For quite some time, the Indian real estate sector has been aggressively using technology to improve client experiences. The sector is depending on new-age digital and construction technology to meet the deadlines of delivery. Realtors at the NAREDCO Nextgen Real Estate Conclave were of the view that the adoption of new technologies has become a necessity, especially in light of RERA, which emphasizes the importance of timely project completion. The conclave was organized close to the six-year completion of the implementation of RERA.
With an annual growth rate of 7-8%, India’s construction market is among the fastest-growing in the world. The market is anticipated to be worth $1 trillion by 2025, making this sector the third-largest in the world. The realtors at the conclave said that time has come to rely on innovations that will facilitate better and quicker design processes as well as more thorough planning, visualization, simulation, and construction. “As the industrial, residential, and commercial sectors grow, so does the demand for construction that is completed quickly and with top-tier quality. It has become vital to use new technologies to meet this growing demand. India’s construction industry is on the verge of bringing in disruption as new materials, building technology, digitization, and artificial intelligence change how we imagine, design, and utilize our structures,” said Rajan Bandelkar, President of NAREDCO.
Talking about the utilization of technologies and embracing new technologies, Pradeep Agrawal, CMD, Signature Global, said, “Every developer should have an R&D department to check the latest technologies. The conventional methods have to fade away; otherwise, real estate sector may face challenges.”
New construction and real estate technologies are getting developed at breakneck speed. Connected equipment and tools, telematics, mobile apps, autonomous heavy equipment, drones, robots, augmented and virtual reality, and 3D-printed buildings are all being implemented and employed on construction sites throughout the world. The realtors also discussed the Mivan shuttering, currently the most popular technology and can promote large-scale construction operations. The aluminum shuttering formwork system, also known as Mivan Shuttering, was used in countries like South Korea and appeared to have promise for solving many of the issues associated with conventional construction technologies.
Talking about the opportunity for private players in smart townships with innovations to help these townships go green and how to develop a green smart city from day one, Shrivallabh Goyal, CEO & Whole-time Director, Reliance MET City, talked about using the latest technologies in Jhajjar that will be Greenfield smart city that will help in reducing carbon footprints and maximum effective utilization of the resources. He delved into the importance of laying down the optical fiber at the first stage, ultrafiltration technology for ‘Drink from the tap’, a Smart meter where daily consumption can also be monitored, and 100 percent underground cabling through CCS and RMU for achieving the sustainable goals.
Digital launches, 3D property viewing, augmented and virtual reality-based design projects, and virtual property exhibits have all started to leave the walls of boardroom meetings and are now being used in the real world; this paints a positive picture for the sector as a whole and significantly increases the appeal of NRI buyers. “While the Indian real estate sector is not opposed to embracing cutting-edge construction technology, it varies from developed markets in that many of these methods are indigenized and made more cost-effective for unit construction costs to remain affordable to homebuyers. However, the sector is employing the technologies to ensure that the buyers get their property on time and in a robust shape,” said Bandelkar.
Also Read: NAREDCO FINANCE CONCLAVE 2023 TO ADDRESS REAL ESTATE INDUSTRY’S FINANCIAL NEEDS
