The growing thrust toward technology has been one of the most notable changes in Indian real estate in recent years. While Proptech has had a significant impact on the demand side, there has also been a noticeable shift in the supply side.
Technology is reshaping the Indian construction industry, from project planning to construction mapping to site safety. Surprisingly, contractors and developers are not solely focused on the financial benefits of technology. Rather, they are focusing on long-term viability, which is a good sign.
Several factors are driving real estate technology adoption. The needs of the client are changing, evolving, and growing. More modularized and custom-built designs are required, which will necessitate recalibrating existing technology. Other factors influencing tech adoption in the construction industry include increased technology bandwidth, lower hardware and software prices, and the availability of better manpower.
An industry that was once averse to adopting new technology and innovation is now rushing to upgrade to the most recent versions of software tools, CRM, ERP solutions, project management software, automated HR packages, workflow management tools, and so on.
In the past, IT took a back seat in the construction industry. Nonetheless, it is now moving to the centre and becoming a critical productivity driver. Historically, 30 percent of projects have failed to finish on time, resulting in cost overruns. Developers are now better understanding the role of IT and technology in ensuring productivity at the individual and project levels, streamlining operational cycles, and improving overall system efficiency.
During the planning and drawing stages, Building Information Modelling (BIM) software is used. However, with the introduction of advanced 3-D tools, their application in the construction industry has expanded significantly. It can assist in the creation of an automated project cost sheet, saving developers the time and effort of manually preparing cost sheets.
They can also assist with project sequencing, granular insights, and time and resource calculations for each project step. BIM tools can be combined with virtual reality devices to increase their impact. With the help of a virtual reality tool, one can digitally visualise an under-construction project in stages and make better decisions as a result.
Drones are becoming more widely used in construction management for a variety of tasks, including site surveys, construction monitoring, topographical mapping, and land surveys. It is a less expensive alternative to aerial mapping.
It can also be used to track progress on large construction sites and ensure that everything is going according to plan. They can also be used to monitor site security.
Workers are occasionally required to visit dangerous positions and locations in order to take measurements. Drones make it possible to complete such difficult and dangerous tasks in a simple and risk-free manner, making them very popular in the construction industry.
Future pivot to IoT
With the introduction of 5 G internet, there will be a growing focus on the Internet of Things in the future. Future technologies, such as the Internet of Things, are poised to transform the construction industry, just as they have in other areas of life and business. Through a server, IoT will connect devices, machines, sensors, and individual human resources, allowing for seamless sharing of data, inputs, and insights.
This will be useful for monitoring machines and devices in real time, tracking downtimes, making better estimates, resource planning, and so on. Similarly, IoT can be used as a wearable for labourers to alert them to any potential hazards on the job site. This can be extremely helpful in ensuring site safety.
IoT devices can also help with remote workforce tracking and provide management with real-time data on construction progress.