptors are building is an industry that is more convenient, more user-friendly and extremely reliable for users.
Source : Business World