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Artificial intelligence and its Real impact

Friday, October 13, 2017

Nowadays Artificial intelligence is changing the world in many ways and making our lives better. Many industries are getting success in large part by the use of AI. One of them is Real Estate. Nilesh Ghadge examines the likely impact

Science fiction movies of the past would show an automated home where food was cooking, lights were turning on or off as scheduled, doors and window blinds were opening all without human interaction! Science fiction of the past is today’s reality thanks to home automation services. Virtual viewing, Artificial Intelligence (AI) and Internet of Things (IoT) have revolutionised the home automation services.

Recently Colliers International India conducted a study on the impact of Artificial Intelligence (AI) on Indian real estate. According to the research study, Artificial Intelligence (AI) and automation pose a long run threat to demand for space. However, they will also support high-value human roles and drives productivity. Together Artificial Intelligence (AI), the internet of things and alternative workplace solutions will transform offices. Workplace of the future will use space more efficiently, have more collaborative space and be healthier.

Technology can transform
The study report further recommended that Indian enterprises embrace AI and invest in improving the skills of their staff. Meanwhile, developers should offer diversity and flexibility and prepare for increasing automation of buildings.

According to Ramesh Nair, CEO & Country Head, JLL India, real estate in India may lag behind in plucking the fruits of enhanced technology - but globally, the field of technology has made immense progress and there is definitely much to leverage. In fact, there are some technology-driven changes which can potentially transform the sector.

Ramesh Nair adds, “Moving further up from automation, technology today performs tasks which require higher forms of intelligence. Artificial Intelligence (AI) tools allow computers and machines to function more intelligently. In the real estate sector, the increased use of machine learning techniques and deep learning will boost the quantity of information available, as well as the efficient processing of this information. Improved computation power of machines aided with smarter algorithms will make it easier to grasp ‘moving parts’. The digitising of data assets is becoming less cost and labour intensive with the help of AI technologies.”

Nair adds further, a lot of data is currently stored physically in the offices of builders and brokers. From brochures of upcoming projects to ‘stacking’ plans of malls or other buildings, legal documents, contracts, administration-related paperwork - all will gradually migrate to the digital format. From a client’s perspective, the emergence of more online portals showcasing a higher number of commercial and residential properties will simplify the customer’s journey towards a buy, sell or lease decision.

A game-changer
Real estate sector has always been a little more conventional, both from a consumer and a supplier perspective. However, Artificial Intelligence (AI) has managed to shake things up and from the looks of it, is poised to significantly influence the real estate industry

"I believe that AI will be a game-changer in the Real Estate Industry by bringing in massive improvements in productivity by taking the humdrum activities out of the daily routine of an agent. It will do all the basic groundwork, collect, collate, tabulate as per preferences,  taking into consideration culture, location, historical weather data, trending traffic, workforce mobility, etc. to arrive at solutions customised to individual preferences. It will change from delivering more information to delivering the right information to the customer," Sujeet Oommen, Senior Vice President & Global Head, Corporate Affairs, Hexaware Technologies, expressed in the Colliers International India study report.

The thing with technology is that there is always something new round the corner. Artificial Intelligence or AI as it is commonly known is the future of Real Estate. Ameya Benare, an architect, explains, “Artificial Intelligence (AI)will be a part of everything technological in our life. And Real Estate is big part of our lives. As soon as we will see smarter homes and interiors becoming common. Artificial Intelligence will truly manifest itself in our daily lives, learning our habits, customising itself according to our personal preferences like brushing in front of smart mirror to improving our sleeping habits by controlling temperature light. The possibilities are limitless as the personalities.”

As many technology experts believe, the Artificial Intelligence (AI) will be one of the strongest technological forces in coming days which will shape our future. We can hope Real Estate sector in India will also get good shape with the help of Artificial Intelligence (AI) in coming days.

What is Artificial Intelligence (AI)?
Artificial Intelligence (AI)is "the theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.”

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