The real estate sector in India has rapidly adopted digital and construction technologies as developers continue to seek innovative ways to improve the customer experience. Embracing technological advancements is necessary for the real estate sector’s sustained growth. This technological transformation has expanded to construction, procurement and administration and presents an opportunity to evaluate previous industry practices and introduce new systems.
High-rise buildings are more resource-hungry than smaller buildings. The building materials and construction process can significantly influence the total cost for the end consumer. Technological implementation across all construction phases can streamline workflow and increase productivity, thus, reducing the overall project cost.
Building Information Modelling is a fast-growing construction technology and is a crucial tool for modern architectural, engineering and building processes. This innovative technology creates precise digital models of buildings and can consider inputs from multiple stakeholders, including engineers, architects, builders and clients. It can extrapolate the cost, time and energy requirements of the building. Building Information Modelling allows projects to maximise natural light and ventilation for healthier living spaces. In combination with AR and VR, it enables rapid testing in various simulated environments.
A key example of technological innovation is Mivan, which is a state-of-the-art aluminium wall formwork with significant advantages of quality, speed and skilled resources. It is an excellent replacement for the conventional construction technology. The structure has a significant advantage in terms of structural stability because it builds load-bearing walls and slabs and the entire assembly is closed and poured monolithically. The benefits of Mivan include faster construction and completion due to the light weight of aluminium form, uniform construction quality and near zero wastage resulting in minimal environmental impact.
The real estate industry is fast adopting the Internet of Things (IoT), which enhances performance, accountability and security. Using sensor technology, an IoT system enables construction sites to prevent and address issues in real time. IoT sensors facilitate post-construction features, including smart security systems, energy-efficient appliances and remote control of various aspects of the property, such as lighting and temperature. It enables customised configurations of settings in kitchens, bathrooms and gardens for enhanced functionality and convenience. Connected appliances can be monitored for malfunctions or maintenance requirements.
Smart home technology is at the forefront of smart cities and integrated gated communities. These cutting-edge projects are equipped with smart home facilities, including device connectivity, sensor feedback and data analysis with smart home automation systems using voice, smartphone and physical commands. Almost any electronic equipment, including entertainment systems, security systems, appliances, thermostats and lighting, can be enhanced with smart technology ecosystem and functionality. The integration of all home appliances into one integrated smart network creates a seamless interface with the living area that improves convenience, comfort and energy economy.
Blockchain technology significantly bolsters the trust and transparency of real estate transactions. Through its sophisticated mechanisms for safeguarding and preserving data, blockchain technology facilitates a secure and unalterable record-keeping process for property ownership, contracts and transactions. This empowers real estate professionals to streamline the purchase process, mitigate the risk of fraudulent activities and offer customers an efficient and dependable channel for the transfer of property ownership. The real estate sector is expected to have improved cost management and efficient procurement strategies via blockchain, which would result in transparency for all stakeholders.
For capital planning, project delivery, cost management and real estate management, Primavera is an automated project lifecycle management tool. The use of automation offers governance throughout all project phases and is one of the guiding concepts of project lifecycle management. It helps efficiently manage the aggregation and analysis of incoming data and creates a transparent system to quickly determine cost savings and opportunities. Given that nearly 80% of cost savings are achieved before the construction phase, it is imperative to mitigate supply chain and vendor management inefficiencies to achieve optimal results.
(The author is Director – Aparna Constructions and Estates)
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