Fourth Industrial Revolution: The Role Of Indian Real Estate


Date: 20-July,2020Last Updated: 10-February,2021

Over the past decade and a half, there have been tremendous advancements in technology. These advancements have become an essential part of our lives. In other words, we are currently experiencing the fourth industrial revolution.

What exactly is 4th industrial revolution?

Take a look at something as small as a mobile phone. Its initial use was to connect with people on the go. But now mobile phones have been transformed into smartphones, which have become our virtual world, where we store our credit card details, emails, contacts of our friends and family, and much more. It is safe to that the lines between the physical and digital world have been blurred. It is a direct outcome of the fourth industrial revolution.

When it comes to real estate, it is essential to see how the revolution will affect the industry. Real estate companies will have to adapt to evolving settings and build their property according to the changing system.

A 2014 German-based report on real estate during the fourth industrial revolution stated that builders would have to take in several considerations while adapting. One such pointer is how a building should be smart and have the latest technology.

"One of the key prerequisites a building must have to qualify for Industry 4.0 purposes concerns the capacity for digitalization and networking of the property with all of its internal functions and elements. This means that the actual building will become intelligent to control itself and adjust to changing parameters autonomously. … Gates and doors could similarly inter-act with products, machines, and people," the report stated.

4th industrial revolution

Indian's Role in the Revolution

We know that technology has taken over nearly all the industries. Most of the work has gone from manual to digital. It becomes essential for Indian real estate firms to adapt themselves to digitization and digital marketing.

There has been an ongoing debate about whether the fourth industrial revolution will result in job losses or generate new and unconventional jobs. Either way, the revolution will transform the way people work. India is a labor-intensive market. It is essential that the real estate industry taps in their skills in the digital environment. While India's 'Make in India' programme is all about giving employment to the country's labor, the 'Skill India' initiative aims to help the labor gain new skills.

There have been concerns over the revolution's effect on workers and laborers since work is increasingly becoming digitized. In 2019, India's Deputy Permanent Representative to the UN Ambassador K Nagaraj Naidu called for a "human-centered agenda" over the digital revolution's surge.

"Automation potential must be distinguished from automation adoption. While a high number of tasks might be technically automatable, the adoption of particular technologies will depend on a complex interplay of factors including the cost of labor; levels of education and skilling; legal frameworks for innovation; labor protection policies; the availability of supporting infrastructure; and the social and cultural norms that shape attitudes towards technological change and innovation," Naidu said at a plenary meeting commemorating the 100th anniversary of International Labour Organisation.

At the time, Naidu also noted that more than 50 percent of India's population falls under the age of 25, while over 65 percent is below 35 years of age.

"These demographics have made education and decent work a highly connected and key priority," he said, adding that a comprehensive education program has been launched to improve schools' effectiveness and provide equal opportunities to all," he said at the meeting.

At the time, Naidu also noted that more than 50 percent of India's population falls under the age of 25, while over 65 percent is below 35 years of age.

"These demographics have made education and decent work a highly connected and key priority," he said, adding that a comprehensive education program has been launched to improve schools' effectiveness and provide equal opportunities to all," he said at the meeting.

India-fourth-industrial-revolution

What can the Indian real estate market do in the fourth industrial revolution?

The Indian real estate market should focus on making things smoother and more comfortable for potential customers. One glance at the workspace, and you would know that no job is now confined to four walls of the office. You can work from coffee shops and lobbies of hotels as long as you have your laptop and internet connection, which is relatively easy to get. Retailers also use sensors to monitor several customers. This data helps in future planning or designing a workspace.

Intending to advance the national economy, the Indian government started a smart city project. Under this project, over 95 cities – of which six are in Karnataka – have been listed under smart cities. Such projects allow the real industry to come up with innovations leading to their growth.

Intending to advance the national economy, the Indian government started a smart city project. Under this project, over 95 cities – of which six are in Karnataka – have been listed under smart cities. Such projects allow the real industry to come up with innovations leading to their growth.

Real estate is an industry that has lots of scope for innovation. For example, Indian real estate firms can use their digital platforms to create a 3D viewing section of their projects. This will allow potential consumers to visualize houses better and make better decisions while buying their properties.

Bangalore is known as the Silicon Valley of India. The past decade has seen a surge in realty prices due to the high demand for housing in the city. The current crop of the floating population in the city has led to an increase in opting for rented homes with all amenities. City builders must keep this trend in mind and utilize it in their future projects. Digitization is the way now, and the more you go digital, the better it is for the brand.

Apart from this, data-driven real estate technology will play a vital role in the real estate industry. Data collection will help identify consumer behaviour, leading to shaping or moulding the industry according to consumers' tastes.

As with the previous three industrial revolutions, the fourth industrial revolution will bring several challenges with it. But there will also be several opportunities for growth and innovations in the Indian real estate market. With ever-changing means of communication and marketing, the real estate industry can be utilized well for a creative way for marketing.

digital revolution

Builders need to prepare for the disruption that the fourth industrial revolution is likely to cause. But they should, also, keep in mind that this revolution will result in transformational business benefits.

India's real estate market has been growing rapidly, with small towns now evolving in major cities. With the young and dynamic population that seeks to grow financially, the country's real estate market has scope to adapt and change itself as per the taste of their young customers. This will further the advancement of fourth industrial revolution in India through Real Estate!

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