The future is impossible to conceive without biting the digital bullet! Technology is what will govern the real estate sector in the future. Co-Founder and CIO at Square Yards, Hitesh Singla, has opined that real estate is the world’s biggest asset class, worth more than all bonds and stocks put together. Running such a large industry in today’s age will naturally require innovation and technological expertise according to him.
With the growing value of intelligent technologies and data, the proptech revolution happened, altering the very nature of real estate worldwide. Technology will dictate the future of real estate right from searching from homes and prediction of property values based on AR, AI and Big Data. 10-15 years later, proptech will be the dominant platform and it has already garnered huge attention from investors.
In the year 2008, just $20 million was invested for Proptech and in 2018, this increased to a huge $10.2 billion! Sustainability will be a future pillar for real estate with sustainable buildings gaining even more popularity across leasing and construction segments. Technology is enabling material composition, design, management, safety and construction methodologies for properties in commercial and residential segments alike. Sustainability and technology will be playing inseparable roles for real estate in the future.
Backed by data, technology will usher in greater transparency for pricing of property while offering insights at every stage of the process. All buildings will soon get sustainability ratings according to Singla and these assessments will soon become a regular practice for approval of future real estate projects. Sustainability ratings will also impact values of property and there will be higher demand amongst the buying audience for environment-friendly homes according to him.
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Published by: RealtyNXT
Date: 10 January 2020