In 2020, it would perhaps be the era where India witnesses a new wave of Real Estate Technology!
Technology in this new age has now blanketed almost all the industries across the planet. Real Estate is the largest asset class in the world is also now at the forefront to implement technological innovations that will take its stride forward onto the next phase.
Real Estate Technology or Proptech is a broad term that aids the tenets of Property Acquisitions, Rental Service, Construction Technology, and Commercial Real Estate. Based on each of these, it can be classified into various categories such as Contech and CREtech etc.
So shall we dig deep into the classifications of Real Estate Technology?
but before that
Proptech or property technology is the integration of Information technology into mainstream real estate. From data collection, property listings to the current Virtual Reality Tours, and BlockChain incorporation, every tenet of Real Estate now falls under Proptech.
The origins of proptech dates back to the late 1980s and 1990s when computers were used to simplify the tedious paperwork of the deals and regulations. As the scope of the Internet grew, builders and developers started to put up websites on properties. Soon in the advent of the Y2K phenomenon, realtors started property web portals.
The technological inputs of the early 2000s have deeply woven the concept of accessible real Estate into every household. It had also caused the downfall of many brokers who failed to evolve with the trend. Soon searching for properties online became the norm.
Towards early 2019 to 2020's, it has further evolved onto incorporating the elements of
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It is estimated that the integration of 5G shall push the possibilities of proptech even further. Thus the technological innovations which await us in 2020 would exceed our every expectation.
Contech is the umbrella term for the technological innovations applied in the construction and building phase of structures. Any innovation involved in construction like the methods used, the designs, the tools, and machinery is classified under Contech.
Contech is expected to bring in exciting innovations within the next decade. As it is a part of Civil Engineering, there are many new ideas gaining prominence within this sphere. The rise of smart machinery is an inevitable phenomenon that will revolutionize the Construction Industry, especially the ones which shall reduce the human fatality factor.
Autonomous machinery like rovers powered by AI, scouts the sites and deliver heavy materials across the world. Currently in India, such machineries are getting prominence as it will help to reduce human fatality .
India has already brought certain features of western construction methods and machinery, especially the use of drones in construction. The construction methods such as MIVAN Construction Technology and Precast Technology are already popular in India. Drone Technology is currently used in mapping and analyzing the sites and structure. However soon they will be developed to deliver heavy machineries and materials easily to high altitude construction sites.
2) CRE TECHNOLOGY
Commercial Real Estate Technology deals primarily with Buying, Renting, Data Analytics, Softwares, which help to operate and deal with Commercial Spaces like Shopping Malls, Retail Stores Offices, and Workspaces.
The current realm of Commercial Real Estate concentrates more on Co-Working Spaces rather than retails or shopping spaces. The yesteryears mostly focused on the buying and selling of these spaces and structures.
However, CRE Technology shall now move towards the integration of IoT or Internet of Things to interact and operate on these structures, ensuring better comfort and easy maintenance.
Real Estate Technology is an inevitable asset for the sector as well as the consumers. As one of the most significant employer industries across the globe, both directly and indirectly, providing livelihoods to millions of people, the sector can't ignore the evolution of Technology. The industry will undoubtedly be one of the major leaders contributing to the best innovations in the coming years.
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