A World of Possibilities

Your author shares his views on the advantages of digitalizing in the real estate industry and the implications for VT.

by Ridham Gada

The world is at the brink of a transformative era driven by digitalization and automation. Digitalization has obliterated geographical boundaries and opened a world of possibilities. From finding your dream house, buying it, moving into it and maintaining it, all can be done online, with just a few clicks. All this is possible due to the digitalization of process and the onset of automation technology. Let’s take a look at how digitalization has harnessed the potential of the real estate industry.

Leveraging Data Analytics

The digitalization of real estate processes generates vast amounts of data that can be analyzed to gain valuable insights. By leveraging data analytics tools, real estate professionals can identify market trends, track buyer preferences and make data-driven decisions. This information empowers agents to personalize their services, target specific demographics and optimize marketing strategies. Data analytics also enable accurate property valuation and risk assessment, aiding in informed investment decisions.

Data Transparency Through Government Portals

One of the main concerns about purchasing property in India has been a lack of information and transparency. These concerns are now being approached by the government, and details of projects can be checked on the respective Real Estate Regulatory Authority (RERA) website. The website is a treasure trove of information for prospective buyers. Information such as the experience of the builder, proposed date of completion, building details and plans, project professional information and litigation details are now all available at the click of a mouse. The website can also be accessed to check the progress of projects to track delays. The transparency created by the government through RERA has helped restore buyers’ faith and allowed them to make informed decisions.

Internet of Things (IoT)-Enabled Homes 

Imagine the convenience of being able to switch off the lights in your home without having to get up from the comfort of your bed or effortlessly checking if the electricity is turned off after leaving the house. Thanks to the advent of IoT-enabled homes, these scenarios have become a reality. IoT allows objects inside a home, like refrigerators, ovens, lighting, air-conditioners, home appliances, etc., to process and exchange data, allowing automation of things like temperature regulation, lighting, electronic devices, security and so on. Deployment of IoT in homes allows for a seamless integration of technology into our daily lives and a much-enhanced standard of living.

Better Document Management 

Effective document management has long been the bane of the real estate industry. Documents like contracts, inspections, sales deeds and so on can run hundreds of pages. Adopting a digital document management system can help real estate professionals locate and share information with stakeholders more efficiently. The government is currently working on making property registers available online, and property ownership trails will soon be available for tracking through dedicated state government portals. This will create further transparency and ease of passing ownership from one buyer to another. 

Building Information Management

Building Information Management, or BIM, is a smart, 3D model-driven process that empowers engineering, architectural and construction experts and professionals to efficiently plan, design, construct and manage real estate assets in the most efficient manner possible. This benefits architects, property owners and investors by significantly reducing the costs incurred by construction projects achieved by enabling collaborations, improving communication and rationalizing workflows. Besides, it helps engineers leverage BIM to come up with better energy-efficient building designs.

Vertical Mobility Aspects — Elevators and Escalators 

Elevators can be integrated into building automation systems, enabling seamless coordination between elevators, security systems and other building services. Smart elevator systems can improve traffic flow, reduce wait times and enhance the overall efficiency of vertical transportation within buildings. Further, elevators are equipped with sensors and connected to the internet, allowing real-time data collection and communication between elevators and a centralized control system. This enables remote monitoring, predictive maintenance and the ability to gather valuable insights for optimizing elevator operations.

Conclusion

The digitalization of the real estate industry is extremely advantageous to all stakeholders, as it brings transparency, efficiency and clarity to the sector. By digitalizing land records and providing a single window for handling them, it becomes easier for developers and buyers to check the authenticity of the land or property in question. Online approvals of plans and occupancy certificates further streamline the process. Add to that the strategic advantage derived from leveraging data analytics to create wealth for investors, the wherewithal to design smart energy-efficient homes and the ability to manage real estate projects with a super-efficient BIM system, and you have a winner all the way.