Virtual and Augmented Reality (AR/VR) tools also enable immersive property tours. Such advancements empower buyers to make informed decisions, streamlining the entire home buying experience.
According to a joint report by NAREDCO and EY, India’s real estate industry is on track to reach a $1-trillion market valuation by 2030, driven by PropTech innovations and government initiatives like the Smart Cities Mission and the Digital India campaign. Technology continues to play a pivotal role in shaping the sector. In 2024, the integration of artificial intelligence (AI), the Internet of Things (IoT), and blockchain technology has transformed how real estate projects are developed, managed, and marketed to potential buyers. The adoption of AI and emerging technologies has introduced new trends and redefined industry norms in India’s real estate sector.
Below are some of the trends integrated into the real estate sector, with the help of modern technology:
AI-powered property search and recommendations
AI-driven platforms personalize property searches for buyers. Sellers make use of AI-generated 3D property staging models, which can enhance the appeal of the project. “Virtual and Augmented Reality (AR/VR) tools also enable immersive property tours. Such advancements empower buyers to make informed decisions, streamlining the entire home buying experience. For real estate individuals as well, navigating through portfolios and acquisitions becomes easier by improving precision and efficiency. One of the most compelling features of AI is its ability to offer personalized recommendations. It analyses past searches, user preference, and saved properties to enhance results,” informs Viren Mehta, Director, ElitePro Infra.
Predictive analytics and market analysis
AI-driven platforms can process vast data sets like historical data, market trends, property features, and consumer behavior. This helps in faster value generation for a particular property or region. This predictive approach also helps stakeholders to make data-driven decisions, improving profitability while minimizing potential risks. Technology-driven sensors provide predictive insights by detecting issues such as leaks and temperature fluctuations. This enables proactive maintenance and addressing issues before they escalate. Predictive aspect into the real estate segment extends the lifetime of the property in focus.
Virtual assistants
Earlier, people were solely dependent on in-person visits while evaluating any property. “With the involvement of technology into the real estate sector, people can now do immersive, virtual tours into residential and commercial premises. For several people, chatbots and AI assistants have become the first point of contact in home buying. These chatbots provide assistance and answer to queries from potential buyers,” says Mehta.
Property management
Technology has shifted the course of property management by allowing property managers to shift their focus from mundane tasks, while saving time and cost. Cloud-based systems, powered by AI and IoT, play a pivotal role in this shift. They streamline essential property management functions like accounting, handling maintenance requests, and improving communications with various stakeholders.
Sustainability and smart living
With a growing demand for sustainable living, integration of AI and IoT have made significant improvements into the residential and commercial spaces. “Developers incorporate modern home features like smart thermostats, automated lighting systems, and advanced security systems. For them, smart home features are a crucial selling point, especially for luxury and eco-conscious buyers preferring automated and energy-efficient solutions. These features offer the perfect blend of comfort, automation, and sustainability. Moreover, solar-powered technologies and smart water management systems are experiencing demand, catering to the evolving needs of buyers and developers while promoting eco-friendly practices in the real estate development,” says Mehta.
Conclusion
Technology has been a key driver of growth in India’s real estate sector. It has transformed the way properties are designed, developed, and marketed. By incorporating innovative features like AI, IoT, and enhanced sustainable systems into projects, developers not only enhance the appeal of their project, but also drive significant demand from buyers. For potential buyers, technological solutions into housing and commercial spaces enable a comfortable, luxurious living experience. Integration of technological solutions enhances the project’s efficiency and also helps in curbing various operational costs.
