India’s largest real estate services firm, JLL, launched a whitepaper titled ‘Technology Led Innovations: Impact on Urban Development and Real Estate’ at the PHD Chamber of Commerce and Industry’s Urban Technovation Summit, 2020.
The whitepaper elaborates on the impact of technology-led innovations on the real estate sector, and the factors that will help create an ecosystem of growth and investment. “Looking at the scale of development and the demand from the industry and end-users, innovative and tech-oriented products and services in the real estate industry are going to become basic hygiene factors for firms to excel,” it highlights.
The paper deep dives into various tools and technologies that bring innovation and smarter applications for the real estate sector as a whole, thus creating an enhanced and futuristic customer experience.
“We are at a very exciting juncture today where we see a seamless entwining of technology into reality, which brings efficiencies and cost-effectiveness for the sector. JLL aims to become the leading technology player in real estate services globally, and in India. We are taking significant steps to achieve this ambition. With proptech innovations, we are able to create well-integrated technology and a human interface that gives our customers an engaging and superior experience,” said Ramesh Nair, CEO and Country Head, India, JLL.
Adding to the above, A. Shankar, COO-Strategic Consulting, India, and Sri Lanka, JLL, said, “The cities of tomorrow will be built on technology; the usage of data on a digital ecosystem is going to change cities and position them better in this competitive world. Technology and innovation during the implementation of urban scale projects will drive investments and we at JLL are working towards establishing this to major cities.”
The paper discusses the four levels impacted by technology-led innovation i.e. Ecosystem, Services, Space and Product-Level.
The Ecosystem level discusses how technology to build smarter cities that can help improve efficiency, sustainability, and liveability, while also creating a transparent and competitive business environment. Technology solutions can help improve the ‘smart quotient’ of the city by involving stakeholders like the government, investors the citizens, and leave a lasting positive impact on the environment.
The Services level elaborates on the impact of proptech on real estate planning where developers are increasingly adopting new and advanced construction methods to save time, use of Drones and VR for greater visualization, and malls that offer various technological tools for the better shopping experience.
The space level talks about trends in developing and operating smart buildings. The office sector continues to be a pioneer in incorporating technology for a more efficient and sustainable workplace.
Finally, the product level highlights an emerging product integrating technology with various real estate and urban planning services – Drones. Drones have seen exponential growth in the last few years, especially as a tool for data capturing, processing, monitoring and delivering a better experience. While there are many advantages of the same, a few risks have also been highlighted by the paper.
The paper predicts that urban planning and the real estate sector will observe the expansion of various disruptive technologies in India, including 3D printing, blockchain, and drones, with a possibility to scale to smaller cities.
Based on the ground realities and the need to innovate, the technovation story in real estate is expected to evolve faster in the coming years.