Real estate business

Technology is redefining real estate business models in India

A man walks past the ‘Google for India’ sign, during a tech event in New Delhi, India. Reuters

V Nagarajan

Technology in the Indian real estate (real estate) segment is now permeating all aspects of real estate. At a summit organized by CII and Colliers, on technology in real estate, and attended by more than 600 industry delegates across India, owners and occupiers are said to be focusing on technology as the main strategy.

For developers, high-performance buildings can lead to better occupant retention and lower operating costs. Studies suggest that large-scale digitization can help the construction industry generate cost savings of 12-20% per year.

“Green buildings can lead to operating cost savings of up to 37%. However, it is not just about saving more. These buildings also improve the well-being of the employees in the buildings. »

“Overall, the real estate industry is about to change, with huge untapped opportunities for greater efficiency and cost savings. Over the next five years, technology is going to be a game-changer changing the workplace,” said Ramesh Nair, Chairman, CII Conference on Technology in Real Estate and CEO, India and Managing Director, Market Development, Asia, Necklaces.

A wide range of disruptive technologies, including AI, virtual reality, IoT and blockchain, can play a pivotal role in reshaping the real estate industry.

Technology has set its pace to reinvent the core processes and business models of real estate.

Additionally, with the onset of the pandemic, technology advanced at a faster rate as people across the world began to adapt to the rapid change.

The report details the impact of technology in the areas of construction management, project management, and portfolio management in the real estate industry.

From planning and design to construction techniques to building facilities management and property management, developers and occupiers are exploring the use of technology across the spectrum.

They are reinventing existing processes and standards, with technology paving the way for “buildings of the future”.

Over the past two years, developers have been more open to integrating technology at various stages of construction. Developers have started using tools such as drones, robotics, building information modeling (BIM), 3D printing and virtual reality (VR) to improve quality, reduce construction time and increase the efficiency of construction technologies. Additionally, High Performance Buildings (HPB) have also evolved with the use of technologies that can help achieve sustainability and reduce carbon footprint. Developers have also started using popular tools for construction.

One-Stop Solution: Technology plays a pivotal role in the residential segment, making it easier to own/lease property for end users, landlords, tenants, investors, brokers, from initial screening to deal closing. an agreement, in a transparent way.

Technology will change the way business is conducted, provide tenants with information on how space can be used, and help assess investment, rental, and purchase opportunities.

Overall, technology has gradually infiltrated almost every facet of the real estate industry.

The real estate industry is constantly evolving and brings with it greater transparency and accountability. These factors are key to attracting more investment to the sector and bringing it up to global standards.

My parents are deceased and I am in the process of obtaining a legal certificate. There is no consensus in the family between the legal heirs. Can one of the legal heirs like me get the legal heir certificate? Please specify. Aravind Subramanian, Sharjah.

Yes. The legal heir certificate can be applied by any of the legal heirs. You must mention details such as the name of the deceased, the date of death and attach a copy of the death certificate obtained from the government authorities. You can also include details of the people who were the legal heirs along with their contact addresses. The tehsildar will issue the legal certificate specifying the names of all the legal heirs to the property.

I transferred my old apartment to a developer under a joint development agreement and in doing so I got a new, larger apartment. Am I eligible for the capital gains exemption for this transaction with a developer? Hemant, Dubai.

Yes. You can claim an exemption because the exchange of an old flat with a new flat to be built by the builder under a development agreement is equivalent to a transfer under section 2(47) of the income tax. The acquisition of a new apartment under this option is also equivalent to the construction of a new apartment. You are entitled to the exemption if the new apartment was built within three years from the date of the transfer.

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