Real estate and AI: Where the aesthetic meets the efficient! Part II

The digital landscape is causing a positive disruption across industries as the procedural and the ethereal become increasingly templatised for most sectors. From the POV of real estate, digital-based advances like AI are enabling cognitive intelligence to unlock truly redefined perspectives, as demands for people-centric, smart, and planet-friendly life space solutions are becoming increasingly the new norm for this space. 

When it comes to real estate, AI has emerged as a clear force multiplier, redefining how we conceptualise, build, and interact with spaces and environments around us. This transformative dynamism can be succinctly encapsulated through several concrete themes, so let’s dive into it for a more exhaustive perspective. 

Intelligent Design: 

AI is recalibrating the way spaces and built ecosystems are articulated today, creating new pivots in architectural philosophies and methodologies that lead to truly efficient, sustainable, smart, and unique built environments. This is a major break from the classical art-led processes, as traditional approaches like naturism, modernism, and romanticism give way to more data-influenced concepts. A wonderful example of this could be Buildsys, a Bengaluru-based startup that uses AI to generate optimal floor plans based on specific parameters like site constraints and user preferences. By automating the initial designs, architects now have the time to be more creative in terms of interpretations and materials used. As always the same may be in its infancy for the present; but it will evolve rapidly as the usage increases.

A Digitised Property Economy: 

Land and property management is another area where AI-led and data-driven approaches are creating tremendous impact. Thus, in India, Nobroker, a leading prop-tech startup, uses AI to streamline tenant screening and rent collection paradigms. Their AI algorithms combine several critical data points, like tenant profiles, payment histories, etc., to curate a more reliable landscape that stakeholders can easily trust. 

Globally, major players like Buildium and AppFolio have automated most of their routine functions like maintenance requests, rent reminders, and financial reporting, thereby creating the bandwidth to scale up and manage more diversified portfolios.

From simple dwellings to intelligent “life spaces,”

In today’s digitised paradigm, your home or office is no longer just a brick-and-mortar proposition. It is an autonomous, responsive, smart, and efficient space that can align what it offers based on your changing needs and even moods, aware and intelligent enough to generate many key benefits, from energy savings to comprehensive security. Thus, Google and Amazon, two of the leading giants in this space, have already started incorporating AI into their smart home systems, creating a truly transcendental impact that is changing the overall contours of this segment significantly.

AI: The new SOP that can’t be ignored

In the real world, the increasing integration of AI into key real estate functionalities has transformed it into a pre-emptive measure that no serious player can truly ignore or overlook. And you really don’t have to look too far for examples. In Aamchi Mumbai itself, leading property developer Lodha Group joined hands with IBM to create AI-powered “smart homes’ with cognitive learning capabilities that inculcate behavioural patterns to automate lighting, air conditioning, and security systems for an elevated user experience and reduced energy footprint. 

Moreover, in the field of commercial real estate, leading firms like JLL have implemented AI-powered predictive maintenance in terms of office management for major buildings across all the key metros. Such workflows combine data from AI-powered sensors to create a more proactive and predictive maintenance regime that results in both productivity and time savings for all.

In conclusion, artificial intelligence (AI) is here to stay in the real estate industry, fostering a convergence that benefits all stakeholders, including policymakers, builders, and the end consumer. Yes, that’s not to say that everything is picture perfect; concerns do remain with regards to data privacy, since AI can’t really function without large datasets, but those can and will be solved as AI technologies mature and become more humanized. So, any conversation with regards to the present and future of this industry must start with AI, because it is an undeniable reality that can’t be really sidestepped.

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