Real Estate and the Catapult of Technology
From entertainment to transportation, technology has upended nearly every major industry — with one notable exception: real estate. Instead of disrupting the sector, the last generation of real estate technology companies primarily improved efficiencies of existing processes. The next generation of real estate technology companies is taking a more expansive approach, dismantling existing systems and reimagining entirely new ones that address our growing demand for affordability, community and flexibility.
As of February 2019, over 2.3 million houses, spread over 16,330 projects across India, were running behind schedule, data with real estate consultancy Liases Foras show.
To put this in perspective, only about 250,000 houses are sold on average annually in the seven largest cities of India, according to property research and brokerage firm Anarock.
One of the remarkable facts about the Indian real estate sector is how fastidiously it clings to age-old ways of working, even when hit by a crisis. For instance, it is remarkably cold to the use of cutting-edge technology.
The only visible use of modern tech so far in the industry has been in the planning and designing (computer-aided designs and 3D models) function, or in sales and marketing. In the latter, several online portals have sought to shift a buyer’s journey from offline to online. Some of these portals even use augmented reality to produce 3D walkthrough tours, allowing prospects to experience a new flat from the comfort of their old homes. That, though, is nearly all.
This even when a host of technological innovations are available to address some deep-rooted problems affecting the real estate industry in areas ranging from finance & planning to on-site construction. This edition of CIO Insider throws light on some of those technology solution providers in the Real Estate domain.
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