Indian real estate standing at the edge of an AI revolution

Artificial Intelligence is set to become a major tool that will be actively adopted for property valuation, trend analysis, and price forecasting.

The idea of ​​AI (artificial intelligence) has been around for 60 years, often fluctuating between times of high market expectations and times of persistent boredom without concrete developments. In this day and age, however, AI is no longer just a buzzword and it has started making inroads in our daily lives. From search engine recommendations to targeted advertisements, from virtual assistant apps to chatbots, AI is sneaking into our lives. It is going to stay and most probably will make waves in our worlds in the coming times. It has also started entering the real estate industry. Industry leaders are now quietly looking at how artificial intelligence and machine learning can be used to transform Indian real estate.

Clouds: The Foundational Base

The use of cloud-based technologies has already informed brokers about large amounts of big datasets and gained granular data-supported insights from them. Now, integrating big data with artificial intelligence and machine learning software can take the data analysis game to the next level. A thorough but systematic assessment of a large number of likely alternatives and the determination of the best option. Soon 5G will be introduced, causing existing internet speeds to multiply, leading to the proliferation of smart devices and machines. Increased devices and machines will means more data, which gives a further boost to artificial intelligence and predictive models based on machine learning.

AI Can Play a Major Role in Property Markets

AI is becoming an important tool that is actively used for property valuation, trend analysis and price forecasting. Current cloud-based analyzes are limited to property valuation and forecasting based on a few metrics such as property type, carpet area, property price ranges and location, among other parameters. However, AI will enable the integration of large pipelines of algorithms with valuable social data such as logistics, social services and utilities, rainfall rates, sunlight availability, automobile intensity, pollution levels, district recreational activities and much more to provide a more accurate and accurate view of the real estate market. Not only does this help potential buyers find the right property, but it also helps brokers and listing agencies speed up the entire business cycle.

Already in countries like the USA, real estate offerings like Zillow, Redfin, Trulia, Compass etc. are using AI models supported by big data to give buyers actionable inputs. In India we use a basic AI based model. Advanced AI and machine learning platforms are advancing across the industry. Interestingly, the AI ​​platform evolves with each completed transaction and lays the foundation for faster adoption. Real estate management is another important area where the role of artificial intelligence is promoted. Managers process a variety of data on tenant profiles, tenant applications, inspection requests, and other inputs. The use of AI can streamline data processing, systematically automate everyday tasks, and reduce redundancies, resulting in unprecedented levels of efficiency.

AI-enabled chatbots will also soon take the industry by storm. It will help brokers and advisors efficiently chat and interact with multiple clients at the same time. This brings greater efficiency and simplifies the entire business cycle. Automated discussion over chatbots will also generate more insights and data to help real estate agents fine-tune their decision making.

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