AI adoption can make real estate projects smarter, faster and more efficient: Experts

Kolkata, Aug 26 (IANS) The growing adoption of technology and artificial intelligence (AI) is set to reshape India’s real estate sector, industry leaders said at the second edition of Credai TechCon held here on Wednesday.

The event brought together leading technology companies, real estate developers and industry experts from across the country to discuss how AI and emerging technologies can make construction more efficient, modern and consumer-focused.

Credai TechCon Co-Chair Suhel Saraf told IANS that the initiative aims to connect some of the country’s leading technology companies with the real estate industry in Kolkata and help developers identify practical solutions for their businesses.

He said the technologies showcased at the event could improve several functions across the real estate value chain, including sales, marketing, construction and project management.

“Real estate has changed significantly over the years. Earlier, developers were typically building smaller projects with 25 to 50 apartments. Today, they are developing large residential projects with thousands of units. Managing projects of this scale while maintaining quality and meeting deadlines requires greater adoption of technology,” Saraf said.

He added that the growing size and complexity of residential and mixed-use developments have made technology increasingly important for construction management, quality control and timely project completion.

According to Saraf, technology can help developers deliver projects within stipulated timelines while ensuring better quality for homebuyers. Since purchasing a home is one of the biggest investments in a person’s life, he said, developers need to ensure that buyers receive their homes on time and with the promised standards of quality.

“Technology adoption is extremely important because it can improve construction quality, help projects get completed on time and ultimately provide consumers with a better residential experience,” he said.

BuildTrack CEO Balbir Singh Khera said AI could play a significant role not only in building construction but also in the operation and maintenance of properties once residents move in.

“The first step is data collection, where information related to the building is gathered. The next step involves analysing that data and establishing a baseline to understand what normal performance looks like and where improvements may be required,” Khera told IANS.

Khera said timely identification of operational issues through AI could help property owners take corrective action, reduce operating costs and improve the overall efficiency of buildings.

–IANS

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