ConTech - Real Estate Innovation in Construction Technologies
Real Estate Innovation in Construction Technologies

The Indian real estate industry is rapidly adapting to global technology transformations. This has increased the demand for more efficient construction techniques. The proven construction technologies are cost-effective, more efficient, reliable and faster as compared to traditional techniques. Globally, the cost of property construction is increasing at an alarming rate. More than 30% hike has been witnessed in the wages of the labor both in construction and services (plumbing, electricity and etc). This has created an emergence in the real estate models to opt for shared workplaces, commercial hubs, and new asset classes. The commercial space management has brought a higher focus on convenience, cost-saving,  and time savings. Along with this, the increasing penetration of the internet and smart digital platforms have enabled technology-based online transactions.

The Indian real estate industry is rapidly adapting to global technology transformations. This has increased the demand for more efficient construction techniques. The proven construction technologies are cost-effective, more efficient, reliable and faster as compared to traditional techniques. Globally, the cost of property construction is increasing at an alarming rate. More than 30% hike has been witnessed in the wages of the labor both in construction and services (plumbing, electricity and etc). This has created an emergence in the real estate models to opt for shared workplaces, commercial hubs, and new asset classes. The commercial space management has brought a higher focus on convenience, cost-saving,  and time savings. Along with this, the increasing penetration of the internet and smart digital platforms have enabled technology-based online transactions.

The players of the real estate industry are making use of technology and bringing a disruptive shift in building business models. Following are a few factors driving this investment in technologies:

Real Estate Innovation in Construction Technologies

Internet of Things (IoT) – The developers are focused on creating smart building solutions. With the use of IoT connected devices and the real-time interface has enabled them to bring personalized user experiences. The sensor-based lighting, temperature control, and tracking sensors help to reduce real-time energy consumption and save money.

Building Information Modelling (BIM) – This technique helps increase productivity by 20-30% by improved building and construction management. The model helps to create quick design cycles, more control of the construction process and efficient transfer of data. This helps to reduce wastage and labor costs.

Smart Sustainable Systems – The integration of green building concepts has resulted in lower consumption of natural resources. Also, techniques like heat insulators, sensors, rainwater harvesting, solar panels, and other efficient fixtures have helped to reduce the operation cost as compared to traditional buildings.

Construction and Project management technologies – The construction management software are helping the developers in real-time processing and tracking on the projects. This reduces time delays and ensures budget control across all stages of the project. The commercial projects are adapting to the use of offsite construction and precast technologies. The delivery times are reduced by a considerable margin when centralized production and faster assembly lines are used.

India is emerging as the leading market for ConTech integration, especially in the industrial and commercial market segments. The increasing urbanization and smart infrastructures, the demand for commercial hubs, and co-working spaces is increasing with each passing year. Prestige real estate builders like The Mentor Group are making the best use of construction technology to deliver best-in-class industrial and commercial spaces in time and at affordable costs.

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