Tech Innovations Reshaping Real Estate

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25 Jun 2024

Tech Innovations Reshaping Real Estate

tech-innovations-reshaping-real-estate

India's real estate industry is poised to reach US$ 1T in revenue by 2030 and is contributing significantly to the GDP. The sector can further be divided into residential and commercial real estate and constitutes technological unification with sustainability, finance, sales, and construction. With the overall real estate industry expected to be at ~13% of GDP by FY25, Real estate Tech is a pivotal force in fueling this growth.

Real estate tech is an emerging sector within the Indian real estate industry that integrates real estate with technological advancements, software, and digital solutions. Its goal is to improve different facets of property transactions, including buying, selling, research, marketing, and management, by leveraging technology to streamline processes.

In real estate, cutting-edge tech like big data analytics and AI provides deep market insights and personalized services. Immersive experiences like VR/AR offer captivating virtual property tours and training simulations. Despite slower blockchain adoption, its secure record-keeping enhances transparency. This forward-looking approach promises enhanced efficiency and satisfaction in real estate transactions, extending to niche markets like senior living.

In 2024, we are poised for a new revolution driven by deep tech, generative AI, and language learning models. We are in the third wave of the evolution of real estate tech, which originated in the 2000s. Technology is rapidly reshaping the landscape of various sectors, including real estate, daily. Enterprises, consumers, and even real estate assets themselves are poised for continuous incremental change throughout this decade.

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