AI’s Revolutionary Impact In Transforming The Indian Real Estate

AI’s Revolutionary Impact In Transforming The Indian Real Estate

FPJ Web DeskUpdated: Tuesday, February 06, 2024, 04:40 PM IST
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AI is changing the dynamics of every sector, and real estate is no exception. With evolving times, AI is transforming from a notion to becoming a vital part of business operations. It enhances existing processes and unlocks new opportunities for organizations across various industries. Its algorithmic sophistication and technological advancements have propelled its growth in the real estate industry. Integrating AI into the real estate sector has smoothened processes, redefined traditional practices, and enhanced customer experiences. It provides homebuyers with analytics-based property recommendations. Through AI, homebuyers can now get interactive and realistic previews of specified properties. It also facilitates client-agent or client-developer relationships. Prompt support is available because of chatbots and virtual assistants. Artificial Intelligence also enables reliable transactions and legal compliances by accurately reviewing documents. Also, to be recalled how Virtual Reality assisted developers during the pandemic tenure. Potential clients were able to get virtual home tours within their homes. They were exploring the property, its features, surrounding premises, etc. This kept the industry rolling even in the adversities of the pandemic.

Belmac,  a renowned residential developer under the banner of Supreme Holdings and Hospitality (India) Limited, has promptly started integrating AI tools into its business operations. Mr. Vidip Jatia, Managing Director of the organization, comments, “The prominence of AI is evident. Our organization has been using Chatbot service since the initial period. It helps us to get the maximum client database for evaluation and further action with any broker intervention. Through its predictive analytics, it can help to understand price fluctuations, changing market trends, and demands. This allows optimal time for future property acquisitions and development. AI, thus, helps us to stay ahead of the competition and mitigate potential risks.”

Indian real estate sector is witnessing a robust demand for housing in key markets, and the market is also becoming highly competitive. In this scenario, AI assists us in differentiating ourselves in the market by providing personalized options to filter homebuyers based on the data. It seamlessly provides customer requirements to developers and helps them address and resolve customer needs at comparatively lower marketing and operational costs. It also enhances homebuyers' search for properties that suit their location, budget, and livability expectations. AI removes dependency on conventional property listings and broker interference. It eases the overall homebuying journey for homebuyers.

Mr. Prateek Jatia, a key figure in Belmac, adds, “The construction sector holds numerous challenges like project management, unusual risks, cost control, resource allocation, etc. Here, Artificial Intelligence comes at the centre stage in the planning process. Integrating AI-based project management will efficiently allocate resources, estimate schedules, analyse historical data while tracking ongoing development, and identify possible risks. After examining the output provided by the AI, we can effectively prevent or counter upcoming risks and modify designs without delays and extra expenses. This minimizes loss and enables informed decisions. We at Belmac are optimistic about this dynamic and multi-faceted tool. We are working towards incorporating it and upskilling our team for optimal resource utilization.”

Predicting future market trends is challenging for developers. However, AI analyses data from history and current market aspects and forecasts future trends. This helps us to strategize efficient campaigns, prevent risks, minimize operational costs, and maximize sales. 

AI is not just a technological advancement but a paradigm shift in the realty sector. It helps developers to make informed and data-driven decisions, prevent risks, and enhance their end-user experience. Its ability to streamline processes, generate data, analyze customer sentiments, and predict market trends is proving to be a game changer in the industry. We are keen to conduct our operations through AI. Our foresighted approach highlights the need to embrace AI for innovative and efficient real estate solutions. As India moves towards data-driven technologies, we are gearing up to unlock new opportunities along with Artificial Intelligence.

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