ICP plans investment in tech for real estate sector

30 Sep 2021 CW Team

Over 150 industry leaders took part in the survey, with 67.1% predicting that AI and ML will be widely used in Indian real estate appraisal and valuation in the next 12-36 months.

93.8% of respondents believe that analytics-based recommendations will be made using such technologies.

AI could also be used in property maintenance, according to 83% of those surveyed.

The survey also revealed some intriguing trends in Indian property technology in terms of smart devices and IoT.

Smart devices and the Internet of Things have arrived in India, according to 81% of survey respondents.

Around 5.6% believe they will make it possible for the country to develop energy-efficient systems.

When asked about Augmented Reality (AR) and Virtual Reality (VR), more than 71% of respondents said that AR and VR-based platforms will be used to improve property viewing in the country. Around 68.8% of respondents believe that the use of AR and VR in construction viewing will increase in the future.

Immersive technologies can assist in viewing construction cycles in detail and identifying any anomalies in the construction process early on. This will aid in the early detection of any potential flaws and the subsequent course correction, resulting in cost savings.

Developers and realtors will increasingly use chatbots in the near future as there is a growing emphasis on automating marketing processes.

Industry players will be able to gather customer requirements in real time and respond to them at a lower operational and marketing cost using chatbots.

Chatbots will soon become popular in Indian real estate, according to a little more than 71% of respondents.

Image Source

Also read: How to use AI in construction – and how not to use it

According to a survey conducted by 360 Realtors, nearly 65% of Institutional Channel Partner (ICP) have interested in investing in futuristic technologies such as artificial intelligence (AI) and machine learning (ML), big data, the Internet of Things (IoT) and smart devices, immersive technologies, and chatbots. Over 150 industry leaders took part in the survey, with 67.1% predicting that AI and ML will be widely used in Indian real estate appraisal and valuation in the next 12-36 months. 93.8% of respondents believe that analytics-based recommendations will be made using such technologies. AI could also be used in property maintenance, according to 83% of those surveyed. The survey also revealed some intriguing trends in Indian property technology in terms of smart devices and IoT. Smart devices and the Internet of Things have arrived in India, according to 81% of survey respondents.Around 5.6% believe they will make it possible for the country to develop energy-efficient systems. When asked about Augmented Reality (AR) and Virtual Reality (VR), more than 71% of respondents said that AR and VR-based platforms will be used to improve property viewing in the country. Around 68.8% of respondents believe that the use of AR and VR in construction viewing will increase in the future. Immersive technologies can assist in viewing construction cycles in detail and identifying any anomalies in the construction process early on. This will aid in the early detection of any potential flaws and the subsequent course correction, resulting in cost savings. Developers and realtors will increasingly use chatbots in the near future as there is a growing emphasis on automating marketing processes. Industry players will be able to gather customer requirements in real time and respond to them at a lower operational and marketing cost using chatbots. Chatbots will soon become popular in Indian real estate, according to a little more than 71% of respondents. Image Source Also read: How to use AI in construction – and how not to use it

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