One of the sectors in the country that shows promising growth and innovation is the real estate market. Earlier the properties were just mere a combination of walls and doors. Today, the builders are building homes that offer comfort, warmth, and customization for the families. The dream of owning a home at an affordable price is coming true. The real estate is redefining the way we work and live. In recent times, the smarter way of living is what every individual considers. The future of real estate will unleash endless possibilities through the use of technology and artificial intelligence. The challenges like poor infrastructure, lack of social connectivity, traffic congestion, safety flaws and etc have always been the points of concern.
The new-age townships bring the unique features of intelligent mobility, unparalleled amenities, and sustainable living. Many developers aim at building business avenues which consist of modern co-working spaces, residential complexes, high-street retail spaces. Some of the leading builders are coming up with Hypermarkets, multiplexes and several family entertainment options in the next few years. The recent government initiatives and as well as the proactiveness of real estate developers have kept green homes as the first priority. A cleaner environment where one can breathe in the freshness of the air is what makes a dream turn into reality.
As per the recent report by IBEF, it is expected that the real estate market of the country to reach the financial figure of 1 trillion (US dollars) by 2030. Along with this, the contribution of the real estate in the country’s GDP is expected to rise to 13% by 2025. This could only be possible with the aid of numerous innovations and advancements using the technology. The modern technology aims at simplifying various processes like buying process, property searching, reviews, builder’s reputation, pros and cons of a specific location and etc. There is no doubt that the effective utilization of technology can play a major role in the growth of real estate in India.
The next generation of digitalization in the real estate market is giving a competitive edge. The customer experience is being amplified and the engagements have got improved. The mobile-centric mobility, 3-dimensional view of the property, chatbots for quick queries and online presence of the builders are taking the real estate to its next level. The IBEF report also states that the demand for SEZs and Industrial parks would increase in the next few years. The office workspaces are going through a transformational change. The plug and play facility (I.e short-term agreements wherein businesses can utilize service for the required period of time) in the working environment has encouraged entrepreneurs and new start-ups to invest in real estate.
The national mission of building Smart cities is focused to bring revolutionary changes in the overall real estate segment. The world is adapting to modern technologies and with machine learning and artificial intelligence, automation is the new future of real estate. One should consider real estate as a major investment option.