Survey suggests use of futuristic tech in real estate sector

In a survey conducted by 360 Realtors, 64.9 per cent of respondents have indicated that they are interested in investing in futuristic technologies such as AI, ML, Big Data, IoT and smart devices, immersive technologies and chatbots etc.

Over 150 senior leaders from the industry participated in the survey, which came up with some interesting trends on the adoption of technology in real estate sector, said a press release.

“The pandemic has altered the way technology is viewed in Indian real estate. Increasingly funds are now deployed towards technology, innovation, digital asset creation and marketing automation,” said Ankit Kansal, MD & Founder, 360 Realtors.

As per the survey, 67.1 pc of the respondents suggested that AI & ML will be frequently used in real estate in the next 12-36 months to prepare property appraisal and valuation. A whopping 93.8 pc believed that such technologies will be used for analytics-based recommendations. Eight-three pc of respondents also indicated the possible use of AI in property maintenance.

Further, 81 per cent of the respondents said the time of smart devices and IoT has come in India. Over 71 pc of respondents said that AR & VR-based platforms will be adopted to facilitate better property viewing in the country. Also, 68.8 pc have opined higher usage of AR & VR in construction viewing.