Revolutionizing Real Estate: How AI is Transforming India's Housing Market
New Delhi: From biometric access in lifts, predictive maintenance, and real-time air and water quality monitoring in apartment complexes, to scanning thousands of pages of office space lease documents to check critical clauses, and improving construction cycles, India's real estate industry is rapidly adopting artificial intelligence (AI), especially to cater to the new generation of wealth creators, say industry experts.
The emerging cohort of wealthy home buyers are increasingly opting for intelligent homes, utilizing AI for improved security and privacy. AI is also transforming how homes are discovered, evaluated, and managed.
"AI is changing how homes are bought, and how they are lived in," said Amit Goyal, managing director, India Sotheby's International Realty. "Specifically in India, with wealth coming from startup exits and a tech-driven economy, buyers are already AI-savvy. Luxury lifestyle now involves how intelligently a home works."
On the supply side, architects and MEP (mechanical, electrical, and plumbing) consultants are tapping AI predictive tools to improve sustainability modeling for studying fundamentals such as positioning of buildings, light, ventilation, and thermal comfort, at the initial design stage to reduce guesswork or errors.
In commercial real estate, after leasing office spaces, corporates used to spend a lot of time designing the interiors. AI has reshaped this core operation as well.
"Visualization of offices is a critical factor and with AI, we are able to show the client how the office will look, and a lot of time is saved," said Tushar Mittal, founder of OfficeBanao, a platform for office material suppliers and designers. "Data collection and re-use of data has also become crucial, which eventually helps in cost cutting and time saving."
Across the real estate ecosystem, developers, agents, consultants, and even lenders are looking at ways to make processes more efficient and add real value.
"AI is helping with better pricing, sharper micro-market insights, easier tools to enhance buying experience like walkthroughs, for sharper decision-making," said Goyal.
Central Park, which recently launched ultra-luxury residential project Belanova in Gurugram, is using AI to improve the project's hospitality aspect. For instance, a resident won't have to use the lift button to reach a particular floor as AI-enabled biometric features will identify the level.
Recently, Hero Realty, partnered with Panasonic to integrate advanced electrical infrastructure and smart living solutions at its luxury development in Sector 104, Dwarka Expressway, Gurugram.
"Luxury is defined by how intelligently a home enhances everyday life," said Rohit Kishore, CEO, Hero Realty. "Our partnership with Panasonic enables us to integrate AI-driven technologies into our residences, with a strong emphasis on wellness and purified indoor air."
The integration of AI in real estate is not just about technology; it's about creating a seamless and personalized experience for buyers. From smarter homes to more efficient commercial spaces, AI is playing a crucial role in the evolution of the industry.
