OCTOBER 20238n recent couple of years Real-estate and construction industry has showed an exponential growth and it has become one of the fastest ever-booming sectors in India. The reason behind such buoyancy is the rising middle class, the affluent upper-middle class, India's emergence as an economic superpower, rapid urbanization, increased employment opportunities in cities. These all factors are collectively contributing to the unattainable emergence of Real estate and construction sector, and made India as one of the fastest growing property markets in the world.Owing to the outbreak of Covid-19, property markets around the world had witnessed a massive downfall. According to a report by India Ratings, the first half of the year 2021 saw residential demand declining by 40 percent. It was estimated that, the lockdown situation brought the whole real estate market to a stand-still and caused a loss of over Rs. 1 lakh crore to the property market. Overcoming the bed of thorny bushes, the real estate and property market in India saw an incredible comeback in 2022, setting new sales records of 68 percent year-on-year. In the recent times, technology has been rapidly evolving and it has penetrated in almost every sector of economy, and real estate and construction is not out of the long list.Technology in Real Estate & Construction The inclusion of cutting-edge technologies in real estate promises to change the way business is conducted in this age-old industry. The real estate market is a major component of the world's economy, with a global value of over $7196 billion. The successful implementation of a specific technology in the real estate industry will be determined by its ability to provide value for its users. Today, various types of technology are helping to cover the users' needs and bring them valuable information for decision-making to propel in the market. Prop-tech is quite a common concept now, which contains the various solutions that are involved in the growth of commercial real estate software. It is also known as CRE-tech for commercial real estate technology or RE-tech for real estate technology. It usually refers to the software employed in real estate tools and applications.Internet of Things (IOT): As the days are progressing with the advancement of science, we are also getting smarter day-by-day. This tool is one of the most demanded trends in prop-tech for apartment websites and real estate platforms. It has become one of the main property management technology trends of recent times.Automated Rental & Purchasing Property Platforms: Now-a-days searching for a decent property of your choice is not a tiresome work, but through automated rental and purchasing property platforms you can easily search without the help of unnecessary interference of real estate agents and brokers. Report says that, 43 percent of people who are keen on investing on properties look online for sale and purchase.3D Virtual Tour of Property: Now the upgradation of technology has taken a rocket speed and has introduced and included various new technologies in real estate and property management. It is quite obvious that, most buyers would want to tour the property before making a final decision physically, which is actually a lengthy process and it also takes long tiring hours. Now, using AR and VR technology prospective buyers are having almost realistic 3D virtual tours to houses where they can easily examine the property state, interior details, and furniture. The real estate photo editing services allow to make photos as true to life as possible using latest technologies.Artificial Intelligence Tools & Software: In any business, customer satisfaction should be the utmost priority, and connecting 24*7 is the most nominal feature any real estate company should have, so that miss communication can be eradicated. Artificial Intelligence with Machine Learning and cloud technology helps the agents and buyers to get connected to easily fulfill their requirements. AI Chatbots can help in personalization ISC COLUMNLATEST TECHNOLOGIES ARE THRIVING FOR LATEST TRENDS IN REAL ESTATE & CONSTRUCTION
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