Tech-enabled construction companies can become one of the logical solutions to meet the gigantic demand because integrating technology helps to deliver projects at a stipulated schedule.
India is on the verge of witnessing an urban revolution within the next few decades. It is estimated that every minute 25-30 people migrate from rural to urban India in pursuit of preferred living and a better lifestyle. According to RICS (Royal Institution of chartered surveyors) & Knight Frank report, if this pace of the migration continues, then India’s urban population is expected to reach 600 million by 2030, which is over 40% of the Indian population against the current 34%. India is already facing an urban housing shortage, and if migration rates intensify, then, it will exacerbate the prevailing crisis.
India’s urban house shortage had swollen to 29 million in 2018 from 18.78 million in 2012. The shortage has predominately been driven by EWS (Economically weaker section) and LIG (Low-income group). India needs an additional 25 million units of affordable homes by 2030 in addition to the existing demands, in order to meet the growth in the country’s urban population. Though various schemes have been promulgated to reduce the gap between demand and supply of affordable homes, yet, the gap is widening year on year. Tech-enabled construction companies can become one of the logical solutions to meet the gigantic demand because integrating technology helps to deliver projects at a stipulated schedule.
The necessity of technology in real estate has become more significant than it has ever been, and many of the start-ups have aggrandized their game to provide tech-based solutions for the construction and realty industries. They have brought technological disruptions to the industry by digitising the entire construction process, which improves efficiency, accuracy, reliability and expedites decision making. These tech-enabled construction companies have deployed data analytics, Internet-of-things (IoT), cloud, artificial intelligence, Augmented & Virtual reality and machine learning in order to build scalable solutions in the realty industry.
Usage of 3D Rendering in the reality sector.
The lion’s share of housing projects is more often than not being delayed because of the usage of conventional methods of architecture which is laborious. The tech-enabled construction companies emplaced 3D rendering technologies which enable architects and designers to develop realistic digital snapshots of the home and its interiors that are not physically completed. The customers can realistically visualise their home before it is constructed, which enables them to alter their requirements and make a better decision. The process also helps them to reduce the cost and time of property construction.
Material procurement technology and tools
Procurement of material is one of the most intricate processes in the realty and construction business, which significantly impacts the cost and duration of the projects. Many of the construction projects halt due to a lack of standardised procurement planning and process that has led to an immense loss for customers and companies. Therefore, Tech-enabled construction companies have integrated procurement technologies in their process of construction which helps them to streamline the entire procurement process. Most companies have adopted ERP software, which provides them with a single window for the management of various aspects of procurement. Internet-based procurement technology tools support multiple currencies, languages and logistic choices where companies can source goods and services from across domestic and international markets.
Artificial Intelligence and Machine learning tools.
The construction process can never be a smooth ride, rather, it has always been a risky business. It needs an epic safety measure even before the construction gets off the ground. Identifying those risky elements are very arduous and there is also the possibility of leaving out quite a few risky elements. Tech-enabled construction companies use artificial intelligence and machine learning in order to elude such menacing circumstances during construction. AI and ML are able to identify the risks, measure their impact and use predictive analytics to bring down the risks in advance.
Artificial intelligence and machine learning extract data from the project plan specifications. Those resulting data will provide necessary insights on the project management and workflows, support the construction crew to identify actionable information to close the communication gap between design, construction, operation teams and set the seal on a higher level of quality, efficiency and risk management on the projects.
Tech-enabled construction companies ensure every step of the construction from design, procuring material, project planning, execution, timely delivery and taking complete ownership of the entire project timeline. Such companies would be a logical solution to meet the demand of housing in India.
Source: Business World