Tech­nol­ogy in prop­erty will be the game changer for realty sec­tor

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Nam­rata Kohli let­[email protected]­dus­tan­

Data is the new oil for the real estate in­dus­try and tech­nol­ogy will help process it, says An­thony Couse, CEO, JLL Asia Pa­cific. The com­pany re­cently launched its global Cen­tre of Ex­per­tise (CoE) for tech­nol­ogy, data and in­for­ma­tion man­age­ment in Ben­gal u ru. As In­dia’ s first global cen­tre for prop­erty tech­nol­ogy (“Prop Tech ”), the Co E aims to set new stan­dards of in­no­va­tion for the real estate in­dus­try by in­te­grat­ing tech­nol­ogy into main­stream of­fer­ings in real estate like AI (ar­ti­fi­cial in­tel­li­gence) for customer ser­vices, Vir­tual re­al­ity (VR) and Aug­mented re­al­ity (AR) for im­mer­sive de­sign pro­cesses and sim­i­lar oth­ers.

To­day spa­ces are ex­pected to be as dy­namic as hu­mans. Just like hu­mans are sup­posed to be mul­ti­taskers, spa­ces are as­sumed to be multi-di­men­sional and even a heart, mind of their own. Is there a huge pres­sure now than ever be­fore, for de­vel­op­ers and own­ers to match up to the de­mands and as­pi­ra­tions of oc­cu­piers and cus­tomers?

Yes, the pres­sure is im­mense but to­day we have the means to match up to grow­ing ex­pec­ta­tions of ev­ery­one in the name of Prop tech. By the use of tech­nol­ogy, we can drive op­er­a­tional ef­fi­ciency and en­hance work life ex­pe­ri­ence in these spa­ces, and can try to ful­fil the wish­list of both oc­cu­piers and own­ers. As In­dia’s first global cen­tre for prop­erty tech­nol­ogy (“PropTech”), the CoE is the fo­cal point for de­vel­op­ing so­lu­tions which ad­dresses our client’ s need. Some ar­eas of in­ter­ven­tion in­clude prop­erty man­age­ment as one can im­prove pro­cure­ment and user ex­pe­ri­ence through pre­dic­tive main­te­nance and ro­bot­ics.

Sec­ond is real estate trans­ac­tions as in­creased au­to­ma­tion will help to achieve greater ef­fi­ciency in leas­ing and sales in­clud­ing use of block chain tech­nolo­gies. Next is con­struc­tion man­age­ment to dis­rupt and im­prove the de­sign and con­struc­tion of the built en­vi­ron­ment to en­hance safety and pro­duc­tiv­ity out­comes dur­ing con­struc­tion. Fi­nally with data col­lec­tion, data sci­ence and anal­y­sis, we can im­prove the de­ci­sion mak­ing for oc­cu­piers, in­vestors and man­agers by ap­ply­ing ar­ti­fi­cial in­tel­li­gence and machine learn­ing tech- niques.

What kind of data is vi­tal to the real estate and how does tech­nol­ogy help in us­ing this data?

To­day data is the most crit­i­cal thing. We man­age 4 bil­lion sq ft of space and peo­ple are liv­ing and work­ing in our prop­er­ties. We have all data on rents, buy­ing, sell­ing, rent, va­cancy and it’s all about analysing and mon­e­tiz­ing this data. One can safely as­sume that data is the new oil in 21 st cen­tury. Tech­nol­ogy will help in analy sing data col­lected from smart ap­pli­ca­tions. Vi­tal data re­lated to real estate in­cludes his­tory of the prop­erty, cur­rent val­u­a­tion, customer lo­ca­tion pref­er­ence, res­i­den­tial/ com­mer­cial hous­ing trends, cost of own­er­ship, leas­ing de­tails among oth­ers. Data col­lec­tion and anal­y­sis will im­prove de­ci­sion mak­ing and help to achieve greater pro­duc­tiv­ity and ef­fi­ciency.

What is PropTech and what is it ex­pected to do?

I would say that what fin tech has done to the bank­ing sec­tor, Prop- tech will do for the prop­erty sec­tor. Fin­tech refers to the use of tech­nol­ogy across all fi­nan­cial ser­vices and func­tions. For in­stance, the sim­ple task of re­plac­ing pa­per-based-pro­cesses with soft­ware and ap­pli­ca­tions is an ex­am­ple of fin­tech at work. Sim­i­larly, Prop tech is pi­o­neer­ing new ways to in­te­grate tech­nol­ogy into main­stream of­fer­ing sin real estate like AI( ar­ti­fi­cial in­tel­li­gence) for customer ser­vices, Vir­tual re­al­ity( V R) and Aug­mented re­al­ity( AR) fo rim me rs ive de­sign pro­cesses and sim­i­lar oth­ers.

Where does In­dian real estate in­dus­try stand on the tech­nol­ogy curve as now?

The In­dian real estate in­dus­try is wit­ness­ing rapidly evolv­ing tech busi­ness mod­els - not just in terms of con­struc­tion, but even in terms of sim­pli­fy­ing the buy­ing process with real estate bro­kers and agents slowly adapt­ing to the newer tech­nolo­gies. The sec­tor is mov­ing to­wards uti­liz­ing an im­mer­sive mix of tech­nol­ogy such as ar­ti­fi­cial in­tel­li­gence, machine learn­ing and holo­grams to trans­form com­plex, high vol­ume, high speed data into in­sights for de­ci­sion mak­ing.

Specif­i­cally what are the ar­eas where real estate clients seek tech­nol­ogy in­ter­ven­tions? Which are the ar­eas where you fore­see greater de­ploy­ment of tech­nol­ogy in prop­erty mar­ket?

An im­por­tant as­pect of proptech is fo­cus on cy­ber se­cu­rity as the rise of im­ple­men­ta­tion of smart­build­ing tech­nol­ogy and var­i­ous user apps can lead to in­creased hacks or unau­tho­rised ac­cess of build­ing. In real estate, the adop­tion of blockchain would re­write the in­dus­try: dis­in­ter me­di­a­tion, fraud pre­ven­tion, Money 2.0 (a novel cur­rency con­cept de­signed to em­power any­one – not only cen­tral banks – to is­sue money), and smart con­tracts. Ar­ti­fi­cial In­tel­li­gence has the po­ten­tial to trans­form the real estate in­dus­try in a num­ber of ways such as machine learn­ing in search engines that could pre­cisely ad­dress a customer’s needs and adapt with their chang­ing pref­er­ences. VR / AR are ex­pected to change con­struc­tion and de­sign process. 3D print­ing could trans­form the com­mer­cial real estate mar­ket con­sid­er­ably, es­pe­cially in the project devel­op­ment ver­ti­cal as it en­ables con­struc­tion ac­tiv­i­ties to be faster, of a higher qual­ity and at lower costs.

Tech­nol­ogy will help in analysing data col­lected from smart ap­pli­ca­tions. Data re­lated to realty will help fa­cil­i­tate bet­ter de­ci­sion mak­ing. AN­THONY COUSE, CEO, JLL Asia Pa­cific

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.