Technology has engulfed us in everything that we do. The real estate sector too is seeing digital penetration. Technologies like Virtual Reality (VR), Internet of Things (IoT) and Artificial Intelligence (AI) platforms are streamlining the businesses of real estate players, while creating value for developers, investors and occupiers.
Traditionally, the construction sector in India has been relatively slow in incorporating technology. However, the pandemic accelerated technology adoption across all facets of construction. Remote work, labour shortage and social distancing mandates during the pandemic made digital construction and operations an absolute necessity. Remote site monitoring and digital project planning tools became imperative to ensure on-time delivery and smooth functioning at construction sites.
With Building Information Modelling (BIM) technology and drone-based site surveys, architects, site engineers and project managers can collaborate for construction oversight and make decisions in real-time avoiding budget overshoots.
BIM workflows also utilise prefabricated HVAC components to reduce manufacturing waste and streamline on-site installation. All these innovative technologies are slowly revolutionising the project management processes, which are increasingly going paperless.
BIM not only finds its application in building design and construction but also in operations and maintenance incorporating digital twin strategies. Digital twin refers to a virtual reproduction of a physical building and all associated technologies, systems, equipment, and sensors. By creating a full virtual model of a building using digital twins, facility managers can access real-time information on vital systems, which aids in predictive maintenance of equipment. BIM technology can provide quantifiable and actionable insights to facility managers and investors. Digital twins utilise overlapping technologies such as AI, and IoT sensors to collect data and create scenarios to see how building systems react and how operational efficiencies can be improved.
BIM implementation is seeing good response across countries like the U.K., Singapore and many European nations as the government encourages greater adoption. India is still lagging behind in terms of BIM adoption because of the non-availability of skilled professionals and awareness, associated high costs of BIM adoption and lack of government mandates, to an extent. However, benefits of BIM adoption including higher productivity at the site can outweigh associated costs with technology deployment.
Property tours
AI and machine learning algorithms can assist in the entire construction journey from planning, design, and construction to maintenance. Although the application of Augmented Reality/ Virtual Reality (AR/VR) is still in a nascent stage in the construction sector, it is likely to have widescale adoption in the future. AR allows site engineers to automate measurements on the site during construction and compare them with the architectural drawings for inconsistencies. AR/VR can provide property tours to showcase final products, even before the construction has been initiated.
Drones, and scanning technology that uses thermal sensors, infrared cameras and geospatial data can generate 3D models with real-time information and facilitate better site monitoring. This can be a substitute for in-person site inspection and give information on the volume of inventory available on site enabling better decision-making for raw material procurement. Scanning technology can detect deviations from architectural drawings. It improves safety at construction sites by accessing locations that may be deemed dangerous for site workers.
Sustainability mandates
The integration of BIM with energy performance is vital in achieving sustainability throughout the life of a building. This involves collecting information pertaining to energy consumption, greenhouse gas emissions, water consumption, construction waste generated, and recyclability of building waste. As ESG (Environmental, Social and Governance) reporting standards get implemented on a global scale, companies will have to navigate and prepare for emerging sustainability reporting mandates. Unsustainable buildings will face the risk of obsolescence and are likely to see a pricing discount.
Across the real estate realm, many start-ups are now providing relevant technology solutions. As regulatory compliances for ESG reporting get more stringent, we will witness an upsurge of tech innovation. More architectural plans and blueprints will incorporate sustainability to build efficiency into systems. The real estate sector is finally starting to shift towards greater adoption, but the pace will depend on the maturity of technology and awareness of the benefits amongst developers and investors.
The writer is CEO, India, and Managing Director, Market Development, Asia, Colliers.
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