Business Bureau :
INVESTMENTS in proptech firms are expected to touch USD 1 billion in 2025, almost double from the 2020 level, with adoption of technologies gaining momentum in the real estate sector, according to a report by CII and Colliers. In a joint report ‘Real Estate 3.0: Technology-led growth’, industry body CII and property consultant Colliers India mentioned that the COVID pandemic has provided a further impetus to technology in real estate sector to ensure seamless services for remote working, ease in construction and focus on health. “Technologies like Internet of Things (IoT), Virtual reality (VR), Artificial Intelligence (AI) were being utilised pre-pandemic. However, the adoption of such technologies increased manifold over the last two years,” it added.
With a focus on health and wellness, the consultant said that smart building materials with automated air quality systems are increasingly gaining traction. Talking about the opportunities, the report said “wide range of disrupting technologies including AI, VR, IoT and blockchain can play a pivotal role in reshaping real estate business.” The rollout of 5G will help improve efficiency of building management.